Bitsgap Review: Cryptocurrency Trading, Arbitrage, Signals & Trading Bots
If you’re looking to trade digital currencies from the comfort of your home, you’ll need to ensure that you are using a platform that comes jam-packed with tools, insights, and of course – competitive fees and commissions.
With that said, seasoned traders will often make use of several exchanges to access specific markets and pairs, or take advantage of arbitrage opportunities. Moving from exchange to exchange can, however, be both cumbersome and time-consuming.
With that in mind, Bitsgap makes it possible for you to connect all your exchanges in one place. This comes with a plethora of plus-points – such as being able to execute arbitrage strategies with ease and deploy advanced bots to trade simultaneously across multiple platforms.
As such, Bitsgap has evolved to accommodate the many needs and expectations of cryptocurrency traders.
In this Bitsgap review, we explore everything there is to know about the cross-exchange services offered by the provider.
Bitsgap at a Glance
Bitsgap is advertised as a new way to trade across multiple exchanges, by finding the best rates and effectively managing your portfolio. The platform allows you to bring all of these elements under one roof, providing access from a single account at the click of a button. It has carefully designed features that will enable you to:
- Quickly compare rates from heaps of digital currency markets
- Trade and instantly switch between different exchanges
- Keep track of your investments
- Basic and advanced order types
- Take advantage of the price difference between exchanges using arbitrage
- Test your strategies out via a demo account facility without risking any capital
Currently, Bitsgap is integrated with 30 exchanges, including Binance, Kraken, Bitfinex, and more. Traders have access to 10,000+ cryptocurrency trading pairs and several technical indicators available to formulate your strategies. The platform offers an optimised and intuitive interface for both beginners and seasoned traders.
What can you do With Bitsgap?
Below we unravel some of the main features available at Bitsgap.
Trading
The trading section of Bitsgap features a sleek interface that is fully functional. In order to make your trading experience as smooth as possible, Bitsgap offers the following abilities and features:
- TradingView charts
- Over 100 technical indicators
- Customizable chart types
- Trade visualization through charts
The trading area features an interactive chart screen, including your recent trades and open orders. You can also manage your balance on each of your linked exchanges, track any open positions and view your trade history.
The interface allows you to easily switch between different exchanges by clicking on the platform name above the chart screen.
Bitsgap has also set up different trading orders to give you more control over your cryptocurrency trading endeavours.
- Stop-Loss and Take-Profit Orders to limit your losses in the event your trade takes a turn for the worse.
- Shadow Order that allows you to trade off the exchange’s order book – with orders executed only when your set price is reached. The order will exist solely through the instructions sent via API but will be hidden from other traders.
- Stop Limit Orders are executed at a set price, upon which the order is considered as a limit order to buy or sell at the limit price.
- Market Orders lets you execute orders instantly at the best market price available.
In addition, Bitsgap also provides a set of analytical trading tools to research the performance of all popular trading pairs. You can integrate the option of setting a time frame, choosing a chart style and work alongside various indicators.
Cryptocurrency Trading Bot
The Bitsgap trading bot is a unique feature that lets you make the most of the highly volatile cryptocurrency marketplace. The bot ensures that your investments are distributed proportionately within your chosen range, so you can make small but frequent profits on every market move. Once the price hits the desired range, orders are executed, and new ones are placed.
The bot will ensure that based on current prices, your buy and sell orders are automatically adjusted to find the best opportunities. The most significant benefit here is that the bot carries out your trades instantaneously.
As such, you stand the chance of benefiting from even the smallest of price movements in the market – while limiting your losses. Your investments are distributed based on the grid strategy, by dividing your price range into multiple levels or grids.
There are two bot strategies available on the Bitsgap platform. Firstly, the ‘Classic’ bot uses the same amount of the base currency equivalent in each grid. This means that at each level it buys and sells the same quantity of the base currency.
The ‘SBOT’ strategy buys and sells different amounts of the base currency at each grid level. However, it ensures an equal investment distribution as well.
In order to be able to use the trading bot service, you need to have a minimum amount of funds available. This amount is determined by:
- The minimum order size of the selected pair in the respective exchange
- The number of orders placed by the bot
Once you have connected your exchange API to the Bitsgap trading bot, you can choose the bot to work on the trading strategy of your preference. Bitsgap has already set up several pre-defined strategies proven through backtesting.
If you want to test out a new strategy or make sure that everything runs smoothly, the backtest feature can demonstrate how your bot would respond to market changes.
Since the trading bot can be used in combination with the other features, you will not be choosing between the platform’s two different options. Instead, it will increase your chances of profiting, while making the platform more appealing to users who place multiple trades on a daily basis.
Signals
Signals are how Bitsgap keeps you updated on significant market changes. These will notify you of the price anomalies. If there is any significant movement in the value of a cryptocurrency, you will be alerted. It will help you stay on top of all your trading pairs, and swiftly take action if the market goes in or against your favour.
Bitsgap has assembled data on the trends of different cryptocurrency trading pairs. If any coin starts to show an irregularity out of the ordinary pattern, it will be entered into the signal list. Furthermore, the platform also uses technical indicators to verify whether a rapid move could be considered a trading signal.
Bitsgap’s trading signals are highly useful to help traders set up the right stop-loss and take-profit orders to curb your risk. You can filter what constitutes a signal for you based on signal strength, raise percentage, exchange and the time.
Crypto Arbitrage
Trading across different exchanges might feel like a complicated task. However, it can be highly beneficial in benefiting from arbitrage opportunities.
For instance, let’s say you are buying a cryptocurrency on one exchange where the price is lower. You stand to gain an advantage by selling the same amount of the same cryptocurrency on another exchange where the price is higher.
This is known as crypto arbitrage. Usually, it is a set of cryptocurrency trading orders of the same pair that takes place at the same time, but on two different exchanges. While this may sound almost impossible to do manually, Bitsgap makes it look easy by combining the powers of its automated and AI-powered system.
At Bitsgap, the potential of arbitrage is calculated based on your account balance. You also get to choose between crypto to crypto and crypto to fiat arbitrage opportunities.
Taking into account the different fees and commissions charged by competing exchanges, Bitsgap will include this in its estimated profit percentage. This makes the process more efficient, allowing you to proceed with an arbitrage trade if the numbers stack up.
Bitsgap Portfolio
Another area where Bitsgap shines is in its extensive portfolio management feature. Each time you add the API key of an exchange, the trade portfolios become available at your disposal.
Your Bitsgap portfolio will:
- Automatically update all transactions
- Perform tracking based on your trading history
- Make it easier to access all your crypto assets
- Offer a real-time view of trades, performances and balances.
Above all, what is impressive is that you can extract these portfolios into your system. You can customize and filter the reports to view and reflect on your trades on particular exchanges.
Bitsgap Demo Account
It is important to stress the value of using a demo account when trading. As more new traders are venturing into the cryptocurrency trading scene, this particulate is getting more and more paramount.
The Bitsgap demo facility comes pre-loaded with simulated ‘paper money’ and will allow you to trade with zero financial risk.
Through the Bitsgap demo account, you can:
- Gain access to 5 leading crypto exchanges
- Practice trading with 5 BTC in virtual funds
- Experience trading in live market conditions
- Test out trading strategies
- Try out signals, trading bots and arbitrage.
How Bitsgap Ensures Security
When trusting any service with your money, you have to be extra cautious in ensuring that your capital is in safe hands. Or not, in the case of Bitsgap.
The platform stresses that you and only you have access to your funds. Bitsgap has detailed out how it addresses security concerns in different areas.
Account Access
All login attempts are secured, and in case of an attempt from an unknown device or location, you will instantly receive an email. The system will also authorize a temporary lockout from both your API and account if there are repeated failed login attempts.
Furthermore, you are also encouraged to use 2FA for your Bitsgap account and your associated email ID. This will provide an additional layer of security on your funds and personal data.
API Keys
Your funds are secured in the respective exchange and connected only through your fully-encrypted API keys. These APIs allow Bitsgap to execute trades and gather information on your behalf. Other than that, the API does not yield any personal data.
All forms of information that is passed through are encrypted and protected by a firewall. In simple terms, this means that Bitsgap cannot view or extract sensitive information held by the exchange in question.
You are the one to decide the settings of your API key. If you have enabled withdrawal options, your API key will not be accepted. Your exchange wallet will hold the funds, and you cannot perform any withdrawals or deposits through Bitsgap.
Employee Security
Employees are given access only to their area of expertise. No account information and sensitive data is transmitted outside the company network, or to any third parties.
System and Server
Bitsgap uses RSA 2048 encryption on all its services. Generally, the majority of banks and other financial establishments use 1024-bit encryption, whereas Bitsgap emphasizes that they offer double the protection.
Bitsgap Pricing
Thinking of using Bitsgap? If so, you’ll have several plans to choose from – both free and paid-for.
Free Plan at $0
The free plan is, in fact, a trial plan available for usage for 14 days. All standard features are included in this plan, along with a $1,000 monthly trading limit. We highly recommend that you take advantage of this free trial to understand how the platform works before you opt-in for a paid version.
Basic Plan at $19 a Month
The basic account comes with all standard features and allows you to engage in unlimited exchanges. However, there is a trading limit of $25,000.
You also get access to your cross-exchange portfolio, and can set up trading signals and extended order types. The demo trading option is also available together with two active automated trading bots.
Advanced Plan at $44 a Month
This account gives you all perks of the basic plan, with a $100,000 monthly trading limit. There is also a boost in the number of active trading bots from 2 to 5. In addition, you can also benefit from the Bitsgap arbitrage services.
Pro Plan at $110 a Month
The Pro Plan is most suited for traders who are looking for unlimited limits across unlimited exchanges. You can also set up 15 active bots to trade in live market conditions. Pro Plan owners will also receive priority support.
Note: Bistgap does not charge any fees for any trades. All of its services are included in the monthly subscription fee. Any fees on transactions are imposed by the respective exchange you are trading on.
How to Start Using Bitsgap
Your trading journey at Bitsgap begins with three simple steps.
- Create your user account
- Connect your exchange APIs.
- Start trading
The registration process can be completed by entering your email ID and setting your password. You will only be required to confirm your email ID to finish the setup.
Additionally, you can also connect your account to Google or Facebook and gain access through your login credentials accounts of the respective platform.
The APIs can be obtained from your exchange accounts. All trading operations on Bitsgap is processed through your unique API key. It is one of the safest and most reliable ways to use any platform, as it does not authorize anyone else to gain access to your funds or data.
Is Bitsgap Worth Using?
It is worth noticing that Bitsgap has come a long way since its launch. The platform’s number one priority is to ensure that its features are up-to-date with industry standards, if not one step ahead.
Its API feature was taken to bridge the technological gap between exchanges, as well as increase efficiency and security. Where it lacks is in its resource department.
Though there is a dedicated Knowledge Base, it still fails to provide a comprehensive overview of how to use the software. That said, if you genuinely want to try the platform, then the free trial should give you a better understanding of how its features work.
You will need to have accounts set up at each exchange separately, meaning you will need to deposit funds into each platform. Bitsgap is not licensed by any regulatory bodies, so do bear this in mind.
However, there are some areas where Bitsgap truly shines.
- Easy setup and integration with exchanges
- Fully-automated trading bots
- Secure trading with 2048-bit encryption
- Extensive portfolio management
- Receive trading insights
- Availability of pre-defined market strategies
- A long list of supported currencies and exchanges
Given that Bitsgap is aiming to make cryptocurrency trading more accessible, it would also be great to have a mobile app to access all services on the go.
Bitsgap: Verdict?
Cryptocurrency trading is now mainstream, meaning that there is a growing demand for technically-adept trading services. If you are looking for a combination of advanced trading tools, technical indicators and ease of use, Bitsgap is worth considering.
Overall, Bitsgap is a safe, secure and fully encrypted platform to trade with. The automated trading algorithm is clearly a standout benefit, which allows you to generate a steady flow of revenue with very little risk.
The platform also gives you several ways to control your trades through a variety of market orders and exit strategies.
Considering how far the platform has come, it is only fair to expect Bitsgap to introduce more resources in the future. All in all, you have very little to risk by trying the platform out via its 14-day free trial.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Kane Pepi, @Khareem Sudlow