Forex Robots

Hummingbot Review: Is This Crypto Bot Safe and Legit?

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Hummingbot

Hummingbot is a cryptocurrency trading platform that allows traders to create market-making and arbitrage bots that support various CEX and DEX exchanges. Investors can download the open-source software from the Github platform and test it in the browser. The code for the robot is written in Python and Cython. We will review all the aspects of this algorithm to let you decide if it meets your needs or can generate income in a safe environment in 2022.

About Hummingbot

Hummingbot has a miner that creates earning opportunities for traders. Investors can try the bot in their browser before downloading it to check the system’s working. The platform is optimized for liquidity providers, and it claims to be the only trading robot created specifically for professional market makers.

Hummingbot review: key features

Hummingbot includes the following features:

  • It provides support for both centralized and decentralized cryptocurrency exchanges.
  • Traders can test their system before installing it.
  • The platform is optimized for liquidity providers, and it claims to be the only trading robot created specifically for professional market makers.
  • It is open-source software that is publicly auditable on Github.

Hummingbot: trading strategy

Hummingbot trades with several strategies like Avellaneda, Arbitrage, Hedge, Cross-exchange market making, liquidity mining, hedge, TWAP, etc. They are customizable according to your requirements.

Types of strategies

Types of strategies

Security of Hummingbot

Hummingbot provides security by encrypting API, secret, and private wallet keys. The provider recommends using a strong password stored in your local system.

Is Hummingbot safe?

Hummingbot lacks backtesting and live records on its website that can be used to analyze the trading performance of the bots. There are no customer reviews on a trusted platform like TrustPilot, which raises concerns about the safety and reliability of the robot.

How much does Hummingbot cost?

Hummingbot is free of cost and publicly available on the Github under Apache 2.0 license for traders and developers. Experts can contribute to the code, or investors can install it and start trading.

Deposit and withdrawal

Hummingbot has no minimum funds required to use the platform; it depends on the exchange rules. It does not support withdrawals or deposits for security reasons, as mentioned on the website.

Deposits and withdrawals

Deposits and withdrawals

Does Hummingbot charge fees and commissions?

Hummingbot is a free software and does not charge any maker/taker or transaction fees.

How much profit can it earn?

The developer does not guarantee profitability, and there are no verifiable records of past trading results with Hummingbot. Traders should have knowledge of Python and Cython to create customized algorithms for creating income.

Company reputation

It is handled by the Hummingbot foundation located in the Cayman Islands. The platform is a non-profit organization founded in 2021 and was initially developed by CoinAplha Inc in 2019. The board members at the company include Micheal Feng, CEO, and Gene Cheon, CFO.

Board members at Hummingbot

Board members at Hummingbot

Hummingbot reviews

Hummingbot lacks customer reviews from past traders, which raises doubts about the functionality and reputation of the platform.

Who is Hummingbot for?

Hummingbot is best for professional traders and market makers. It is written in Python and Cython, which requires coding skills to configure the strategies.

Hummingbot: supported devices

Traders can use Hummingbot on various systems such as:

  • Test drive(Web-based)
  • Windows
  • MAC
  • Linux
  • Raspberry Pi
System requirements of Hummingbot

System requirements of Hummingbot

What exchanges does Hummingbot support?

Hummingbot connects to the following centralized exchanges via API keys and DEX through connecting wallets to underlying blockchain protocols:

Supported crypto exchanges

Supported crypto exchanges

Hummingbot: customer care

At Hummingbot, traders can reach customer service via email or a contact form on their website. There is a community of traders on Twitter, Reddit, Reddit, etc.

Hummingbot community

Hummingbot community

Hummingbot Crypto Bot

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Hummingbot is free and open-source software that allows developers and traders to edit the code according to their needs. There is a lack of user feedback on reputable platforms, raising red flags about the platform. It does not support paper trading, where traders can test the bot with demo funds. The platform is designed for professionals and novices in the crypto market who may find it complex.

  • It is open-source software and publicly available for installation
  • The tools and features are suitable for liquidity providers and market makers
  • It lacks an important feature such as paper-trading
  • It does not provide backtesting or live records
  • There are no verified customer reviews on trusted platforms
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