Forex Robots

RevenueBot Review: Is This Crypto Bot Safe and Legit?

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RevenueBot

RevenueBot offer cloud-based automated crypto trading algorithms that scan the market and create buy/sell orders based on system parameters. It supports multiple exchanges like Binance, Kraken, Poloniex, etc. Algo simulations with risk-hedging mechanisms are incorporated into the bot to maximize profits.

About RevenueBot

RevenueBot offers various services with unique tools and features. The traders can configure the algorithms from its control panel or buy/ sell predefined robots from the marketplace. The platform is free and only takes commission when a user generates profit.

RevenueBot review: key features

RevenueBot includes the following features:

  • The bots will automatically switch and start with a new trading pair.
  • Traders can access 60-day backtesting results for any trading pair and choose the setting accordingly.
  • The trailing stop feature monitors the market and closes the position when the price is at its most profitable.
  • The algorithms are available to backtest for the previous 60 days.

RevenueBot: trading strategy

Revenue Bot employs a martingale betting technique and trades by using available funds in the trader account following the coded informations. Currently, the system uses two types of algorithms: “Long and Short.”

RevenueBot trading approach

RevenueBot trading approach

Security of RevenueBot

RevenueBot uses API keys to keep payments secure and two-factor authentication for accounts security. All funds are held on the investor’s exchange. The developer recommends using Google authenticator or Authy.

Is RevenueBot safe?

RevenueBot uses filters to avoid buying too early or vice versa. Bots employ a risk-hedging strategy that automatically flips algorithms in response to market conditions, lowering the chance of capital loss.

How much does RevenueBot cost?

There are no monthly or annual pricing plans for RevenueBot. It is available for free and only takes a commission on profits capped at 20% or max $50.

Pricing of RevenueBot

Pricing of RevenueBot

Deposit and withdrawal

The platform recommends a minimum deposit of $300-$400 and 20 safety orders. The number of a grid of orders determines the amount of deposit.

Minimum deposit requirement

Minimum deposit requirement

Does RevenueBot charge fees and commissions?

As mentioned before, RevenueBot takes a 20% commission on profits made by the trader but not more than $50 in a month. It is deducted from the RevenueBot account balance.

How much profit can it earn?

The profitability is not guaranteed due to the high volatility of cryptocurrencies. It depends solely on the bot’s setting and market conditions. The platform provides live statistics where traders can see the performance of top traders and profits generated by these robots in the last 30 days.

Company reputation

The platform is developed by RB MEDIA FZC LLC, based in UAE, at the following address:

A-5802-66, Flamingo Villas Ajman, UAE. There are no details about the platform’s team of developers that make the company suspicious and unreliable.

RevenueBot reviews

RevenueBot has a verified profile on TrustPilot that shows 119 customer reviews. A user wrote that the support does not help, and the system has many errors that need to be fixed.

Customer review

Customer review

Who is RevenueBot for?

RevenueBot is appropriate for long-term investors willing to take risks with their investments. The martingale strategy works best over an extensive trading period and can result in a nearly 50% gain in a short time. However this approach may be risky in the short term, leading to losses.

RevenueBot: supported devices

RevenueBot is cloud-based software that runs completely on the internet and does not require to be installed on users’ devices.

What exchanges does RevenueBot support?

RevenueBot is compatible with these exchanges:

  • Binance
  • OKEX
  • Bitget
  • HitBTC
  • EXMO
  • Kucoin
  • Bittrex
  • Poloniex
  • Kraken
  • FTX
  • Cex.io
  • Bitfinex

RevenueBot: customer care

RevenueBot assists traders only through tickets and a knowledge base documentation. There is no live chat or contact number.

RevenueBot

5

After evaluating the working and characteristics, we can say that the platform supports a few cryptocurrency exchanges and uses a martingale trading approach which can be risky at times. The website shows a lack of vendor transparency, raising concerns about its legitimacy. The algorithms can only be backtested for 60 days max inhibiting us to see their performance over a long period.

  • It has full trade statistics on cycles of the bot, orders, and profits
  • The service is free to use without any pricing plans
  • Lack of vendor transparency
  • Customer support is only available via the submission of a ticket
  • The recommended minimum deposit requirement is $300-$400, which is a bit high
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