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Trading Bots don’t meet the Expectations of Crypto Traders

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Trading bots don’t meet the expectations of crypto traders

93% of surveyed traders do not use automated trading software due to a lack of trust in it. This data was shared by Cinneamhain Ventures partner Adam Cochran. He interviewed 10,388 traders with a total of $ 53.5 million in assets. 38% of them reported that they used trading bots at least during the trial period.

Trading Bots

However, 93% of respondents who paid for a subscription to bots stopped using them after a month.

Trading Bots

“This is a wake-up call for software as a service (SaaS), signaling a large gap between the target audience of bots and real users,” writes Adam Cochran.

63% of respondents faced technical problems when using automated trading software, 29% abandoned bots due to limited functionality.

Trading Bots

88% of traders explained the refusal to use bots by mistrust of the developers. 81% considered them inadequate and 69% too complex technically.

Trading Bots

When choosing a trading bot, users give preference to solutions promoted by “influencers”.

On the other hand, they stated that such recommendations lack neutrality.

Adam Cochran notes that users are interested in automated trading, but for this, they need ready-made modular scripts, proven brands, the ability to separately track balances, and easy ways to connect with trusted community members.

“The bot market is stagnating and even declining. Automated software developers have not yet succeeded in solving key problems, which slows down the popularity of bots among users, ” the researcher concluded.

In 2018, Wall Street Journal analysts stated that it is trading bots that shape prices in the cryptocurrency market and play a key role in Pump & Dump schemes.

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