Bitsgap Review 2023: KuCoin Trading Bots!
Auto trading strategies and trading bots have become invaluable for many skilled and experienced traders, acting as an assistant that never tires, never sleeps, and can monitor far more charts than any single human, capable of working 24/7/365.
That is why trading bot platforms like TradeSanta, 3Commas, and Shrimpy have exploded in popularity over the years, and why exchanges that offer crypto bots like KuCoin, OKX, and Gate.io are among the fastest-growing exchanges as they provide excellent platforms for crypto bot trading.
In today's article, we want to put a few more trading bots on your radar, including one that has been specially designed for KuCoin. The KuCoin Trading Bots by Bitsgap are worth checking out for anyone who uses the KuCoin exchange. This Bitsgap review will let you know everything you need to know about these handy little bots and if the Bitsgap platform is worth your consideration.
- Good selection of trading bots
- Smart Orders offer greater functionality for manual traders
- Direct integration to over 15 major exchanges
- KuCoin-specific trading bots
- Higher price than many competitors
Bitsgap at a Glance
|Trading Pairs Supported:||Bitsgap can be used on any spot pair that is supported by the exchange you connect it to. Futures Trading bot is only useable on Binance at this time.|
|Supported Exchanges:||Binance, KuCoin, Coinbase, Kraken, HitBTC, Bybit, OKX, HTX, Poloniex, and more.|
What is Bitsgap?
Bitsgap is an impressively robust all-in-one crypto platform that helps crypto traders automate their trading and assist with advanced trading requirements. The platform can be used to assist traders with managing their portfolios, accessing trade signals, utilising Smart Orders, and more. Bitsgap’s most popular products are its high-performing crypto bots that can easily integrate with crypto exchanges.
Integrating with over 15 exchanges including Coinbase, Binance, Kraken, Bitfinex and more, Bitsgap has become a popular hub for traders interested in utilizing trading bots, especially those who use KuCoin as Bitsgap offers KuCoin-specific trading bots.
The Bitsgap headquarters is located in Estonia. Established in 2017, the platform has attracted over 500k users and has helped traders execute over $300b in trading volume.
What are KuCoin Crypto Trading Bots?
The Trading bots on KuCoin differ little from the trading bots found on many other exchanges and crypto bot platforms. The main difference is that the ones offered on KuCoin are natively supported and easily deployable on KuCoin, with no external APIs needed to integrate with the exchange.
KuCoin makes trading bots incredibly easy with plug-and-play solutions for traders to create their own bots, using predefined criteria and rules without needing to learn how to code. There have been a whopping 10 million bots created by users on KuCoin, and traders who don’t want to create their own can simply copy other bots or select one of KuCoin’s pre-built bots.
The current bots available on KuCoin utilize the following strategies:
- Spot Grid
- Infinity Grid
- Futures Grid
- Smart Rebalance
- Dollar-Cost Averaging
KuCoin users have access to the millions of bots on the platform for no additional cost on top of standard trading fees. KuCoin has become one of the most popular platforms for bot trading. You can learn more about the exchange in our KuCoin Review.
Though trading bots can be useful for experienced traders who understand the proper market conditions in which to run an automated trading strategy, it is important to point out that considerably more people lose money using trading bots than make money.
The main reason for this is that trading bots are often marketed as basically money printing machines, with exaggerated results and false claims of profit, paired with doctored photos and “live results” of “profits” coming from cherry-picked demo accounts.
Trading bots are often advertised to new traders who do not know how to trade, leading them to falsely believe that trading bots are as easy to use as simply turning it on, walking away, and earning profit, which is certainly not the case. If it was, none of us would be working jobs anymore, that’s for sure.
I am not saying that KuCoin or Bitsgap are guilty of this, but it is very common in the crypto, stock, and forex trading industries. It is very important for traders not to fall into this honeyed trap and inexperienced traders should not be using trading bots with live funds without fully understanding how markets work, how to understand basic market structure and price action, and understand that they need to have a good understanding of the news and upcoming economic events that may impact the price of the traded asset.
You can learn more about this in Guy’s video below:
What Bots are Available on Bitsgap?
Bitsgap offers three different types of trading bots.
Grid bots help traders generate profit from small price fluctuations as the market moves sideways. Sideways markets are also known as a market’s consolidation phase, or you may hear the terms “ranging” or “flat.” These are all terms that are used to describe when price is trending neither upward nor downward, but staying flat or “sideways.”
The grid bot will open and close positions automatically as price fluctuates between price points preset by the trader.
The Grid bot on Bitsgap can follow one of three strategies:
Flat- Suitable for sideways price action. The bot will place a fixed order grid and will keep processing trades as long as price continues to fluctuate within the defined range.
Buy the dip- This bot will sell the base currency now and place an order grid that trails down, following the price while profiting in the base currency.
Custom grid- This allows traders to set their own grid trading strategy, utilizing settings such as profit currency, order grid variables, trailing modes, SL/TP, and more.
How does the Grid Bot Work?
The Grid bot places buy and sell orders between multiple order levels, forming a grid. The bot will use two currencies of the pair, e.g. BTC/USDT for placing limit orders for buying and selling. If the trader chooses to make a profit in USDT, the bot will be buying and selling BTC for profit in USDT and vice versa — If the trader chooses BTC, then the bot will be selling it for USDT to buy back cheaper, with profit in BTC.
The bot will keep processing trades and closing out in profits as long as the price remains within that price range, or closing out in a loss should price continually trend against open positions.
Dollar-Cost Averaging (DCA) is a popular strategy used by both investors and traders. This allows investors to buy into assets at multiple levels, buying at lower prices to “smooth out” the overall entry price over time and therefore lowering the average purchasing price. Traders can use a similar strategy to go long or short, getting a better average entry price on their trade, lowering the range that price needs to travel before it can be closed out in profit.
The DCA bot can be used to automatically buy and sell cryptocurrencies at optimal times using technical analysis and smart automation on the Bitsgap platform.
The following DCA bots are available on Bitsgap:
MACD+RSI- This DCA bot uses two of the most popular trading indicators to help with trend trading. The bot will attempt to place a trade in the direction of a trending market and follow price until it receives a closing signal from the indicators to close the trade.
Stochastic+Channel- This DCA bot uses a combination of support/resistance lines and the Stochastic oscillator for sideways markets. The bot will trade by the signal while price remains inside of the price channel, using a trailing stop once the price breaks outside of the channel.
Pure DCA- This DCA bot will buy by market, place limit orders to buy cheaper, and take profit, with all settings being preset by the trader.
Custom DCA- Traders can create their own custom DCA strategy using all of the available signal sources, DCA settings, risk management tools, and other features available on Bitsgap.
How Does the DCA Bot Work?
The DCA bot trades on technical signals on rising, falling, or sideways markets, with the trader choosing whether or not the bot will use DCA orders.
The bot reads the indicators such as the RSI and MACD to choose when to place and close trades. Once it receives a signal, it can place a market order and set a number of DCA orders, then exit the trade when conditions are met, or complete tasks like setting stop losses and trailing stops if markets turn around.
Bitsgap DCA bots can utilize additional risk management tools such as trailing stops, drawdown limits, and risk reduction methods to help manage open positions and risk.
DCA strategies can result in one of three potential outcomes:
- If the market moves in a favourable direction and never hits any DCA orders, the trader will make a small profit on their initial market order trade and miss profits from the rest.
- If the market hits any or all of a trader’s DCA orders then the Take Profit level, this would result in a considerably profitable gain.
- If the market moves against a trader’s orders and hits a Stop Loss, this would result in significant losses.
Bitsgap offers trading bots that are suitable for futures trading. Futures traders can trade in either direction with profits paid in USDT.
There are two Futures bots traders can use:
Long- Traders will make a profit if price moves upwards. The bot will open a buy position for half of the invested funds and place DCA orders for the remainder of the trend. Positions will be closed incrementally using grid orders.
Short- Traders will make a profit if price moves downwards. The bot will open a sell position for half of the invested funds and place DCA orders for the remainder of the downtrend. It will close positions incrementally using grid orders.
How does the Futures bot work?
The Futures bot can trade during sideways (flat) or trending (up or down) markets. It trades between multiple DCA orders and takes profit at levels that are arranged in a grid.
The bots can be set to trade with leverage from 1x to 10x, allowing users to trade funds 10x larger than their investment.
Warning⚠️ Trading with leverage is extremely risky and results in considerable losses for over 90% of traders. Be sure to understand the full risks of leverage and understand that it is a powerful tool best used in moderation by experienced traders.
What Makes the KuCoin Trading Bot Unique?
Bitsgap offers three different types of trading bots for KuCoin, which can be deployed seamlessly on the KuCoin exchange.
Along with the standard DCA and GRID bots, Bitsgap also has a Scalper trading bot for KuCoin, providing traders with the ability to trade and make profits (and losses!) from small price fluctuations.
With the straightforward KuCoin integration, KuCoin traders can combine various settings and strategies available from Bitsgap to enhance their trading experience.
Bitsgap Account Features:
Aside from trading bots, Bitsgap also features:
Many crypto exchanges do not offer the full functionality needed for advanced trading, with features like trailing stop losses and order splitting seldom supported.
Platforms like Bitsgap can help with that. Bitsgap allows manual traders to have more control over their risk exposure and use more sophisticated trading strategies.
What is even more convenient is that traders who use more than one exchange can access all their trading activity across multiple exchanges all from the Bitsgap dashboard. Here are some of the advanced functions of Smart Orders:
- Stop losses
- Take profits
- Trailing stop losses
- Trailing take profits
- Supports limit, market, stop, stop limit, TWAP and Scaled orders.
Smart Orders is an incredibly valuable tool for manual traders as it can help support trading and risk management strategies that have been shown to help increase profitability and lower risk.
Bitsgap leverages the powerful TradingView charting application, which has become the gold standard for professional traders. Thanks to TradingView, Bitsgap is suitable for all levels and styles of trading, able to accommodate even the most hardcore technical analysis traders.
If you want to learn more about technical analysis, feel free to check out our Guide to Technical Analysis article.
Bitsgap can be used with over 15 different exchanges, including Binance, KuCoin, OKX, Bybit, Kraken, Gate.io, Coinbase, and more.
How to Connect Bitsgap to an Exchange
Connecting Bitsgap to your crypto exchange is easy and doesn’t require technical know-how. All users need to do is go into their exchange settings and find an API key, then paste that into the Bitsgap dashboard.
The process will differ slightly depending on the exchange, but the process is more or less the same. We will look at connecting Bitsgap to KuCoin as an example here:
- Log into your KuCoin account and head to “Settings” to locate your API key. Copy this key.
- Once logged into Bitsgap, go to the “My Exchanges” tab on the top of the interface and click “Add New Exchange.”
- Select “KuCoin” from the list of exchanges and enter the Exchange’s API key in the pop-up that appears.
If you have trouble with this, in the same pop-up where you are prompted to enter your API key, you will see a button that says “How to Connect”. This will take you to a detailed step-by-step guide on how to do it.
Exchanges and Supported Coins
Bitgap currency integrates with Binance, KuCoin, OKX, Bybit, Kraken, Whitebit, Bitfinex, HTX, Coinbase, Bittrex, HitBTC, Poloniex, Gemini, Gate.io and some lesser-known exchanges that can be found on the site.
Bitsgap’s product suite for spot trading can be used on any coins and tokens that are available on the exchange that it is connected to.
At the time of writing, the Futures bot is only available on Binance.
Demo Trading on Bitsgap
Demo trading is a fantastic feature offered on Bitsgap. This is ideal for anyone new to trading, or for traders who want to test out a new bot or trading strategy without risking live funds.
Demo trading can help traders learn the ebbs and flows of the market, understand market structure, hone their skills, and check to ensure their bot or strategy is working and profitable before unleashing it on live funds.
A good rule of thumb followed by many responsible traders is to test out a new bot or strategy for 1-3 months on a demo account and only go live if you can turn a profit in that time.
Why 1-3 months? Because markets are cyclical and follow certain trends, habits, and patterns that are important to be able to identify throughout different time periods. For example, a strategy that works during times of peak trading volume will likely not perform the same as when markets go quiet, like when the eastern US population is asleep, or hours before the Asian markets are active as these are times during low trading volume and often sporadic and unpredictable price movement.
These cycles will also vary on the days of the week as well. Trading volume and price patterns observed on weekends will, in most cases, differ from identifiable patterns that play out on Monday mornings, etc. The longer you can test on demo, the more accurately it will simulate long-term results.
Bitsgap prices will vary depending on monthly billing vs annual billing, with users who pay yearly saving 20%.
Bitsgap has 3 pricing tiers:
Basic- $23 per month. This includes 2 active Grid bots, 10 active DCA bots, and unlimited Smart Orders.
Advanced-69 per month. This includes 5 active Grid bots, 50 active DCA bots, unlimited Smart Orders, Futures bots, and trailing ups and downs for bots.
Pro- 119 per month. This includes 25 active Grid bots, 250 active DCA bots, unlimited Smart Orders, Futures bots, trailing ups and downs for bots, and take profits for bots.
Users can also access a 7-day free trial to test the platform before buying.
Bitsgap Top Benefits Reviewed:
Bitsgap is a powerful platform and a very useful tool for traders and fans of crypto trading bots. While the bots offered are quite common and widely available on most platforms, the KuCoin Scalping bot is a unique offering and a great choice for any KuCoin users who want to take advantage of automated scalping.
The Smart Order functionality is also a must for any serious trader using advanced trading strategies. I don’t know why this is the case, but even the most advanced crypto trading exchanges do not offer advanced order types and risk management tools to help traders with their trades, so finding a platform like Bitsgap or 3Commas that offers “Smart Trading” is essential for many traders.
What could be improved?
Okay, time to be brutally honest here on a couple of fronts. To start, I will preface by saying that Bitsgap is a fantastic bot trading platform. It is highly reviewed, recommended, and one of the best you will find. I wouldn’t hesitate to recommend using it to anyone interested.
The first criticism comes as a result of their pricing. The services offered by Bitsgap are not unique, there are multiple platforms such as 3Commas, TradeSanta, Shrimpy, and more that offer a similar product, many for a lower price.
The second criticism is a serious pet peeve I have. Remember earlier in the article when I stated that most of these trading bot companies, coders, YouTubers and influencers grossly exaggerate their claims, making trading bots sound like easy money printing?
Bitsgap has claims like this plastered all over its site, very much downplaying the risks involved and making it seem like any novice can sign up and start earning money in no time.
I feel this is quite negligent and misleading. If Bitsgap isn’t willing to clearly highlight the risks of bot and auto trading, I’ll provide the appropriate warning below:
Warning ⚠️: Over 90% of inexperienced traders who use automated trading bots lose money. It is important to understand that no automated trading strategy can be successfully deployed in all market conditions. Trading bots are static and rule-based, while markets are dynamic, volatile and unpredictable. Professional traders have different strategies to deploy for different market conditions, and no single strategy, like the one followed by a trading bot, can be consistently profitable in all market conditions.
How do I know this, and why do I feel so strongly about trading losses?
Well, prior to my time at the Coin Bureau, I worked with a team that designed the exact kinds of trading bots offered by platforms like Bitsgap. After thousands of hours of testing and using hundreds of bots myself, even being part of trading teams and working with a computer science doctorate and professional traders to design cutting-edge trading bots, I’ve seen the damage these bots can do in the hands of inexperienced users once they go to market.
I go into more detail about my time and experiences with trading bots in my 3Commas review if you would like to gain more real-world insight.
But that aside, I will give credit where it is due, and Bitsgap is a great platform, user-friendly, and highly functional. If you don’t mind the higher price, you won’t find a better platform.
Bitsgap Review Conclusion:
Well, there you have it, folks, our in-depth review of Bitsgap. Though I have some qualms about the lack of transparency and integrity surrounding the vocabulary and statements on the site and the higher-than-average prices, Bitsgap is a good platform for anyone looking to get into auto trading, or who needs access to advanced order and risk management functionality in their manual trading.
Before signing up for Bitsgap, I would recommend checking out the free bots available on KuCoin and Gate.io to see if the extra pay is necessary for your needs as a trader. For manual traders needing the advanced order functionality not supported by standard crypto exchanges, I would suggest checking out our 3Commas and Shrimpy review before making the choice to find which platform is best for you.
If you want to explore the world of trading bots further, we have dedicated articles you can find below:
Frequently Asked Questions
Yes, Bitsgap is perfectly safe to use as they only connect to traders’ accounts via API keys. They never have direct access to user funds and cannot withdraw.
Bitsgap takes security seriously, with the platform supporting complex passwords, 2FA, and uses the RSA 2048 encryption to protect all user data.
Bitsgap has a free 7-day trial available, but after that, there is a fee that can be paid monthly or annually. See the Fees section above for pricing or check out the Bitsgap fees page.
No, Bitsgap simply connects to your regular supported cryptocurrency exchange via an API key. Bitsgap is not a cryptocurrency exchange, nor do they manage funds. Through the API key and the Bitsgap dashboard, all trading execution is done on the user’s cryptocurrency exchange.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.