Bitsgap is a cryptocurrency platform that helps you avoid the headaches associated with managing multiple accounts in different exchanges. But is it any good?
- In a nutshell
- Bitsgap Features
- Trading Terminal
- The GRID Algorithm
- Trading Signals
- Centralizing Your Cryptocurrency Trading
- For and Against
If you’re the owner of multiple accounts on different crypto exchanges then the Bitsgap platform might be of interest to you. It lets you manage all of them from just one interface, which could be really appealing if you have a lot of them. Having to deal with multiple browser tabs or apps open at the same time can be a real pain, so this could solve your problem, assuming that the platform does the basics well enough. Let’s find out if it does.
Bitsgap supports spot and futures trading, so if your accounts are with any of the top 25 exchanges that it works with, like Coinbase Pro, Binance, and Poloniex, you will benefit from that “unified view” functionality.
The signup process is straightforward. You can either enter your details and verify your email address, or connect via your Google or Facebook accounts.
You can then take the Bitsgap platform for a two-week-long test drive at no cost, to see if it’s for you. We are fans of the demo approach with all software, so it’s nice to see it here.
In a nutshell
If you’re skimming this, here’s the super short summary on Bitsgap:
- trade spot and futures with crypto
- automated GRID trading bots
- arbitrage opportunities between exchanges
- trading signals to inform trades
- track funds and manage portfolio
- Smart Trade, TWAP strategy, “Shadow” and “Sniper” modes
Here’s a rundown of the platform’s features:
- Arbitrage — exploits the slight price differences for the same asset that can crop up between several exchanges.
- Trading Terminal — all your exchanges visible in one place.
- Futures Trading Bots — not many other tools let you create these so it’s a nice plus for Bitsgap
- Signals — supports various trend analysis tools
- Portfolio Tracking — live portfolio tracking
- Automated trading bots — AI optimised. These come already configured, so you don’t need to set them up
- Security — you’ll be connecting Bitsgap to your exchange accounts using their individual API keys. That means Bitsgap itself never holds any of your money, it just directs trades on your behalf. The interface uses 2048-bit encryption, which is extremely robust.
- Demo Exchange — this is a practice exchange feature that lets you try out all of Bitsgap features without having to worry about costly mistakes.
Crypto exchanges aren’t exactly known for their trading tools. They usually just give you an overview of up-to-the-minute prices for a variety of cryptocurrency assets and a forum for you to buy and sell your assets in. To get the kind of trading functionality you’re looking for you’ll need to invest in tools like Bitsgap. They all come with their own different quirks and selling points and Bitsgap’s claim to fame is that it lets you keep an eye on lots of exchanges through one single interface.
Its other features are pretty much in line with similar offerings, things like take profit, shadow orders, limit market, and stop-loss functions. None of them is particularly outstanding, but they’re perfectly acceptable, so if you like Bitsgap’s multiple views approach, they won’t put you off.
The GRID Algorithm
You can set range and limit parameters in Bitsgap, then let the trading bot off the leash. Its algorithm works within your ranges, so every time it executes a limit order, it places a sell order for a price that’s marginally higher than the current price.
The same thing happens for limit orders but in reverse, so after an order is executed, Bitsgap goes ahead with another buy limit at a price that’s a little less than the current value. So long as prices don’t exceed your assigned value range, it will keep on placing these sorts of trades until you tell it to stop.
The ability to follow numerous exchanges makes arbitrage opportunities easier to manage. If you haven’t heard of this concept already, it’s talking about the tiny price differences that sometimes crop up for the same asset between two or more exchanges. In the same way that shops might sell a loaf of bread for a little more little less than each other, crypto exchanges do the same thing with bitcoin and others. With the right tools to hand you can make the most of these differences to make money.
Signals point to opportunities that traders can use to their benefit. Many different trading signals exist, and while none of them works like a crystal ball, many traders rely on them to expose trends and point to possible reversals that help you profit. . Bitsgap lets you use signals but won’t let you set up price movement alerts. Still, they can help shape your buying and selling strategy.
Centralizing Your Cryptocurrency Trading
Bitsgap’s major selling point is that it lets you keep track of your entire cryptocurrency portfolio from one dashboard, which should mean fewer headaches if you’ve got positions open all over the place, and access to arbitrage as we mentioned. It lets you review your orders and history, and filter for specific exchanges, so all in all, it’s a decent feature.
For and Against
- quick to get started
- easy setup
- trading bots are already configured
- arbitrage potential
- dashboard for market signals
- everything is under one roof
- free version for low-budget accounts
- 14-day trial, no credit card necessary
- Trading bot functionality is limited
- No mobile app— a real Achilles heel in this day and age!