AI powered trading bots offer a fantastic way for crypto holders at every experience level to put their digital assets to work. Algorithmic trading systems are programmed to respond to triggers, buying and selling chosen assets automatically in accordance with pre-set strategies.
Some platforms require the user to have coding knowledge to instruct the bot how to trade, others come with pre-programmed strategies that the user can cherry-pick to suit their trading style and goals, while another type of AI bot is fully automated, making all the trading decisions for the user.
Today, we’ll be comparing two heavy-hitters in the AI crypto trading arena, AlgosOne vs. CryptoHero. The two bots offer very different services, and we’ll be evaluating the benefits and drawbacks of each.
CryptoHero, headquartered in Singapore and backed by the Novum group, was launched in early 2021. It offers a cloud-based multi-platform crypto trading bot. CryptoHero’s integration with various crypto exchanges and its wide range of supported cryptocurrencies make it a versatile, popular platform for traders.
A more recent addition to the AI trading space is AlgosOne, which just launched in late 2023. Operated by White Mint Financial Company s.r.o., a registered company in the Czech Republic (registration number 17260884), AlgosOne offers a licensed AI-based trading bot, providing automated trading on crypto and a range of other financial markets.
Let’s drill down to see if this newcomer is just a flash in the pan or the best alternative to CryptoHero in 2023.
Both AlgosOne and CryptoHero offer very different AI crypto trading products and services. Here are some of the key features that set each of them apart from the competition.
- Integrated with leading crypto exchanges like Binance, Huobi, Bittrex and Kraken, CryptoHero offers access to a huge selection of cryptocurrencies.
- CryptoHero offers easy personalization. Users can create their own trading parameters and run simulations to identify the best trading opportunities in the market.
- The platform also offers backtesting, enabling users to test trading strategies in different market conditions.
- AlgosOne is EU authorized and registered, providing exceptional transparency, reliability and security.
- Not just limited to digital assets, AlgosOne’s diverse trading portfolio takes advantage of shifting market conditions across crypto, forex, stocks, indices, bonds, commodities markets.
- Based on past AlgosOne performance, annual profits can be expected to reach up to 345%.
- No coding or trading experience needed. The platform is fully automated
- AlgosOne has no subscription or transaction fees and even offers compensation on unsuccessful trades.
Accessibility and Ease of Use
When evaluating AlgosOne vs CryptoHero, one of the most important issues to consider is the user-friendliness as well as the overall accessibility and usability of the platforms for traders at every level.
- CryptoHero offers live support, available round the clock
- The cloud-based bot is accessible via any device, including PC iOS and Android
- The platform offers easy tracking of performance across multiple exchanges.
- The CryptoHero Marketplace provides access to proven bots offered by experienced traders, which are ranked by annual percentage yield, and win/loss ratios.
- Accessibility and simplicity are prioritized over performance. CryptoHero is great for beginners, but with a maximum of just 30 bots, it is not so suitable for professional-level traders.
- The number of available technical indicators is very limited.
- Users simply sign up, deposit funds, and start earning. There is no coding, no market analysis, and no strategizing required, as the AI trader does everything.
- The platform is accessible via laptop, desktop and mobile devices
- A user-friendly dashboard provides updates and current data, including the balance of the AlgosOne reserve fund, and the trade success rates, as well as the user’s trading history, win/loss ratio, account balance, and more.
- Since the machine learning algorithm sets the amount, asset, and direction of each trade, users cannot control which positions to take or decide when to alter their risk to reward ratio to better minimize risk and/or maximize profits. This is great for beginners but may not be appropriate for those who want to do their own trading.
- Some trades are auto approved, meaning that execution will be automatic, whereas others, called 1-click trades, require the user to click a button for the trade to be executed. For these, the user must open the trade notification, within a given time limit and click APPROVE.
Another factor to consider when deciding if AlgosOne is a viable CryptoHero alternative 2023 is security.
- CryptoHero offers a risk-free paper trading option
- The software is hosted over a secure protocol, relying on API keys for withdrawing funds to and from crypto exchanges.
- Backed crypto account access guarantees passwords remain uncompromised.
- CryptoHero is not licensed to provide financial services, exposing users to significant risk in terms of a lack of legal accountability and return of funds in the case of a breach, technical failure or fraud.
- AlgosOne holds a license issued in the EU to offer financial services, including crypto trading, in partnership with grade-A asset security platforms institutions.
- Diverse portfolios minimize exposure and AlgosOne uses automated hedging, stops and limits.
- A limit of 5%-10% of the total balance per trade prevents liquidation.
- A reserve fund provides client capital coverage, as well as offering partial compensation on losing trades.
- In accordance with regulatory requirements, users are required to verify their identity, by providing Know Your Client (KYC) and Anti-money Laundering (AML) documentation.
- Not available for US traders.
At CryptoHero there is a free basic version of the platform as well as subscriptions offering additional paid features:
- The basic services of the trading bot are free and include one active bot, paper trading and unlimited exchange access.
- The premium version costs $13,99 a month, which includes 15 active bots, technical indicators, TradingView, and 5 price alerts.
- The professional version costs $29,99 a month, which includes 30 active bots, all other version features, plus 10 price alerts, Grid bot/market making, backtesting and a 5-minute trading frequency.
In contrast, Algosone has no transaction charges or subscription fees but offers different trading tiers, which provide various financial benefits based on the size of the user’s deposit.
A higher trading tier means:
- More and larger trades executed per day
- Lower commissions on successful trades
- Higher compensation on unsuccessful trades
- A higher ratio of auto approved to 1-click approved trades
At the lowest trading tiers, commissions on winning trades can reach as high as 25%, a considerable chunk of the profits, though at the higher trading tiers commissions drop to just 12%. However, it is important to note that there are no commissions charged on losing trades, and in fact, users can receive a percentage of the original amount invested in the trade, as compensation.
Both AI trading platforms, Algosone.ai and CryptoHero, offer unique features and benefits for traders and your choice will completely depend on what you want to trade and how you want to go about it.
If all you care about is crypto, then CryptoHero is an excellent choice, as it offers integration with multiple exchanges, its free plan is basic but sufficient to enable trading, and its subscriptions are very affordable. However, more experienced traders may find the available bots and technical analysis tools to be somewhat limited in scope. Also, there is no getting around the fact that there is inherent risk in trading with an unlicensed platform.
In contrast, the Algosone bot uses a wide range of technical indicators to mitigate risks and optimize revenues, making it a suitable option for every type of trader. AlgosOne is Licensed and registered, both for trading crypto and a range of other asset types. Its far broader trading portfolio diversifies risk, while the platform maintains stellar performance, with a trade success rate exceeding 80%. Once a user has signed up and deposited funds, the AlgosOne AI trading bot takes over from there. While users need to approve a few trade signals during the day within a tight time limit, unlike with CryptoHero, there is no need to monitor performance so as to adjust strategies to suit changing market conditions.
For these reasons, while it’s a very close call, AlgosOne has edged into the lead, ahead of CryptoHero, as a more convenient and reliable generator of automated trading profits.