Last Updated on September 27, 2020
The latest craze in the crypto sky is currently trading bots, i.e. robots that automate the trading of digital currencies for users based on sophisticated algorithms. Providers and platforms are springing up all over the world. The News Spy also belongs to these offers.
What is unusual here, however, is that it is an open source software, i.e. its source code and code are publicly visible, can be changed and used by third parties free of charge. And there are some other unique selling points.
So what can the user expect – how much time and above all previous knowledge is required? What is the expected return and how exactly does it work?
Table of Contents
The News Spy is a fairly new trading software for cryptocurrencies that can be linked to various online exchanges. The bot is able to automatically and independently trade cryptocurrency exchanges using its algorithm. The aim is to generate a profit from a certain amount invested by speculating on the price developments. The whole thing should work with the help of the robot and therefore without much time for the users.
Basically, almost all trading bots work in such a way that they analyze signals and data from the market and then make trading decisions, i.e. buy or sell Bitcoin or other assets. The respective return then goes to the user.
However, unlike usual, The News Spy’s robot mainly uses data, information and news related to crypto markets. These are then evaluated by experts and specialists. So this is an interaction between robot and human, which is very different from other platforms on the market. The majority uses computer programs exclusively for the analysis of price trends, which make corresponding investment decisions based solely on charts.
The News Spy software connects to various exchanges via an exchange in order to place trades there. These include Bitrex and Binance, among others. The leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) are traded there.
As described above, The News Spy’s system stands out significantly from other platforms. Since messages are continuously analyzed, the algorithm can sometimes react much faster than other bots to price developments on the market, or diagnose developments based on the news in advance. Because the market and the courses are based on current developments, new competitors, regulations and much more. Politics or political decisions worldwide also have an impact on prices for digital currencies. The platform therefore combines the latest computer technology with trained analysts.
Using the best of two worlds, i.e. software and a team of experts who evaluate the results, would be quite smart.
According to the platform, the analysts also have a lot of experience in crypto trading and promise particularly qualitative results and recommendations.
Since the trades are carried out almost fully automatically, the platform is extremely user-friendly and, above all, time-saving. The users do not have to follow the current market situation themselves because the system does it. A certain basic knowledge of the market, cryptos and trading exchanges is always recommended.
Accurate predictions or even guarantees of profits are not possible with a cryptobot. In contrast to securities or fixed-interest offers, these are speculations on the course of Bitcoins, which entails high risks up to the total loss of the capital invested. According to the provider, it is possible to earn an average of $ 1,500 a day as a member of The News Spy. But you can’t rely on that. Unstable markets and rapid price fluctuations in Bitcoin and Co. actually make it impossible to make profits on a regular basis. There are many positive reports on the software, but especially as a beginner, you should start with a small amount of capital, make experiences and not rely on the statements about the potential profit.
Your own Bitcoin (or ETH’s) are not directly on the platform, but on the user’s foreign exchange account, i.e. on the exchange. The Kryptotrader trades with them on behalf of the user, but cannot directly dispose of them – it is therefore not possible that the software can steal the funds or transfer them to another account.
But you have to consider that hacker attacks have already been carried out on crypto exchanges. Online accounts are always at risk.
Trust is of course the basis of every trade relationship. But especially with online service providers, it is not always easy to distinguish the good from the bad.
On the one hand, what speaks for The News Spy is that a fairly innovative and well-thought-out idea is used here. By analyzing news and making decisions based on it, it differs from many competitors. This also includes the connection of technology and algorithms with human skills and expert analyzes. The platform also offers a free demo version, is user-friendly and has a fairly clear design, making it an easy-to-use software for beginners. The minimum is $ 250, which is quite low, which is positive. And being able to switch to manual trading also shows great flexibility.
Of course there are also some disadvantages, or rather question marks regarding the provider. On the one hand, it is striking that the German version of the website has some spelling errors. Regardless of whether it’s just badly translated or not – you don’t get the best impression. The reports about the extremely quick success of some users also seem exaggerated and unbelievable, it is doubtful whether such profits can really be achieved.
Although the software was developed as an open source version, certainly not only for altruistic reasons, the free license for members is limited in time. Only around 50 traders get a license to trade each day, but you shouldn’t make any decisions under time pressure.
In addition, the website actually does not reveal anything about the developers, owners or people behind the platform. There is also no imprint. The software itself is said to have been designed by a man named John Mayers, but there are also no details about the analysts, their training or career and wealth of experience. This is actually necessary if I want to use a financial service, at least in the real world. With most online platforms in crypto trading, mostly little is known about the teams and makers.
If you want to get an idea of how the software works, you can register quickly and easily. To register as a member you have to enter your first and last name, valid email address and a telephone number. Choose password, wait for the confirmation email and you have access to the platform.
You need capital to trade. The minimum amount is $ 250 and can be paid in by credit card, bank transfer or Trustly and Skrill.
Trading can actually start with this. When you click on “Trade”, the software starts its analysis and invests depending on specifications and settings, for example up to a certain profit or loss value. If you like, you can also try trading yourself and choose the manual trading option. No matter which variant, a 100% secure profit is not given. As with all crypto robots, the capital invested is subject to a high risk of loss.