Everyone wants their profits maximized, but the crypto traders have it in crypto trading bots, but somehow traders don’t trust the bots.
A professor at Conestoga College in Canada, Adam Cochran, carried out a research survey, and it showed that the traders don’t trust the bots, and some people don’t even use them.
The Professor mentioned that the crypto trading bots sector has grown immensely and even peaked in 2017/2018. He stated that people thought it was quite easy to make money with the bots, for they believed that all they had to do was copy a strategy.
He continues by saying that he has surveyed over 10,000 crypto traders who were mostly made up of members of the subreddit group “r/Cryptocurrency.” He also stated that he surveyed people who received a newsletter from an r/Cryptocurrency mod who say he owned up to $54M in crypto.
The survey stated that 38% of those he surveyed had used a bot before. But 93% of them stopped using it after a month after paying for it.
What do the traders think of the crypto trading bots?
The survey shows that 88% of the people stated that they didn’t trust the team that developed the bot itself. 81% thought that the bots were not up to standard, and over 68% has found the bots to be technical.
99% of the respondents haven’t heard about Kryll.io, a bot that the researcher asked them to review. Those who gave the review said they didn’t trust it, while others said they wouldn’t use it.
The reviewers noted a poor command of English as to why they don’t trust the French bot. 72% of the respondents said that its new team is why they don’t trust it.
No Comment