Bitcoin News Trader is a software program designed to help gauge what the public sentiment is regarding Bitcoin, and then help you create a stronger trading strategy so that you can profit from what is happening in the Bitcoin community. It’s no secret that Bitcoin is still extremely volatile. Thanks to the sudden rise in popularity that it’s seen over the last two years, Bitcoin has also become more widely traded than ever before. At times, this can increase its volatility. XBT News Trader works because it allows you to get a better handle on which direction that volatility will swing in and help you to make better decisions as a result of that information.
How it Works
The News Trader works by compiling all of the news that’s out there on Bitcoin and cryptocurrencies in general, and then determines how these news events will influence the price of Bitcoin. You can then trade as you see fit with this data.
Once you download the software, you will have a dashboard where you can view the reports. As news is analyzed, the direction of that analysis and the strength that it is likely to have on price will update to your computer. When you see information that you think will impact price, you then go into your broker’s platform and execute trades there. That’s it! This was a surprisingly easy to use software platform, although it’s probably best to explore all that it has to offer before you start making trades with it. This way, you can take advantage of the features that will help you and learn how to navigate it appropriately before money is on the line.
Getting Started
Creating and using an account with Bitcoin News Trader is actually pretty simple. The process has a few different steps that go along with it, but overall, it’s pretty easy. First, you need to go to their site and create an account. You’ll need to give a little bit of personal information, including the email account that you will use to trade with. Once you do this, you’ll be assigned a broker. This is dependent mostly on where you live so that you can stay compliant with your local laws. After you make a deposit to this broker, then you will be emailed a link to download the XBT News Trader software. Download that, and you’re good to go.
A lot of people wonder why you need to go through these steps to use the software. Well, the people that have created this software do not work for free. They have put a lot of time, money, and energy into the software, and although they don’t charge you to use the software up front, they still need to create a profit for themselves. This way allows the brokers that they partner with to see how much money they are bringing into the broker, and then compensate the XBT News Trader team appropriately. You don’t need to pay anything extra, and they make a profit when you use their software. Everyone wins!
This model also encourages the team to keep improving their process. When you are doing well because of their product, they see greater rewards. This model encourages accountability.
Who Benefits from XBT News Trader?
This software is designed to help traders of all experience levels. Beginners can easily use it, although this isn’t always the best tool to start out with. It provides advice based on sentimental analysis, but this is just a starting point. The News Trader acts as a supplement, and although beginners will benefit from this, it is not the only thing that should be used during trade analysis time.
With that said, anyone who uses News Trader will benefit from it when they use it correctly. It is a great tool to gauge whether conditions for trading will be bearish or bullish, and it helps traders to get a better impression of where the overall market is and where it’s likely to go. For that reason, we recommend XBT News Trader to all serious Bitcoin traders who want to get a better handle on what the public thinks about the crypto market.
Negatives
There are a handful of things that we weren’t overly thrilled with concerning the XBT News Trader software. For one, you can’t use your broker of choice. That decision is made for you. This takes away some of the freedom that you want with your trading, but it keeps the software relatively free to use. However, little things like extra costs can potentially impact your profitability, especially if you already have a decent analysis method that you’ve been working on.
Another negative that was apparent is that some of the features of the site are not compatible with every broker that is assigned. For example, the software offers Forex analysis, but not all of the brokers that are assigned to traders allow this Forex CFD trading. Unfortunately, this is largely determined by where you live so there’s not much control over this issue for the time being.
Conclusion
There’s a lot to say about cryptocurrency trading, and it’s not all positive. However, XBT News Trader is a breath of fresh air in this quickly growing market. It takes hours of research and compiles it into a single daily report, allowing you to make a quick impression of what’s going on without doing that research yourself. It’s a process that can save you hours of work.
You don’t need to trade just Bitcoin to use this software. They also track Litecoin, Ethereum, Ripple, and a few other cryptocurrencies. This makes the software great for crypto traders of all sorts. This opens up the usefulness of the product to many others.
There’s very little to risk when you use this software, and a lot to gain if you use it as a supplement to other analysis methods. If you’re interested in learning more about it, we invite you to go check out their site. You’ll be glad that you did. BitCoin News Trader has the potential to change how you trade for the better, and that’s a good thing.
