Launched in early 2018 by the technology services company, XBT News Trader Ltd, XBT News Trader is a revolutionary ‘game changing’ software aimed at causing disruption in cryptocurrency trading. The XBT News Trader is designed to track the numerous global news feeds about the vast number of cryptocurrencies in the expanding crypto market place. By collecting, and analysing high quality news collected 24/7, from media sources all over the world, Bitcoin News Trader predicts likely trends in market prices across multiple cryptocurrencies, before they become obvious to the wider trading community.
Importantly, XBT News Trader saves traders time and mind-numbing work, by finding the most relevant news and converting it to usable signals on a simple interface. In our review, we explain how the XBT News Trader functions and how it can act as an invaluable trading tool for crypto traders everywhere, irrespective of their trading skills.
How Does XBT News Trader Work?
XBT News Trader is a specially designed software using a complex algorithm for collecting credible, cryptocurrency news from hundreds of media sources all over the globe. For traders interested in traditional forex trading, the XBT News Trader also collects news about forex markets, making it a comprehensive tool for any currency trader. Significantly, the software works tirelessly 24/7 at incredibly high speeds, collecting and filtering news about individual currencies, using the guiding parameters built into the algorithm.
Subsequently, the news is channelled into a variety of informative points on the trading interface, including positive and negative signals, predicting upward or downward trends in cryptocurrency and fiat currency asset prices. Importantly, the signals can usually be seen on the Bitcoin News Trader interface, before global markets are able to detect the relevant breaking news. This gives traders at XBT News Trader who act on the signals, a significant advantage when opening trading positions.
Additional information shown on the XBT News Trader, trading interface, includes the prices of the crypto currencies at the last news release, current market prices and the probable impact on those prices of the latest news releases. Importantly, the interface shows a mini-chart of historic price fluctuations and expected price trends. All this information helps traders decide whether to act on the trading signals or wait for further signals from the News Bitcoin Trader.
Does XBT News Trader Follow News on Other Cryptocurrencies?
The software in the XBT News Trader is designed to track news about the most popular cryptocurrencies traded on major crypto exchanges. These include Bitcoin, Ethereum, Litecoin, Dodge, Ripple, ZCoin and many more. Using the streamlined information, the algorithm creates trading recommendations that can be positive, negative or flat, for each coin represented on the Bitcoin News Trader interface.
Is the XBT News Trader Suitable for Inexperienced Traders?
We found the XBT News Trader straightforward and easy to understand. Bearing in mind that cryptocurrency markets are typically volatile and apparently irrational, having a scientific tool providing rationally formulated signals, can be a useful guide for novice traders. Nevertheless, we suggest that anybody starting out in forex and crypto trading takes a few minutes to look at the way a crypto trading platform functions and what trading in forex and crypto CFDs entails. We have informative articles about both topics on our website.
How to Begin Trading with the XBT News Trader
To benefit from the cryptocurrency trading news and signals on the Bitcoin News Trader interface, clients need to register with Bitcoin News Trader. Whilst the software is completely free to use, customers will be allocated a broker to handle the funding of the trading account and provide access to a forex/crypto trading platform. The minimum initial starting capital is just $250, but traders can deposit more if they wish. Once the registration with XBT News Trader is completed, customers get an email giving access details for the XBT News Trader software.
Nevertheless, every new customer is contacted by the broker after registration, and guided through their initial investments, until they feel sufficiently confident to trade unassisted. All investments made at Bitcoin News Trading belong 100% to the traders, without hidden fees or commissions charged by XBT News Trader.
Bitcoin News Trader Software Features
The XBT News Trader trading software is designed to be straightforward and easy to use, by anybody who wants to trade cryptocurrencies and forex. Moreover, the website and interface are offered in 8 languages including English, German, Spanish, Norwegian, Swedish and Danish. A large part of the interface shows live news reports analysed that day, and the proportion of negative and positive news making up the day’s reports. Clients can select the cryptocurrency underlying asset that interests them, by setting the filter on the interface, together with a start time for incoming news about the chosen currency.
Beneath the live reports, are the trading signals for individual cryptocurrencies. We saw a positive signal for trading Bitcoin and made a nice profit by acting on the recommendation. However, the trading signals for Ripple and Bitcoin Cash were flat (neither positive or negative) so we didn’t bother to trade on those, but waited for more news and new signals. Nevertheless, we checked the chart with the onward price signals a little later, and saw that Ripple and Bitcoin cash had traded up, but only after an initial fall in price. Had we opened a position with a short expiry time, we would have lost our investment. Whereas, a trading position with a longer expiry time would have seen us ‘in the money’.
How to Trade Cryptocurrencies Using XBT News Trader Signals
Once customers have decided on which signals to act on, they go to their broker’s website, where they have already set up a trading account and made an initial deposit of at least $250. On the broker’s trading platform, the customer executes the trades using the recommendations made by Bitcoin News Trader.
Forex Recommendations Made by XBT News Trader
Whilst we were writing our review of Bitcoin News Trader, we were pleasantly surprised to see a dedicated section for forex news and trading signals on the interface. With Bitcoin News Trader covering traditional and cryptocurrency news, customers get added value from trading flexibility and diverse trading portfolios. Notably, the forex currency dashboard has the same features as the cryptocurrency dashboard and customers can flip between them as they please.
XBT News Trader Customer Support
Customer support at Bitcoin News Trader is available through email only. However, as soon as clients register with Bitcoin News Trader, they are automatically contacted and offered guidance with understanding the interface of the software. However, questions about depositing and withdrawing funds, and using the cryptocurrency trading platform, must be addressed to the customer support team of the allocated broker, after the trading account is set up with the broker. We saw that our assigned broker enjoys good reviews from satisfied customers, demonstrating that Bitcoin News Trader selects its partner brokers carefully.
Payment Methods Supported by XBT News Trader
As we explained in our review of Bitcoin News Trader, the software is totally free to use. Subsequently, customers don’t deposit money with the company operating the software. Instead, traders must deposit money in a trading account, with a cryptocurrency broker allocated by Bitcoin News Trader. In our experience, traders registered with forex brokers can fund their accounts with credit/debit cards, bank wire transfer and a variety of digital payment methods. The exact payment options depend on the broker, and the payment options available in the customer’s country of residence. Whichever broker is allocated by Bitcoin News Trader, customers will need to comply with the AML and KYC policies enforced by reputable online brokers. In our experience, traders must provide a valid ID document with a photo, proof of residence and a photocopy of the credit card used for funding the account (if applicable). Reputable brokers usually stipulate that customers should block the security numbers on the back of the credit card, before making the photocopy and uploading the copy to the broker.
Binary Options South Africa newsletter
Signup for the newsletter and keep updated
about the best brokers and auto trading robots.
about the best brokers and auto trading robots.