• Safety FAQs

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Looking for a free and open-source crypto trading bots platform? Yes!

Trust and Safety

Crypto Trading Bots FAQS

Do you have questions regarding trust and safety before downloading and installing Superalgos? You should! Find the answers to the most common questions below...

Like with any software, errors may occur at any point, including errors that may cause you to lose money.

You are responsible for taking all precautions you may deem appropriate before trading live. Even if you take all possible precautionary measures, things may still go wrong and errors may occur. By using this software to trade live despite the warnings, you acknowledge that you are aware of the inherent risks in trading and in using software for that purpose.

The Superalgos Project offers the software AS IS, with no explicit or implied warranties of any kind. The project, the software, the superalgos.org website, the documentation, and the Community do not offer financial advice. Although the strategies shipping with the system may be fully functional, Superalgos does not make any express or implied recommendation as to how you should use them. We share strategies for educational purposes only. Trade under your responsibility and at your own risk.

The use of the software is subject to the terms of the LICENSE.

We do our best to make Superalgos as safe as it gets. This is how:

  • The software is open-source. This means that any developer or technical person out there may read and audit the code and verify if there is hidden malware or anything of the sort. There are many developers in the Community, many of them conducting deep reviews of the code. Developers tend to engage with interesting code like regular people would engage with a piece of literary work. They do this to fully understand how the software is built so that they may figure out how to best build on top of it. This is the true spirit of open-source software. Developers ask questions and engage with the founding team all the time.
  • Do not mistake open-source with software given away for free. While Superalgos is both open-source and free software, it is not the same as free software, period. Free software that is not open-source is shipped as a black-box. That is, no one knows what it does. It is the open-source nature of software that makes it transparent, therefore trustworthy.
  • The system runs on uncompiled code. That is, all of the code may be easily read by any programmer. There are no binary files which are much harder to interpret and audit.
  • The code is maintained on GitHub, in a public repository, using GIT technology. This means that every single change made over the years is recorded and may be audited at any point. This process guarantees transparency in all stages of development.
  • The software runs in your computer, under your control. This means that when you set up your exchange API keys to trade live, the keys remain in your computer. Web-based services require you to upload your API keys, therefore, trusting them to the service provider. Paraphrasing the wise man... "Your exchange keys, your coins. Not your exchange keys, not your coins".
  • No third parties are involved in network communications. The software runs on your computer and connects directly to the exchange using your API key to access your account, trading directly from within your account. No third party is involved in any of your transactions. You do not need to trust your API keys, your funds, your personal information, or your strategies to anyone. No communication is established or data is sent to any party other than the exchange. This may be easily verified by people knowledgeable in networks, who may monitor the transfer of packets sent and received from and by the system.
  • Community interests are aligned with the project's interests. The software is free and open-source because it is the backbone of the project. The project will succeed if the software gets adopted. Thus, the interest of the project is perfectly aligned with the interest of users. The better the software, the more people will use it, and the larger the Collective Trading Intelligence the project may achieve.
  • Community-built strategies are open-source too and maintained on GitHub using GIT technology, as well. The documentation explains how strategies work, and we encourage users to educate themselves as much as they can.
  • We do not make irresponsible claims regarding the performance of strategies. There is no "get-rich-quick approach" in Superalgos. We simply report backtesting results, and we report the live performance since the day they where released. You may backtest strategies, verify their performance, set your parameters, and even modify them and produce your versions if you wish. We urge users to take all possible precautions and to try to understand what strategies do and how they work before they start trading live.
  • Strategies are easy to read too and are stored in a file in the JSON format. All of the rules are written using simple mathematical statements. You may easily change the rules and test how the changes affect the results from within the system, or by reading the JSON file in a text editor.
  • The team behind Superalgos is not anonymous. On the contrary, the team is introduced on the website, and we all deal in all media using our real names, taking responsibility for everything we do. Our reputations are on the line.

There are many things you may do to bring the risk of running crypto trading bots down to a minimum. The following is the most conservative or cautious approach a user may take to get started trading with Superalgos. It is up to you how much or little risk you wish to take, and to manage the risk to suit your style, personality, and goals.

  • Create a specific exchange account or sub-account to use with Superalgos. In this way, when you create an API key to access the account from within Superalgos, the key has access only to that sub-account.
  • Deposit a minimal amount. In your new sub-account with the exchange, deposit the minimum amount required to make a transaction. In the case of Binance, the minimum transaction amount is about 0.001 BTC. In this way, your whole risk is limited to that amount.
  • Give the API key transaction permission only. When you create a new API key to access the new sub-account from within Superalgos, make sure you grant the key transaction rights only. Do not grant withdrawal rights. In this manner, if for some reason your keys fall on the wrong hands, an attacker would not be able to withdraw funds.
  • Get started with a paper trading session. Before starting trading live, you may get acquainted with the system running paper trading sessions instead of live trading sessions. Paper trading sessions are live simulations running with real-time data feeds from the exchange, without actually placing orders. They allow you to understand how strategies work and analyze their live performance without actually placing orders at the exchange. Paper trading sessions do not require setting up your exchange account keys in Superalgos. These types of sessions may also be used to get signals over Telegram and acting on them discretionarily instead of letting the system trade in an automated fashion.

Before you commit to trading live study and learn as much as you can, both about how Superalgos crypto trading bots work, and, in case you intend to use open-source strategies, about how your strategies of choice work. Ideally, you would understand which strategy may be used to achieve your own goals at trading, and which conforms to the level of risk you are willing to take. The more you know, the more educated the decisions you will make.

Trading crypto-assets is an inherently risky activity. You may lose all of your capital. We can not asses the risks of trading for you. Please, study the strategies you wish to use, do your own research, and consult your financial advisor.

No. Your crypto trading bots run in your machine, and you set your API keys in your machine only. The crypto trading bots running in your machine connect with the exchange only; no third parties intervene in any way in your transactions with the exchange.


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Crypto Trading Bots — How to Avoid Scams and Pick the Best One

This piece touches on the most important things you should consider, what is desirable, and what you should avoid at all costs. Some of the points I’ll make may be more relevant to developers looking for a platform to code crypto trading bots, but most are relevant to non-technical users and traditional traders too.

February 11th, 2021—Coinmonks