Since its inception, the cryptocurrency industry has been evolving, accommodating the latest technology and advanced trading features to make cryptocurrency trading an easy feat for all. The adoption of Artificial Intelligence (AI) by the crypto market is one such example. The AI advancements are benefiting not just traders but the entire crypto-ecosystem. These systems are designed to assess users’ behavior and determine the trade conditions which came about as a result of stress, FOMO, panic, greed or other relevant emotions that are beyond human control, and hard to analyze or quantify. Based on the inputs and the lessons it deciphers, AI systems are then able to execute orders efficiently in a calculated fashion without being prejudiced by the emotional factors that affect people. In turn, the investors making use of the advanced trading systems tend to benefit from such trades.
Limitations of AI Traders
AI-based trading solutions are being constantly improved, and there is still time for them to achieve perfection. Currently, AI assistants are able to provide a lot of valuable information but are unable to substitute human investors entirely. They just back the trader’s expertise and knowledge by providing additional information which could help them avoid making potentially bad calls. In some cases, it could be argued that placing trades that are devoid of emotion may work the other way too.
Even though there is still a lot of room for improvement in the sector, there are already a few platforms that appear to be a cut above the rest and well on their way to achieving the status of the “Perfect AI Trader” in the near future. Three such popular present-day AI Trading Assistants are – Katana, CYBO, and AiG.
Katana by ING
ING, a Dutch multinational banking & financial institution, launched an AI bond-trading tool known as Katana, which enables cheaper and faster transactions. It is a web-based solution that predicts the potential prices, provides information on the latest pricing trends and other important data, as stated by Quartz. It saves investors from getting lost in old or meaningless data as it can determine what historical trends in the last few years are valuable to read. However, ING is still working on feeding more data into the app to enable it to make more effective predictions.
CYBO by NAGA TRADER
CYBO has been launched by NAGA TRADER with the aim to replace emotional trading with technology. CYBO is embedded with active risk management and global diversification, aims to catch the best trading opportunities and reduce error rates. Because of its differentiating features, CYBO is prevailing in today’s modern capital markets. It effectively predicts risk and helps users control vulnerabilities based on their trade history and preferences.
One of the CYBO users shares his experience as:
“You cannot consult an ordinary trading expert while you sleep. But CYBO is that kind of specialist you can consult anytime. I had a nice sleep, and woke up to find a series of successful trades closed for me: The results also speak for themselves.”
For reference, CYBO is set-up by answering 7 simple questions about your personal trading preferences, after which the trading assistant is ready to begin immediate trading based on the user’s trading habits and favorite markets.
Eliminating the inter-dealer brokerage structure, AiX offers an immediate Trader-to-Trader interaction, via AI technology. AiX leverages AI to connect traders within financial markets via cognitive reasoning technology and blockchain, offering both trading data insight and control. However, apart from being a nascent technology, another drawback that we see in AiX is that it is still not a full-scale launch and is not expected to launch fully until November 2018.
Based on our research, CYBO comes out on the top with respect to the number of users who vouch for it and believe that it is going to make trading on financial markets much easier and effective than conventional methods.
Have you tried any of these AI traders? If not, it’s the time to be a part of it & if yes, share your experience with us! Want to discuss any other AI trader that you think is better than these, write in comments below!