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Unbiased Hummingbot Crypto Bot Review

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Hummingbot

Hummingbot is an open-source platform specially designed for experienced market makers. Here, you can build your own arbitrage and market-making bots and run them on centralized or decentralized exchanges. Since it was launched, the system has enabled over 3200 market makers to contribute $2.4 billion in trading volume for more than 72 exchanges and token issuers.

Highlights

Here are the principal features of the bot:

  • Liquidity mining

You can earn lucrative rewards on this platform by running a market-making bot. Traders can also browse the available markets on the official website. From the list, it is possible to check the weekly rewards, maximum spread, yield, liquidity, and 24-hour volume.

  • Open-source software

Being a local software client, Hummingbot never reveals your private keys. You can access the full codebase on Github.

  • Different coding languages

If speed is your main concern, you can create the components using Cython. In case you want a more intuitive UX, Python is also available.

  • Vibrant community

There are around 18.1k developers and traders in the Hummingbot community. You can interact with community members on different platforms like Discord, Twitter, Reddit, YouTube, and Github.

How to start with Hummingbot?

The first step is to click on the Log in button on the official website. Then, you need to sign up with your email. You can download and install the platform with the help of the binary installer. It supports operating systems like Mac, Windows, Docker, and Raspberry Pi. You can also install the software program from the source, including all dependencies. After that, you need to connect to exchanges using API keys and the bot will be ready for trading.

Hummingbot pricing

This is a free, open-source software that is available to all. There are no subscription charges or trading commissions applicable for this system.

Minimum first-time deposit requirements

You don’t need to deposit a minimum amount of money to get started with this system.

Withdrawal process

This platform does not have permission to make withdrawals. All withdrawals take place through your exchange account.

What about subscription fees and commissions?

Usually, there is a 0.05% maker fee and 0.20% taker fee for conducting trades through this platform. However, if you are on a VIP level getting a discount on fees, you can override the assumptions by editing a file in the directory.

Hummingbot review: user interface

The command-line interface is divided into five panes. For entering commands, you need to use the input pane. The output pane prints the output of the user’s commands and the log messages are stored in the log pane. Information on the version and the strategy are displayed in the top navigation bar and the bottom navigation bar displays information on trades, total profit and loss, return percentage, CPU, Mem, Threads, and trading duration.

Customer feedback

At this moment, there are no user reviews for this platform on trusted third-party websites.

Hummingbot team

The team was established in 2019 and has its headquarters located in Mountain View, California. There are 76 core team members, but the vendor has not revealed their identities. The company is backed by reputed investors like Initialized Capital, BainCapital Ventures, Arrington XRP Capital, Slow Ventures, DeFiance Capital, and StartX.

What exchanges does Hummingbot support?

There are more than 30 exchanges supported by this system, including AltMarkets, AscendEX, Beaxy, Balancer, Binance, Binance US, BitMart, Bitfinex, Blocktane, Bittrex Global, Crypto.com, HitBTC, Huobi Global, Kraken, KuCoin, etc.

Is Hummingbot secure?

This platform securely connects to your exchange account using API keys. However, the vendor has not mentioned any other security features like 2-factor authentication or multi-sig.

Is it a regulated crypto trading platform?

It has an Apache 2.0 open source license but is not regulated by any financial authority.

Customer support

To get in touch with the support team, you can fill out the contact form on the official website. Alternatively, you can send a message at the official email address. The website has a documentation section where you can find information about installation and configuration. You can also seek help from the community members on platforms like Discord, Reddit, Twitter, and GitHub.

Hummingbot Crypto Bot Conclusion

4

While this platform is free and lets you use a wide range of strategies, the company behind it is not that transparent. The user interface is based on the command line, which makes it unsuitable for newcomers with no technical knowledge. Also, it lacks some of the high-end safety features found in other systems.

  • Free, open-source platform
  • Large number of supported exchanges
  • Not suitable for beginners
  • Lack of vendor transparency
  • Not advanced security features

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