Adam Cochrane: “retail traders don’t trust trading bots.”
In report Cochran writes that 10,388 crypt-currency traders were surveyed. The total assets under their management amounted to $53.5 mln. The vast majority of respondents are retail traders with assets ranging from $1,000 to $50,000. Such users account for 94% of the respondents. Among all respondents, 81% identified themselves as active traders;
Since the purpose of the survey was to identify the use of trading bots, the first question was the experience of using such programs. It turned out that 38.05% of respondents had tried trading bots, but 93% of respondents did not extend the trial period. 63.07% said that they had problems with bots, while 29.46% said that they simply did not have the right features;
One of the main reasons for refusing to use trading programs was the lack of trust in the bot and developers (88.46%). Also often the reason was the lack of ready-made scripts, insufficient choice of exchangers to trade with the bot, great complexity and high risk of such trading;
“Many users are interested in automated trading. But they need ready-made scripts, brands that can be trusted and the ability to separate balance sheets”, – concluded the author of the research.