Hummingbot is an open-source software program using which you can create your own crypto strategies and use them for trading. According to the vendor, this platform lets you trade in crypto assets with low risk. In this Hummingbot, we shall analyze this system thoroughly to determine whether it is safe and reliable.
The headquarters of Hummingbot is located in Mountain View, California, United States. On the official website, we have the link to a Discord channel. The vendor has also shared the official email address.
The presentation on the official website is a bit too short. We have a list of exchanges supported by this platform and some information on the strategy templates. The vendor has also shared a list of testimonials from industry leaders. After going through the website, we don’t get a clear idea regarding what this system offers. It doesn’t seem like this platform has too many advanced features to offer.
Crypto traders can choose between several in-built strategies. All these strategies are customizable so you can modify them to suit your trading style. Hummingbot also has a code base and several scripts that you can work with. It has a channel on Discord with 15,627 members and you can join it to discuss crypto trading ideas.
This crypto platform has four pre-built strategy templates namely Avellaneda Market Making, AMM Arbitrage, Arbitrage, and Cross-exchange Market Making. The first strategy provides liquidity by maintaining buy and sell limit orders on an exchange. Hummingbot has a paper trading feature that lets you test the performance of your strategy in a simulated market.
You have the option of setting a limit on the number of assets the platform can use in a wallet or an exchange. It is also possible to view the market trading performance of each asset, the asset inventory, and the duration of past trades. You can activate the kill switch to make the bot stop trading when it crosses a certain limit.
Hummingbot supports more than 20 decentralized and centralized exchanges. These include Uniswap, Terra, Okex, Kucoin, Huobi, Gate.io, Ethereum, Coinbase, Celo, Binance, Balancer, and AscendEX. As per our understanding, the features of this platform are not suitable for novice traders. Only people with technical knowledge can navigate this platform efficiently.
The idea behind Hummingbot
Hummingbot aims to provide liquidity to decentralized exchanges. The team is focused on cross-exchange market-making, but the company does not seem to have a long-term goal. We feel the vendor should have elaborated a bit on the company motto.
The co-founders of Hummingbot are Michael Feng, Yvonne Zhang, Carlos Marias, and Martin Kou. Other members of the team are spread across different countries like the USA, France, Spain, China, Philippines, Brazil, etc. Instead of sharing the details of the team members, the vendor has only revealed where they are located on the world map. This does not allow us to check whether these people have the proper experience and background to run a crypto platform.
Safety of Hummingbot and the network
On the official website, the vendor has not shared any data on the security features available on this trading platform. Security is of paramount importance for crypto traders and every vendor needs to make sure their platform has adequate measures to protect sensitive user data. The lack of proper security features is a major disappointment and it would cause most traders to shy away from this system.
There is no proper user interface for Hummingbot as of now. If you are not familiar with a command-line environment, you will find it difficult to navigate the platform. The vendor has shared some documentation where you can find the various commands and their usages. It is clear that Hummingbot has a very steep learning curve.
There are no user reviews for Hummingbot on third-party review websites. This hardly comes as a surprise, because very few people have the ability to efficiently use crypto platforms with command-line UI. It clearly doesn’t have a stellar reputation in the crypto trading community.
Is Hummingbot a legit investment service?
Our verdictOur verdict
- Free service
- No advanced security features
- Not suitable for novice traders
- No user reviews