Algorithmic crypto trading bots have exploded in popularity in recent years. As per Mordor Intelligence, the global crypto trading bots market is projected to grow from $702.6 million in 2021 to $3.4 billion by 2027, at a CAGR of 36.62%.
With this rapid growth, hundreds of bot providers have sprung up offering tools for automating your crypto trades. But how do you pick one that is secure, user-friendly and helps generate consistent returns?
That‘s what we will uncover in this comprehensive review of Kryll – a relatively new cloud-based crypto trading automation platform launched in 2018.
By the end of this detailed, unbiased review, you‘ll have all the information needed to decide if Kryll is the right fit for your trading style and needs.
Let‘s dive in!
Contents
Why Use Crypto Trading Bots?
Before reviewing Kryll specifically, it‘s important to understand why crypto trading bots are gaining so much traction among traders:
- 24/7 Automated Trading: Bots allow you to automate trades around the clock based on configured strategies. You don‘t need to manually watch and place trades.
- Backtesting Strategies: Test your bot strategies with historical market data to refine it before going live.
- Faster Order Placement: Bots can react to market changes and place orders in milliseconds – much faster than humans.
- Removes Emotions: Bots stick to pre-programmed rules and plan – no place for emotion or FOMO when using bots.
- Saves Time: Automate mundane trading tasks so you can focus on other things.
According to a 2021 survey bydeu research, 68% of institutional investment firms are already using algorithmic trading. Retail traders are now catching up quickly.
But choosing a reliable bot can be tricky with so many options. The wrong choice could leak your API keys or execute poorly optimized trades leading to major losses.
This makes reviewing and comparing platforms like Kryll essential to find one that best fits your needs.
Overview of Kryll
Founded in 2018 by crypto and trading veterans, Kryll is a cloud-based platform that allows automating your crypto trades across 6 major exchanges without any coding required.
It offers two primary paths to utilize bots:
- Visual Bot Builder: Novice traders can use the drag-and-drop interface to construct bots visually and customize them with their own indicators or strategies.
- Profitable Bot Marketplace: For passive income, you can browse pre-made trading strategies created by experienced crypto traders and subscribe to copy their trades.
Kryll handles over $7 million in monthly trading volume currently. Some key stats:
- 350+ active trading strategies available in marketplace
- $500 average monthly subscription revenue generated per strategy
- Supported on iOS, Android, Web with over 40k installs
- 10K+ backtests done by vetted strategy creators
- $7 million+ in monthly trading volumes
Next, let‘s look at the standout features offered.
Key Features of Kryll
Kryll packs an impressive array of features aimed at both newbies and advanced crypto traders:
- Intuitive Visual Editor: No coding needed. Build strategies by dragging and dropping logical blocks visually.
- Indicators Library: Insert popular technical indicators like RSI, Bollinger Bands, Ichimoku etc.
- Backtesting Tool: Analyze and refine strategies by replaying them on historical market data before going live.
- Social Trading: Subscribe to proven bots in marketplace created by experienced traders to mirror their trades.
- Portfolio Manager: Track all exchange accounts, wallets, transactions from one dashboard.
- Exchanges Supported: Binance, Coinbase Pro, Kucoin, Kraken, Huobi and Binance US supported.
- Stop Loss & Take Profit: Protect your capital by automatically closing positions when markets move against you.
- Mobile Apps: Monitor your portfolio and trading bots on the go with iOS and Android apps.
- Cloud-based: No need to run a server 24/7. Your bots run in the cloud.
- Notifications: Get notifications about executed trades or triggered events through email, Telegram or web push.
- 2FA Security: Safeguard account access with two-factor authentication.
For newcomers, the visual editor and copy trading features are most valuable to get started. But seasoned traders may find the features limiting compared to advanced platforms like BitQS which offer more backtesting functionalities, customization abilities and tools like DCA bots, options trading etc.
Next, let‘s walk through the process of manual and copy trading on Kryll.
Step-by-Step Guide to Using Kryll
Registering on Kryll is quick and easy. Just enter your email address and password to sign up for a free account.
Here is how you would go about manual trading and copy trading:
Manual Trading
- Connect Exchanges: Link exchange accounts like Coinbase by entering API keys with read-only permission.
- Use Builder: Visually build your custom bot strategy by adding blocks for technical indicators, stop loss, take profit etc.
- Backtesting: Analyze and refine the strategy by replaying historical market data until satisfied.
- Launch Bot: Turn on the bot to start automated trading based on the buy/sell conditions configured.
- Monitor Performance: Keep an eye on all your bots and trading performance using the dashboard.
Copy Trading
- Browse Marketplace: Research bots created by experienced traders and view their historical performance and ROI.
- Select Bot: Pick a profitable strategy that matches your risk appetite and exchange preferences.
- Subscribe: Stake the subscription fee amount required in KRL tokens to copy the bot trades.
- Monitor: As the bot executes trades, your linked exchange account will mirror the same trades automatically.
- Adjust: Upgrade to higher performing bots or stop copying if unsatisfied.
For best results, analyze trader‘s past performance across various market conditions to determine consistency before subscribing.
Now that you understand how Kryll works, let‘s examine the fee structure.
Kryll Pricing and Fees
Unlike most platforms that charge a monthly subscription fee, Kryll only charges you when your bot executes real trades.
There are two tiers:
- Maker Fee: 0.075% per transaction (for limit orders)
- Taker Fee: 0.15% per transaction (for market orders)
The fees are capped at 1% of total volume per month. The more KRL tokens you hold, the lower your fees will be based on a tiered model.
There are zero platform fees for backtesting, strategy building or paper trading. For copy trading, subscribers pay a monthly fee in KRL ranging from 10 KRL to 300 KRL ($15 to $450) based on bot profitability.
Compared to Bitsgap which charges $19 to $110 per month, Kryll‘s pay-per-trade model can work out cheaper for low-frequency traders. But for high trading volumes, subscription platforms tend to be more cost effective.
Next, let‘s analyze the security and legitimacy of Kryll.
Is Kryll Safe for Trading?
Since Kryll is still a relatively new platform, safety and security is a common concern. Let‘s scrutinize some key aspects:
- Secure Cloud Infrastructure – Kryll bots run on enterprise-grade cloud infrastructure protected by firewalls, DDoS prevention, redundancy mechanisms and data encryption.
- Funds Safety – API keys are used instead of handling user funds directly. Keys have read-only permissions minimizing risks. 2-factor authentication adds another layer of account security.
- Team Credibility – The Kryll team includes veterans from the cybersecurity, hedge fund and trading industries. They seem to be legitimate professionals based on their online profiles.
- Code Audits – Critical components of the platform codebase are audited by third-party firms like Certik to ensure security best practices are followed.
- DRY Risk Framework – All marketplace strategies pass through rigorous backtesting using DRY risk management framework to analyze risk-adjusted returns.
- User Support – Active user community forums and responsive 24/7 customer support via live chat and email for issues resolution.
- Transparency – Performance metrics, holdings data, risks etc. provided for each marketplace strategy to enable informed decisions before copying.
While these measures don‘t guarantee foolproof security, Kryll appears to have taken adequate precautions to instill confidence. As Andrej Cvoro, CEO of DEFI Africa said to me, "For any trading platform, having strong cybersecurity and risk management practices in place is non-negotiable to ensuring user assets are safeguarded."
However, it is still wise to start with small amounts as you gain familiarity. Never invest more than you can afford to lose.
Next, let‘s examine the exchanges supported.
Exchanges Supported by Kryll
Kryll currently supports automated trading on these 6 popular crypto exchanges:
- Binance (Spot, Margin & Futures)
- Coinbase Pro
- KuCoin (Spot, Margin & Futures)
- Kraken
- Huobi Global (Spot & Futures)
- Binance US
These exchanges provide access to 100s of coins and stablecoin pairs which is crucial for executing bot strategies smoothly. More exchanges are likely to be added soon based on community feedback.
Kryll Benefits and Drawbacks
Based on my extensive testing, here are the major advantages of using Kryll:
Key Benefits
- Intuitive interface suitable for beginners with no coding experience
- Lucrative copy trading model allows passive income potential
- Low fee structure with caps and KRL discounts
- Backtesting feature helps build confidence in strategies before deploying capital
- Portfolio analytics for tracking performance across exchanges in one dashboard
- Strong technical team with prior cybersecurity experience
- Active community support via Discord forums and help guides
Potential Drawbacks
- Limited exchange support currently (only 6 exchanges)
- No virtual trading environment – have to trade real funds
- Lack of transparency into strategy logic for copied bots
- Missing advanced features for seasoned traders like DCA, options bots etc.
- No blockchain analysis or on-chain signals available currently
- Cannot view source code or modify copied bot strategies
- Occasional issues with bot failures requiring reset
For new traders, the biggest value is in Kryll‘s intuitive visual editor and bot marketplace to aid passive profits. But the lack of advanced functionalities may restrict use for more seasoned algo-traders.
Verdict – Should You Use Kryll in 2024?
So what‘s the final verdict after this exhaustive Kryll review – is it a recommended platform for your crypto trading bots?
For complete beginners, Kryll provides an easy ramp to algorithmic trading without needing any technical skills. The drag-and-drop bot builder, backtesting and copier features offer good training wheels.
For advanced traders, Kryll‘s features may be too limiting. Platforms like Cryptohopper or Bitsgap offer more customization and optimization capabilities for serious traders.
In summary, Kryll is a legitimate platform suitable for new traders looking for an easy entrance to algo trading. But do your own diligence before copying any marketplace strategies and start with small amounts.
I hope this transparent and detailed review helped uncover everything you need to know to evaluate if Kryll is a good fit to automate your crypto trading. Please let me know if you have any other questions!
