I recently came across an automated crypto trading app called FLPBIT. I signed up and did a test run for 1 day with $100 to see how well it performed. Here's what it took to get started:
Setup
- FLPBIT can be used by going to flipbit.com or by installing their app on your phone and creating an account.
- After you have created an account with FLPBIT, you will also need to open an account with Coinbase/GDAX if you don't already have one. Currently, GDAX is the only exchange that FLPBIT connects with.
- FLPBIT connects to your GDAX account via API, so you'll need to create an API token in GDAX, and insert it into FLPBIT.
Once you have your accounts created, and your API token in place, you can choose your settings:
Trading
As soon as your turn trading on, FLPBIT starts running.
The app doesn't provide a lot of info in regards to its trading algorithms, or strategy, so you're kind of blindly letting it run. You can see a list of trades it's made, but it's pretty difficult to see the strategy behind them.
Results
After running the app for 24 hours, here are my results:
Overview Screen:
From this page, it would seem that I've made 2.8331% on my account in a day. But, this is very misleading. Let's take a look at the profit page next:
Ok, this looks about the same right? Now let's check the Balance screen:
Suddenly, things aren't so rosy. While I've made a few dollars in trades, the app neglects to tell me about the losses it's incurred. This screen shows that my account if I sold all of my holdings, is only valued at $88.51.
Here's the final kicker - FLPBIT takes 20% of your trading profits. My assumption is that I'd be giving them 20% of my $2.83 "profit", even though my account is down almost $12.
Since I've only been running the app for a day, it's hard to say that it's a dud, but things aren't looking too great. If I'd just bought and held the same currencies over the day instead, I'd have turned at least an 8% profit.
If anyone else has tried FLPBIT with similar or different results, I welcome your comments.
If you found this article helpful, consider using my referral links when creating your accounts:
FLPBIT: https://flpbit.com/dm9Y7V5
Coinbase: https://www.coinbase.com/join/548fc729d0520441050000b5