After you have registered and deposited with XBT News Trader, an email in your inbox will provide you with the access to the XBT News Trader’s interface. The software itself is really simple to understand. The Dashboard is dominated by a chart of the number of news reports that were analyzed that day. You can see positive and negative cryptocurrency news and how much share in total each has. In our case, the news started coming in before 5 am in the morning. You can filter per cryptocurrency of your choice and set a different time period.
Below is the list of trading signals. In our case, there were 4 recommendations. Only one was clear – Litecoin, it was expected to go up, and it subsequently did so we profited from that trade. BTC Cash, Ripple and Bitcoin moved as well, however, the software could not find a clear trend from the news so it set the expected trend of price to “flat”. We did not trade those recommendations since they were inconclusive. One could see on the onward price changes (as additional chart shown by the software) that they did move up, but not before going down. This means that we were in risk of opening a trade in any direction and missing it, depending on the exit time.
How do I trade Bitcoin with XBT News Trader?
Ok, you have decided which recommendation you want to act on. Next step is to go to a brokers website and make the trade. In step 2 you got assigned a broker and deposited on its website. We continued to trade CFDs with the same broker based on XBT News Trader’s recommendations. Please note, you cannot get access to the software if you already have account with a broker. You must use the broker assigned to you through the software. We would normally not be too happy with this, however, XBT News Trader is kept free this way, which in a way is a double win for the customer. After all, all the money you deposit, you can use for trading.
XBT News Trader Forex Recommendations
During our review we also noticed that XBT News Trader also offers some news alerts to trade forex pairs and other assets. This is a cool feature and brings even more value. Since our assigned broker offered only crypto underlying assets, we did not test how the signals work. Forex dashboard works the same way as the crypto Dashboard.