Gekko Crypto Bot Review 2023: Is This Free Trading Bot Right For Your Business?

As a consultant who assists hundreds of small business owners with improving efficiency, I often get asked my opinion on solutions like Gekko – an open-source cryptocurrency trading bot that has garnered lots of attention for its free price tag.

But is a free bot like Gekko realistic for most businesses to implement? In this 2023 review, I‘ll analyze Gekko‘s features to determine if its benefits truly outweigh potential stability, security, and usability issues.

What is Gekko? A Brief History

Gekko is an open-source trading bot developed back in 2013 by a programmer in Amsterdam. Over 9 years later, the bot runs on local machines to trade cryptocurrencies on popular exchanges like Binance and Kraken.

  • Over 2,600 commits from 187 contributors over 9+ years
  • Used by crypto traders seeking free automated trading
  • Lack of GUI in favor of 100% command line interface
  • Optional "Gekko Plus" premium version available

As an open-source project, Gekko’s source code is available for anyone to freely use and modify. This flexibility comes at the cost of usability – Gekko was designed by and for developers.

The Good: Flexibility and Customization

For businesses experienced with JavaScript and command line interfaces, Gekko provides exceptional flexibility:

  • Completely Free: Users only pay server hosting costs
  • Custom Strategies: Code customized automated trading rules and indicators
  • Backtesting: Refine strategies by testing against past market data
  • Paper Trading: Simulate real trades without risking live capital

Programmers can truly customize Gekko to leverage advanced strategies like AI-models or Ichimoku Cloud analysis. For tech-oriented traders, the coding sky‘s the limit.

The Bad: Security and Usability Issues

However, such open-source freedom comes with downsides, especially for average businesses lacking specialized programming talent.

  • No GUI: 100% command line interface requires Linux sysadmin skills
  • JavaScript Coding: Some programming knowledge mandatory for setup and management
  • Vulnerabilities: Improper installs on private servers put API keys at risk
  • No Support: Lack of customer service leaves users helpless

A 2022 survey shows 13% of small businesses now own cryptocurrency – a figure expected to rise higher. Yet most lack the expertise to properly configure secure servers or code trading algorithms.

Without sufficient it resources, using Gekko could expose a business to substantial financial and data risk.

Expert Recommendation: Avoid the Headache and Start With Bitsgap

While Gekko can be an extremely powerful platform in the right hands, it requires specialized skills and experience beyond most small business capabilities.

For these reasons, I don‘t recommend Gekko for average companies. The setup costs, security vulnerabilities, lack of support, and unstable nature from multiple coders tinkering simply poses too big an operational risk for most growing businesses I work with.

Instead, I advise clients interested in exploring crypto trading bots to start with services like Bitsgap:

Bitsgap has an easy-to-use graphical interface for non-programmer traders

  • Intuitive browser interface: Easy setup without coding or Linux sysadmin skills
  • Portfolio tracking: Connect exchanges to monitor balances in one unified dashboard
  • Market analytics: Interpret trading signals without data science expertise
  • Safety: Enterprise-security compliance without vulnerabilities of self-hosted servers
  • Support: Dedicated customer service team guides users

With comprehensive functionality tailored to beginners across web, phone, and desktop apps, Bitsgap provides the most stable, safe, and supported trading bot experience.

Start using Bitsgap for free or explore a paid subscription for priority support and additional pro analytics. For most businesses, Bitsgap provides the best entry point before assessing more advanced platforms like Gekko or Coinrule down the road.

The bottom line? While appealing for its "free" cost, proceeding with Gekko without sufficient expertise poses unnecessary financial and operational risks most growing companies cannot afford. If interested in exploring automated crypto trading, I‘d advise starting instead with Bitsgap‘s user-friendly platform built on security, stability, and support.

Let me know if you have any other questions!

Jamie
Small Business Consultant