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Superalgos Review 2024: Features & Strategies
Luis Clark
- URL: https://superalgos.org
- Year Founded: 2022
- Pricing: Free
- Free Trial: N/A
- Payment Options: N/A
- Supported Exchanges: 120 cryptocurrency exchanges including Binance, Kucoin, Kraken, OKX, and any other exchange that can be added to the CCXT Library
- Cloud Based: No
- Reported Profitability: Depends on the trading signal copied
- Customizable Strategies: Yes
- Scalping: Yes
- DCA: Yes
- Arbitrage Bot: Yes
Superalgos review: Our Opinion
Superalgos is a unique automated trading platform that stands out for its decentralization of trading signals dissemination. Unlike most commercial trading bot platforms, Superalgos is free and isn’t governed by a central body. It is also an open-source project, which gives an endless scope of possibilities for crypto trading bot developers.
That said, Superalgos isn’t for beginner retail traders. The trading bots platform poses a daunting user interface and uses technical jargon for automating trading signals and using its bots in general.
Users also have to download software from GitHub, which may not be ideal for crypto trading newbies, who just want to sign up and start a live trading session.
Intro/Company Overview About the BOT Creators
Superalgos, tagged crowdsourcing superpowers for retail traders, was launched in the second quarter of 2022 as a free and open-source crypto trading bots platform.
The Superalgos trading automation platform is a community-owned project with a decentralized and token-incentivized social trading network where traders share market data like trading signals and trading systems.
On the platform, traders can build, test, and deploy trading systems all for free. However, users that hold the Superalgos token get preferential priority in receiving trading signals.
Expert traders are also motivated to broadcast trading signals in exchange for the Superalgos token.
Users can also contribute their computing power to train AI models and earn rewards in the platform’s native token $SA Token.
The idea behind the automated trading platform is to give traders complete control so they don’t need to trust third parties with exchange keys or strategies even for automation.
Major services offered by the platform include data mining for improved automation, access to raw market data, paper trading online, visual scripting environment, backtesting, access to multiple markets, and much more.
Pros
- It is free
- It is an Open-source project
- Suitable for advanced traders
- Offers several services
Cons
- Not beginner-friendly
Superalgos Review: Unique Features
Superalgos Token
The Superalgos Token is the utility and governance token of the Superalgos ecosystem. The token is a BEP20 token on the Binance Smart Chain.
The Superalgos Token has a maximum supply of 1.5 billion but only 750 million tokens have been issued.
500 million tokens on the Binance Smart Chain and 200 Million on Ethereum.
Superalgos allocated 128 million tokens in 2018 when the project started. It has a yearly budget that will go through a halving event every 6 years.
The first halving will happen in 2024.
Superalgos intends to distribute the total supply by 2050.
The Superalgos Token is distributed exclusively among contributors. The token is used to incentivize community members to contribute work, it rewards contributions with tokens.
The distribution of the token among contributors ensures that every token in circulation is backed by value added to the Superalgos project.
As already stated, the Superalgos Token is a governance token. The total balance of Superalgos in your user profile grants you access to participation in the governance of the platform.
Community members vote with reputation and token balance to determine how to distribute incentives and determine the direction of development.
The participation of a token holder in governance is dependent on their reputation. And the token you own when you contribute to the project determines your reputation. Your reputation strengthens your voice in governance matters (voting power) and your Priority Ranking in getting signals.
Superalgos Token holders also enjoy access to premium products and services like trading signals, Collective AI predictions, and any new premium service that emerges on the network.
Your token balance and reputation also grant you priority access to trading signals. This is a valuable privilege that will come in handy as algo traders amass millions of followers interested in trading signals.
Since Superalgos is built around financial freedom, independence, and sovereignty, it doesn’t lock tokens. This is to avoid arbitrary rules on how or when traders can use their tokens.
Instead of locking tokens, Superalgos sets incentives that foster desirable behavior and encourage users to hold their tokens.
Superalgos Systemic Crypto Trading
Superalgos systemic crypto trading gives you a reliable framework to develop, test and deploy strategies. It also gives you tools to track all your trades.
This is an essential feature that helps you evaluate the effectiveness and profitability of your strategies both in the short and long term.
With Superalgos systemic trading, you can develop both simple and complex strategies following a logical framework, creating rules by writing simple statements and using all available data and indicators.
Systemic trading gives you access to a backtesting and trading engine that renders a graphic simulation of each trade directly over the charts.
It also gives you access to simulations that can guide you when building strategies. Before you use the simulations, it is best you describe the rules that make up your trading system. The rules are defined with simple statements that may constitute conditional statements and mathematical comparisons. These statements are used to set the conditions that when true, describe a specific market situation.
A major advantage of Superalgos is that you can see the results of each of the rules directly over the charts as you build and tune your strategy.
You can also run a quick backtesting session, analyze the results on the charts, and go back to make adjustments to the rules.
Superalgos systemic trading allows you to evaluate the effectiveness and profitability of the trading system via demo trading and backtesting.
You can split backtesting sessions into different sets of time ranges to avoid overfitting.
Superalgos systemic demo trading also lets you run live simulations without placing orders at the exchange, while forward testing keys place orders for a fraction of the assigned capital.
Once you have tested and tried your trading system, you can deploy it as a fully automated bit to trade live by setting up your exchange keys and clicking “Run” on a live trading session.
Superalgos Review: Supported Crypto Exchanges
The Superalgos platform is exchange-agnostic. This means it is compatible with every exchange.
It however offers a curated onboarding experience and customer support for customers or its partner exchanges.
Currently, Superalgos partners with the global crypto platform AscendEx.
Superalgos Review: Trading Strategies
There are no particular strategies that the Superalgos software supports as it is completely open-source.
This means that pre-built strategies come from the community and that you’ll have access to all available trading intelligence on the software, and can use any technique.
Superalgos Review: Customizable Strategies
Superalgos was built for customization. The software features a ton of personalization features as mentioned below.
TradingView Integration
This customization function allows you to set up alerts in TradingView and send them as Webhook messages.
Superalgos processes the trading signals, allowing them to be integrated into a trading strategy. This facilitates making informed decisions, executing orders, and managing trades effectively.
Flexible and Scalable Crypto Trading Bots Operations
Superalgos allows you to distribute data mining and trading automation tasks over many machines while it coordinates the entire operation.
With this, the network nodes automatically discover modifications you added to the definition of the network keeping all trading tasks coordinated.
Integrated Charting System
The ICS offers a modifiable graphical environment that aggregates the trading intelligence generated and plots it over the charts.
With this you can plot the data you process, the trading sessions you run, and the trading strategies you build and test. This superimposes unlimited layers of trading intelligence and combines varying time frames, market data from different exchanges, etc.
Superalgos Review: Plans and Pricing
The Superalgos original contributors have a foundational pledge to keep the platform free and open source forever. There is no tiered or gated access and all features are accessible to users.
That said, because Superalgos is a decentralized project, it is powered by its native token, which the software uses to incentivize users to contribute to the community. So users who hold the $SA Token receive trading signals a lot faster than those that don’t.
Superalgos Review: Payment Methods
Superalgos is free and open source so it does not require any payment methods to pay for the software.
Superalgos Review: Opening a Superalgos Trading Bot Account
Superalgos is a software so to use the platform you need to install it and just open an account. You can install Superalgos on as many devices as you wish.
To do so, you’ll first need to download 3 prerequisites: NODE JS, GIT, and then download/install the Chrome browser if you don’t have it already.
You can get the download links from the official Superalgos contributors guide linked here.
Next, go to GitHub and create your user profile by entering your email address, password, and username.
Go to your email and verify it by clicking on the GitHub message.
Follow the onscreen instructions till you get to the dashboard.
Go to the official Superalgos website and click on the download GitHub link.
Next, download and install GitHub Desktop.
Tap on “Download for Windows” or your preferred OS and follow the on-screen instructions.
You can then proceed to download Superalgos by going to the software’s main repository.
Once there click on “Fork” to create your online copy of Superalgos. After the forking process, you’ll go to a new screen.
Run GitHub desktop on your computer and then use your credentials to sign in. Next, authorize and finish.
Tap on “Clone a repository from the web.”
Ensure that you see the Suepralgos fork you previously created.
Select it and then choose to clone.
Choose the location and hit “Clone”.
Open file explorer on your computer
Find the directory: C:\Superalgos
Right-click on it and choose ´git bash here´.
Using the command line screen that appears type ´node setup´ and press [ENTER]
The last message you’ll see on the command line is: “Superalgos Platform App is Running!”
That’s it! You’ve set up the platform.
Superalgos Review: Setting Up Superalgos with Exchange
Setting up supported exchanges with Superalgos is extremely complex and newbies will be unable to execute the process.
It uses the CCTX library on GitHub: https://github.com/ccxt/ccxt to connect and execute trades automatically using your API Key.
Currently, Superalgos works primarily with Binance but other exchanges can be used as well.
Superalgos Review: Trading Experience/Using Superalgos Bot
The trading experience using the Superalgos is incredibly complex and newbies will be unable to install or use the platform without expert advice.
It runs all on codes with some executions occurring via command line prompts.
The trading bot interface also delays loading.
In general, it offers a solid trading experience for developers and regular traders will be confused about how to use the platform or execute an automated trade.
Superalgos Review: Security
Superalgos is open-source software that can be audited by anyone. Developers and technical persons can read and audit the code to verify if there is hidden malware or any security risk.
The Superalgos Community comprises several developers who have audited its code.
All of Superalgo’s code can be easily read by any programmer. The code is not hard to audit or interpret because there are no binary files.
The code is available in a public repository on GitHub using GIT technology. Every single change made to Superalgos over the years is recorded and can be audited at any time.
Superalgos runs on your computer, when you set up your exchange API keys to trade, the keys remain on your computer.
The software accesses your exchange account using your API keys. No third parties are involved in network communications and no communication is established or data is sent to any third party other than the exchange.
Superalgos communicates with exchange APIs using the CCXT library. It has a technical team that tests the main endpoints of users’ APIs. If the API does not comply with the CCXT standard, the technical team will point out what needs to be improved on for the integration to be possible.
Superalgos Review: Customer Service
Superalgos offers customer support via multiple channels. You can contact the Superalgos team directly from the website by filling out the support form.
You can also contact the support team via Twitter and Telegram online support.
The customer support team is responsive and offers timely support.
Superalgos offers premium community services. It has a community forum on the website as well as on Telegram and Discord.
Superalgos Review: Does Superalgos Bot Offer Education?
No, Superalgos does not offer crypto trading education but it does feature how to use docs written in technical jargon.
Superalgos Review: Conclusion
Superalgos is extremely complex to use and offers far more than a steep learning curve.
Complete beginners will be unable to use the platform even if they go through its in-detail documentation which is written using technical terms.
It is targeted primarily at trading bot developers with technical know-how.
Also, installing and setting up the bot is very difficult and would require expert assistance.
If you are really into automated crypto trading there’s more to explore. Dive into our Cornix Analysis for a new perspective and compare the best on our Top Trading Bots for crypto page.
FAQ
Most frequent questions and answers
Yes, Superalgos is a legit crypto trading intelligence that’s free and open source.
The reliability of crypto bots depends on the creator. Some are extremely unreliable while others have proven to be reliable with use.
No, trading bots are not illegal, however, strategies like 1000:1 leveraging are illegal to use with a bot in some regions like the United States.
Cryptohopper and 3Commas are some of the best AI Trading Bots for their ease of use and no-code bot creation.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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