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Review of The News Spy
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The News Spy is an algorithm-based automatic trading robot that analyses the latest news and market signals in order to derive the best time to buy or sell a cryptocurrency asset. Its website makes a variety of claims about the success that users have found by using the software to trade cryptocurrencies, but doesn’t give any information about the team behind the project.
In this review, we have carefully analysed and evaluated the robot to see if it stands up to its claims.
Pros & Cons
Pros:
Cons:
What is The News Spy and what can I do with It?
The News Spy is a crypto trading bot that analyses the latest news along with a variety of other indicators to try and make a profit buying and selling cryptocurrencies automatically. It works similarly to other crypto robots such as Bitcoin Trader, Bitcoin Superstar, Bitcoin Revolution & Bitcoin Profit.
For instance, if a news piece is published saying that Google will ban all cryptocurrency advertising. The News Spy’s algorithm immediately takes note of this news that predicts a downward trend in the cryptocurrency market and immediately executes trades to profit by staying ahead of the market.
The News Spy also enables a trader to customise their trading settings in a manual trading mode. This allows an individual to trade 24/7 in the cryptocurrency market without having to enact the trades themselves – as they can set parameters for the robot to follow that are in line with what the trader wishes to do. The robot will automatically carry out the manual trade as per instructions as the market fluctuates.
Is The News Spy legit?
Yes, The News Spy robot is legit – but inexperienced traders should still treat it with caution. The platform tries to draw people in with testimonials claiming traders have made fortunes in very short amounts of time, but we could find no evidence to back this up and it seems very unlikely to be true.
It is best to see The News Spy’s robot as a tool you can use to implement your own trading strategy by setting strict parameters on the trades the robot will carry out, rather than simply blindly trusting it with your money. The software it uses is not open source and we could find no information about who created it, so it’s impossible to verify any claims about the accuracy of its trades.
Please always be aware that the cryptocurrency market is volatile and you should only start trading once you have done some research – even with a robot. It is possible to make profits, but as with anything this only happens by working out a good strategy and keeping to it.
How does The News Spy work?
While the precise details are not provided on The News Spy’s website, a robot uses an API to send trading signals back and forth from a broker’s account. The News Spy partners with relevant brokers that offer cryptocurrency trading on their platform, and uses this API to send trading signals to the broker after having decided the trades it wishes to make. The broker then executes the trade immediately.
The News Spy key questions, answered!
Which brokers can I use with The News Spy?
The News Spy’s robot works with regulated brokers from the industry. These are not listed on the website, but are likely to include Investous, Europe FX, and UFX.
What cryptocurrencies are supported?
As with many cryptocurrency robots, The News Spy offers a relatively small number of coins for trading. The following cryptocurrencies are supported with The News Spy:
Can I use The News Spy on mobile and desktop?
Yes. The robot does not require a user to download and install the software, instead working online through a browser. This means it can be accessed on any desktop or mobile operating system. That said, it is optimised for use on desktop interfaces.
Can I trade assets with leverage?
Yes, The News Spy does offer leveraged trading to its users. It has partnered with brokers that offer the criteria for leverage trading, but we could not find the specific leverage criteria the robot offers.
It is advisable that only expert traders should involve themselves with leveraged trading. It is a risky way of trading, particularly when it comes to volatile markets like cryptocurrency where sudden downward spikes can put your capital at risk. Alternatively to high leverage crypto trading, we’ve created a list of high leverage forex trading sites, in case you might be interested.
Can I open long and short positions?
Yes. The News Spy partners with CFD brokers which allow traders to take both long and short positions.
For the less experienced, a long position means a trader believes the price of an asset will rise, and a short position is when they believe it will fall. Through this, traders can make money whether an asset’s value rises or falls.
What are the payment methods and withdrawal/deposit limits?
After registration, you need to make a minimum deposit of $250 to put the robot into the auto trading mode. There are many ways you can fund your account, including Mastercard, Visa, and PayPal.
Because the process is being done through the broker’s platform, withdrawals do not have any limits. You will be asked to supply ID documentation when making a withdrawal, which is necessary for the broker to comply with anti-money-laundering laws. Withdrawals usually take in the region of 1-2 working days.
Are there any costs and fees involved?
No, The News Spy does not levy any fees while using its services.
How do I withdraw money?
Firstly a trader needs to fill a withdrawal form on the robot’s page. With this, the process of withdrawals is set in motion as the robot needs to communicate with the broker it has placed the trades with.
There are no withdrawal limits and you can even select daily withdrawals if you want, but you will have to supply ID documentation.
What is the registration and verification process?
The first step to registration requires a user to fill basic details including name, email address, and contact number. At this point, you do not need to submit any ID proof. The verification takes a few minutes after which you can log in.
Please note that The News Spy might not be available in all countries. In such a case an error message appears informing that they cannot register at this moment.
What is their customer service like?
Before registration, you may contact The News Spy through a contact form available directly on the platform’s website. After you are a verified user, you can contact their customer service 24/7 through email and phone.
How to trade with The News Spy
The News Spy features a user-friendly dashboard that lets a trader navigate through different control panels in order to take advantage of each individual service it offers. Using the ‘trading history’ tab, a user can see all the trades they have made, and through a separate tab they can access the trading positions they currently have open. A trader can set their trading parameters for any cryptocurrency asset directly in the control panel.
It can seem a little complicated at first, so we always recommend starting out by using the demo account. Using this you can explore the platform and learn the process of placing trades without risking any of your capital.
How to open an account with The News Spy
- Step 1: Registration – The first step is to register on their website and verify your account. This is done by providing basic information such as an email address and a contact number. Once you are a member of The News Spy, you can simply log in from a browser.
- Step 2: Funding – Secondly, you need to fund your The News Spy account with a minimum investment of $250 in order to begin auto trading. You can also start going through the functionality of the robot and its features by using the demo account (which we strongly recommend you do).
- Step 3: Trade – Now, the robot starts analysing indicators like news pieces to derive upon the near future market trend. A seasoned trader can use such trends and derive an outcome mixed with their own personal strategy. Auto trading also requires a trader to set up basic trading parameters including stop limit and daily limit.
Our top robot trading tips for beginners
When using a robot to trade cryptocurrencies, there’s a lot that you need to be aware of. It may just feel like you deposit funds and let the robot do the rest, but our team of experts have come up with the following advice that it’s important to read before getting started:
- Learn about trading first. Trading cryptocurrencies is a complex process, and it’s important to have a grasp of the basics before you get involved. By learning about trading in general you will be better able to set up the trading robot to work most effectively.
- Learn more about cryptocurrency. Having more knowledge of the asset you are trading is important when making any trade, but especially so in such a wide-ranging environment as cryptocurrency.
- Start with a demo account. Even though you can start live trading immediately upon setting up an account on a robot, we strongly advise you to trade on the demo account first. This will help you familiarise yourself with the platform before risking any of your capital.
- Start small. The best strategy is to start with a small amount of money and grow your portfolio and profits over time. This will help you hone your trading skills and keep risk to a minimum.
- Only invest what you can afford to lose. This is a central tenet of trading, it’s always important to be financially responsible when investing in anything. Markets can be volatile and losses can come as easy as profits, so don’t risk money you couldn’t live without.
Conclusion
The News Spy gives a good indication as to how its software works to enable intelligent automatic trading in the cryptocurrency space: analysing news articles in real time to predict market fluctuations and acting on these projections as quickly as possible. Unfortunately, it doesn’t give any more information as to how this process occurs and its website is devoid of any description of the team behind the platform.
Additionally prospective users should be very cautious in relation to The News Spy’s claims that traders have made very large amounts of money in very small amounts of time – these are highly likely to be made up and we could find no evidence to back up these testimonials.
In general, a trader shouldn’t completely rely on a robot’s algorithm as their sole trading strategy in the cryptocurrency space. The best way to use The News Spy’s platform is as a tool to aid in your own investment strategy – using the ability to set parameters to ensure that the robot can carry out your instructions 24/7, rather than simply trusting it to make trades on your behalf.
Trading cryptocurrencies should be treated like any other form of investment: you should always do your research before risking your capital. Even when using a robot, your chances of generating profits will be greatly enhanced by taking the time to learn both about cryptocurrency and trading more broadly before you start.
FAQs
The News Spy operates a robot that facilitates automated cryptocurrency trading, but traders should be sceptical of some of the bold statements on its website about how effective the robot is. The News Spy’s robot analyses the latest news trends and other factors that are likely to affect cryptocurrency prices, and uses this data to place trades on the crypto markets. It also gives the option to set trading parameters manually for the robot to follow when trading – a good option for experienced traders who can’t monitor the markets 24/7.
However, the website boasts testimonials from clients who became overnight millionaires and these claims are unverified and almost certainly false. While the cryptocurrency market does hold potential for returns, it does not make anybody instant millionaires, and these claims seem too good to be true.
Yes, opening an account and going through the necessary verification steps is easy with The News Spy. A user simply needs to submit their name, email address, and contact number on the registration form. Accounts are typically verified within 30 minutes. However, the services of robot are not available in all countries, and you will get an error message displayed on screen if The News Spy is unavailable where you are located.
No, withdrawals from The News Spy are in fiat currency. The News Spy partners with brokers that offer services of cryptocurrency trading, and users withdraw their funds from these platforms. As these brokers trade using CFDs, payouts are processed by bank transfer in fiat currency.
The News Spy does enable automated cryptocurrency trading as advertised, but the claims it makes about users making millions overnight should not be trusted. It also boasts that its software has won trading awards, but we couldn’t find any evidence that this was the case.
The News Spy does function as an automated trading robot, but it’s highly unlikely the robot is as accurate or effective as it claims. The News Spy uses technology to analyse the latest news, trends, and data in order to retrieve the best trading signals in the cryptocurrency market. It then takes this data and executes trades signals to a broker through an API.
According to its official website, services of The News Spy robot are absolutely free to use. This being said, you might need to pay a fee charge to the broker platform in exchange for executing your trades and when withdrawing funds.
To delete your account, you need to remove it from the broker’s platform as well. First, withdraw your money from the broker into your bank account. Once the funds have reached your bank account, you can now submit a request to delete your account from the broker and The News Spy’s platform.
We are unable to verify who owns The News Spy. While a number of external sources have developed theories on the team behind the robot, its official website does not mention anything about its founders and we were unable to find out their identities.
