Bet Trader Review
This Bet Trader Review is for anyone who has traded on Betfair and is looking for software to ‘bolt-on’ to allow you to trade in a more efficient way.
Although the ‘industry standard’ piece of software is Bet Angel there are others on the market. Whilst we like Bet Angel as a piece of software, we found it ridiculously complex. There is an enormous number of options and tools that most of us would never use.
So, can Bet Trader work for those confused by Bet Angel? … Let’s take a look and see.
What is Bet Trader?
Bet Trader is very much the new kid on the block of trading software. It, like all of it’s many competitors, aims to give you the edge on other Betfair users when trading Betfair markets.
Bet Trader software comes from Adam Todd of Racing traders. Todd has extensive experience from the futures and options exchanges in the past and brought these skills to the betting exchanges. He claims to have turned £200 into £300k in 3 years.
Todd created the Bet Trader out of frustration for the lack of features he wanted from other off the shelf offerings. He was also aware that many of the pieces of software are huge, slow down your computer and take up enormous amounts of memory.
How does Bet Trader Work?
As you probably know, trading software works by ‘tapping in’ to the API feed on Betfair. The API feed is the data stream going to and from Betfair with all the information you need.
This API feed is often updated more frequently and more accurately than the data you actually see on the Betfair website. (Worrying but true) So, using software that taps into the source of the data rather than ‘scrape’ the website, will get you to the front of the queue for data and trades.
Before we go much further, a word about refresh rates. A few years ago, the big selling point of any software like this was the refresh rate. However, the new API feed form Betfair is really fast and doesn’t require any kind of ‘refresh rate’ to be set.
Everyone is getting the data much faster than a few years ago.
How long does Bet Trader take to set up?
Bet Trader was very easy to install. I know with other, more established software of this type this isn’t the case. This even works on a Mac, which also puts it a touch above one or two of its competitors.
Also very pleasing, was that the Bet Trader software uses the ‘ladder’ approach.
The ladder is something many traders of Betfair are already familiar with. It allows you to quickly see all the money in the queue from gamblers and traders, so you quickly get a ‘feel’ for where the weight of the money is.
As you already know, lots of backers that may push the price down or lots of layers that may push the price up. You can see this at a glance here, which I consider a real time saver.
So far, so good … and I have to say as someone who has looked at a lot (too many?) of these, this one really excels at the user end of things. I’ll cover that in a bit more depth later on.
How long does it take to use Bet Trader?
All Betfair API software, whether it be this, Bet Angel or any of the others, will save you time when you trade on Betfair. Alternatively, they will allow you to more in the same amount of time.
The question here is, then is id it is easier and faster to use than the others. The answer is a qualified ‘yes’. Bet Trader does not have all of the features of the likes of Bet Angel, so it’s quicker to get around. So, unless you really need the extra functionality of Bet Angel, this might be a better bet.
How much can you make with Bet Trader?
How much you make will depend on your strategies rather than the software. But, as this will allow you to either trade faster, or trade more often, you can make more money using this.
That said though, if your trading strategies are flawed, you’ll just lose money faster and more often.
How much does Bet Trader cost?
Bet Trader is £9.99 each month or £99.99 for a year. This is cheaper than Bet Angel (especially for a yearly subscription saving you £50). Obviously, this has less functionality, but I would still consider it good value.
The only downside here is the free trial. Yes there is one, but I can’t see the point of it. There’s no training mode (so you’re in at the deep end) and the ladder mode isn’t available.
Bottom lime id you’re off paying the £9.99 to give it a try rather than mucking about with the free version.
Is Bet Trader easy to use?
As I mentioned before, the biggest gripe with other software of this type is that there is just too much going on. All well and good if you are ‘Mr. Pro Trader’, but for somebody taking a first look, it can be off-putting.
Not the case here. The view is familiar and you don’t spend the first ten minutes staring at the screen wondering what to do. In short, if you’ve never used software like this before, Bet Trader could be the place to start.
Bet Trader Review Advantages
There are many. Bet Trader comes with the usual ‘one-click trading’ feature you see with Bet Angel. This allows you to pre-set up your stake size so you can get a trade-in quickly. So you don’t have to spend time having to select lots of drop-down options for price and stake size, as you would with the Betfair website direct.
Bet Trader can also have various views customised for your needs. This means you may want the data displayed in a certain way for football trading over the course of an entire match. The familiar ‘ladder’ view and easy to use portal was also a real plus.
Like all the other pieces of trading software, it also shows you live prices, live volume amounts, some hedging options and the ability to ‘green up’ or lock in your profits on a trade.
All of this is good, but there is a downside…
Bet Trader Review Disadvantages
The list of features for Bet Trader offers nothing particularly new.
There’s some automation and some stop loss management. There is also the ability to split lump sum trades into smaller, bite-sized amounts the market is more likely to take, without ‘spooking’ other traders and gamblers. All of it’s competitors have at least this many features.
The software also comes with a comprehensive support centre online, webinars, seminars and training videos, but this pales in comparison to what Bet Angel offers.
The seminars and webinars subscription costs a few hundred pounds extra. Not only is this a bit steep, once you factor that into the overall cost, it is no longer cheaper than Bet Angel.
Bet Trader Review Conclusion and Overall Rating
This final factor tips it slightly into negative territory.
Yes, it’s simpler to use than Bet Agel and it’s competitors and, (provided you don’t want to watch any webinars) is cheaper. Yet it doesn’t offer anything new.
I can’t really see it being of too much use to you unless you were new to this. Even then, you might outgrow it in time.
As for the rest, if you’ve been using Bet Angel for a while, Bet Trader does not offer you a compelling argument to drag to drag you away .
You can find out more here