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Reviews/BONKbot

BONKbot

Van Thanh Le

Apr 22 2024

8 / 10

Summary

Automate crypto trades on Solana with BONKbot. See our review for features, fees, security, and user feedback to decide if it's right for you.

Pros

plus

Trade Analysis Tools

plus

Token Buy and Burn

plus

Robust Automated Trading

plus

Robust Security Measures

Cons

plus

Limited Token Support

plus

No Copy Trading

plus

Complex Wallet Integration

plus

Limited Blockchain Support

BONKbot Review Scores

8

colored-star

Overall

Information

7.5

colored-star

Features & Capabilities

Information

8.5

colored-star

UI, Ease of Use

Information

8

colored-star

Pricing & Subscription

Information

8

colored-star

Security & Privacy

Information

7.5

colored-star

Performance & Reliability

Information

8.5

colored-star

User Support & Community

Information

Introduction to BONKbot

Tempted by the allure of 24/7 automated crypto trading on Solana, but glued to your Telegram? BONKbot, the official partner of the BONK community, might be your gamechanger. This Telegram-based bot offers lightning-fast trade execution and auto-purchase by pasting token addresses – int intriguing, right? Dive deeper to see if BONKbot can turbocharge your crypto strategy.

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Key Takeaways

Evaluating BONKbot based on firsthand user experience unveils a nuanced picture that prospective users should consider. Here are the key takeaways to help you decide if BONKbot aligns with your trading needs:

  • Performance and Reliability: BONKbot has processed transactions worth over $5 billion, with $181.17 million traded weekly, showcasing robust performance even during high market volatility.

  • Feature-Rich: Offers automated trading, Jupiter Routing for optimal pricing, PNL overview tools, and supports major tokens on Raydium or Orca. It uses trading fees to buy and burn $BONK token, enhancing its scarcity.

  • User-Friendly Setup: Quick and straightforward to start, with setup requiring just a Telegram command and a Solana wallet. Features like Auto Buy allow for rapid token purchases.

  • Security Measures: Employs AES256 encryption and does not access users' private keys. Includes MEV protection with options for transaction speed versus security.

  • Economic Model: Charges a flat 1% transaction fee, distributed among team development, community incentives, and infrastructure.

  • Limitations: Does not support copy trading or tokens not listed on major DEXs. Exclusively operates on the Solana blockchain, limiting users interested in multi-chain trading.

  • Community Feedback: Users appreciate its ease of use and Telegram integration but criticize the limited token support and the mandatory use of BONKbot's wallet system, which restricts portfolio management flexibility.

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BONKbot’s Pros and Cons

Pros

  • Automated Trading: Enables automatic purchasing of tokens via detected addresses, streamlining trading amidst market volatility.

  • Security and Efficiency: Utilizes Jupiter Routing for optimal pricing by scanning multiple DEXs and AMMs within the Solana network.

  • Trade Analysis Tools: Includes tools like PNL Overview for detailed trade analysis and decision-making.

  • Token Buy and Burn: Uses 100% of trading fees to buy and burn the $BONK token, increasing token scarcity and potential value.

Cons

  • Limited Token Support: Supports only tokens listed on Raydium or Orca, excluding early-stage tokens.

  • Blockchain Exclusivity: Focused solely on the Solana blockchain, limiting opportunities across other blockchain networks.

  • No Copy Trading: Lacks a feature that allows less experienced traders to replicate the moves of seasoned professionals.

  • Wallet Setup Complexity: Does not allow importing of external wallets, forcing users to manage funds within BONKbot's generated wallets only.

1. Key Features of BONKbot's Telegram Bot

BONKbot offers a compelling suite of features designed to streamline your crypto trading experience on the Solana blockchain. Here's a closer look at what makes it tick:

                                                                                                               
FeatureDescriptionComments
Automated TradingEnables automatic purchasing of tokens via Auto Buy when their addresses are detected.Streamlines trading, crucial for the crypto market's volatility.
Security and EfficiencyEmploys Jupiter Routing to ensure best pricing by scanning multiple DEXs and AMMs within the Solana network.Optimizes trades for speed and price.
Referral EarningsEarn up to 30% of referred friends' trading fees in the first month, decreasing thereafter.Encourages network growth and user engagement.
Trade Analysis ToolsIncludes a PNL Overview tracking market cap, liquidity, token balance, and price changes.Assists in detailed trade analysis and decision-making.
Token Support and AlertsSupports major tokens listed on Raydium or Orca; provides updates through a Token Alert Telegram Channel.Keeps traders informed on potential investment opportunities and token market changes.
Bonk Buy and BurnUses 100% of trading fees to buy and burn the $BONK token.Increases token scarcity and potential value.

While BONKbot excels in many areas, there are a few aspects that I feel could be improved. Personally, I find the lack of a copy trading feature quite disappointing, as it's a valuable tool for less experienced traders to learn from seasoned professionals. 

Additionally, the bot's lack of support for some specific pools is a bit limiting. BONKbot's reliance on tokens listed on Raydium or Orca means I can't use the bot for early-stage gems. I know it sounds weird, but sometimes, the bot kept telling me that I was trading a token that was not supported on Raydium and there was no route for it. But when I switched to another bot, I could sell it eventually.

Another minor gripe of mine is BONKbot's exclusive focus on the Solana blockchain. While I understand its dominance and tight integration within the Solana ecosystem, as a trader, I'm always eager to explore opportunities across different blockchain networks. It would be great to see BONKbot expand its reach to other chains in the future, so I may see these numbers of profits there as well:

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2. Ease of Use and Setup Process

BONKbot shines in its user-friendliness. As a reviewer who's dabbled in crypto trading but isn't a seasoned pro, I found the setup refreshingly simple. There's just one bot to manage everything, and starting took a mere 3 seconds with the /start command. Here’s the tutorial:

  1. Get a Solana wallet like Phantom or Solflare.
  2. Get a crypto exchange platform like CoinbaseKraken, or Binance.
  3. Add money to your exchange account and buy some SOL.
  4. Follow instructions at https://docs.bonkbot.io/quick-setup-guide/initializing-bonkbot to install the BONKbot.
  5. Send your SOL from your wallet (personal or exchange) to the BONKbot wallet address.
  6. Find new coins on platforms like Birdeye.so, Dexscreener.com, or via Bonkbot Token Alert Telegram Channel. Copy the contract address of the coin you like and paste it into BONKbot to buy.
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Additionally, BONKbot's Auto Buy feature is a game-changer for those seeking a competitive edge. This feature can be toggled in the settings menu (/settings), and when activated (indicated by a green button), it enables users to customize the amount of SOL they wish to invest with just a few clicks, ensuring lightning-fast execution.

However, it's crucial to approach trading with a strategic mindset, and BONKbot's announcement channel on Telegram provides invaluable insights to help users make informed decisions, especially when dealing with volatile memecoins. I highly recommend subscribing to this channel to stay ahead of the curve.

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Once a trade is executed, users can access comprehensive position management tools, including real-time profit/loss data, market cap information, price changes across various timeframes, and detailed breakdowns of fees, initial value, token balance, and wallet balance. This wealth of information empowers traders to make calculated decisions, whether it's holding onto a position or seizing the opportunity to realize gains.

3. Pricing and Subscription Options

BONKbot offers a transparent fee structure with a flat 1% levy on each transaction. Here's a breakdown of where that 1% goes:

  • Team & Development (40%): This ensures the ongoing maintenance and improvement of BONKbot.
  • Community & Ecosystem (40%): This includes rewarding referrals, burning $BONK for tokenomics, and contributing to the Bonk community.
  • Infrastructure & Future (20%): This covers operational costs and fuels the continuous development of BONKbot.

Notably, this 1% fee structure is on par with other popular trading bots in the market, making BONKbot a competitive option. While the fee may not be significant for smaller trades, it's worth considering for larger orders, as substantial price movements can occur when trading low-cap tokens with significant order sizes.

4. Security and Privacy Features

BONKbot prioritizes the security and privacy of its users' data and funds through robust encryption and API security protocols. Here are the key features:

  • Encryption: BONKbot employs AES256 encryption, one of the most robust encryption standards available, ensuring that any data exchanged between users and the bot remains confidential and protected from potential breaches.
  • No Access to Private Keys: BONKbot does not have access to users' private keys, providing an additional layer of security for their funds.
  • MEV Protection: Developed in collaboration with Jito Labs, BONKbot's MEV (Maximal Extractable Value) protection feature offers two modes:
    • Turbo Mode: Ensures swift transactions with frontrun protection.
    • Secure Mode: Guarantees protection at the cost of potential delays.
  • Transaction Priority Control: Users can select transaction priority levels or set custom priorities for advanced control over their transactions. 

5. Platform Performance and Reliability

BONKbot, recognized for its massive transaction volumes—topping $5.02 billion cumulatively and $181.17 million weekly—also boasts impressive lifetime fees of $27.57 million. What sets it apart in execution speed is its ability to manage transactions swiftly, especially during market upheavals. When volatility spikes, BONKbot remains remarkably steadfast, minimizing downtime effectively.

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This bot ranks second with 315,623 accounts, closely following Sol Trading Bot in lifetime users. Its integration with BONK, a popular memecoin on Solana, has undoubtedly propelled its popularity. Beyond performance metrics, BONKbot enhances user experience through innovative Telegram alert bots. 

These bots provide crucial real-time insights on market activities like token burns or fresh wallet transactions, which are often indicators of imminent price movements. This feature, my personal favorite, significantly aids in making informed trading decisions amidst the memecoin frenzy. Notably, BONKbot is poised to launch an advanced bot for insider token alerts, enhancing its utility further.

6. User Reviews and Community Feedback

BONKbot receives mixed reviews from the crypto trading community. Users praise its ease of use, Telegram integration, and features like auto-buy and MEV protection. However, some concerns have been raised.

Common criticisms include limited functionality compared to competitors (lack of copy trading and limited token support) and a cumbersome wallet system. Unlike other bots, BONKbot doesn't allow importing external wallets, forcing users to manage funds within the bot's generated wallet. This can be inconvenient and limit portfolio management across platforms.

Besides occasional transaction failures, there were previous reports about users’ loss of funds, but some community members believe these losses stemmed from users compromising their wallets by importing them into other bots.

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BONKbot denied involvement themselves, asserting that affected users had exported private keys for use in other applications. After their clarification, speculation pointed to Solareum as a potential source of the leak, and the Solareum team had to shut down their platform due to the loss.

Personally, I find the lack of wallet flexibility frustrating. While BONKbot offers convenience, control over your funds is crucial in crypto. It's a trade-off to consider before diving in.

Final Recommendations

BONKbot simplifies crypto trading on Solana with features like auto-buy and Telegram integration. However, its limited token support and lack of a wallet import option restrict flexibility. This bot is ideal for beginners seeking a user-friendly Solana-based experience, but some advanced traders may find its functionality limiting.

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