My crypto journey hit a roadblock yesterday. One week after applying for my corporate Kraken account, everything is still [Pending]. While I am sure Kraken will get around to approving me eventually, I don’t want to get stuck with an approved account and no time to try out my new crypto bot. At this point, I have requested a refund of my “negotiated” payment for my month trial. The customer support person called me from Australia last night. The company knows how difficult it is to get trust in the financial area. Despite my failure to give their product a good, solid try, I believe the company is genuinely trying to be a legitimate company in this space.

The company I was working with is called, Minotaur Trading Systems. There were a few things I liked and some I didn’t like about this experience.

Pros

• Training: They had online training to help with all of the software I needed to get installed. As noted in my previous post, the videos were not perfect. They did get me pointed solidly in the correct direction.
• Staff to set everything up: With the staff in Australia and my sales rep in Thailand, they have to be very flexible. I have no doubt they would have made every effort to get me past any technical challenges. It may have taken multiple sessions, but they would have gotten it done.
• Knowledgeable Sales Staff: The salesman I spoke to knew his stuff. He was familiar with Nurp, martingale, and other related things in the Forex world. When I first spoke to Minotaur in January, he recognized the mental hurdles necessary to pursue crypto trading. His patience in trying to explain this is the sole reason I started this process last week.

Cons

• Not much online validation: Because they are an Australian company and they have no TrustPilot reviews (at the time I am writing this), it makes it difficult to trust everything they say blindly. They want to be worthy of trust, but finding existing customers on-line was difficult.
• Complexity of setting up the “automatic trading”: This is likely just my bias. Having started in the Forex trading world, the only new concept when switching to bot-trading was the virtual private server (VPS) to host the MetaTrader 4. As listed when I began this journey, there were many more tools involved. I was holding back on creating my various accounts that involved a credit card until Kraken was approved. When Kraken failed to approve my account after one week, my confidence in thoroughly testing all of the pieces in the 30-day test period was lost.
• Community Activity: Over the past week, I had access to the community. (Other members of the Minotaur community) I may not have seen all of the members since I was a “trial” member. The community I could see was not nearly as active as the community at Nurp or EFX.

Neutral

• Monthly overhead (cost of tools): While I would have had to create a few paying account to get the Minotaur bots active, I am not aware of any monthly software fees like my Forex algo-trading bots. Once the software was purchased, you did not have to pay an ongoing fee to Minotaur to keep your software or to use any of the new bots they were developing.

If you would choose to talk to Minotaur, please have your Kraken account already approved. It will hasten along the process. I believe Coinbase is also an option. I don’t know how good their products are, but I know they want to earn your trust.