Pluto Review

I'll never forget the day I first stumbled across Pluto while desperately trying to automate my crypto trades. After spending countless hours manually executing trades (and missing plenty of opportunities while sleeping), finding a platform that could do the heavy lifting felt like discovering buried treasure. But enough about my crypto misadventures—let's talk about what makes Pluto tick and why it's becoming such a standout in the automated trading space.

The Birth of an AI Trading Assistant

Founded in 2021 by Jacob Sansbury and Dakota McDaniels, Pluto emerged as an AI-powered trading platform with a refreshingly simple mission: make algorithmic trading accessible to everyone—not just coding wizards or Wall Street professionals.

The platform officially launched live crypto trading in November 2022, supporting major cryptocurrencies like Bitcoin, Ethereum, and even the internet's favorite meme coin, Dogecoin. What makes Pluto different from your typical crypto exchange is its focus on automation and accessibility.

Trading Without Code: A Game-Changer

Perhaps the most impressive feature of Pluto is its no-code interface. I mean, who wants to learn Python just to set up a simple trading strategy? Pluto's interface allows users to build sophisticated automated trading strategies without typing a single line of code.

For those who do enjoy coding (you strange, wonderful people), Pluto hasn't forgotten you either. The platform supports both Python and Blocks-based coding interfaces for users who want more granular control over their strategies.

Meet Plato: Your AI Trading Buddy

One of the standout features has to be Plato, Pluto's AI assistant powered by GPT-4. According to Fortunly's review, this digital sidekick helps users create and test trading strategies through simple conversations.

It's like having a trading expert in your pocket who never sleeps, gets grumpy, or asks for a coffee break. Just describe your strategy in plain English, and Plato translates your ideas into actionable trading rules. If only my human financial advisor were this accommodating!

Building Strategies That Actually Work

Creating a strategy is one thing, but making sure it doesn't lose all your money is quite another. Pluto offers comprehensive backtesting capabilities that let users evaluate their strategies against historical market data before risking real money.

Not ready to dive into the deep end yet? The platform also offers paper trading with virtual funds in real-time market simulations. This feature is perfect for newcomers who want to test the waters before taking the plunge with real assets.

Protection From Your Worst Trading Impulses

We've all been there—watching our investments tank while frozen with indecision. Pluto addresses this with "shields," a set of risk management tools that automatically sell assets or pause trading based on user-defined thresholds.

These automated guardrails can be the difference between losing a little and losing a lot when markets go south. And trust me, in crypto, markets can go south faster than migrating geese in winter.

Community and Monetization

Interestingly, Pluto isn't just about using strategies—it's about sharing them too. Users can license and monetize their successful strategies through Pluto's community marketplace. Created a winning formula? Why not make some extra income by sharing it with others?

The platform also fosters community through a rewards program that shares platform profits with active users and provides community support through Discord, Reddit, and live streaming platforms.

Cost Efficiency: Your Wallet Will Thank You

Nobody likes paying high fees that eat into profits. Pluto boasts some of the lowest crypto trading fees in the industry—up to 90% lower than major exchanges. Plus, they offer commission-free trading for both crypto and stocks (though stock trading integration is still pending).

The Robinhood Acquisition: A New Chapter

In July 2024, Pluto was acquired by Robinhood, signaling a major vote of confidence in their technology. This acquisition aims to enhance Robinhood's AI-driven investment capabilities, potentially bringing Pluto's innovative tools to a much wider audience.

This merger could be extremely beneficial for users of both platforms, though the full integration is still in progress.

Real User Experiences

While researching Pluto, I came across some interesting user experiences. One crypto trader compared different bot platforms and noted that most trading bots are fundamentally similar across platforms, with exchange features being the main differentiator.

Another advanced user highlighted the potential of AI-powered statistical arbitrage bots (similar to what Pluto offers) for implementing market-neutral strategies with automatic risk management features—perfect for experienced traders looking to balance their portfolios.

Current Status and Limitations

It's worth noting that Pluto is still in beta status, meaning users might encounter occasional bugs and frequent feature updates. Currently, the platform primarily integrates with crypto exchanges, with stock trading integration pending the Robinhood merger completion.

Final Thoughts

Pluto represents an exciting development in the democratization of algorithmic trading. By combining AI assistance, no-code interfaces, and robust testing tools, they've created a platform that makes sophisticated trading strategies accessible to just about anyone.

The recent Robinhood acquisition suggests we'll be seeing a lot more from this platform in the coming years. For crypto enthusiasts looking to automate their trading or newcomers wanting to explore algorithmic strategies without diving into code, Pluto offers a compelling entry point with unusually low barriers to entry.

After all, in a market that never sleeps, having an AI assistant handling your trades might be the closest thing to investing superpowers we mere mortals can hope for.