by Some traders may miss profitable trades due to slowdowns in certain trading platforms and transaction times. These traders can now make use of crypto trading bots. Crypto traders must be awake all day to make the most of their trades.
The crypto market is not like the stock market which closes on weekends.
Trades can be volatile, so traders must make sure they don’t miss important trades. It is imperative that traders find a way of keeping an eye on the market. They need help because traders are unable to react quickly enough in order to profit from price changes that will allow them to trade optimally.
This article will explain cryptocurrency trading robots, their pros and disadvantages, how they work and show you some of our favorites.
What is a crypto trading bot?
The crypto trading bots allow you to trade and execute transactions with technical indicators. To execute trade orders for you, your crypto bot can be customized to meet your needs.
You can, for example, tell your bot that you want to purchase a certain coin at $15 and then repurchase it at $12. There are many options for account types and supported coins depending on which bot provider you choose.
The controversial part of the crypto market is trading bots. While some people believe it should be banned, others see it as having certain advantages. Here are some uses.
- The bots automate trading, so traders have more time to do research, work, and business.
- They are used by investors to profit from the crypto market which is open 24 hours a day, around the world.
- Bots are more responsive to market conditions than manual traders, which gives them a significant advantage.
- Arbitrage bot is a type of bot that takes advantage price discrepancies between different exchanges.
How does trading bots work?
Some traders are using trading bots, even though some investors remain unsure whether they should be allowed to trade in the cryptocurrency universe. Each bot requires a different set of hardware and software requirements. Some bots can be used for free, while others require a subscription.
After finding a useful bot, traders typically download the code from the bot developer. Following the instructions, the trader will set up the bot on the exchange that interests them.
The bots are great for helping traders but you still have to make the decision about when to buy and when to sell. The crypto trading bot is not an easy way to make quick money. You won’t win all your trades if you have it. To be a successful trader, you still have to be involved.
There are pros and cons to using a bot
You must be able to trade in crypto markets without emotions. A trading bot might be a good option if you can’t or notice that you tend to buy and sell on impulse.
These are the benefits of using a cryptocurrency bot.
- Automated Trading: A bot for crypto trading offers an automated trading and investing option that can help you avoid panic trades. If a bot is not used, FOMO selling and buying can cause traders to lose money. A trading bot can help you avoid all these potential losses.
- Fast and Efficient: Crypto traders can trade quickly and efficiently with a trading bot. A trade can take several hours if you are manually trading. A bot allows you to trade faster and can help you spot opportunities quicker.
- You have more time: The crypto market is open 24 hours a day, so you don’t need to be awake at night monitoring trades. A crypto bot is able to help you trade in the crypto market 24/7, seven days a week. This allows you to spend many hours in the market while not being active.
Although there are many benefits to trading bots, there are also some drawbacks.
- Monitoring is required: Many bots only offer marginal returns, even when they work correctly. You must monitor your bot regularly in order to avoid losing money, as you trade on a volatile market.
- Unregulated area: Many crypto trading bots have not been designed well.
- Knowledge required: A good understanding of cryptocurrency markets and an investment plan are essential to use a bot efficiently. Although some bots have predefined settings, strategies, and templates, it is still important to learn how to use them properly.
Many traders find that they don’t need the bots after they have completed all necessary tasks. These bots can be used with supported exchanges to automate trades and increase efficiency.
Coinrule
Coinrule offers the widest range of pre-set trading strategies making it one the most widely used bots. With more than 150 trading templates, users can customize their investing. These templates are automatically executed when market conditions meet pre-defined parameters. Coinrule constantly adds new templates to their platform. These include long-term holding strategies and stop-loss settings, accumulation, and more.
The number of templates that you have access to depends on which plan you choose. The paid plan includes advanced charting options and unlimited template usage. Lessons and tutorials are also available. While the free plan comes with 7 complimentary templates.
Exchanges – Coinbase Pro. Binance. Bitstamp. Bittrex. Poloniex. Kraken. BitMEX. Bitfinex. Bitpanda pro. Liquid. Okex. Binance US. HitBTC.
WunderTrading
WunderTrading offers a cryptocurrency automation platform that allows mirror trading and portfolio management tools. TradingView PineScript allows users to create fully autonomous trading bots for cryptocurrency. They can also follow highly skilled traders and trade manually using the sophisticated Trading Terminal.
WunderTrading is unique because of its wide range of trading options. WunderTrading offers Trailing-stop, Swing-trade and Stop-loss functionality. Advanced trading features like Stop-loss or Take-profit can be used to enhance trading strategies. TradingView integration allows you to incorporate many trading algorithms and technical indicators in your bots. You can also use their built-in Terminals to create DCA or Spread strategies.
WunderTrading allows you to manage multiple exchange accounts from one dashboard. Once you have added your exchange accounts via API, you can replicate trades across all accounts in a single click. The Dashboard provides detailed statistics which can be viewed on the platform. This allows traders to keep track of their gains and trade more efficiently.
Bitsgap
Bitsgap can help you manage all your crypto assets easily and allow you to build a bot strategy in just a few clicks.
This tool can analyze up to 10,000 pairs of crypto currencies and identify the ones with the highest potential. Bitsgap allows you to view your trading via a chart and test settings before trading. You can also download it to access it.
Exchanges: Kucoin, Livecoin, CEX.IO, Poloniex, Bittrex, Coinbene, Coinex, Huobi, Gate.io, Bitstamp, Liquid, Gemini, Bit-Z, Yobit, DDEX, HitBTC, Bithump, Bitfinex, Bibox, Exmo, OKEX, BigOne, Binance, Kraken.
Pionex
Pionex a cryptocurrency exchange has built-in trading robots. You also have 12 unique training bots for no additional fee. These trading bots can automate your trading strategy so that you don’t have to constantly monitor the market.
This tool is a great option for high-volume and mobile traders. Pionex’s main product is its trading bot selection. However, it also supports manual trading with crypto-to-crypto conversions. This bot executes trader’s buy and sell orders without any manual input, but according to predefined market conditions.
Pionex has a schedule for making-taker fees. This means that you pay only when your trades create liquidity in the market. The maker fee is payable if your trade does not match an outstanding order. You will be charged the taker fee if your order is successful.
Exchanges: Binance, Huobi global, Pionex,
Tradesanta
Tradesanta, a cloud-based trading platform that executes trades for you, can help you save time. It’s easy to set it up and allows you to automate trading across multiple exchanges. You can also choose the preferred setting when creating the bot. Tradesanta allows you to create as many bots you need to scale your trading.
It also supports most of the cryptocurrency exchanges that are available today.
Exchanges: HitBTC, Bittrex, Huobi, BitMEX, Bitfinex, OKEx, UPbit, Binance.
Cryptohopper
This bot hosts all of its services on the cloud. This allows it to catch any short downtimes that could have caused missed profits. The bot is always up and running, with no interruptions to your trades or account halts. Your Cryptohopper account is still available even if you’re offline.
This bot is intuitive and simple to set up, without the need for credit card information or platform installation.
Exchanges: Okex, Bitvavo, Bitpanda Pro, Huobi, Poloniex, Kraken, Bittrex, Bitfinex, Coinbase Pro, KuCoin, Binance, HitBTC.
Botcrypto
This platform allows you to automate crypto trading and save time. This platform does not require any coding skills. You can also create and manage trading robots that trade according to your strategies.
Botcrypto offers 24 hour support and a visual editor.
Exchanges – Botcrypto is available in Kraken or Binance.
Gunbot
You can customize this crypto bot, which allows you unlimited bot instances. It supports over 100 exchanges, and it is one of the most automated bots that allows you to automate bitcoin trading. This will ensure consistent results in your trades.
Gunbot offers a strategy that is easy to use and allows you to customize your strategies. The cost starts at $0.02 per month.
Exchanges: Binance US, Bitmex, Bitfinex, Bitmex Testnet, Coinbase Pro, HitBTC, Huobi Global, OKEx, OKCoin, Bitstamp, KuCoin, Poloniex, Cex, Bithumb, Kraken, Bittrex, Coinex, Binance.
Axioncrypto
This simple-to-use, innovative cryptocurrency trading bot was designed to assist you in developing complex trading indicators and algorithms.
You can use the Axioncrypto’sbot across many crypto exchanges. Prices start at $15 and go up to $90 each month.
This tool allows you to backtest new strategies and monitor custom trades. You can also use the trading view or manual system to send signals direct. The bots are hosted in the cloud via a secure enterprise network, so there is no need to download and install them.
Exchanges: Binance, Altrady, FTX, Bybit, Kraken, KuCoin.
3Commas
This bot is the best in cryptocurrency. It allows you to generate more revenue by allowing you create strategies based on 20+ trading indicators. 3Commas allows you to reduce risk and loss, buy and then sell in one window and copy other bot settings.
This platform allows you to balance your portfolio while maintaining profit and corn ratios with minimal effort. You can receive deal notifications via a mobile app or browser as well as email from this crypto trading bot. It’s available for both iOS and Android and offers pro, advanced, or starter plans.
Exchanges – Binance DEX. Bitfinex. Binance.us. Bybit, Bilance Futures. BitMEX. Bittrex. Coinbase Pro. Gate.io. Cex.io. Exam. Bitstamp. Huobi Global. KuCoin. HitBTC. Kraken. Poloniex. OKEx. YoBit. Binance.
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Trality
This platform is for anyone who wishes to create complex, creative algorithms in a community-driven environment that promotes learning and development. Trality has been a popular platform for trading bots, both for advanced and beginner crypto investors.
Trality offers a Rule Builder tool that allows you to code complex trading algorithms. This is a state of the art graphical user interface, which you can use to create your trading bot’s logic using simple drag-and drop indicators and strategies.
Advanced Python coders can access their browser-based Code Editor. It is the most advanced tool of its kind. The Code Editor allows developers to quickly and securely create complex and advanced strategies using their coding skills. There are a variety of plans available, from free to paid.
Exchanges: Binance, Coinbase Pro, Bitpanda, and Kraken.
Cryptohero
This unique platform has a website and mobile app. It also offers a wonderful user experience. Cryptohero is simple to download, does not overheat, uses very little memory, and loads quickly. Their users can choose between a basic platform or a premium platform.
The mobile app has a tutorial that helps traders to create their first bots and get started trading. You can view your dashboard to see active orders, win/loss ratios, realized profits and total trades.
Exchanges: Binance, Kraken, Kucoin.
Hodlbot
Hodlbot allows you to manage all your trades from a simple dashboard. This software allows you to create a portfolio with more than 350 coins, and customize it according to your needs. The price for this bot starts at $3 per month and allows you to easily rebalance portfolios.
This cryptobot automatically tracks your portfolio. This bot encrypts all your data with SHA 256. It makes it easier to conduct marketing indexes.
Exchanges: Binance, Kraken, KuCoin, Bittrex.
Streak
This bot allows you to backtest, deploy, and make strategic trading choices. Streak is easy to use and does not require any coding skills. It’s also suitable for retail traders. This bot is a simplified trading platform that uses an algorithm to help traders make systematic trades with cryptocurrency.
It helps traders track the market movements and allows them to know when it is time to enter and exit. You can try it for 7 days free.
Exchanges: Binance, Deribit, HITBTC, Okex, Huobi, Kraken, Coinbase Pro, Coinbase, ZB, BitMEX.
Final thoughts
With the increasing attention paid to crypto markets, traders find it easier to use bots to improve their trading strategies. Although bots are able to execute trades and profit from price differences between exchanges, traders still need to have a solid trading plan in order for them be successful.
