Guide to Crypto Trading Bots & 6 the best platforms
Trading bots are software programs that help in managing trades. These crypto trading bots work with the help of algorithms to communicate with exchange platforms. With trading bots, you can be able to get the available market information. They also help to put sell and buy orders for traders according to program rules.
Analyzing several market actions helps cryptocurrency trading bots to make the right decisions. These actions can be in the form of prices, the number of orders, and trade volume.
Traders have the chance to reset parameters from trading software to their preferences. When talking about trading bots, traders have three kinds of options to select.
There are free bots that operate on open source platforms. The third party bots will need a trader to pay a fee and get a license of operation.
Expert traders can create & customize their trading software to suit immediate needs. In this context, you’ll see some result-driven trading bots that can serve traders for a long time.
How To Select The Best Cryptocurrency Trading Bots?
In picking the best trading bots, it is expedient to follow certain crucial factors. These factors will guide you to make the right decision when choosing trade software.
Comfort / Ease Of Use: Ease of use is the fundamental thing behind selecting a trading bot. In making crypto trading easier, using software for metric measurement can help. A result-driven crypto trading machine should be simple to use. Traders should check if the bots can operate with a couple of clicks.
Profit / Gain: The most crucial factor when selecting crypto trading software is profitability. When talking about profitability, it can take a long time to find the right product. The real reason for choosing trading software should be on how profitable it can help you.
Reliability / Effectiveness: Before settling for a specific bot ensure that they are reliable. If the software stops operating or lags, you may lose a powerful profit opportunity. Doing thorough research & reading reviews will help you know the reliability of bots.
Transparency: Transparency is the real thing that drove cryptocurrency to high popularity. The entire blockchain and digital asset operations are transparent without concealment. The truth is that you will not find any foul play when dealing with crypto trading. When choosing trading bots, ensure that they are transparent.
Another point to look at is selecting a bot is to engage yourself with the community and company that behind them. Are they trustworthy? Do the team seem active?
Security: If anything goes wrong, you’ll have to blame only yourself in crypto. Remember that your funds are accessible when using trading bots. With a new trading program, security can be a challenge. Performing thorough research will help in knowing the security level of trading software.
Trading Bots Review:
3 Commas remain one of the most recent crypto trading software in the market. The excellent profits that people see from 3 Commas are beyond anticipation. Even at the period of bear crypto markets, the system has been able to provide results. During cryptocurrency bull operations, 3 Commas can help with more gains. With this software, traders have the chance to trade a plethora of digital assets.
The 3 Commas trading software is in full operation 24/7. It supports Binance, KuCoin, Poloniex, Bittrex, and BitFinex. The professional package of the software is eighty-two dollars. For starters, the 3 Commas trading bot is around twenty-four dollars. If you want to enjoy the crypto trading market, 3 Commas is the right software to use.
Pros – 3commas
- It can trail any digital asset market
- 3 Commas can help you close trade at the best profitable level
- Accessing the software is possible via its website
Cons – 3commas:
- It is expensive
Find out more on their website https://3commas.io
Crypto Hopper is also a new digital asset trading software in the market. The touch of effectiveness and reliability of this bot have been a source of joy. The features of the Crypto Hopper are helpful despite being new in the market. Most trading bots end up operating on local machines. It means that you can use them only when your personal computer is on.
The cloud technology is the operating house of the Crypto Hopper trading software. It implies that the bot is always in operation 24/7. The cloud technology gives the chance of placing trades with Crypto Hopper at nights. It is a cryptocurrency trading bot that brings you a plethora of advantages. Expert traders can as well customize their settings when using Crypto Hopper.
Backtesting, templates, technical analysis, and trailing stops are features that make it exceptional. With technical analysis, it is easy to configure and customize your trading settings. Using the templates from the software can as well help for setting configuration. The actual price tag for using the product is nineteen dollars every month. The highest price for using the Crypto Hopper software is ninety-nine dollars.
It supports popular exchange platforms like BitFinex, Kraken, and Poloniex. Coinbase, Bittrex, KuCoin, Huobi, and Binance are other exchange platforms that support Crypto Hopper. For traders willing to spend extra funds on a trading bot, give Crypto Hopper a try.
Pros – Crypto Hopper
- It is easy to use than most trading bots in the market
- A novice trader will enjoy the gamut of features this bot offers
- There is an integration signaler in the design of the bot. It means that on autopilot, the system will unleash powerful results
- New traders do not need to set trading signals when using this product
Cons – Crypto Hopper
- It works with local trading machines
Find out more on their website https://www.cryptohopper.com
In the world of cryptocurrency trading, Shrimpy remains a leading system. The real area of operation of Shrimpy is the portfolio management environment. Rebalancing is a fundamental portfolio technique that Shrimpy uses to operate. Creating an account on Shrimpy will help in automating your portfolio within minutes.
It will help to insert a rebalance time, choosing assets, and adding exchange API keys. Using Shrimpy will help you handle crypto activities with ease. The API system of this product operates in the form of a full management solution. Shrimpy also provides users the opportunity of communicating with other people.
It is a way of collecting data, implementing trades, and accessing an account. With low latency trading, Shrimpy is one of the best applications to use. If you are using the Shrimpy API keys, then forget about spending money on maintenance. The customer support is always available to handle updates and exchange integration. Shrimpy supports exchange platforms such as KuCoin, Kraken, Binance, Coinbase, and Bittrex.
Bibox, Gemini, Huobi, Poloniex, Bitstamp, OKEx, and BitMart are other platforms supporting Shrimpy. Shrimpy comes for free and up to 8.99 dollars every month. The free package makes you enjoy exchange management, rebalancing, trading, and portfolio allocation.
Pros – Shrimpy:
- The management and user authorization processes on Shrimpy are excellent
- Shrimpy provides real-time analytics and information
- Perfect automating trading and low latency order implementation
- It provides product and business scaling
Cons – Shrimpy:
- It centralizes more on portfolio management
Find out more on their website https://www.shrimpy.io
CryptoTrader is a popular trading bot in the cryptocurrency world. The traction of this software is a product of its operation in cloud technology. The popularity of CryptoTrader is increasing is because of its 24/7 availability. Traders can access this bot from anywhere there is an internet connection. Binance, Coinbase Pro, Kraken, Bittrex, KuCoin, and Poloniex are popular exchange platforms that support CryptoTrader.
It is crucial to know that the CryptoTrader software may not be free to use. The cost of using the software begins at sixteen dollars a month. With premium features, you can enjoy the product at two hundred dollars. There is always support when using automatic trading for all offers. The simple plan of this software will help you trade with a small amount.
A high trade volume is perfect if you want to use the premium offer of the bot. If you like algorithmic trading, then CryptoTrader is the right software to use. It will also help you personalize your setting with ease. The automation feature of this trading is full. Using the sell and buy techniques is something that the CryptoTrader offers you.
Pros – CryptoTrader:
- It comes with a high customizable feature
- The software produces trading signals wherever you are. Getting email alerts and SMS notifications are ways the CryptoTrader provide signals
- With pricing, this trading bot provides high flexibility
- Most cryptocurrency exchanges can work with this software
- Backtesting works well with CryptoTrader
Cons – CryptoTrader:
- Beginners may find it hard to use and understand
- It is expensive
Find out more on their website https://cryptotrader.org/
It is one of the best automation trading bots that you can find today. With only one dashboard, it is possible to automate your technique using HaasOnline. There is total granular management for the user when operating on HaasOnline. With this feature, it is possible to get several signals when using the software.
The subscription process of this trading software is always every quarter. With .04 BTC, you can enjoy the subscription process of HaasOnline. OKEx, Coinbase Pro, BitFinex, Binance, Poloniex, and KuCoin are exchange platforms it supports.
Pros – Haas Online:
- It supports a gamut of exchanges
- It gives you the chance to enjoy arbitrage offers
- HaasOnline is simple to use
- It is not expensive for prospective members
Cons – Haas Online:
- May not have extensive features like most premium trading bots
Find out more on their website https://www.haasonline.com/
Zignaly is still operating in its beta phase. If you are planning to use the beta edition of Zignaly application, then get it for free. One thing is evident; this trading software will help you accumulate profits. Many crypto fans like using this software today due to the result it produces. Zignaly comes with total transparency for you to harness its complete information.
Interacting with the creator of this software is easy due to its simplistic interface. Using the beta edition will not cost you a dime. Besides, getting full premium features will need you to make some payments. In enjoying chart analysis, there is the API inclusion that helps you get the best. Upgrading your trading techniques is possible when using Zignaly.
Pros – Zignaly:
- Zignaly have worked hard to create an openness between their product and what it can bring crypto traders
- It has proven to be reliable, efficient, and reliable
- It is flexible in operation
Cons – Zignaly:
- It only supports Binance exchange at the moment
Find out more on their website https://zignaly.com/
Benefits Of Using Cryptocurrency Trading Bots:
It is right that the review of each trading bot above is real and factual. Do you know that using trading bots can come with extra advantages? Keep reading to see some reasons why you should use a cryptocurrency trading bot.
1 ) It is crucial to know that crypto remains a volatile digital currency.
The bighorns of the market can change the cryptocurrency system. There will be an error in calculating cryptocurrency due to price changes. When this occurs, you may end up placing wrong orders. Trading bots are different.
Trading bots are in a direct link to your funds and do not need human emotions for operation. The functioning of the bot will not experience any impact from market manipulation. Bots are by their nature emotionless.
2 ) The efficiency level of trading bots is beyond anticipation.
These products can analyze the market structure of a plethora of digital assets at the same time.
They have the strength to help you place an order after finding an open section. Human beings only have the know-how to check the market structure of one digital asset.
When human beings turn to check the market structure of another asset, losing opportunities may occur. These automation machines are better with efficiency than human beings.
3 ) It is impossible to monitor their investment by being in front of a PC all day.
Human beings need to sleep to help them function well. It is crucial to know that the market controlling digital assets does not sleep at night. With this, people may be missing out on the best part of the market. Cryptocurrency trading bots will always operate 24/7 even when human beings sleep. When using trading bots, you will not miss any opportunity in the market.
4 ) Traders may spend several minutes before placing an order.
The truth is that machines can work at a higher speed than human beings. Since cryptocurrency is volatile, it is good to act faster when placing orders. And the bots will help you to place trades faster. The increasing speed of trading bots gives them an advantage over human beings when placing trades.
The reliability and efficiency of the crypto trading bots are crucial to any trader. Fraudulent actors are everywhere on the internet looking to take advantage of novice traders.
If you want to make money with trading bots, then use the factors in this article. It will help you know the right product to use in a time of need.
Check out our trading section for more tips
Go CryptoWise guides related to trading
- Guide to Cryptocurrency Markets
What is a crypto market cap – all you need to know
The best way to investing in cryptocurrency
The top 9 crypto exchanges in 2019
Per Englund – Founder of Go CryptoWise a cryptocurrency and tech fan that wants to see better and smarter products and services that makes our lives better and easier