Trading Bots for Cryptocurrency

Trading is one of the most dangerous ways to make money. That's it; I said it. It's extremely volatile, and people's decision-making processes are often slowed, constrained, and influenced by their emotions.

Trading cryptocurrency is considered "impractical" by some since even skilled traders have bad days. Some people have a horrible quarter.

No one can correctly forecast the outcome or price range of any token, thus people can only guess. We can only make educated estimates based on facts, historical data, and, occasionally, feelings. Furthermore, not everyone has the time or resources to complete all of the required processes and research in order to become a successful trader. As a result, someone devised a solution to this difficulty.

Trading bots were created specifically for this purpose.

Crypto trading bots can trade 24 hours a day, seven days a week, have no emotions to corrupt their judgement, and can perform computations much beyond the human brain's capabilities. It analyses the market and determines the optimal time to purchase and sell each token using a series of algorithms and programmes (this is just one strategy, of course).

However, not all trading bots are profitable. The majority of them lose to the market. At the end of the day, a crypto trading bot is only as good as its designer, so we've compiled a list of the top trading bots available right now.

Is it safe to trade on autopilot?

Because we're talking about your money, it's critical to constantly DYOR (Do Your Own Research), which is why you're here. Because we aren't certified experts on this, it's also crucial to highlight that I am not a financial advisor, so take everything with a grain of salt and consult numerous sources before pulling out your credit card.

Is auto trading, then, risk-free? The majority of the time, the answer is yes. Especially if they are licenced by governmental organisations like FinCen and are a legal entity rather than a collection of free bots you obtained off the internet.

Of course, there will be charges, but they are a small thing to pay for your piece of mind.

So, what exactly are trading bots and how do they operate?

What exactly are trading bots, and how do they function?

To put it simply, they are scripts or platforms that run on particular rules that you establish so that you don't have to conduct the buying and selling manually. Buying low and selling high is the core concept. But, in order to generate a profit for their users, trading platforms and bots perform more intricate calculations, so it's not as simple as "buy when the chart is red, sell when the chart is green."

These trading bots can also be used to implement a variety of methods (both manual and automatic) developed by genuine human traders. Grid Trading and Arbitrage Trading, for example, are two of the most frequent.

Grid trading entails purchasing when the price is low and selling when the price is high. Arbitrage trading is when you use distinct market price disparities to play with.

For example, if you can buy BTC for 1% less on Marketplace A than on Marketplace B, you'll obviously buy it there... and then sell it for a fast and tiny profit when it is being traded higher.

There are many of solutions available, but discussing them would necessitate at least three separate blog posts. After all, aren't you here for the bots? As a result, they will be able to carry out these tactics for you.

So, let's get this party started!

1.Pionex

Pionex is the first cryptocurrency exchange platform to provide its consumers with free crypto trading bots. There are already 16 trading bots built-in for each account that customers can utilise, so it's a full suite of tools with only the transactions you make costing you money.

Pionex is based in Singapore, and they've been in business since 2019. They've also been granted MSB (Money Service Business) status by FinCen, which is a big plus.

Even without prior expertise, experts and newcomers will be able to utilise Pionex with ease. Pionex, on the other hand, does not offer a demo account for newcomers to practise with. But, with a website that offers their service for free and 16 trading bots to choose from, what more could you ask for?

Fees: Pionex does not charge a subscription cost; instead, they charge a transaction fee of only 0.05 percent each trade, which is quite low when compared to other platforms that charge even more on top of a subscription fee.

Pros

• There is no charge for membership.
• Trading fees are as low as 0.05 percent per trade.
• Over 40 cryptocurrencies are supported.
• Simple and straightforward to use.
• Has an AI strategy option that analyses the previous seven days of trading data to find the optimal course of action.

Cons

• There isn't a demo account available.

Rean's note: This may come off as biassed, but Pionex was the first crypto trading bot I tested (only a few days before writing this article), and as someone who is new to the whole process (automatic trading), I believe it to be incredibly user-friendly. The good news is that I'm still making money right now, so I'm keeping my bots running.

2. SantaTrade

Users of TradeSanta can also trade bitcoins automatically without having to be too hands-on. They offer their services for a very low monthly fee, ranging from $14 to $30. Unfortunately, their free trial is only valid for three days.

Binance, HitBTC, Houbi, Coinbase Pro, OKEx, and other crypto exchanges are supported by TradeSanta.

TradeSanta charges three (3) tiers of fees. Basic plan costs $14 per month, Advanced plan costs $20 per month, and Maximum plan costs $30 per month.

Pros: It works with a wide range of cryptos.

Simple and straightforward to use.

There are numerous useful features.

Subscription prices are reasonable.

Cons

There isn't a free account available.

3.  cryptocurrency hopper

Cryptohopper is a programmable bitcoin trading platform that may be automated. Users can specify specific targets for automated trades without having to supervise them. For example, you can programme your trading bot to benefit when your investment grows by 1%, 2%, 5%, and so on, or to terminate the transaction if the market value of the coin falls below a specific percentage.

Experienced investors can programme their bots to give a special touch to their portfolios. Cryptohopper includes a marketplace where newbies who aren't confident enough to create their own plan can purchase strategic programmes.

They also provide demo testing, which allows you to run your software and observe how it performs without putting your money on the line.

Binance, OKEx, Houbi, Kraken, Bittrex, Coinbase Pro, Cryptopia, Poloniex, and Kucoin are among the nine major crypto exchanges that Cryptohopper now supports.

Cryptohopper is a fee-based service. However, they do provide a 7-day trial, after which the Explorer plan will cost you $19 per month, the Adventure plan will cost you $49 per month, and the Hero plan will cost you $99 per month.

Pros: It accepts over 75 different cryptocurrencies.

Simple and straightforward to use.

There are numerous useful features.

Cons

There isn't a free account available.

4. Shrimpy 

Shrimpy is more than a standard trade platform. It also connects all of your different exchange accounts, allowing users to effortlessly manage their portfolios and have quick access to their accounts when trading.

Its user-friendly UI also makes navigating the platform much easier for new users. It also provides copy trading features, which allow unskilled users to mimic top-performing traders' real-time deals.

If you're a seasoned trader, you may also enter your plan and have the system automatically execute it for you. You won't have to be as hands-on, and you'll have more time to accomplish other things.

Binance, Kucoin, Kraken, Gemini, Coinbase, and others are among the 16 crypto exchanges supported by their platform.

Monthly fees are $19 for the Starter plan, $79 for the Professional plan, and $299 for the Enterprise plan. Unfortunately, there are no free accounts or trials available.

Pros: It works with a wide range of cryptos.

Simple and straightforward to use.

There are numerous useful features.

Cons

There isn't a free account available.

There are no free trials available.

5. Napbots

Napbots supports all major cryptocurrencies, including Bitcoin, Ethereum, EOs, Binance Coin, Ripple, and others, despite the fact that they only function with a few cryptocurrency exchanges.

Fees: They don't provide a free tier, and their plans start at €19 for the Silver membership, €49 for the Gold subscription, and €99 for the Platinum subscription, all of which are paid monthly.

Pros

• Provides effective market-beating tactics and features.
• Most liquid currencies are supported, including Bitcoin, Ethereum, Binance Coin, and others.

Cons

• There isn't a free account available.
• Only a few exchange systems are compatible.
• Napbots charges a $2 monthly commission.
• A minimum investment of $1000 is required.

6. 3commas

3commas is a programmable smart trading platform similar to Cryptohopper that allows traders to define settings and specific instructions to make it follow their winning approach. If you're a beginner, you can also mimic the trades of the platform's best-performing traders.

Binance, Huobi, KuCoin, Bitfinex, Yobit, Bittrex, Bitstamp, Poloniex, Cex, HitBTC, GDAX, and OKEx are among the 12 cryptocurrency exchanges that offer 3commas' automated trading service.

Users can try out their service for 7 days for free, after which they'll have to pay for the paid plans if they want to keep using it.

Fees: As you may be aware, 3commas is a paid service. The Starter plan will set you back $29 per month. The Advance package costs $49 per month, while the Pro package costs $99 per month.

Pros: It works with a wide range of cryptos.

• Simple and straightforward to use.
• There are numerous useful features.

Cons

• There isn't a free account available.

7.Coinrule

Coinrule's creators noticed that the crypto market was "unnecessarily convoluted." As a result, when they established Coinrule in 2017, their major goal was to create an easy-to-use platform that anyone could utilise.

They even have a free plan for individuals who can't afford or don't want to pay money. They have three (3) premium tiers in addition to the free plan that offer additional features and functions.

Binance, Coinbase, Kraken, Bitmex, and other cryptocurrency exchanges are supported by Coinrule.

The Hobbyist plan is $39.99 per month, the Trader plan is $79.99 per month, and the Pro plan is $499.99 per month.

Pros: It works with a wide range of cryptos.

• Simple and straightforward to use.
• There are numerous useful features.
• There is a free version available.

Cons

• There is no mobile app.

8.  Stoic

Stoic is also a bitcoin exchange that provides automatic trading bots for quick trades without your involvement. All you have to do is specify goals and parameters, and the trading bot will make a trade for you if those conditions are met.

They also offer features that allow users to link their accounts and access them with the click of a button. Stoic's mobile application also allows users to manage their accounts.

Stoic works exclusively with the Binance exchange, which accepts BTC, ETH, BCH, and LTE.

Stoic does not charge a subscription fee, however they do deduct a 5% annual fee from your account.

Pros

• Fees are low.
• Simple and straightforward to use.

Cons

• Only the Binance exchange is supported.
• Requires consumers to deposit a minimum of $1000. 

9. BitUniverse

Another cryptocurrency tool that allows users keep track of their portfolio and market values, all written out in a simple fashion that makes it easy for traders to comprehend. This decreases the amount of time that users have to spend merely to keep track of everything that’s been going on.

BitUmiverse assists its users by performing all of the tasks that a trader must perform in order to improve their judgement and decision-making. It can also be programmed to trade on its own.

It integrates with more than 26 cryptocurrency exchanges, including Binance, Bittrex, Bitfiner, Coinbase, Kraken, Kucoin, and others. There are currently around 6000 cryptos accessible.

Fees: They have two different plans to choose from. All of the fundamental tools and functionality you'll need to manage your cryptos and portfolio are included in the Free plan. The Premium plan, on the other hand, will set you back $20 a month and give you access to all of the platform's benefits and features.

Pros

• Simple and straightforward to use.
• There are numerous useful features.
• Subscription prices are reasonable.
• There is a free version available.

Cons

• There is no option for paper trading or demos.

10.One Button Trader 

It only takes one button to design a bot that is tailored to your trading style and risk appetite, so you can sit back and relax while OB trader takes care of the rest.

As if cryptos weren't confusing enough, certain platforms make the process much more difficult. As a result, they created this software to be simple to use and full with all of the information needed to execute successful deals.

Binance, Bitvavo, Binance US, Bitpanda, and Kraken are currently supported by OB trader. And there will be many more in the future.

Fees: OB trader offers a free plan, however premium plans come with more features and perks. The Traveler plan starts at $29.99 per month, the Venturer plan at $125.99 per month, and the Voyager plan at $549.99 per month.

Pros

• It's quite simple to use.
• A safe and secure environment.
• Subscription prices are reasonable.

Cons

• Only a few exchange platforms are available.
• Only works in quarter-hour intervals.

Finally

Because the efficiency of a select few Crypto trading bots has been verified and confirmed to perform against bear and bull markets, I strongly advise you to cross-reference what you read here with other sources – this is the appropriate approach to DYOR, especially when dealing with large sums of money.

Please note that this blog article does not contain any financial advice; its sole purpose is to provide you with an overview of the top crypto trading bots from which you can choose as a first step toward learning how to trade smarter.