Crypto trading bots could be one of the best tools for managing a crypto portfolio, especially when you are away from crypto trading. But the problem is that there are many misconceptions about crypto trading bots, whether they will make you rich or not.
We will show every dark and good side of crypto trading bots and also talk about some of the best trading bots that provide platforms and some good trader’s views on crypto trading bots.
So with no delay, let’s start.
What is a crypto trading bot?
Crypto trading bots are software, API, or app that helps you to increase your portfolio by selling and buying cryptos at the correct time.
Some crypto bots require to deposit while some directly connect to your wallet. The ultimate goal of crypto trading bots is increasing your portfolio and reducing risk and time. One thing to remember it work automatic but all setting is done by you.
How crypto trading bots work?
It’s not rocket science; it’s a simple API created by humans. Some trading platforms provide free bots for their traders, while others prefer paid bot APIs. You can also make trading bots or hire developers.
The working ability of trading bots is different depending on the types of bots. When you connect trading bots to your wallet and set it up, it will start selling and buying crypto automatically at the best price. Again, remember you will do all settings.
Why use a trading bot platform?
The crypto market always opens; it doesn’t sleep on holidays or at night like the regular share market. So you have to keep an eye on the news and current events that can affect the crypto price. If you do this, then you don’t need crypto trading bots.
Time: A crypto trading bot can save you lots of time on regular trading platforms. You have to sit and watch the market carefully, which consumes time and makes you feel bored when the market doesn’t go as you want, so a crypto trading bot can solve this problem.
Event Opportunity: Suppose after long trading you take a few hours of naps and something big happens in the crypto market. Just imagine Elon Musk Twitt on Dogecoin after his Twitt DOGE price goes from $0.005 to $0.06 in just a few hours, and you lose this opportunity because you were sleeping.
Quick profit: The crypto price being very volatile means a high chance of profit and loss too, but you can reduce this loss if you start with a low amount. Set profit targets and don’t fall into a quick profit trap.
Types of Cryptocurrency Trading Bots?
Based on working ability, there are many crypto trading bots in the market. Some are free, while others are paid, but all trading bots will work on your strategies.
Arbitrage: This trading bot is the best and most popular among the users. It compares the price of trading crypto on different exchanges or markets and buys and sells quickly when it finds the best price.
Copy Trading: You already heard about copy trading. Copy-trading is popular among the newbie’s users. These trading bots show you which trader is getting the most return and allow you to copy his or her trading setup on your bots.
Trend Follow: This trading bot aims to identify gains from momentum, meaning if you think this coin will continue to grow, then try this trading bot. If you don’t know the trend, follow it, then go to CoinMarketCap, click on your coin, and scroll below. You will see trends like 80% buy and 20% sell.
Market Making: A market-making strategy is based on continuously buying and selling crypto assets (on both sides of the order book) to capture the spread between the buy and sell price as the price fluctuates.
Picking up a crypto trading bot.
No one, no witch trading bots, is best or profitable. But you can choose some criteria or compare them with others.
How much pro you are in crypto trading? If you think your profit background is strong, then you’re welcome.
If the platform gives a free trading bot, then try it; it does not jump directly on paid bots.
Do not go for a long subscription; try some weeks or months if profitable, then stick with it or say goodbye to another.
If they have managed >$100 million and have a good track record doing so, you should probably bat on.
There are four types of crypto trading Arbitrage, copy trading, trend following, and market making are all of these. Arbitrage could be the best.
Forget about the marketing malarkey surrounding the company and ask yourself: Would you trust this person with your money?
10 best crypto trading bots.
Trality Trading Bots.
Connect your Binance, Bitpanda, Coinbase Pro, and Kraken account with Trality high algorithm crypto trading bots.
Founded in Vienna in 2019 by Moritz Putzhammer and Christopher Helf, the platform has quickly become a popular choice for both beginner and advanced crypto traders.
It offers one trading with the limit amount, but you can if you satisfy with the service.
Features.
- Cloud-based live trading.
- You can choose to change different exchanges from multiple locations.
- Access your bots on the web and mobile.
- High security, funds, and bots are completely sandboxed and stored encrypted.
- Code editor with Python and a drag-and-drop graphic editor.
Price.
- Free: 1 bot and a €5,000 trading limit.
- Paid: 2 to 10 bots for €9.99 to €59.99 with unlimited trading value.
Exchange: Binance, Bitpanda, Coinbase Pro, and Kraken.
CoinRule Trading Bots.
Nob in trading bot setup, then try Coinrule with automatic trading mode. It supports a vast number of exchanges that help you go more price-deep.
Features.
- 150+ trading template strategies.
- Private trading community guide.
- Limit orders (This is the best features)
- There are a vast number of exchange-supporting platforms.
- Test rule performance on past data.
Price.
- Free: 2 bots with a $3k limit.
- Paid: 7 to 50 bots with up to $50k–$3m value and other advanced features.
Exchange: Binance, Okex, HitBTC, Bitstamp, Kraken Bitfinex, Liquid BitMEX, Coinbase Pro, and Bitpanda.
CryptoHopper trading bots.
Another most promising automated crypto trading bot that gives impressive algorithms and infographics. It provides copy traders, manages all your exchange accounts, uses market-making and exchange/market arbitrage, and simulates or backrests trading.
Where other trading bots support BTC, ETH while CryptoHopper supports 100+ coins including BTC, ETH, from multiple crypto exchanges.
Features.
- Provide high security and privacy.
- Support 100+ cryptocurrencies for trading.
- Support 10+ crypto exchanges.
- Impressive algorithm and infographics.
- Social community trading platforms.
- Have all four types of trading bots.
Price.
- Free: 1 bot and a few features.
- Paid: Different types of bots for $19 to $99.
Exchange: Binance, Binance US, BitFinex, Bittrex, Bitvava, Coinbase Pro, HitBTC, Huobi, Kraken, KuCoin, OKEx, Poloniex.
3Commas crypto trading bots.
These are well-known platforms for crypto trading bots among users. The platform is easily accessible on desktop and mobile and can connect to your crypto exchanges. It offers 23 major crypto exchanges.
Features.
- Advance trading infographics.
- Copy-trading settings are available.
- Accessible on desktop and mobile apps.
- Support all major crypto exchanges.
- Community and social help support.
Price.
- Free: one bot and one exchange.
- Paid: multiple bots and exchange for $14 to $49.
Exchange: Binance, Bitfinex, BitMEX, Bittrex, Bybit, Bitstamp, Coinbase Pro, Gate.io, Cex.io, Exam, Huobi Global, KuCoin, HitBTC, Kraken, Poloniex, OKEx, and YoBit.
Pionex crypto trading bot.
Pionex has been running for over 2 years. It provides 12 free crypto trading bots, so forget about a monthly subscription. Currently, it supports two exchanges: Huobi Global and Binance.
Features.
- Free 12 crypto trading bots.
- The trading fee for makers and takers is very low.
- Smart trading dashboard interface.
- Have listed all the popular coins.
- High security and has been running for 2 years.
- 10 different types of crypto trading bots.
Price.
- Free: 12 crypto trading bots.
- Paid -?
Exchange: Huobi Global, Binance, and Pionex.
CryptoHero Trading Bot.
Meet your next crypto trading bot powered by AI. You can easily use this bot on your laptop or mobile device.
You can create a bot and connect with the popular crypto exchange in any device currently it supporting 4 exchange.
Features.
- Easy to handle parameters.
- Short and long strategies.
- Run bots through historical data to get performance metrics.
- Simulate trading on Binance without risking actual assets.
Price.
- Free: 3 trading bots with 1 connected exchange.
- Paid: 15 trading bots with 3 connected exchanges for $9.99/month.
Exchange: Bittrex, Huobi, Binance, OKex.
Bitsgap crypto trading bot.
If you want crypto trading bots with a large number of crypto exchanges supported, then here Bitsgap supports 30 crypto exchanges. Not just exchange; you can also manage 10,000+ crypto pairs.
Features.
- Supporting a vast number of crypto exchanges.
- The dashboard is easy to monitor.
- Free 14-day demo trial.
- provide arbitrage-type bots.
- Trade Bitcoin, Ethereum, and any other coin currently on the market.
Exchange: Binance, OKex, Kucoin, Kraken, FTX, Bitfinex, Huobi, Coinbase Pro, Bittrex, HitBTC, CEX, Poloniex, Bitstamp, Coinbene, ZB.com, Gemini, Gate.io, Liquid, LBANK, TheRock Trading, EXMO, Bit-Z, Bithumb, and Bibox.
Napbots.
This is one of the best copy trading bots. Users can copy the trading strategies of other traders into their bots. It supports eight crypto exchanges, but sadly, it doesn’t give a free account. A 7-day free trial is available.
Features.
- Copy-trading bots.
- A vast number of supported pairs.
- Create own mix trading strategies
- Full control over your trades in just a few clicks.
Price.
- Free: No.
- Paid: €7–€99/month.
Exchnage: Binance, Kraken, Bitfinex, Bitmex Bitstamp, OKex, Bitpanda, and Phemex.
ProfitTrailer crypto trading bot.
Trade your crypto with advanced ProfitTrailer bots. Over 40 built-in indicators and the ability to process your TradingView alerts through an addon. It is available on all devices.
Features.
- A modern dashboard to get a full overview of your trading.
- Multiple trading pairs.
- Nob traders friendly.
- Trader social community.
Price.
- Free: 2 bots and Binance, Kucoin, and Bybit exchanges.
- Paid: 2 bots and all exchanges with other features for €30/month.
Exchange: Poloniex, Bittrex, Binance, BinanceUS, Binance Futures, Binance DEX, Kucoin, Huobi, BitMEX, and Bybit.
Mudrex crypto trading bot.
This is one of the best transparent crypto trading bots, has a wide variety of bots based on our risk appetite, and a pricing model that is by far the best we have seen.
If you are a bot creator and have the best trading strategies, then publish on Mudrex and earn money.
Features.
- The best transparent trading bots.
- Publish your strategies and earn money.
- Simple and effective dashboard.
- Offers historical data to test strategy.
Price.
- Free, yes.
- Paid: charge percentage based on investing money.
Exchange: Binance, Coinbase Pro, OKEX, BitMEX, Deribit, and Bybit.
Are Crypto trading bots profitable?
This is a very controversial point. No one actually knows whether trading bots are profitable or not. But in all of these, one thing is clear: it is not for investors.
A crypto trading bot has a different algorithm so you can not say my bot good and your bot bad or my bot bad and yours bot good.
You can see lots of topics about whether crypto trading bots are profitable or not on Reddit and collect some information.
All commercial bots I’ve tried lost money compared to buy and hold, no matter what settings were tried. — interferon
If bots worked, everyone would use them. This does not discount the private bots used by BlackRock and other massive trading firms. We will never have access to the data and teams of devs that they do. — vibrate
Risks of Crypto Trading Bot Platforms?
A trading bot is an API, not Altron, that will make you rich in a second, so be ready for losses if you are using crypto trading bots.
Paid crypto trading is very expensive, so your first aim is to cover the bot fee, then profit.
The bot’s developer is unknown and you don’t know where you depositing your crypto maybe after profit it refuges to withdrawal your money.
Hidden fee another problem of crypto trading bots and they are pros in stilling users’ data.
Everythings is unknown showing, and actual trading bots’ features could be different.
Crypto trading bots cannot make you rich overnight but have a higher chance to make a big profit, so beware. And one more thing: before buying any crypto bot, make sure you trust it; otherwise, you don’t know where it is.
By the way, what do you think about crypto trading bots? Tell us, have you ever used a free or paid crypto trading bot, and what was your experience?
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