The high volatility in the crypto market attracted a lot of traders to cryptocurrency space. The more prices swing, the more people buy it and sell it at a high rate.
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How does crypto trading bots work?
Cryptocurrency trading bot is a software program that integrates with different financial exchanges, usually by using the APIs offered by the same exchanges. After that, these bots place both buy and sell orders for the user, based on the models and algorithms used when creating the bot.
Usually, these programs depend on multiple variables, such as volume, current orders, prices, volatility. In addition, custom bots can be further configured to be more complex and use prediction models or machine learning to increase profit.
Bots can catch the price movement that humans are prone to missing due to uninterrupted activity. The ability to watch all trading pairs, and the lack of emotions.
In the past, these tools were only accessible to large traders who could afford a 24,000 terminal. But with the advent of cryptocurrencies, many new platforms have entered the market. Each offering trading bots at competitive prices.
There are different types of crypto bots out there, but we have selected the best crypto trading bots based on the criteria below.
Evolution of Crypto Trading Bot Platforms
There used to be no trading bot creation platforms, so you had to code an algorithm yourself. This required traders to split their attention between learning trading, programming, and staying on top of the market.
Today there are amazing platforms that offer better user experience and save you the effort and time and allow you to use this technology formerly exclusive to large trading firms only.
You can become a better trader as you are creating the bot, backtesting, and learning about what works and does not in minutes.
Some platforms also allow you to copy trading bots created by someone else that is easy to use and launch. However, that comes with limited transparency and flexibility when it comes to adjusting the algorithms.
Crypto Trading Bot Features
Historical data from exchanges and beyond
In order to create a strategy, you want to make sure that the platform offers enough flexibility when it comes to featured assets and exchanges.
You also want to make sure that historical data for backtesting is available and coming from a credible source.
Before you automate a Trading strategy you might want to do thorough testing to ensure that the algorithm is rock solid and can be deployed with the real assets.
This will advance your trading skills greatly and make you less dependent on others. Results that are detailed, but easily digestible are imperative.
Trading Indicators, candlestick patterns, and more
You need all indicators, candlestick patterns, price action, market caps, and dominance.
What is equally important is how you can combine them. It’s one thing being able to trade with RSI and it’s another to be able to combine BTC dominance with the price of stocks AND RSI.
UI/UX experience is essential, especially if it is designed for an entry-level individual without an extensive background in trading.
Most professional traders rely on different trading strategies. Therefore, we must look at what strategies can the bot implement? What sort of order types it supports, and how much you can customize it?
Ease of use
Most bots include pre-preprogrammed strategies set up and ready to go. In addition, other bots allow the user to program them and create custom trading strategies. The right platform will depend on the coding experience of the end-user.
The convenience and speed that come with cloud-based platforms are hard to overstate. The good thing is that most crypto bot platforms today are cloud-based, unlike their legacy market predecessors.
Best crypto trading bots offer multiple authentication methods such as Two Factor Authentication, API key encryption mechanisms. While choosing a trading bot, we should check for the protection methods. Other than that, privacy policies related to the user's trading data is increasingly important.
Software quality is essential for bot performance. Glitches or bugs can be very problematic and wipe out your positions. While choosing a bot, one must test its features and read reviews by existing users.
Support and knowledge base
As some tools are more complex than other having onboarding calls, responsive chats and educational content is more of a necessity than a perk.
So, without further a due in no particular order, let's list best trading bots.
Best Crypto Trading Bot Platforms
HaasOnline created by the company Haas Online Software, founded by Stephan de Hass in January 2014. It quickly became one of the most experienced companies in regards to cryptocurrency trading bots.
HaasOnline offer bots that are fully customizable, written in the C# programming language.
In addition, HaasOnline can automate altcoin trades and places no restrictions for altcoin pairs.
It is available for Windows and Linux, offering to make trades on a 24/7 basis. The bot itself makes use of over 50 technical indicators that become the basis for any trading decisions made by the program.
For the user, HaasOnline offers insurance services that cover partially lost due to technical malfunction.
The bot is currently compatible with over twenty of the largest and most popular cryptocurrency exchanges, which include major players such as Binance, Bitfinex, BitMEX, Coinbase Pro, Gemini, Huobi, Kraken, Kucoin, and Poloniex.
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HaasOnline Trading Bots
Within the server, you can find over 50 technical indicators, crypto bots, and different types of “insurances” for your bots.
It supports Arbitrage, margin, and leverage trading as well as custom charting functionality. Instead of Marketplace HaasOnline has a community library of scripts and 20+ supported exchanges.
When it comes to actual bot creation the platform is very different from a regular crypto trading bot platform. The interface inside the platform looks more like that of conventional trading software, rather than a simple to use tech.
On top of that as of now, there is no free trial and if you want to get a feel of the platform the only option is to try the demo servers.
All of this makes the platform quite complicated for novice traders and there is no surprise they want to launch a cloud solution. While it’s been a few months since the announcement the cloud version is not yet available.
Free trial and pricing
With no free tier and the most feasible option starting at 0.018 BTC there is a high barrier to purchase a platform that can’t be tested.
Server, complexity, pricing, lack of free trial — all of it makes it harder for HaasOnline to compete with newer more flexible, and transparent platforms out there. Being a leader and offering more than any other platform in the past it is harder for HaasOnline to compete with its rivals.
Also read our HaasOnline review.
CLEO.one is a trading bot creation platform that caters to both novice and advanced traders.
With an emphasis on helping with developing trading skills needed for long term profitability.
It has a simple promise of providing strategy testing and automation and it is very transparent about the offer.
CLEO Trading Bots
CLEO.one has a dashboard for strategy creation and testing using more data than any other platform. You are empowered to create, test, and trade strategy-based bots and so become a better trader by creating your own bots.
With CLEO.one you get the functionality of a programable without learning how to code.
There is also a selection of free strategies that were already tested and paper-traded for inspiration, which can be deployed as bots in a matter of minutes.
You can also take free strategies as templates and adjust them to make it more profitable. Detailed analytics and statistics will come in handy.
Smart Trade functionality is also available with CLEO.one. It was recently enhanced with conditional entry and exit making it the most powerful automated trading solution.
Free trial and pricing
CLEO.one has a trail account, a free account for Binance users, and a starter account from $69 per month.
There is something about CLEO.one’s approach to trading through testing that really attracts traders that seek transparent and flexible solutions.
It allows you to be in control and have the visibility across all the trading bots, strategies and positions.
If you have that curiosity in testing your strategies and want to be able to tweak bots before testing them and test them before launching, then you will definitely find CLEO.one as a great learning tool that has the potential to generate passive income you desired.
Also read our CLEO review.
3Commas is among the most respected trading bots in the market. It is a Russian made software solution, the name alluding to the billion-dollar club. The company is a crypto trading terminal that features algorithmic trading and portfolio management. It features a SmartTrade terminal that allows users to execute orders and trades and stop-loss/profit positions. To date, the service has over 33,000 active users and a daily trade volume, which regularly exceeds $10 Million.
The platform has a 24/7 dedicated support staff for the platform's help desk center, their Twitter and Telegram. They are very active within the Facebook groups and offer support in there too.
The user UI/UX for the platform is intuitive, and it is ideal for beginners. 3Commas supports integration with several cryptocurrency exchanges, including Bittrex, Bitfinex, Binance, Bitstamp, Kucoin, Poloniex, HitBTC, CEX.io, Coinbase Pro, OKex, Huobi, Yobit, and GDAX.
3Commas Trading Bots
When it comes to bot selection — it is wide when it comes to types: from, Gorgon bot, to Advanced bot and DCA bot.
- DCA or Dollar Cost Averaging can be an effective strategy itself while it is more effective when adjusted and used with caution depending on market conditions (like any other strategy). 3commas offers a few predefined conditions for the entry like Quickfingers Luc or “Open new trade asap”.
- The same applies to Grid bot that is based on a range trading, but, again, it can turn ugly if market conditions change fast and currency switches from ranging to downtrend. There is also an option to use AI strategies.
- There are also a few Technical Analysis start conditions like RSI-& or ULT-7–14–28 and if that is what you’re looking for in a crypto bot you should be pretty happy with 3Commas.
- When creating a strategy you can select a coin, amount to trade, and basic parameters like “number of grids to trade.” Experienced traders might find it somewhat limited, random, and confusing. So there is no way you can actually optimize and improve the performance of the bot if that is your goal.
- 3Commas provide quite ambitious stats on their bots profits with no other data available. It makes it hard to compare different bots against each other.
- Paper trading and backtesting is available, but with out-of-the-box bots and a 3-day free trial there is not much to analyze and adjust.
They also provide a marketplace full of trading signals, but again very little transparency or metrics to evaluate different signal providers against each other.
You are unable to see how many other users already use these signals, return since inception, risk and reward ratios, or any performance statistics that actually matter.
Free trial and pricing
You can try 3Commas for free for 3 days and continue using based on a monthly fee starting from $29 monthly fee or $174 per year.
There is also an education program 3 commas sells for $197 to explain how to leverage the functionality of the platform.
It comes with coaching, but the application of the knowledge is quite impractical outside the platform.
3commas cater to crypto traders who are comfortable running bots with limited control. They have quite a few bots to offer with an overwhelming choice of exchanges and assets.
However, more experienced traders might find this combination rather a pandora box than a toolkit for success and better trading.
Also read our 3Commas review.
Cryptohopper was one of the first crypto bot platforms that emerged and similar to 3Commas it offers pre-configured bots with limited flexibility.
From the very beginning, Cryptohopper specialized in copy trading, market-making, and arbitrage bots and that’s what they do best.
They position the product as fast automated trading and portfolio management, which is exactly what you’ll find. They offer a clean and easy to follow interface with easy to use trading bots.
Onboarding is smooth and you’ll find helpful materials along the way.
Cryptohopper Trading Bots
You can deploy a Hopper based on a currency/Exchange template and deploy it. Advanced users can enable certain TA configuration settings and try backtesting while we found it extremely confusing and hard to navigate.
Cryptohopper includes over 130+ indicators and candlestick patterns to use when designing a trading strategy. It features a marketplace where users can buy and sell trading strategies from other traders on the platform, therefore offering an additional source of revenue for successful users.
They support 13 exchanges and officially partner with 5 of them.
Free trial and pricing
Cryptohopper offers a Free tier with up to 20 positions per month and an explorer package starting from $19.00 per month and going all the way to $99/month for the most advanced version.
Cryptohopper offers a clean experience for someone who doesn’t want to struggle with creating a strategy from scratch.
It has a Marketplace full of signals and a free plan to play with. For a serious trader, it doesn’t provide the functionality that will improve you as a trader and get you to that long term profitability.
Bitsgap bot is the most advanced and accurate automated trading solution available, which brings you better management of your digital assets and can be activated under two minutes with just a
few clicks. Yes, that's correct!
● Choose preferred exchange
● Select an AI suggested strategy
● Launch the bot
The bot works solely on calculations and no magic. It will automatically place orders to exchange and will follow the market to utilize every market opportunity even when you are offline. The platform supports more than 30+ famous exchanges and more than 10,000
trading pairs, which covers almost 90% of the crypto trading market.
Alongside additional tools like Stop Loss and Take Profit, Trailing, Backtesting and Signals helps you the users to safeguard their investments. Also, Bitsgap rebalances the bots even if there's a technical glitch on an exchange to protect the user's trade, one of their most unique features.
Also read our Bitsgap review.
TradeSanta is a platform for automated crypto trading that offers you a chance to utilize your knowledge about the cryptocurrency market by running one or several bots.
The service was launched by a group of enthusiasts in 2018 when the hype was behind, but the reasonable traders stayed in the niche.
They founders saw their mission in bringing automation to literally every trader interested in earning crypto: from ultimate beginners to professional day traders.
Compared to the services already listed here, TradeSanta is being positioned as a super simple but that is quite easy to set up. Basically, you only need to have an account with Binance, HitBTC, Bitfinex, Bittrex, UPbit or Huobi to automate your trading process.
Create an access point in the service’s dashboard, insert your API secret key into the field and proceed to build your own trading bot.
While building your own bot, you can choose a strategy to trade, a pair, a take-profit target and add several signals.
An unlimited free plan with up to 2 bots looks advantageous compared to the competitors because it gives you a chance to test the waters, and basically you can do it as long as you want.
Also note that while signing up with the platform, you automatically get an additional 5-day trial with up to 49 bots.
In a nutshell, TradeSanta is a cloud-based software that allows you to trade on top of 5 most prominent crypto exchanges and set up your strategies manually if you wish to.
Also read our TradeSanta review.
Zignaly is a newcomer to the cryptocurrency trading bot world. The company was founded in 2018, in Madrid, Spain by David Coronado and Bartolome Bordallo. The system uses a cloud-system that connects to cryptocurrency exchanges through the use of APIs, allowing trading orders to be made automatically.
For now, Zignaly has only managed to achieve integration with Binance. Because Zignaly is still in its beta, the price for the subscription to the platform is currently kept at $15.99 per month.
The company offers a trading terminal that aims to unify trading across multiple exchanges. It also provides strategies that are natively not common in exchanges. As an example, a trader can place Trailing Stop currently not possible on any exchange. Users can use hundreds of indicators available in tradingview to execute trades via the platform.
Currently, TrailingCrypto offers integration with Huobi Pro, Binance, Poloniex, Bittrex, Coinbase Pro, KuCoin, Cryptopia, CEX.IO, Hitbtc. The prices range from $8.34 to $11.99 every month, making it the cheapest among all trading bots.
Also read our TrailingCrypto review.
Frequently Asked Questions
Yes, trading bots are legit if cryptocurrency is legal in your jurisdiction. Algorithmic trading is has been used in the traditional finance from decades and now available for everyone in crypto world.
Yes, they do but as you know there is no free lunch. Therefore, you need to work on trading strategies, you need test them and tweak them as market condition changes. But sure trading bots works.
Yes, If your trading strategy is good, trading bots can be very profitable.
Yes, trading bots really worth it. A one good day of multiple trades can bring you enough which not only pay the cost of trading bot software but also can bring a lot of profit.
Other Crypto Trading Bots
While exchanges are busy spending time more on launching new tokens and assets only to increase their trading volume, platforms like Mudrex are actually working on the right problems and are making sure that traders actually end up making some money!
If you’re a crypto trader who loves using crypto trading bots, Pionex will be your first choice. Pionex provides simple tools for trading automation.
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