The high volatility in the crypto market attracted a lot of traders to cryptocurrency space. Since contrary to popular belief, the nominal price of an asset is not the crucial aspect for traders, but its volatility.
The more prices swing, the more people buy it and sell it at a high rate. Therefore it makes more profits for the traders and higher fees for the exchange. It has led to the extensive use of trading bots, which we discussed in a previous post.
In this article, we’ll see five best crypto trading bots. But first.
How does trading bot 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.
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.
Check out the complete list of crypto trading bots on CoinCodeCap.
There are different types of crypto bots out there, but we have selected the best crypto trading bots based on the criteria below.
Testing a trading strategy using historical market data is called backtesting. While choosing a cryptocurrency trading bot, we should check it’s backtesting capabilities.
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.
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.
Trading bots offer different pricing plans, such as subscription-based, one-time payment, trade volume. All these factors have to be taken into account while choosing a platform.
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.
Researching forums, sites, and review platforms is critical. Good standing with the trading community is always a plus.
Best crypto trading bots platforms support multiple exchanges. Therefore, while choosing a bot, always check if it supports the cryptocurrency exchange you use.
So, without further a due in no particular order, The five best trading bots.
Haasbot 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.
Haasbot offer bots that are fully customizable, written in the C# programming language.
In addition, Haasbot 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, Haasbot 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.
The pricing for Haasbot is available in three contract lengths. These contracts are 3, 6, or 12 months. All options are payable using BTC only and fluctuate during the year.
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.
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.
The team offers a free trial to explore the platform and see if it is the correct option for them before purchasing. After this, they have monthly payment plans with varying levels of functionality. The advance version costs $37 per month and $75 for the Pro version.
Cryptohopper is a new type of crypto trading platform that allows users to copy trading strategies. It means users can trade based on either their indicators or copy other traders’ strategies.
Also, 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.
Crytohopper offers integration with many exchanges, which include Huobi, Binance, Poloniex, Bittrex, Coinbase Pro, Kraken, Bitfinex, KuCoin, Cryptopia.
All their plans are based on a monthly subscription of $19 for a basic package and $99 for the advance.
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.
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.
There has never being a better time to enter the automated trading world. The explosion of cryptocurrencies has made it possible for ordinary people to access tools often reserved for the elites.
This article is contributed by Sebastian Pereira.
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