The Overview of Crypto Trading Bots
Crypto trading bots are software programs that are programmed to trade on financial markets. They can make profits by following specific predefined rules which can detect patterns in the market. Bots are becoming increasingly popular in financial trading.
There are three different types of crypto trading bots:
- Arbitrage bots trade on price differentials across exchanges. They work best when there are significant price discrepancies between exchanges.
- Market-making bots buy from one exchange and sell at higher prices on another exchange only if a certain volume threshold is met.
- Momentum bots buy coins that have been rising in value and sell those that have been dropping in value over a certain time frame.
What are crypto trading bots, and how do they work?
Crypto trading bots are computer programs that use the power of computers and algorithms to trade for you. They are designed to follow a set of instructions, usually created by those who have experience in investing and trading. These programs are very helpful as they execute trades without human intervention.
Crypto trading bots can be used as a tool by any trader, including those who have never traded before. They require no special skills other than being able to follow a few simple rules and push a button every now and then. They are an excellent way for traders to start their careers as they do not need any substantial financial backing or knowledge on what they are doing from the start.
Pros and Cons of crypto trading bots
- The bot handles all of your trades, so you don’t have to worry about monitoring and ordering every time there is a price change.
- It significantly increases your portfolio’s ROI because it can trade at any time without any restrictions, unlike human traders who have limited hours of trading each day.
- It reduces stress from constant monitoring.
- They can help you stay on top of the market 24/7, making them great for traders who don’t have time to monitor the market constantly.
- Trading bots are efficient at carrying out large amounts of transactions in a short period.
- Many people think they are cheating and unfair since they can execute trades faster than human beings.
- The bot creator needs to be skilled enough for the bot to work properly – otherwise, it can lead to financial disaster.
How do I pick the best crypto trading bot?
Picking the best crypto trading bot is a tough and daunting task. There are hundreds of trading bots out there, and it can be hard to know which one is worth your time and money.
First, you need to understand what the best crypto trading bots do. They trade cryptocurrency for you automatically as soon as they detect an opportunity or pattern that signals a swing in the price. They don’t require any input from you, but they do require that you set up profitable trades for them to trade on. When determining which crypto trading bot is the best, a few different factors come into play—the cost, ease of use, and how much risk it can handle.
Second, research the plans. Make sure that there are no hidden fees. Choose a trading platform and plan that suits your preferences. Trade frequency and volume also matter because if you want your bot to make more frequent but smaller trades, it would be better to use a higher frequency but lower volume trading strategy instead of a lower frequency but higher volume trading strategy.
Hence, choose the right crypto trading bots after researching the subject and learning the necessary steps. Pionex is one of the leading crypto trading bots which will be your one-stop shop for crypto trading.
Let’s explore the best crypto trading bots in detail:
|Pionex||Binance，Huobi，CoinbasePro，Pionex，FTX，KuCoin, OKEx，Bithumb，Gate.io, Bitfinex，Poloniex，Bittrex，liquid，ProBit，BigONE，Indodax，Lban，Bitbns，Bitget Bybit，BitoPro，CEO Global，HBTC，Hydax ，MEXC, ShuBao.||Free|
|3Commas||Binance DEX, Binance, Binance.us, Bilance Futures, Bitfinex, BitMEX, Bittrex, Bybit, Bitstamp, Coinbase Pro, Gate.io, Cex.io, Exam, Huobi Global, KuCoin, HitBTC, Kraken, Poloniex, OKEx, YoBit||$14.50|
|Cryptohopper||HitBTC, Okex, KuCoin, Bitvavo, Bitpanda Pro, Huobi, Poloniex, Kraken, Bittrex, Bitfinex, Coinbase Pro, Binance||Free|
|Trality||Binance, Kraken, Bitpanda, Coinbase Pro||Free|
|Bitsgap||Binance, OKEX, Bitfinex, HitBTC, Bittrex, Huobi, Exmo, Kucoin, CEX.IO, Kraken, Poloniex, Livecoin, Coinbene, Coinex, Gate.io||Free|
|Quadency||AAX, Binance, Bittrex, Kraken, KuCoin, Liquid, OKEx, Binance US, Bitfinex, Coinbase Pro, Gemini, HitBTC, Poloniex||Free|
|Shrimpy||KuCoin, Binance, Binance US, Bittrex, Bittrex Global, Coinbase Pro, Kraken, Poloniex, Gemini, Bitbox, BitMart, Huobi Global, HitBTC, OKEx, Bitstamp, Bitfinex||Free|
|Coinrule||Binance, HitBTC, Coinbase Pro, Okex, Bitstamp, Bittrex, Poloniex, Kraken, BitMEX, Bitfinex, Bitpanda pro, Liquid, Binance US||Free|
Pionex is a top-growing trading platform in Asia and is now poised to take over more global markets. One of the main reasons why Pionex is so popular is the team that backs it up. They have a lot of experience when it comes to things from real-time trading to automated trading solutions. With their free tool, you can enjoy a range of quality services with no restrictions in place.
Cryptocurrency is all about choice these days, but that can make it hard for people to choose what they should invest in or which platform they should register on. The first thing you should consider is to trust the company, and one of the best options for that is Poloniex. One lakh users reportedly use this service, and they happen to be one of Binance’s biggest liquidity providers. Plus, they also aggregate liquidity from Huobi Global at the same time.
A set of leading bots are available on the platform like Trailing Buy Bot, Trailing Sell Bot, Smart Trade Bot, Grid Trading Bot, and many more. It provides exchanges for Binance，Huobi，CoinbasePro，Pionex，FTX，KuCoin, OKEx，Bithumb，Gate.io, Bitfinex，Poloniex，Bittrex，liquid，ProBit，BigONE，Indodax，Lban，Bitbns，Bitget，Bybit，BitoPro，CEO Global，HBTC，Hydax ，MEXC，ShuBao.
- It has a U.S. MSB license
- Provides exchanges in a lot of modes
- A platform that unites the various markets and exchanges under one simple interface.
- Pionex provides 18 free bots to trade bitcoins & other altcoins. The trading fee is only 0.05%, and there’s no subscription fee, which is lower than other exchanges that charge you to use their bots.
- The Grid Trading Bot lets you buy between a specific price range and sell at a price that will do well in the market.
- Martingale bots are designed to take on high-risk trading and can be very lucrative if done right.
- The use of a rebalancing bot can help you increase your profits and control your losses by spreading out risk and therefore demand the low-risk arbitrage bot.
- Smart Trade Terminal provides opportunities to take profit or stop loss in one trade automatically.
- It is very easy to navigate.
- Portfolio tracking is a useful feature for users of cryptocurrency who trade across multiple exchanges. This allows traders to easily follow the value of all their investments in one place.
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3Commas was developed by traders who know the crypto market and understand what traders need. It takes care of everything from placing orders, managing trades, executing plans, and more. To top it off, 3Commas is very affordable. The price is $29 ~ $99 per month. You can choose from their Free, Starter, Advanced, and Pro plans. You will get FTX, Binance, ByBit, and other exchanges. According to reviews, 3commas is a reliable platform that is easy to use and set up. The mobile app is also available.
This crypto trading bot provides a wide range of tools and features which allow traders to make risk-free trades, follow other traders, automate their trades, or use market signals to create an automated trade strategy.
- Portfolio tracking is a useful feature for users of cryptocurrency who trade across multiple exchanges. It has portfolio management. This allows traders to easily follow the value of all their investments in one place.
- The SmartTrade app makes it possible for you to hold more than one trade at your fingertips, allowing you to manage your trades across more than one account easily. The different types of orders include Stop Loss, Trailing Stop, and Take Profit.
- GridBot is a software program that automatically buys and sells assets when the price reaches certain levels you’ve set. This helps increase your volume of trades, maximize your profits, and reduce time spent monitoring investments.
Cryptohopper has been made for everyone interested in trading cryptocurrencies. It is an automated crypto trading bot that trades on the user’s behalf. The bot trades long and short; it can be used on various exchanges (Binance, Bitfinex, Bittrex, GDAX) and in different countries (USA, Canada).
The prices in monthly payments are Free(Pioneer), $19(Explorer), $49(Adventurer), and $99(Hero). You will get Bitpanda, HitBTC, OKEX, Bitavo, Binance, and eight other exchanges. According to reviews, the app has a long list of features and is very usable. It also supports 75 different cryptocurrencies and nine leading exchanges.
- Algorithmic trading is a way to apply your investing strategies without needing to do it every time manually.
- Web services is a web-based solution that provides ease of use and an intuitive user interface.
- The Mirror Trading will replicate the trades you order and execute them 24/7. All you have to do is subscribe to it.
Trality makes it easy to code your crypto trading bots with your custom trading algorithm. You can do this on their website or mobile devices without having any coding knowledge. You can create your algorithm trading styles which are like EMA Cross or Oversold RSI. The platform also offers many indicators for you.
It is free to use under the Pawn plan. The prices in monthly payments are €9.99(Knight), €39.99(Rook), and €59.99(Queen). You will get exchanges for Binance, Coinase, Kraken, and Bitpanda. According to reviews, you get all the tools you need to be integrated into a user-friendly browser-based interface.
- As per your choice of indicator, you can create a bot.
- To help you start trading, this bot comes with a backtesting feature and a paper trading mode.
- To create your algorithm, use your Python code editor.
Bitsgap is taking advantage of blockchain technology to create a marketplace where traders can buy and sell crypto assets in a safe, liquid, and affordable environment. There are no fees or commissions on trades (although there may be charges associated with withdrawals). The only cost involved in using Bitsgap is that which comes from mining transaction fees.
The prices per month for Basic, Advanced, Pro are $29, $69, and $149 respectively. You will get HitBTC, OKEX, Binance, and other exchanges. According to reviews, the platform is easy to use.
- Provides 24/7 access to forecasts for over 3000 markets.
- Offers an intuitive interface with customizable layout and color schemes for easier navigation.
- You will get a mode for a demo practice.
- Management of your portfolio is available.
Bittrex is a cryptocurrency exchange that makes use of crypto trading bots for their customers’ convenience. It has one of the largest collections of cryptocurrencies globally, with over 200 markets offered at launch time with more being added regularly. Bittrex was launched in 2014 and is headquartered in Seattle (US).
It provides spot trading, margin trading, and real-time market data for most cryptocurrencies. Like other exchanges, Bittrex also has its cryptocurrency trading bots used by traders for algorithmic buying and selling of cryptocurrencies. Bittrex was founded by Bill Shihara, Richie Lei, and Ryan Hentz in December 2014. Bill Shihara is also the CEO of Bittrex. In April 2018, Bittrex announced that it would open up USD trading pairs for all cryptocurrencies traded on the platform except Ripple (XRP).
- The bot can also provide you with insights about the latest price of Bitcoin, Ethereum, and other currencies.
- The company provides market data on over 190 coins on its website, including charts and an extensive research section. There are also tutorials on how to set up accounts with popular wallets.
Quadency’s mission is to make the process of trading in cryptocurrencies simpler, faster, and safer for all participants. Quadency plans to accomplish this by providing traders with a platform to trade cryptos in a trustless way without the need for any intermediaries.
According to reviews, Quadency will provide its users with an easy way to create their trading bots and use them on Quadency’s exchange. The company also has plans for its users to create bots that will be used across exchanges which would give them access to more liquidity than they would have otherwise had.
You will get Binance, Liquid, Kucoin, OKEX, and other exchanges. The platform is easy to use.
- If a cryptocurrency is supported by its platform, it can offer portfolio management with it.
- A platform that unites the various markets and exchanges under one simple interface.
- Several automated trading strategies are now available for crypto traders, including grids, DCA, and trailing profits.
Shrimpy is a crypto trading bot that executes trades on behalf of a user when the price is right, and it has been programmed to do so by their preferences. This way, it frees up the trader from managing their assets constantly while they are away from their computers or phones. It is available in the form of a mobile app.
It is free for the holder plan. The price per month for a Professional Plan is $19. You will get Binance, Kucoin, Bittrex, and sixteen other exchanges. According to reviews, the platform is easy to use.
- Provides automated order management, real-time tracking, and detailed trade history and analysis tools for market insights, emotional control, and risk management.
- They can offer portfolio management.
- The Grid and DCA bot is a trading bot that uses the concepts of Grid and DCA to trade in the crypto market. It has been designed with a lot of features to make the trading experience smoother and more efficient.
- You will also get backtesting and a leaderboard of Copy Trades with statistics.
Coinrule is a financial automation app for cryptocurrencies. Built by experienced traders, it provides users with the tools and expertise to forego the uncertainty and fear of trading by themselves. Coinrule can be downloaded directly from their website and offers features such as automatic trading funds, user-friendly settings for even stricter control over investment strategies, and more.
It is free for the Starter plan. The prices per month are $30, $60, and $450 according to your plan. You will get Coinbase Pro, Binance, Bitstamp, Okex, HitBTC, Bitpanda pro and other exchanges. According to reviews, the platform is easy to navigate.
- It allows users to automate their cryptocurrency trading strategies with ease.
- It has several features, such as risk management, hedging, and arbitrage protection.
- They are typically used for trading in the volatile world of cryptocurrencies.