As cryptocurrencies have become valuable assets in today’s world, many people are keen on having them in their portfolios. However, for you to succeed in crypto coin trading, you may need a helping hand. The crypto market operates around the clock, and having a crypto trading bot can go a long way in helping you succeed. Trading bots are important to all traders, regardless of their experience level. They often give you an extra edge, which can mean the difference between profiting and making a loss. Below, we take an in-depth look at bots and their roles in crypto trading.
- Comparing 10 Best Crypto Trading Bots
- What is crypto trading?
- What is a crypto bot?
- Difference between a trading bot vs. a human
- Are crypto trading bots profitable?
- Types of crypto trading bots
- Pros and cons of using crypto trading bots
- Things to consider when choosing a crypto trading bot
- Best crypto trading bots that are worth investing
Comparing 10 Best Crypto Trading Bots
What is crypto trading?
Cryptocurrency trading refers to trading based on the price fluctuations of cryptocurrencies through the use of a CFD trading account or the process of purchasing and selling the underlying coins through an exchange. When you open a position in a cryptocurrency, you agree to swap the difference in that cryptocurrency’s price between the time you open the position and the time you close it, known as the CFD. Instead of acquiring a cryptocurrency, you’re merely making a bet on its future value. If the value of the cryptocurrency rises while you hold a long position, you will profit, but if the price falls while you hold a short position, you will lose money.
What is a crypto bot?
Trading bots are automated programs that automatically buy and sell cryptocurrencies based on predefined market circumstances without the need for human intervention. The best crypto apps and bt software are primarily designed to help traders increase their profit margins and minimize. They allow users to manage all of their cryptocurrency exchange accounts from one platform. Using these bots, you may take advantage of new market opportunities while saving time spent on overall market analysis.
Difference between a trading bot vs. a human
- Efficiency: Automated trading is extremely quick, and the algorithm can decide whether or not to issue an order in milliseconds.
- Emotional interference: Artificial intelligence (AI) is free of the influence of human emotions when processing data, unlike humans.
- High output: In the same way that markets operate 24/7, crypto trading bots are able to do the same, unlike human beings who get fatigued and have to rest.
- Consistency: Bots are programmed to reply in the same way each time they interact with a specific piece of data or information. We, as humans, are more adaptable, and we make judgments in response to shifting market conditions.
Are crypto trading bots profitable?
A professional trader’s edge over a bot is almost certainly insurmountable. An advanced trading strategy can only be developed via years of experience. Not even the best crypto trading platform can beat that. Unfortunately, there aren’t many traders who are as good. A trading bot may not be flawless, but it considerably aids individuals who lack the necessary mindset or time to trade in the market.
Types of crypto trading bots
Crypto arbitrage bots
These bots concurrently purchase and sell coins on different exchanges at the same time and make profits out of price discrepancies. Fast, safe earnings can be made with this strategy.
These are trading robots that mimic other traders’ trades. With a single mouse click, some of the best crypto trading platforms allow you to copy other traders’ techniques.
These are trading bots that help with the Grid trading strategy. Within a particular price range, they allow traders to issue a series of buy and sell orders. For every sale, a bot immediately sets a buy order at lower grid levels, and the other way around
Market making bots
These trading bots apply automated investment strategies whereby they offer liquidity by filling order books with buy and sell orders. Because of these bots, traders don’t have to wait long to locate buyers, which makes coins less susceptible to volatility.
Pros and cons of using crypto trading bots
When trading crypto using bots, trades are automatically executed because bots are programmed to do so. They use strategies based on mathematics, statistics, and probabilities to make predictions that lead to good outcomes.
As a result of their ability to scale, bots are able to do difficult tasks quickly and efficiently. Their ability to function with diverse strategies at different times decreases the likelihood of a mishap.
It is not uncommon for traders to spend more time debating whether or not to engage in trading at all. The market is likely to have shifted by the time they are ready. Using bots to make decisions is more efficient and quicker.
The human trader can only process so much information at once. Even if all the data is processed, it is difficult to derive insights from it. In contrast, trading bots are capable of processing large amounts of data and drawing reasonable judgments.
Because of their multitasking capabilities and ability to analyze a wealth of data, cryptocurrency trading bots have significantly streamlined the trading process.
You’ll still need to keep an eye on things even if you use a bitcoin bot to do most of the work for you. In the long run, you can’t leave the bot alone without monitoring it.
Setting efficient trading rules and ensuring the bot is working properly requires a thorough understanding of crypto trading.
They are not adaptable
In an emergency bots don’t know what to do because they act according to predetermined plans. In the case of a right analysis, abnormal occurrences might have both a good and a bad impact.
Things to consider when choosing a crypto trading bot
Use additional caution when employing automated trading solutions. Do your homework before settling on a bot. You can get a bot that fits all of your requirements and protects your investment if you have the correct amount of information and resources at your disposal.
Find out if the trading bot you’re contemplating has any recommendations or experience from other traders you can trust. Another option is to contact the exchange’s support team and ask about the best bots to use on their platform. In addition to evaluations and guides written by experienced traders, there are other internet resources accessible for learning about crypto bots.
If a crypto bot is good, it should have a solid track record already and a good reputation among traders. Trusted review sites are the best place to acquire an objective and unbiased assessment of a crypto trading bot’s performance. If a lot of people are having issues with a certain bot, it’s a good idea to steer clear of it.
The sole purpose of employing a crypto bot is to raise one’s overall profit. A bot with an established record of great profitability is the best option for you. For as long as you can configure your trading bots correctly, they can be profitable. Therefore, prior to purchasing crypto trading bots, it is vital to test them or have a guarantee in place.
Crypto trading bots require integration with exchanges or them to place orders and execute trades. For you to optimize the benefits of price differentials in crypto exchanges, you need a bot that integrates with as many exchanges as possible.
Ease of use
Because certain trading robots aren’t appropriate for newbies; it’s critical that they pick one that’s suited for them. Users should be able to adapt the UI to their own tastes, and the UI should be simple to use.
There are many crypto trading bots out there, with different price structures. Typically, the payment schedule is either monthly or annually. Also, there are several free options available in the market. Regardless of the price, you should pay greater attention to the quality of service. Some of the factors that can help you decide whether or not a pricing structure is a fair include the number of trading tools, exchange integration, supported trading strategies, coding support among other factors.
Best crypto trading bots that are worth investing
There are now 16 free trading bots incorporated into Pionex, which is a cryptocurrency exchange founded in 2019. It’s an excellent place to start if you’re new to trading with trading bots. Easy-to-follow instructions explain how each bot operates and what it is best suited for.
- There are 18 free and cloud-based trading bots included, so you don’t have to leave your computer running all the time to use them
- Supports 120+ different cryptocurrencies
- Low fees of only 0.05% for trading
- Customer service via live chat and email
- Facilitates trading on margin
- There is a mobile app
- 18 Free trading bots built-in
- In-depth tutorials for each of the trading robots
- A majority of the bots are hosted on a cloud service
- On all transactions, the cost is 0.05%
- There is customer service available via both live chat and email
- Supports multiple cryptocurrencies (120+)
- There is no demo account available
- There is no telephone assistance available
Cryptohopper is a cloud-based trading bot. Users can program bots to execute trades on their behalf. Also, they can either develop their own trading strategies or subscribe to signals. No credit card details are necessary to join Cryptohopper, which makes it easy to join. Other investors’ social sentiments are also taken into account by the bot. Monthly fees range from $9 to $49 to $99, depending on the type of plan you choose. A free trial is also available.
- Has functionality for copy trading
- The ability to use strategy-designing software
- Analytical tools with the functionality of the highest quality.
- It supports shorting, and dollar-cost averaging
- Doesn’t impose an additional price on top of the monthly subscription fee
- High-level analysis tools are made available to investors
- It has expert-level tools that don’t require any coding knowledge
- Comes with advanced security features
- You can’t contact customer care by phone
- For the most helpful features, you’ll need to sign up for a monthly subscription
BitsGap is an automated trading platform with features like automated arbitrage trading, comprehensive charting capabilities and bots that trade on your behalf. With Bitsgap, you can link all of your transactions in one platform. Additionally, complex bots that can trade on many platforms at once can be used to execute arbitrage schemes with simplicity.
Many technical indicators and more than 10,000 cryptocurrency trading pairs are available to users on this platform. Traders of all skill levels will find the platform’s user-friendly design easy to navigate. Once your exchange API is linked to the Bitsgap trading bot, you can select from among several bots the one to execute your preferred trading strategy. Bitsgap already comprises a range of predefined techniques that have been tested and confirmed in backtests. Basic accounts cost $19 per month, Pro accounts $44 per month, and Advanced accounts $110 per month.
- Allows for the use of historical data in backtesting
- Arbitrage traders are able to maximize the price differential among exchanges
- Allows users to create their own futures trading bots
- Supports live portfolio tracking
- A free trial account is available
- The setup is simple and straightforward
- Customized trading robots
- A wide range of arbitrage opportunities is available
- The market’s dashboard displays its signals
- There is no mobile app
- Very few options for automated trading
You can create, monitor, and fine-tune your own cryptocurrency trading bots with TradeSanta. It simplifies automated trading to the point that users don’t require background knowledge of computer programming. Simple to use, TradeSanta is able to support the majority of centralized crypto trading platforms. Each bot performs a single strategy for a predetermined pair through a specified crypto exchange. The price tiers include Free, Basic Plan ($15/ month), Advanced ($20 per month), and Maximum Plan ($30 / month).
- Has a free plan
- Has a demo trading option
- Automated trading on several exchanges with a single interface
- To minimize losses, traders use stop orders, trailing stop orders, and trailing take profit orders
- You can use a virtual bot to get a feel for how things function without putting your personal money on the line
- The ability to choose from a variety of pre-configured trading methods
- Tiered subscription options that are both affordable and scalable
- Free subscription expires after only 3 days.
Quadency is a good bot for cryptocurrency trading for beginners. However, it also provides trading assistance to more experienced crypto traders. A wide range of effective cryptocurrency trading instruments is available for market analysis and improvements. Transparent cryptocurrency charting software is available to help traders and investors make informed decisions about their investments. By signing up for a Hodler account, the service is free, and you can use it extensively without incurring any additional costs. Depending on how you choose to pay, a Pro premium subscription costs $49.99 per month or $39.99 per month.
- Supports long, short, stop-loss, and profit-taking orders
- Automated rebalancing of portfolios
- Trading on a single platform with a wide range of advanced options
- Choose from a variety of bots
- A one-stop-shop for crypto trading
- Has several bots to choose from for automated trading
- Intuitive portfolio management tool
- There is no mobile trading app.
In the field of portfolio rebalancing, Shrimpy is the top tool due to its easy and straightforward user interface, excellent customer service, and cutting-edge functionality. In addition, they support all of the main exchanges and are constantly adding new ones. It looks at your specified allocations and balances them out so that the proportion of your allocations remains evenly distributed. When the value of one crypto asset rises, Shrimpy invests the extra money into a coin that has fallen. The Basic plan costs $15 per month, the Professional plan costs $63 per month, and the Enterprise plan costs $299 per month.
- Use the social trading application to copy other traders’ portfolios
- Analyze the profitability of your cryptocurrency holdings
- Long-term trading strategy automation
- Index funds for multiple crypto exchanges are available through this service
- It’s easy to learn and utilize
- Information about how to learn about digital currency
- Incredibly well-rounded and feature-rich free version
- Automated rebalancing of a portfolio
- Traders can utilize a demo account to manage their portfolios and test their strategies
- There is no trading platform available
- Lack of a mobile app
- Scripting for trading bots isn’t an option here
Since 2018, Coinrule has been around, allowing its customers to automate the creation of trading strategies and their execution on the market. It employs the IFTTT (If This Then That) concept in its conditional statements. When a user sets a condition for their trading account, Coinrule will take action on their behalf. The bot will perform a programmed action if the stated conditions are met. Furthermore, the converse is true: If one of the conditions is not met, the action will not be carried out. There are three price tiers, Trader ($59.99/month) and the free Hobbyist ($29.99/month).
- An easy-to-use UI for novices
- A backtesting feature is available
- Logic-based strategies based on the IFTTT cascade of conditions
- Daily trading plan emails sent to you for free
- Option for a cost-free account
- Compatible with several reputable exchanges
- Traders can backtest their trading strategies on TradingView
- Has a free version you can use to try its effectiveness
- Lacks mobile platform
The Zignaly bot follows a series of predefined strategies that allow it to take advantage of market trends. Because the platform’s services are hosted in the cloud, users may easily use the bot functionalities from any location or device. Two-factor authentication (2FA) and encrypted data are standard features on the platform. Zignaly has one of the most affordable subscription plans that include unlimited exchange accounts and unlimited coin pairs as well as priority service.
- Users only pay for successful trades
- You can access bot functionality anytime, anywhere, using a cloud-based system
- Supports copy trading strategy
- Unlike its competitors, Zignaly does not charge a fee for its services
- Limitless trading positions and coin pairs
- People who are new to trading bots will find it easy to utilize
- More than one source of signals
- It supports only a few exchanges
- There isn’t a mobile app available right now
- Has entry barriers for some countries, such as the United States
With the use of APIs, Gunbot retrieves information from any cryptocurrency you like, and it comes with free software updates. There is no recurring fee, only a one-time license fee to be paid. GunBot differs from other trading bots in that it is a piece of software that you must download and install on your computer rather than a web-based service. If you don’t want to employ any of the prepared strategies, you can design your own.
Both experienced users and those just getting started will find something useful in the predefined features and indicators. Alternatively, they may customize the script to their specific needs. Traders can purchase Gunbot lifetime licenses using Bitcoin and receive free software upgrades. The following licenses are available: Starter (0.005 BTC), Standard: (0.013 BTC), Pro (0.020 BTC), Ultimate (0.034 BTC) and Diamond (0.1 BTC).
- After purchasing a license, you’re entitled to free software upgrades
- It supports 100+ cryptocurrency exchanges
- It supports Windows, MAC, and Linux
- Has an active community
- Integrates with top exchanges
- Comes packed with many trading strategies
- Lacks mobile platform
- Newbies may find it difficult to use
- No free plan
Apex Trader comes with over a hundred different technical indicators, making it extremely flexible. Users can create automated trading strategies and deploy them to operate around the clock on a wide variety of trading pairs. In addition, users can develop and save an infinite number of different strategies. Apex Trader has two options for its services. For exchanges that provide spot trading, Apex is the first package available. One month of use with the spot trading bot will set you back $30. The second option is Mako, which may be used on margin trading markets. Using the Mako trading bot costs £60 per month. The platform has rebranded to Axion Crypto as of March 2022.
- Users can create their own trading strategies and store them
- Includes hosting
- Can track 75 active positions simultaneously
- Supports reverse trading
- It is very easy to set up the bots and strategies
- Has over 100 technical indicators
- Users can create and store several strategies
- Good community and support resources
- Not on mobile
It’s best to employ trading bots that are both profitable and user-friendly. Additionally, it’s a good idea to pick a trading bot based on your experience level. A combination of automated and human monitoring is necessary to achieve the highest level of efficiency when using trading bots. In institutional trading, bots are generally utilized for market making.
There are both free and paid cryptocurrency trading bots, each of which has its own advantages and disadvantages. It’s important to look at a variety of factors while selecting the best crypto trading platform because there are financial consequences to making a poor choice. We have shared a list of the top crypto apps and all forms of automated crypto trading bots, but you should choose one that fits your trading needs.