With the increase in the popularity of cryptocurrencies, a new “profession” has appeared – a trader, i.e. a person who buys cryptocurrencies at a lower price and sells at a higher price. Simple mechanism? Not completely. Like all people, traders also feel tired – so what is their secret? How can you use available technologies to save time? And most importantly – does a crypto trading bot have to cost a lot to be effective?
In short:
Private army – what can bots do for?
A trading bot is nothing more than a program that is designed to work as a user. Thanks to previously saved settings, he knows exactly what to do in the event of a price drop or jump, e.g. Bitcoin. Operation of such a bot is very simple – on behalf of the trader, he places orders to buy or sell the selected cryptocurrency, all in accordance with the previously established scheme.
Programs of this type give a considerable advantage – trading bot is able to carry out transactions and monitor the market faster and more effectively than a human. On the other hand, it is still a patch of code – the program is not able to analyze all events and market changes. Using trading bots is not prohibited, on the contrary – most exchanges are happy to work with them.
Do trading bots work?
Programs of this type are based primarily on statistical data from previous years. However, the cryptocurrency market is very volatile and often even the repetition of events does not guarantee the same effect. Put simply – the fact that after previous halvings the price of Bitcoin has been rising does not give 100% guarantee that it will be so this time.
Trading bots are useful tools especially for those who do not have time to constantly control the market – however, the end result depends on the tactics chosen. Both ‘buy cheaper-sell more expensive’ and basing your purchases on historical data have their supporters and opponents.
The best trading bots in 2020
If after reading about the applications and possibilities of bots you decided to use it – choose a platform tailored to your needs. We present the best Bitcoin and crypto trading bots that you should consider.
Cryptohopper
Our list opens with one of the most famous platforms – Cryptohopper. This trading bot has been designed to simplify the lives of traders at every level – from newcomers to the most advanced. A huge plus is an easy-to-use and clear interface – so even novice traders can try their hand. Cryptohopper supports up to 75 cryptocurrencies at once and is compatible with 9 major exchanges.
The bot is located in the cloud, thanks to which trading with it is available 24/7. Users can use semi-automatic trade, which excludes from the human factor trade, based on technical algorithms and programmed actions. This platform also provides a wide range of facilities – the ability to test backward the bot, configure and save your own templates of actions, or indicators (Stoch, RSI, Bollinger Bands).
Cryptohopper is not free – you can only get 7 free days to test. There are three plans in the form of a monthly subscription – prices range from $16.58 to $83.25 per month. You can pay for the whole year in advance – however, please note that the program does not guarantee any refunds.
www: https://www.cryptohopper.com/
Cost: $16.58 – $83.25
Compatibility: Binance, Bitfinex, Bittrex, Coinbase Pro, Cryptopia, Huobi, Kraken, Kucoin, Poloniex, BitFlyer, Bitstamp, CEX.IO, Cobinhood, HitBTC
3commas
The next place on our best crypto trading bot list is occupied by a platform that offers users much more than transaction automation. It is addressed to every group – from beginners to advanced traders. The headquarters of 3commas is located in Toronto, and the platform itself was launched in 2017.
The 3commas platform offers its users a number of services – including SmartTrade, the ability to copy strategy from another investor, and even the TradingView signal search engine… but from the beginning!
What is SmartTrade? It is a tool that allows transactions on many exchanges at once – each of them is connected with an API key. Thanks to this, your trading bot constantly analyzes prices on many platforms at once and selects offers that match the entered settings.
Would you like to start investing but you don’t know how? Or maybe you prefer to take a leaf from the best investors? 3commas gives you the option of previewing and copying a portfolio from the chosen user – in other words, a story of your successes and failures. This is a very useful option, because thanks to this preview you are able to learn from the mistakes of others – and avoid making them in the future.
3commas offers three packages – depending on the needs and requirements of investors, tailored to the level of knowledge and commitment. Prices range from $22 to $75 per month. The platform offers only three days of free access – but at least for the best package.
Interestingly, payments for those plans are only available in cryptocurrencies and via PayPal. The first option is a monthly subscription that automatically withdraws funds from the account – in the case of PayPal, fees for better quality trading bot must be made manually.
www: https://3commas.io/
Cost: $22 – $75
Compatibility: Bitmex, Bittrex, BitFinex, Binance, Bitstamp, KuCoin, Poloniex, HitBTC, Brama, Coinbase Pro, OKEX, Huobi, Kraken.
CryptoTrader
Another trading bot on our list is also based on the cloud – which is an important convenience because it provides access to it from any device, 24/7. CryptoTrader also provides insight into the history of other users – it allows you to verify available tactics and see if they actually work.
A very useful feature is the marketplace – a place where users can buy trading tactics from other, more experienced investors. At this point, each user can also put their tactics on sale, which allows them to earn extra money.
Also in the case of CryptoTrader it is possible to fully automate transactions without human intervention. All you have to do is set in your trading bot which strategy is to be used and let it work – and he will regularly generate profits. Of course, there is a risk – the very high dynamics of the cryptocurrency market means that there is no one unique strategy that always brings profit – but the trading bot can help a lot.
There are five packages available on the CryptoTrader platform – for each of them, the user can pay using cryptocurrencies (currently available are Bitcoin, Litecoin and Maker DAI). It is not possible to pay for the subscription using the FIAT currency. Payments must be made manually every month. Prices range from 0.0019 BTC for the Basic+ package to 0.023 BTC for the Premium plan. At the moment, the platform does not have any free package or the possibility of free testing.
www: https://cryptotrader.org/
Cost: 0.0019 BTC – 0.023 BTC
Compatibility: Bitmex, Bittrex, BitFinex, Binance, Bitstamp, KuCoin, Poloniex, HitBTC, Brama, Coinbase Pro, OKEX, Huobi, Kraken.
