If you have an interest in cryptocurrency, you’ve likely heard of crypto trading bots. Today, we’ll help you find the best crypto trading bot that will take your cryptocurrency endeavors to the next level.
So, what are crypto trading bots and what do they do?
What Are Crypto Trading Bots
Crypto trading bots are bots that analyze data, predict the level of risk, and then buy and sell crypto assets based on their calculations. They basically take the hard work of watching and predicting the market out of your hands.
These crypto bots are effective because they only trade when certain market conditions are met. You can either set them to make the trade themselves or tell them to alert you when certain events or changes in prices happen.
You’ll need to connect them to the cryptocurrency exchange to get the process started. Once that’s done, there’s nowhere to go but up. You can focus on other things while the crypto bot does the work for you.
There are free and paid versions of crypto trading bots. Therefore, we’ve got you covered whether you’re new to the business and want a free crypto trading bot to start with or don’t want to spend your own money.
We’ll give you both options to choose from. We’ll also allow you to choose the type of cryptocurrency bot you want. Therefore, whether you want an Ethereum trading bot or a Bitcoin trading bot, you’ll get what you need.
Let’s get started.
The Best Crypto Trading Bots
Starting us off is this crypto trading bot that supports 9 cryptocurrency exchanges, including Binance, Kraken, Bitstamp, and more. The best part about this crypto bot is that it’s perfect for beginners.
This is thanks to the slick user interface that makes things simpler. In addition to an easy-to-use U.I., you’ll also get free daily emails with trading strategies you can use to improve your experience.
Therefore, if you are new to the market and wouldn’t mind some guidance, this is for you. Another thing that makes this crypto bot very user-friendly is that it comes with a free account option.
You can start with this one and then start paying once you feel comfortable. This UK-based crypto-trading bot also operates 24/7. This means that you can continue operating well into the night, which means you’ll be able to maximize profits.
One of the best things about this crypto trading bot is that it comes with a virtual bot that you can use to see how it works without risking your own money. This also makes it a beginner-friendly option if you don’t want to go with Coinrule above as a beginner.
In addition, you also get an entry-level trading bot platform you can use as you add to your crypto trading skills. We mentioned above that your crypto trading bots could either notify you when certain conditions are met or make the trades themselves.
Well, this crypto trading bot completely automates your trading experience. Think of it as your personal trading bot. No matter your level of understanding of trading bots, you can be able to design your own from scratch thanks to TradeSanta’s innovations.
TradeSanta provides you with lots of tooltips and templated bots you can use to create your own crypto trading bot.
Some of the crypto exchanges you can integrate this crypto bot with include Binance, UpBit, OKEX, BitFinex, HitBTC, and Huobi.
Unlike the other two above, HaasBot is an advanced trading bot platform. You can either create your own crypto trading bot or choose from the available pre-made bots in the system. If you choose to create your very own crypto bot, you’ll use HaasScript.
However, this is not to say that only advanced traders can use this platform. Not at all. You can also use this platform if you are a beginner and want to learn how to use the HaasBot tools to create a trading bot.
Other cool features that you get with this crypto bot include cloud management services, backtested and simulated trading, and more.
Shrimpy is another beginner-friendly crypto trading bot you can consider if you are new to the market. This best crypto trading bot is focused on social trading and long-term portfolio growth. You can copy strategies that worked for the best traders in the market if you want to.
This can save you time and allow you to learn at high speed because you’ll get to know what works and what doesn’t. Another great thing about this trading bot is that it has affordable paid plans and a free plan as well.
Therefore, if you’re still new to the market and you don’t want to pay for anything just yet, this is another good option to consider. In addition, using the social trading portion of this platform, you can follow other traders and learn from them.
3Commas is similar to HaasBot in a way. The main difference is that this crypto trading bot is relatively new to the market.
3Commas is an advanced trading bot that comes with some sophisticated trading options built into the system. Another differentiating feature between 3Commas and HaasBot is that the former can back-test trade strategies on other traders’ portfolios.
This is a great asset because you’ll be able to gain valuable insights into what successful traders did to get to where they are. Once you do that, you can easily copy them and sing all the way to the bank.
You can also build upon the working strategies once you’ve seen that they work. If you decide to go with this crypto trading bot, you’ll need to invest some of your money. You can either get the starter plan that goes for $29 per month or the advanced plan that goes for $49 per month.
All in all, you’ll know that you’re investing in something worthwhile.
What Should You Look At When Choosing A Crypto Trading Bot?
You want a crypto trading bot that will automate the trading process for you which will increase your profit margins. Therefore, profitability should be one of the top factors you consider. Most companies will have this information on their page.
Therefore, you can check this out or do your research before you commit to it. This is especially useful when you are choosing a paid plan.
The last thing you want is to wake up one morning to find your account has been cleared out and you have no one to blame. If you don’t want this unfortunate incident to happen to you, ensure that you look into the security of the trading bot you want to use.
We looked at the best crypto trading bots for a reason. We wanted to give you the best and safest options because we know how shady it gets in the trading world. Because you’ll be giving the crypto trading bot access to cryptocurrency exchange, you have to trust that no shady business will go on.
Ensure that you check the track records of security for the specific bot you want to use. Nonetheless, we took this into account as we were selecting the best bots for you. Therefore, you don’t have to worry about this.
You want to work with a reliable company that won’t have your bot going offline at the exact time when you need it to be making trades. Although we picked out the best bots for you, you can still read reviews to get more information about how reliable the bot you want to use is.
You want a cryptocurrency bot that’s easy to use whether you’re a beginner or an advanced trader. Therefore, feel free to check if the bot has an intuitive interface and easy-to-use controls.
If you are a beginner in the world of crypto trading, consider our first two options above because they are great for beginners. These are Coinrule and TradeSanta. In addition to being user-friendly, you can also get to choose the free version until you are able to or want to go for a paid plan.
You should be able to know how the crypto bot company operates if you want to. This will give you peace of mind and also allow you to learn about the process if you want to. In addition, knowing who the founders are and the team behind the process can also make the company feel more trustworthy.
Frequently Asked Questions About Crypto Trading Bots
1. Should you use a crypto bot for trading?
If you want to. Crypto bots offer you amazing flexibility because you can automate the whole process and not have to watch out for changes in the market yourself. However, just as with everything else in life, there are risks.
Just because you’ve set the parameters and have got the best crypto trading bot in your corner, it doesn’t mean that your profits are guaranteed. Therefore, don’t risk more than willing to lose. This piece of advice applies to every other type of business venture but applies here, especially because the process is automated.
2. Are bots legal in crypto trading?
Yes. In fact, crypto trading bots can increase your profitability and reduce your workload since they automate the process.
There are no laws that prohibit cryptocurrency bots in most counties and exchanges.