In this article, we provide basic information on a that will help make decisions while investing in cryptocurrencies. We go through what a crypto trading bot is, what are the pros and cons and we list the 12 best cryptocurrency trading bots out there. We end the article with a discussion whether a crypto trading bot is profitable or not and what you should think of when you buy a bot.
What are Crypto Trading Bots?
Crypto trading bot is software that executes automated trading on predetermined criteria through carefully set instructions. Putting it down in practice, it means that you can set down certain rules on how trading bot should behave in certain situations. The aim of the cryptocurrency trading software is to provide its user with a profitable business even when sleeping.
Another objective of trading software lies in the fact that bots provide users with passive income while sleeping. Additionally, due to how volatile cryptocurrency industry is, fast trades are possible through a set of precise instructions. The software has the ability to release numerous orders in a short time span of time. Finally, using bots would limit emotional trading greatly, the rescuing margin of error to a minimum.
Although it seems quite fascinating, however, managing cryptocurrency trading bot is not as easy as it sounds. Human factor brings in quite a lot of surprises, especially in markets that are as volatile as cryptocurrencies. Bitcoin trading bots cannot fathom general human behavior and can make quite costly mistakes if not properly monitored.
What are the Pros and Cons with cryptocurrency trading bot?
Before you opt for a crypto trading bot, there are advantages and disadvantages you should be aware of. Below are few of the most important pros and cons that should be on your mind while trading cryptocurrencies.
– Saves time by automating deposit/withdrawals and creating orders
– Provides effective stop-loss functions through predetermined high/low price levels
– Traders do not need to download and analyze vast market data.
– Bots help avoid emotional trading
– Some bots are complex to set up, which is time-consuming
– Profitable bot trading requires regular monitoring and maintenance of set instructions
Top 12 Best cryptocurrency trading bot
There are several types of crypto trading bots that should interest you. Firstly, there are open-source projects that offer free bot softwares. Secondly, many platforms offer different purchasable programs, depending on your needs. Lastly, if you are into programming, there are a lot of websites designed to help traders create their own trading gig.
In this guide, we present you the most popular choices in the market, them being:
– Margin.de (ex Leonardo)
New to automated trading? Gekko is a perfect solution for you. The software uses historical data to simulate a live market. You can try different strategies and come up with the best one before you make real money investments. Think of it as a demo but with a more accurate marketplace since it takes data from several trading platforms.
The software supports more than 20 exchanges, including Binance and BitMEX. It is open-source and works on Mac, Linux, and Windows, and is free to download and use anytime. However, you do need a bit of training to actually get it started. Once ready, you can apply your strategies in real markets, accepting all cryptocurrencies.
Zenbot allows traders to use its documentation from the GitHub platform, making it an open-sourced project just like Gekko. Traders with programming skills created Zenbot to help others make a profit in the cryptocurrency market. Anyone can modify or upgrade it, suiting their specific needs. Zenbot focuses on technical analysis and supports several exchanges. Other features include paper trading and historical market simulation, as well as adjustable buy, sell, and profit stops.
One of the major benefits that platform offers is the communication with other users. Ability to talk with experienced crypto traders would do wonders for your own operations. Zenbot lets your app, chatbot or phone robot to talk with others, enriching bitcoin bot trading experience. There is no set limitation on platforms or cryptocurrencies where Zenbot is applicable, as it is a free bitcoin trading bot.
Haasonline is one of the most popular crypto trading bots in the market, offering a variety of softwares. Both beginners and experts have numerous options to choose from when dealing with cryptocurrency trading platforms since Haasonline offers several programs. Pricing ranges from 0.028BTC to 0.127BTC, depending on the plan and duration of the contract. You may purchase these plans through a crypto wallet, as fiats are not accepted at this point in time.
The online platform provides trade bots, insurances, safeties, and technical indicators. Different plans have a different number of bots, depending on how complex your crypto trade is. Currently, Haasonline supports 20 trading platforms, including powerhouses like Binance, BitMEX, Bitfinex, Kraken, Poloniex, and others. Supported operating systems are Windows 7 (and later), Linux, and Mac.
Tired of setting up your PC and bot through heavy programming and scripting? Cryptotrader does not require you to install anything on your PC. Instead, the platform is completely cloud-based, since it supports automated trading across major BTC exchanges online. Testing your strategies with a historical market simulator is possible with this platform. However, you can also purchase strategies and bots from the peer-to-peer (P2P) marketplace.
Cloud services, although quite interesting, do not provide complexity that other platforms, such as BitMEX, CoinEX, EXMO, or CEX.IO have. Still, there are many offers in its P2P marketplace that can suit your needs. This is especially if you happen to be a crypto trading starter. The platform supports major platforms, such as Bitfinex, Bitstamp, Kraken, Huobi, and several others.
Gunbot offers lifetime licenses at a fair price, which means beginners can think about using this particular tool. Experienced traders will appreciate having a bunch of options while defining their automated bitcoin trading strategy. Depending on the purchasable plan, a number of applicable trading platforms may vary.
Overall, the trading software works with pretty much all digital coins. On the other hand, accepted trading platforms are Binance, Bittrex, Poloniex, Bitfinex, Cryptopia, Cex.io, Kucoin, GDAX, and Kraken. Platform accepts the only bitcoin for payment, so be sure to regularly check out price programs later on. For beginners, we would recommend starting with “Gunbot Starter Edition” to get the feel of the available bots.
CryptoBot is very similar to other trading programs since most of the bot types are the same. However, its main advantage is that CryptoBot builds its own software over the Gunbot, enhancing most of its features. You can backtest all your strategies through CryptoBot software, as it draws data form trading websites it works with. All plans are based on lifetime since payments are not monthly based.
Right now, there are three distinctive programs that are purchasable through bitcoins. Fiat payments are not available, so make sure to check out its pricing plans later on as should you opt for this bot provider. Price ranges from 0.2BTC to 0.59BTC, although there might be future promotions as well. Accepted platforms are Binance, Bittrex, Poloniex, GDAX, CEX.IO, Kraken, Bitfinex, Cryptopia, and KuCoin. Features, apart from backtesting include TradingView add-on, crypto sight, data manipulation.
Cryptohopper is one of those bot platforms that orient towards experts in the crypto trading industry. The features available at this website include automatic trading, crypto signals, trailing stop functions, savable templates, technical analysis (TA), and even backtesting. Unlike CryptoBot, you pay for a monthly subscription, which included customer support should you run into issues while trading coins.
Cryptohopper offers three purchasable plans, depending on your needs. You have “Bunny”, “Hare”, and “Kangaroo” plans, which differ in a number of triggers, available positions, and order interval. Unlike many other trading bot websites, Cryptohopper accepts fiat payments, with price ranging between $19 and $99 per month.
For traders that do not easily trust current solutions in the bot industry, we would recommend trying out Profittrader’s demo. The platform offers its software for few platforms only, including Binance, Bittrex, Huobi, Kucoin, Poloniex, and VPS. On the side of payment plans, there are four programs available, including Basic, Basic VPS, Pro, and Pro VPS.
Price ranges between €499 and €1.149, depending on the chosen scheme. However, it is a lifetime payment, thus the higher price than compared to the competition. Functions include APIs, indicators, crypto signals, ProfitTrailer, VPS services, email/SMS notifications, and different strategy settings. You can check out all of these tools prior to the purchase through the demo.
Although relatively new when compared to other platforms, 3comma comes in as one of the most reliable websites. Bots bought through this provider work in several trading marketplaces, including Bittrex, Bitfinex, Binance, Bitstamp, KuCoin, Poloniex, HitBTC, CEX.IO, Coinbase Pro, OKEX, Huobi, and YOBIT. The company offers quite a unique feature of showing the latest results of its users on its homepage, reflecting on the success rate.
Investors have several functions at their disposal: stop-loss and take-profit tools, trailing features, long & short order bots, QFL method APIs, as well as composite bots. A free trial is always available, which should give you a pretty good idea on how the bitcoin trading bot works. Right now, it relies on the monthly subscription form three plans. Prices range between $29 (Starter pack) and $99 (Pro pack) per 30 days.
Although does not offer a large selection of platforms from which it draws its data, Autoview definitely should be under your radar. Crypto trading bot provider offers Trading View data analysis, as well as crypto trade signals that would help you release orders in the market in a timely manner. It impacts your APIs, so be sure to test it out prior to the large-scale implementation.
It is only a Chrome extension and is far away from being the best crypto trading bot from the bunch. It supports 10 trading platforms, including BitMEX, Binance, 1Broker, and others. It can also implement strategies for any cryptocurrency, Bitcoin included. There are two plans available for you to get hands-on, with one being free. The other would require direct contact with the management of the Autoview platform.
Margin.de (ex Leonardo)
Margin.de is formerly known as Leonardo and was one of the most popular crypto trading bot Reddit knew in the past. However, due to several issues, the website closed its operations and opened under the new name. The management revamped many features, giving it a new look, as well as pricing. Margin.de comes as one of the cheapest variants in the market, as you can purchase plans for a lifetime at a quite low price.
Plans include a number of features and supported trading websites ranging from $89 to $1.999 per plan. You can pay for your contracts through fiats or bitcoin. Supported platforms include Huobipro, Bitstamp, Bitfinex, Bittrex, Poloniex, OKcoin, HitBTC, Binance, Kraken, Coinbase Pro, and Bleutrade.
Coinbot is quite an interesting platform and very different from the competition so far in the industry. Although their codes are open-sourced (anyone can check them out), they do have purchasable plans. The website does not provide bots but rather uses them on their own, while sharing part of the profit with you. Depending on the purchased plan, the share might vary as well.
You have the right to set all necessary instructions if need be. However, the bot itself cannot be manipulated by you, as the company’s representatives take that role. Accepted platforms are Poloniex, Bittrex, Okcoin, Kraken, Huobi, Bitstamp, CEX.IO, Cryptsy, Bitfinex, Yobit, GDAX, WEX.NZ, and Quoine. You purchase credits (1 = 0.0025BTC) and use them to get plans (Conservative, Balanced, and Aggressive Algorithms).
Are cryptocurrency trading bot Profitable?
There are definitely profitable cryptocurrency trading bots out there, especially those that offer multiple functions. However, do not think that you can just by purchasing it equal continuous profits all the time. Monitoring market and your orders regularly are the key to any successful endeavor. Crypto trading bots are no different in this regard.
Your own participation and trader’s intuition are vital, especially for a market as volatile as digital coins. Do not fall prey to ads that promise large returns by simply running the bitcoin trading software. Those softwares claiming that their programs offer any sort of guaranteed returns are most likely scams. However, it is quite possible to earn tenfold – if you happen to use right order at the right time for the right coin.
Conclusion on Crypto Trading Bots
Traders should consider crypto trading bot as a tool, helping them monitor the market and execute orders on predetermined criteria. Even the best bitcoin trading bot does not guarantee success, as market trends might go against your strategy. Bots need constant updates and modification to adjust for the market movements. However, with education and complete understanding of bitcoin trading signals, users can experience quite satisfying bot trading.