Best Five Crypto Trading Bots
Looking to trade cryptocurrencies more effectively? Check out our guide to the best five crypto trading bots and what to consider when choosing one.
What exactly is a crypto trading bot?
Crypto Trading Bots are automated computer programs carrying out particular tasks with little human involvement. One benefit is that they are more effective and commit fewer mistakes. Additionally, they also manage to escape from feelings and emotions that people find difficult, which is advantageous given how volatile the price swings in the cryptocurrency markets can be
What you will learn ;
- What crypto trading bots are
- The history of crypto trading bots
- What factors should you consider before selecting a crypto trading bot?
- The five best crypto trading bots.
The history of crypto trading bots
The practice of trading is quite a modern concept that predates money itself. Remember 'Trade by Barter’? This is core evidence that humans have been trading what they needed for survival, but then money came and changed the game of trading, as people now needed an amount to get what they wanted. The establishment of money ushered in an era of profound shifts in commercial practice.
The first trading bots were developed in 1949, marking the beginning of nearly seven decades of development that would follow. The initial concept was nothing more than a list of guidelines to follow when purchasing or selling assets, and the transition to a rule-based system took many years to complete. The decade that was known as the "golden 90s" introduced a brand-new concept for an automated trading system ten years later; however, its use was initially restricted because only financial managers used it to manage client portfolios.
The global financial crisis of 2008, on the other hand, brought the concept to the attention of the general public and altered the environment. Smart traders all over the world shifted to algorithmic trading during that year, which was truly a game-changer. The development of software, analytical methods, strategies used, and other aspects of automated trading have all advanced significantly as a result.
Modern cryptocurrency trading bots can gather big data about the cryptocurrency market in real-time using APIs because they are built on artificial intelligence, machine learning, and other smart technologies, which allow them to do more than just trade cryptocurrency. Following this, they use pre-established trading strategies to analyze this data in order to derive useful metrics or conclusions known as trading signals.
The analysis is made with the goal of predicting future crypto prices, say for Bitcoin and other coins, and the correctness or exactness of the prediction is what matters. The analysis aims to forecast future cryptocurrency prices, such as those of Bitcoin and other coins, and the accuracy or correctness of the prediction is what counts. The accuracy or correctness of the prediction is what matters in the analysis, which aims to forecast future cryptocurrency prices, including those of Bitcoin and other coins. The closer the price is to the prediction, the better the bot and crypto bot trading, as that amplifies profits.
What factors should you consider before selecting a crypto trading bot?
Before we dive in to know which bot is the best, it is important to understand what factors one may consider before selecting a crypto trading bot.
- Security: Your trading bot has access to your money. This could be risky, particularly if you're working with a dubious bot. Although there is no way to know If you want to choose a crypto trading bot with confidence that it is secure, you might want to look for one with a solid reputation and endorsements from reputable sources.
- Features: The main goal of any bot is to compare trading opportunities, pick the best one, and invest in a client location. Nonetheless, the functionality and features differ from one bot to another. However, each bot has a unique set of features and functionality. For example, there are bits designed for market marking, arbitrage bots, and portfolio balancing. The minimum deposit is another feature you should consider when purchasing a bot. The features vary from one bot to another. One should ensure they get a bot that suits their needs.
- Reliability: You run the risk of missing out on profitable trading opportunities if your bot is offline for a protracted period of time. Therefore, dependability is essential when buying a cryptocurrency trading bot. The question is, how can you tell if a bot is reliable? Look at the feedback left by the bot's users to determine whether it is reliable.
- User- Experience: We are in a world where humans want to interact with their user interface like it is a fellow human, and the main objective of a cryptocurrency trading bot is to simplify trading. On this note, choose a crypto trading bot that has an easy and simple user interface and makes trading simple for you.
The Best Five Crypto Trading Bots
Tafabot
Tafabot is a popular crypto trading bot. As of now, there are currently 20,000 registered users and over 24 supported exchanges. The platform’s main goal is user satisfaction, which is why the developers continue to add new innovative features to the bot. Tafabot users are able to track multiple orders on various exchanges and develop informed trading strategies. Recently, Tafabot has created a system called the “Tafabot Reward System”that helps traders grow financially on the platform. This excellent system creates other opportunities for traders to make money other than bots. The subscription prices also seem quite reasonable, and you are allowed to pay the difference between your current plan and the upgrade plan, which is just awesome! The best part about Tafabot is that it is for both beginners and professional traders.
Other Features of Tafabot
- Automatic trading bots for over 24 exchanges
- Portfolio Automation
- Smart Trading
- GRID Bot
- Options Bot
- Smart Invest Bot
- Mirror Trading
Tafabot has other amazing features that you can find in https://tafabot.com/features.
Tafabot Pricing
3commas
3commas is an excellent option for independent traders who are interested in implementing more complex trading strategies because it provides advanced trading options in a user-friendly and surprisingly affordable package. For example, options trading is a tricky business, but 3Commas has a simple, highly-visual user interface that helps investors program automated options strategies. As an added bonus, 3Commas’ blog offers valuable insights, analytics, and guides for crypto traders.
Features :
- Automatic trading bots for 18 exchanges
- Backtesting
- Portfolio Automation
- Smart Trading
- ETF-like crypto portfolios
- GRID bot
- Options bot
- DCA bots.
Pricing
CryptoHopper
CryptoHopper is a cloud-based cryptocurrency trading bot that uses an algorithmic programmed trading method and enables users to use outside signals to make smart trades. Utilizing nine different cryptocurrency exchanges, including Coinbase, OKEX, KuCoin, Binance, Kraken, Huobi, and many more, users can connect. You can use it to take advantage of both free and paid signals from various sources. It is founded and operated out of Amsterdam, Netherlands, and employs more than 30 trade indicators and more than 90 candle patterns. It trades more than 75 cryptocurrencies in addition to Bitcoin and is operational around the clock.
Features :
- Automatic Trading
- Market Making
- Mirror Trading
- Trailing Stops
- Strategy Designer
- Backtesting
- Exchange Arbitrage.
Pricing
Gunbot
Gunbot, also referred to as Gunthy, functions differently from most bots in that it is a one-time software download with over 6,000 active traders. Because it is compatible with Windows, MAC OS X, and Linux operating systems, there shouldn't be any problems installing it on your personal computer and using it. Your privacy is extremely important to Gunbot, which is why it is not a cloud service. Instead, you install software that doesn't record any usage information. Currently, Windows, Mac, Linux, and ARM are supported by Gunbot. The most recent version of the software does not require a great deal of resources; you can use a Raspberry Pi or even an old laptop to run it. Payments can be made using Dash, Litecoin, Ethereum, and Bitcoin.
Features
- Inbuilt trading strategies
- 15-Buy and Sell Methods
- Confirming Indicators
- Additional Trailing
- Telegram Integration
- Backtesting
Pricing
Pionex
The cryptocurrency exchange known as Pionex provides its members with access to a total of 12 free trading bots, some of which include grid bots and arbitrage bots. The fact that the bots are already integrated into the exchange means that the user does not need to struggle with any API integrations. This is a very convenient feature. There is no charge for a subscription plan, and the price tag of zero dollars is really enticing, but they do charge a small trading fee of 0.05% of profits made by the bot. Finally, be advised that in order to fund your account with USD, you will need to download a second software called Pionex Lite. This is required in order to do so.
Features :
- 16 free in-built trading bots.
- Spot-Futures Arbitrage
- Grid trading bot
- Leveraged Grid Bot provides up to 5x leverage.
- Martingale bot performs DCA
Conclusion
The use of trading bots in the cryptocurrency market is becoming an increasingly important trading instrument. With the ability to modify your bot's parameters and create a profitable trading strategy, it has the potential to become your most effective trading tool. However, prior to making a purchase, you should do adequate research on the available bots because some of them are either unreliable or outright fraudulent.
Disclaimer !!!!
The information contained in this article is not meant to be taken as financial advice and should not be interpreted in that manner. Tafabot and its authors accept no responsibility for your profits or losses as a result of reading this article. The information contained in this document is based on data gathered from a variety of sources. This should not be used as a deciding factor when investing. Users are responsible for conducting their own independent research in order to make educated decisions regarding their cryptocurrency investments .
