To make profits in the cryptocurrency market, you need to have an understanding of previous market trends, access to a variety of strategies and technical analysis, and the ability to recognize when the time is right to make trades.
Due to the volatility of the cryptocurrency market, more and more traders are turning to automated crypto trading bots.
By using a bot to trade automatically on your behalf, you can execute trades at any hour of the day and set up rules that help you develop and refine your own trading strategies.
In this section, we’ll explore the most relevant features to consider when you’re deciding which crypto trading bot is right for your needs.
Defining Crypto Trading Bot
A crypto trading bot is a piece of software that automatically places buy and sell orders on behalf of the trader. It allows you to trade at a moment when it is optimal to do so by using technical analysis and algorithmic trading rules.
This software aims to help users maximize profits and minimize losses. It keeps track of crypto exchange accounts in one place, making it easy to monitor all the transactions and holdings.
Crypto traders rely on the fluctuations in the market to make their investment decisions. The best crypto trading bots allow users to customize their preferences, such as what time of day they want trades made and how much risk they want to take on.
Best Crypto Trading Bots
Here is a list of the best crypto trading bots/robots, with their most popular features.
KuCoin Trading Bot
KuCoin Trading Bot is a free service that helps users streamline their trading experience and maximize their profits. A 24/7 all-around bot butler for your trades, it’s like configuring a fully automated trading strategy.
KuCoin Spot currently supports two strategies: the Spot Grid and the Spot Market. The Spot Grid collects trading fees according to a fee rate rule set by KuCoin, while the Spot Market enables users to trade directly with each other at a price they agree on.
KuCoin traders can use the platform’s free trading bot to earn passive income by placing trades based on technical indicators. They pay only a small transaction fee per trade, just as they would on any other form of trading.
Pionex is one of the world’s first exchanges with 12 free trading bots that users can use to automate their trading. It aggregates the liquidity from Binance and Huobi Global, and it is one of the biggest Binance brokers.
Pionex allows you to automate your investing strategy so you don’t need to constantly monitor the market. The software features low trading commissions, a fully fleshed-out mobile app, and 24/7 customer service.
Pionex offers a trading bot selection that enables crypto-to-crypto conversions but its primary product is the Smart Trade terminal which allows traders to set up stop-loss, take profit, trailing in one trade.
Cryptohopper is a 24/7 trading bot hosted on cloud storage. Because of this, the bot is always working, making it completely reliable and offering no downtime. Even if you lose your internet connection or go offline, your Cryptohopper account will continue trading as normal.
Cryptohopper offers a seamless and straightforward setup process, which requires no credit card information to join. There’s no need to worry about installing the platform — just register and get started.
The bot is capable of integrating with most major exchanges. It can also take signals from traders sharing their strategies, allowing users to assign their bot to trade according to these traders’ signals. More experienced users can customize their own strategies.
Coinrule is a bot that can be used by both novice and experienced cryptocurrency traders.Harnessing the power of artificial intelligence, the platform allows you to choose from a number of pre-set strategies that can be back tested before being deployed.
Advanced traders can design their own unique strategies, and as a result, traders at all levels can actively engage in the always open crypto market and trade 24 hours a day. Moreover, it has a custom-made tool that consists of various automatic crypto bots that can be created to test your ability to buy a LUNC coin, a native coin in Terra Classic at the right time.
3Commas is a new automated trading platform that uses dollar-cost averaging to inform trade decisions. It especially stands out for its trailing stop tool, which keeps your position open as long as the price increases, but closes it as soon as the price reverses. 3Commas also supports multiple currencies.
3Commas is an advanced trading platform that supports up to 20 exchanges and pairs. Beginners can get started with their paper trading feature, while advanced traders will benefit from the SmartTrading tool, which allows them to trade on multiple exchanges via one interface.
Before investing, learn more about cryptocurrency trading by monitoring the movements of a few large cryptocurrencies and testing different strategies in a paper trading account.
Once you have a better grasp of the trading market, you will likely be able to make more informed and profitable decisions. A trade bot will help you learn the basics of trading while providing guidance on what to do next.