Generally what people do is buy a particular currency like BTC when the market is breaking down and sell those tokens when the market is on a raise in order to make a profit. No doubt this seems the most legit way to gain higher profit by trading various cryptocurrencies, but it requires accessive knowledge and estimation skills to achieve that level of profit margin.
However, there are tons of people without any expertise in trading, which leaves them confused with a common question which is “Is Trading Cryptocurrency Worth It?”. Thinking about a way to automate the complete process may seem like it is impossible. But thankfully you can utilize the crypto trading bots which are available in the market, which automates the trading process completely. But are they trustworthy? should you start using them? which crypto trading bot is the best for beginners? keep reading and you will have your answers.
What Is A Crypto Trading Bot?
People usually overcomplicate things by using difficult words and not coming to the point. And that is the reason why simple terms like Crypto trading bot or Cryptocurrency Tracker confuse normal people. Therefore if we talk about what is a crypto trading bot? in simple words, a crypto trading bot is a computer program or a block of code. These programs consist of predefined instructions that help in taking decisions regarding what is the best time to buy and sell your digital assets automatically.
You can think of a crypto trading bot as software to trade cryptocurrencies automatically. These programs are made in a way to stay connected with various crypto exchanges and update themselves with the latest market changes from time to time. Therefore, making profits for you becomes a lot easier for them with the right data and set of strategies.
How Do Crypto Trading Bots Work?
As discussed previously, crypto trading bots are a type of computer program that takes mandatory decisions regarding your crypto trading. Therefore people who wish to use them, have to download the program directly from the developer or any official website where you can access it hassle-free. Later you have installed the program on your desktop computer or laptop.
The majority of crypto trading bots rely on historical data analysis of the different markets. Providing a solid base for taking the trading decisions in the future, they analyze the markets for changes in pricing, trade volume, and certain other factors as well. Not to mention the bots that help you make money with crypto arbitrage are most popular among investors around the world. As they make it quite easier to make quick profits by taking the advantage of the price differences on different trading platforms.
However, you need to host trading accounts on multiple exchanges in order to allow the crypto trading bots to work efficiently. Collecting market data from different sources and utilizing it to decide when to buy and sell the crypto assets is a time-consuming process. Hence, a normal person can not work as efficiently as a program does. So using crypto trading bots can benefit you in many ways while generating profits for you automatically!
Top 5 Crypto Trading Bots For Beginner/Advanced Traders
Buying and selling different cryptocurrencies via crypto exchanges is a process that requires both enough knowledge and investment at the same time. Whether you are a regular trader or just a newcomer, making money with the cryptocurrency industry is a highly volatile process. But what
There are many different types of trading bots available to use. Pionex is one of those popular platforms that provide crypto arbitrage bots, grid bots, and 12 more free trading bots to its users. Being one of the leading automatic trading service providers in the world, you can count on Pionex with your funds for sure! However, keep in mind that you need cryptocurrencies in a separate wallet and transfer them to Pionex if you wish to start trading directly. Whereas, if you wish to deposit USD first, you need to install the Pionex Lite app first. Additionally, you can enjoy the below benefits with this free crypto trading bot.
Pionex is a completely free-to-use trading bot.
- Free to use 12+ crytpo bots
- The user interface is easy to learn and does not require any coding skills
- You can enjoy the lowest trading fees in comparison to other alternatives
- Professional trading features empowered with robust API are worth it.
Providing its useful services since 2017, the 3Commas is gaining popularity lately. With a surprisingly easy-to-use interface, the service offers trading through 23 different crypto exchanges. While allowing the users to ensure the program is working exactly how they want it, you can even set the parameters to decide when the program will execute a buy or sell order. You can take advantage of other features as well that we have mentioned below.
3Commas provides three different plans apart from the free version which is listed below.
- Portfolio maintenance is rather easy with 3Commas
- Offers 24/7 trading service to its users
- Monitor your favorite crypto price charts in one window
- You can directly copy the configurations from other bots
Quadency is not particularly made for bot trading. Instead, it is a platform that helps traders and investors effectively manage their portfolios and analyze the information more effectively. The crypto trading bot component is an additional feature of this platform that you can use to automate the trading process. With its pre-built strategies and 1500+ coin support, you can start your trading journey in no time.
Quadency is a completely free-to-use trading bot.
- Supports a wide range of altcoins
- Customization of bots is very easy
- Great customer support service to solve any problems you may face
- Offers advanced trading view and automation features
One of the most popular crypto trading bots, CryptoHopper has a significant user base distributed among the different investors. With its key features, this amazing trading bot is suitable for both newcomers and experienced traders both. Not to mention it supports more than 100 crypto coins, trading via 13 different crytpo trading platforms. Choosing CryptoHopper for starting your automatic trading journey is comparatively better than others due to the free service and a lot of features bundled with the platform itself.
You can use the CryptoHopper trading bot for free but if you wish to use the advanced features you need to choose from these respective plans.
- Offers Arbitrage trading service
- Follows the best security practices to protect your assets
- Supports more than 100 different cryptocurrencies
- Create signal optimized strategies with ease, to ensure the profit margin
Most crytpo trading bots create a connection with different crypto exchanges. In order to use the current market data from those crytpo exchanges, it uses the API system to approve the usage of information. However, Kryll.io is completely different than normal trading bots. Because it directly works with crytpo exchanges without the need to get approval for API. Not to mention the features like Cloud computing and free backtests make it ideal for use.
Kryll.io is a completely free-to-use trading bot.
- Creating trading strategies is very easy with the Drag and drop editor
- Supports popular exchanges like Kraken, Bittrex, Binance, and more
- You can rent proven strategies from leading traders to make profits
- Android App is available to keep track of any trades it implements
The revolutionary machine learning and growth in the artificial intelligence sector is tremendous in the past few years. Creating seamless opportunities in respected industries, they are helping people in a lot of different ways. However, we can not completely rely on virtual intelligence when it comes to crypto trading where your hard-earned money is at stake!
Therefore, we highly recommend testing multiple trading bots before entrusting your funds to them. Because non of these bots guarantee that it will generate a clear-cut profit if you start using it. Hence, go through the features and test them while keeping the risk level low to avoid any loss in the beginning. Do share this information with others if you found it useful, and feel free to ask any questions you have.