Review of 5 Best Bots for Crypto Trading
Cryptocurrency can make you money in two ways. The first is just like the conventional investment, where you buy a couple of coins, hold them over time and wait until the prices rise for you to sell. It is an effective strategy for increasing your investment, but one that requires a lot of patience because prices don’t always rise. They can sometimes fall serially and take a while before they rise above what you bought them for.
The second way of making money from cryptocurrencies is by trading them.
Cryptocurrency trading involves actively making exchanges as the prices rise and fall. In contrast to holding the crypto coins, trading allows you to buy when prices are low as well as sell when prices are high and wait to buy again when the prices drop further.
Trading cryptocurrency can be done manually or with the help of crypto trading bots. Due to the highly volatile nature of crypto markets, trading cryptocurrencies manually is quite difficult. Besides, the value of cryptocurrencies fluctuates in double-digit percentages each day, in either direction.
Crypto bots are automated programs that trade on your behalf. Moreover, they operate more efficiently compared to humans. They vary in features, applicability, and user-friendliness. Below, we have reviewed the best crypto trading bots for you to choose from!
What I Considered for My Review
This is concern numero uno. The main reason a trader opts for a trading bot is to maximize their profits, which is brought about by its higher expertise in trading.
The biggest threat to cryptocurrency trading is hacking. Using trading bots means giving the bot access to your money. You want to use a crypto bot that protects your money at all costs. Due to the difficulty of testing the security by actually hacking a crypto bot, we recommend going for the trading bot that has been publicly applauded for its security.
Crypto trading is an infinite loop that never ends; trading occurs 24/7. Therefore, use a trading bot that runs efficiently round the clock so that you never miss a trading opportunity. The best trading bots are fully automated to execute trades on themselves and have the least downtime. Additional features such as trailing capabilities also improve a bot’s reliability to help you make profits.
A trading terminal provides you with various important information such as analytical charts, live pricing, arbitrage, etc. The best trading bots present all this information in a clean, legible, easy to use user interface.
Ranking the 5 Best Bots for Crypto Trading
Zignaly is a new player in the field. It relies on TradingView API for its chart analysis. TradingView APIs work best with Binance trading platforms. The most desirable feature of this trading bot is transparency. Unlike other bots, Zignaly grants you access to contact its developers in case you run into a problem, or wish to forward a request.
Zignaly is currently on Beta version with access to Binance exchange only. The paid version has additional features and will soon support other exchanges such as Poloniex and Bittrex.
Gekko is a free to use Bitcoin trading bot. It is the choice for most beginners as it offers traders the opportunity to learn about trading bots without the need to spend any money. The trading bot is one of a kind as it is based on open-source architecture. Open-source software is always up to date with the latest features in the market and is less buggy than other bots.
Gekko is widely popular due to its free price tag. It also grants you access to different exchanges, including BitStamp, Bitfinex, and Poloniex. You can get a local version to run on your Windows, Mac, or Linux computer or simply use the web version.
3Commas is arguably a pretty profitable platform. This trading bot boasts of its unique ability to trail any crypto market that you would be interested in. The advantage of this is that you stand better chances of gaining from both bull and bear runs.
3Commas not only take the trader’s profit target into consideration but also tries to close each trade at the most profitable price. You can, therefore, realize more profitable trades during a bull run and still stand a chance of making profits during a bear run.
As for the pricing, you get a free Junior account as well as monthly plans from $22/mo. to $75/mo.
Our runner-up is Cryptohopper, a complete cloud-hosted trading bot. Unlike locally hosted bots, you don’t need to keep your computer on 24/7 for you to trade. The bot receives and executes trade orders once the desirable parameters are met, ensuring you never miss a trading opportunity.
Cryptohopper is a solid choice for beginners. It has integrated external trading signals which allow inexperienced users to run trades automatically using the pre-set trading signals. Advanced users also have the option of setting their own signals. Cryptohopper comes packed with useful features such as the ability to trail markets, back-testing, and informative charts.
The basic Cryptohopper plan starts at $19/mo. while the most expensive goes for $99/mo.
My ultimate pick is Superorder. It is an advanced API trading terminal that gives you access to multiple exchanges, including Binance, Bittrex, and BitMEX. Superorder is fully cloud-based, which eliminates the need to keep your computer up and running 24/7. Therefore, you can access your trading account from any device with good internet.
Superorder offers superior features over other bots. It has a DIY strategy builder in which you drag and drop your trading actions (classic buy and sell orders, stop-loss limits, trailings, tech indicators, etc.) to form an executable chain of commands. The terminal takes care of execution, surely.
Superorder has a simple, easy to comprehend user interface that both new traders and experienced ones can appreciate. Additionally, the trading bot provides you with extended chart timeframes, which allow you to keep track of your statistics. Its advanced portfolio tracking ability lets you stay ahead of your trading strategies by providing real-time reports of the portfolio performance. Moreover, it has powerful trailings and combined orders capabilities that are easily accessible on any linked exchange.
Trading with Superorder bots is affordable. You get to choose between payment plans of ₿0.01/ month, ₿0.015/mo and ₿0.009/mo. in addition to the price of the subscription (it can be free).
Crypto trading bots keep getting better with time. Stay tuned to find out more info and use only profitable platforms.