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Ever thought when u slept at nite and when u woke up in the next day morning u would miss out a big opportunity in crypto market and made u worry. That's because unlike traditional market crypto market doesn't sleep it will work and it works 24/7. Even though this some traders are able to take much profit ever though why?
In this blog, lets explore about what are crypto trading bots? What are its advantages and disadvantages? and finally lets see, what are the top crypto trading? bots u need to know about and safely invest your money.
Disclaimer: I am not your financial adviser and all information available below are for purely educational purposes. Please verify all of the Information before using it and don't make any investment decision except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up.
What are crypto trading bots?
Crypto trading bots are computer programs with a specific set of instructions to perform one single task that is trading cryptos in exchanges.
The set of instructions include for an example buy x amount of Ethereum for x amount of price and sell the Ethereum for this much x price.
Modern crypto bots are well programmed and will take the decision itself on when to buy? what to buy? and how much it want to buy? all by itself without a person monitoring it.
For this to work however a trading bot should be connected to an exchange with the help of api. Basically the api helps the trading bot to proceed with the trade.
Advantages of crypto trading bots
These bots helps any person to enable trade 24/7 and execute trade in your sleep.
U also take the emotion out of trading what it means is as a person u will take emotional decision and sometimes it may go rite and it may go opp too.
U can also backtest your trading that means if u have a strategy u can invest a small amount into it and ask it to execute the trade with the help of historical data and the data u have provided. It helps to get a overview of what is going to happen and prepare your main trade in future.
Even it is a bot it is not completely man free though u need to constantly check it up and tweak it to the changing market.
The most stringing problem with crypto trading bot is that there are more scam bots out there than the legit bots and even u can find bot but it will be poorly coded and most good bots tend to be a bit costlier.
If a crypto trading bot advertises that it will double, triple your investment more than likely it would be a scam. However u can invest in below mentioned bots.
Even if the trading bot is good it cannot replace a person rite now and it also needs to be constantly monitored.
This bot is cloud based and has a solid reputation with 42,000 of active users, 12,000 active trading bots and 1.7 million completed trades. Do note that it may take some time to get used to the functions of the site.
Its features include a long bot template when u think that the crypto price is going to rise and a short bot template when u think the market is going down and also u can make a custom trade.
TradeSanta also provides u with a bucket load of technical features. It also provides real time tracking which enables u track the bot all the time. And it also provides telegram notification.
And for those of u who is glued to your phone TradeSanta also has a android?ios app.
When it comes to exchanges TradeSanta supports all the major trading platforms out there include HitBtc, Binance, Bitfinex, bittrex, upbit, huobi, okex, bitmex.
It provides 5 day free trial for premium plans and also offers a free plan.
Shrimpy works on one basic principle provide excellent trading bots and strategies with the lowest price possible. Shrimpy has been in the market since 2018. It also has a good trading community.
It's important to know that it does not provide any indicators so it is not good for day trading. It's good for long term management and it helps us to maintain a good portfolio. It's good for beginners.
One more important feature of shrimpy is social portfolio Management. What is essentially means letting a well known crypto trading bot analyses manage your funds and one more option is copy trading where u can copy an expert's trading strategy.
Do note that currently shrimpy doesnt have a mobile app.
The exchanges supported by shrimpy are kucoin, binance, bittrex, coinbase, kraken, gemini, huobi global, hitbtc, okex, bitfinex.
Shrimpy also offers free plan. If u need social portfolio management or copy trading u need to have premium plan.
This bot provides excellent trading like professionals without the need for coding knowledge. It has more advance features like market making and exchange arbitrage then this bot is for u.
It also provides more templates, strategy and signals to choose from.
This bot is good for more experienced traders. It also has a good mobile app to explore it on the go.
Crypto Hopper also supports all the major exhanges . In terms of cost it has a 7 day free plan and the basic plan cost $16 per month.
It is super easy to set up. One major drawback or a concern for me though is that we don't know who created the bot or who is in back of it? Without transparency its tough to get into something in crypto market.