Top 10 Crypto Trading Bots to Increase Profits
To be a successful day trader, it takes nerves of steel, years of experience, and an industrial-grade coffee maker that keeps the caffeine flowing.
Trading stocks is tough enough. From Monday through Friday, you’ve got to be glued to your workstation and ready to make moves while the market is open.
Cryptocurrency trading is like the stock market on steroids, and since these exchanges never close, you might find yourself locked into a 24/7 cycle. Just ask any crypto trader about how much sleep they get – never enough! Mining Bitcoin, collecting wallets, hyping altcoins – we’ve already got so much to do.
That’s why intelligent crypto traders do whatever they can to automate their efforts and minimize the actual time they spend checking charts, making trades, and fretting about a major downturn in the market.
Today, we’re discussing why crypto trading bots are so important, whether you’re brand new to the world of crypto or you’re a veteran in need of some extra assistance.
We’ll talk about what to look for in a trading bot, some things to avoid, and the best way to boost profits with these applications. Plus, we’ll list our top 10 picks, both free and paid. Let’s go.
How Bots Work and Why They’re Useful
Let’s clarify a few things about trading bots, including what they can and can’t do.
First of all, trading bots will not make, speculate, or strategize trading picks for you – they are simply tools that execute a strategy you make yourself.
That’s right – you still need to pick an exchange, choose which assets to trade, set limits, actions, and do all the things a typical trader must do. Trading bots simply pull the levers for you at the right time, based on your inputs and the overall strategy you’re running.
Profit-focused bots are the ones we’re discussing today, so stay tuned!
1. Superalgos
So much of the crypto community is built on open-source software, which speaks to the core mission of blockchain technology and cryptocurrency in general.
Superalgos is first on our list because there are plug-and-play options for beginners, which allow you to set conditions, time the markets, make speculative plays and track key trends with several compelling visual representations.
On the other hand, you can spend a lifetime creating your own algorithms in this program and collaborating with users to make complex ecosystems of trading bots for specific goals.
Besides, Superalgos is free, and there are plenty of tutorials available online to get you started. It’s easy to learn but difficult to master, so be ready to learn.
2. KuCoin
Few exchanges offer free trading bots with their software, which is why KuCoin earned the second spot on our list.
This is by no means a full-featured bot, only offering dollar-cost averaging (DCA) and grid trading.
KuCoin is 100% free, lets you trade a wide range of assets, and the interface is accessible no matter what level you’re at. Even if you prefer to use different exchanges like Binance or Kraken, we suggest adding this one to your list to get the hang of how trading bots work.
3. CryptoHopper
While most software is marketed simply as a bot or automator, CryptoHopper calls itself a “strategy designer tool,” which should tell you something about its wide range of features and capabilities.
This is a cloud-powered trading software that works on all the major exchanges, from Bittrex and Binance to Coinbase Pro, Huobi, Kraken, and more. Start with simple copy/paste templates to learn the ropes, but then dive into more advanced strategies thanks to a roster of 130+ technical indicators.
In the category of beginner/intermediate trading tools, CryptoHopper gets the nod.
4. 3Commas
While the other entries on our list so far have featured free options, 3Commas charges monthly for its services, although you can save some money if you buy 6- or 12-month packages.
Is it worth the price of admission? We say: absolutely. 3Commas is one of the most powerful tools on the market thus far, and it’s shockingly easy to use for beginners.
It also supports over 20 different trading exchanges, giving you the ability to trade hundreds of different currencies at once and take your profits to new heights.
Finally, when it’s time to sell, you can use the CryptoTrader.Tax partnership to report your gains without hassle.
5. Zignaly
Want to learn the basics of crypto trading with comprehensive technical signals and automated trading strategy creation? Zignaly is one of the best out there and is already earning accolades from the crypto community.
This might seem like a more advanced platform, but there are plenty of tutorial integrations for newcomers who want to dive headfirst into the markets.
Binance and KuCoin are the only supported exchanges, unfortunately, but the big upside is that Zignaly is 100% free for all users!
6. Shrimpy
The name might not inspire confidence, the simplicity and seamless integration of Shrimpy makes it perfect for crypto newcomers, letting you copy and paste winning strategies to try them out for yourself.
This platform also helps you rebalance your portfolio automatically in light of new trends and findings and has a deep library of tutorials to get you into the game.
There is a free version of Shrimpy for you to try, but you can upgrade to advanced features for under $20 a month, which we recommend.
7. Coinrule
Want to learn the ropes of trade orders without getting a degree in finance? Coinrule makes everything easy to understand and offers a free trial that you should definitely use to your advantage.
The platform spells out the methods and strategies in simple terms and features a “Rule Page,” which explains the nuances of each type of trade.
If you like Coinrule, expect to pay around $30 a month for the basic service.
8. HaasOnline
This is a very powerful and flexible platform that constantly sees upgrades and new features thanks to an active community of users or developers.
The key feature of HaasOnline is its backtesting capabilities, which digs deep into 56 weeks’ worth of data to track trends in the market and help you implement better strategies moving forward.
Plus, it supports 22 trading exchanges, letting you tap into every profit opportunity the crypto market has to offer.
HaasOnline is a bit pricey but worth the cost if you’re serious about profits.
9. Bitsgap
The core value of Bitsgap is peace of mind - assurance that you won’t get trapped in a whirlwind selloff and lose all of your money in the blink of an eye.
Besides, you can rake in the profits using its highly advanced algorithm – no need to stress over those charts for hours.
With so much interest in Bitcoin mining and trading, now is the time to invest in a quality platform like Bitsgap – it’s worth the steeper price, in our opinion.
10. Pionex
Like KuCoin, Pionex is an exchange of its own, but we need to mention its powerful trading tools to round out our list. There are 12 unique trading bots built right into the program, and since they’re free to use, this is a great place to refine your skills or try new things.
More advanced traders might feel restricted by the lack of customization in Pionex, but for newbies, we suggest trying out these bots and seeing what they can achieve in real-time. That’s the best way to learn!
Conclusion
As you know, crypto markets are super volatile and unpredictable, and you don’t want to wake up in the morning to see a significant chunk of your net worth gone out the window.
With trends like ESG mining, adoption in countries like El Salvador, and other big developments, now is the time to leverage trading bots and turn some profits.
Nothing is guaranteed, but these bots can potentially increase your chances to make money when the market is hot. Best of luck!
Sources:
Everything to Know About Crypto Trading Bots | Finextra