Cryptocurrency Bots, A Short GuideReading Time: 4 minutes
Bitcoin trading is rising in popularity: thousands of individuals are joining the space. They trade a variety of different currencies on a variety of different platforms and exchanges. While most of these traders are humans, that’s not always the case. We have recently observed a rise in using cryptocurrency trading bots that assist humans in making trades.
Robots and automated software programs are becoming more common in a variety of different industries, and cryptocurrency is no different. With that in mind, this article is going to introduce you to what cryptocurrency bots are, but then also talk about some of the best and most popular options to choose from.
Cryptocurrency trading bots in a nutshell
A cryptocurrency trading bot is a program that can automatically make trades for you. It makes these trades by identifying and recognizing trends by using a number of different measures and can be programmed, as well. These bots provide many benefits to investors such as the ability to make trades at all hours of the day, react quickly to market movement and reduce the amount of time the investor needs to actually be at the desk investing.
How successful a bot is will depend on how well it is programmed, which platform it is used on and how the market is behaving at the time. This type of software and program has been around for private investors in traditional investment arenas for years and is now becoming more popular in crypto. These bots will continually go through innovation and constantly evolve over the years to keep up with new technologies and rules.
How to make a choice on a Cryptocurrency Bot?
Because of the growth and explosion of the cryptocurrency space in recent years, there has been an influx of high quality and cryptocurrency trading bots that meant to help you make more trades at the right time. However, with so many options, how do you know which one is right for you?
First, you need to know what type of crypto trading bot you want. There are some aimed at making consistent (yet small) profits over time, while others are riskier. Some are also more concerned at examining past data when making trades, while others will look at price discrepancies.
When comparing these bots, it is also important to look at a number of different things. You need to look at how convenient they are to use, how changes are made to them, their reputation, what costs are associated with them and what exchanges they can work with.
Now that you know what to look for in a bot and how they can help, we can finally look at some of the best options on the market today.
If you always keep crypto in mind and want your bot to function in an unstoppable mode, take a closer look at Cryptohopper. This cloud-based bot functions even if your computer is turned off. Besides, it requires no installation, therefore simple in use. Additionally, it works with many of the largest cryptocurrency exchanges and platforms. Cryptohopper has one more positive quality: it can be used by both experts in the space and beginners.
A free trial offered by Cryptopher is a great way to make sure if this particular trading bot suits you well. Even if you are an expert in the crypto space, most probably this feature will be handy to you.
If you are looking for a relatively simple and straightforward way to make automatic Bitcoin trades on nearly 20 of the most popular crypto exchanges, look no further than Gekko. Gekko comes with all the trading features you will find essential and is easy to get started with. It offers fairly basic strategies and features, which are more than enough for someone just getting started in the space.
Gekko can run on nearly every major operating system and if you want to be kept up to date on the trades being made, the bot can alert you through email or social platforms. The bot is constantly being changed and improved to offer better performance and additional features as well.
The last but not the least advantage is that Gekko is actually open-source and thus, completely and 100% free to use. It can be found on GitHub and used by anyone who requires the services of a trading bot.
3Commas is a web-based trading bot that lets investors make trades automatically on nearly every popular exchange out there. You can use and view your dashboard on any device, and the bot currently has tens of thousands of users. It is very functional and provides investors with a lot of analytics and data.
The bot lets you create your own strategies, create portfolios, set up stop-loss targets and a variety of other features. The bot even offers a trailing feature that will, by checking on the various conditions in the market, make sure you always sell your coins when it makes sense to you. The bot is also social, as it can allow you to mimic the successful trades and actions of the high-performing investors who are also using the bot.
The price of this option will depend on how many of the available features you require for your trading. In general, the cost will range between $30 and $100 every month.
In conclusion, we hope that this blog post has been able to not only introduce cryptocurrency bots to you but also help you choose the right one for your needs. Of course, before choosing a cryptocurrency trading bot (and before investing in crypto at all), do your own research and make sure it is something that you actually want to do. Eventually, you will choose the bot that best matches your needs.
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