Five Best Crypto Trading Bots

How does trading bot work?

Cryptocurrency trading bot is a software program that integrates with different financial exchanges, usually by using the APIs offered by the same exchanges. After that, these bots place both buy and sell orders for the user, based on the models and algorithms used when creating the bot.

Backtesting

Testing a trading strategy using historical market data is called backtesting. While choosing a cryptocurrency trading bot, we should check it’s backtesting capabilities.

User Interface

UI/UX experience is essential, especially if it is designed for an entry-level individual without an extensive background in trading.

Trading strategy

Most professional traders rely on different trading strategies. Therefore, we must look at what strategies can the bot implement? What sort of order types it supports, and how much you can customize it?

Ease of use

Most bots include pre-preprogrammed strategies set up and ready to go. In addition, other bots allow the user to program them and create custom trading strategies. The right platform will depend on the coding experience of the end-user.

Security

Best crypto trading bots offer multiple authentication methods such as Two Factor Authentication, API key encryption mechanisms. While choosing a trading bot, we should check for the protection methods. Other than that, privacy policies related to the user’s trading data is increasingly important.

Pricing

Trading bots offer different pricing plans, such as subscription-based, one-time payment, trade volume. All these factors have to be taken into account while choosing a platform.

Software Quality

Software quality is essential for bot performance. Glitches or bugs can be very problematic and wipe out your positions. While choosing a bot, one must test its features and read reviews by existing users.

Reputation

Researching forums, sites, and review platforms is critical. Good standing with the trading community is always a plus.

Exchange Compatibility

Best crypto trading bots platforms support multiple exchanges. Therefore, while choosing a bot, always check if it supports the cryptocurrency exchange you use.

Hassbot

Haasbot created by the company Haas Online Software, founded by Stephan de Hass in January 2014. It quickly became one of the most experienced companies in regards to cryptocurrency trading bots.

BitsGap

Bitsgap bot is the most advanced and accurate automated trading solution available, which brings you better management of your digital assets and can be activated under two minutes with just a
few clicks. Yes, that’s correct!

3commas

3Commas is among the most respected trading bots in the market. It is a Russian made software solution, the name alluding to the billion-dollar club. The company is a crypto trading terminal that features algorithmic trading and portfolio management. It features a SmartTrade terminal that allows users to execute orders and trades and stop-loss/profit positions. To date, the service has over 33,000 active users and a daily trade volume, which regularly exceeds $10 Million.

Cryptohopper

Cryptohopper is a new type of crypto trading platform that allows users to copy trading strategies. It means users can trade based on either their indicators or copy other traders’ strategies.

Zignaly

Zignaly is a newcomer to the cryptocurrency trading bot world. The company was founded in 2018, in Madrid, Spain by David Coronado and Bartolome Bordallo. The system uses a cloud-system that connects to cryptocurrency exchanges through the use of APIs, allowing trading orders to be made automatically.

TrailingCrypto

The company offers a trading terminal that aims to unify trading across multiple exchanges. It also provides strategies that are natively not common in exchanges. As an example, a trader can place Trailing Stop currently not possible on any exchange. Users can use hundreds of indicators available in tradingview to execute trades via the platform.

Conclusion

There has never being a better time to enter the automated trading world. The explosion of cryptocurrencies has made it possible for ordinary people to access tools often reserved for the elites.

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