Do crypto trading bots actually bring you more money? This is a question that is foremost in the minds of crypto traders planning to use a trading bot for the first time. The truth is that a crypto trading bot is designed to make the task of trading easier and more fulfilling for you. It is beneficial for someone who is stepping into the crypto space for the first time and does not have enough knowledge of how the market behaves.
Unlike the traditional stock market the crypto market does not shut down. This is most stressful for any trader keen to take advantage of the best trading opportunities. Trading 24×7 is difficult for any trader and using a bot to conduct trades on your behalf makes sense. The bot will ensure that you do not have to miss out on lucrative trade opportunities that may surface at any time of the day or night, even when you are sleeping. Because of the market volatility, crypto trading bots have gained popularity. Here are some of the highly-rated and successful trading bots today:
- Gekko: This crypto trading bot is complete free of charge and is an open-source trading bot service. Traders can use a Bitcoin trading strategy on this platform during which it can determine the technical indicators, monitor Bitcoin’s live prices, produce live trading orders, and even back-test the trading strategies. Gekko offers an easy-to-use web interface and runs on local machines with Linux, Windows, and Mac operating systems; it can work with multiple exchanges like Poloniex, BitStamp, and Bitfinex.
- Crypto Hopper: This is a cloud-based service that lets you trade at any time, even when your computer may be switched off. Here, an experienced trader can easily handle the trades using a manual approach that includes many technical indicators and even embedded signals. It also offers back-testing, blacklisting across multiple exchanges. This is free and provides users with a free month-long trial period following which you may opt for the paid version.
- Crypto Trader: This is also entirely cloud-based and offers instant results and solutions. Users can access it from anywhere as long as they have web connectivity. This bot may be configured easily with many exchanges like Kraken, Poloniex, and Bittrex. It is not entirely free of cost and users may choose from the multiple packages it offers. You can get user supports for automated trading but the trading limits and advanced features are available only in the premium versions. When you wish to trade on only one exchange using very limited funds, the basic plan can be your best go-to solution.
- Haasbot: This is undoubtedly one of the most popular trading bots today and may be considered a veteran in the crypto trade ecosystem. It was create in 2014 and runs on popular exchanges like Bittrex, Huboi, and GDAX, etc. It was initially meant only for evaluating market conditions but now it can completely automate trades on your behalf. You have to get it on a subscription basis and even the basic packages have many useful features. Since the bot runs on the cloud you will never have to let go of any good trading opportunity. Trades will happen even when you are offline or the computer is switched off. Its only drawback is that it needs the user’s input to start acting; this is why you should ideally have some trading expertise to use this trading bot.