Automated Trading Bot

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Automated Trading Systems: The Pros and Cons

What Is an Automated Trading System?

Automated trading systems — also referred to as mechanical trading systems, algorithmic trading, automated trading or system trading — allow traders to establish specific rules for both trade entries and exits that, once programmed, can be automatically executed via a computer. In fact, roughly 75% of shares traded on U.S. stock exchanges come from automatic trading systems.

Traders and investors can turn precise entry, exit, and money management rules into automated trading systems that allow computers to execute and monitor the trades. One of the biggest attractions of strategy automation is that it can take some of the emotion out of trading since trades are automatically placed once certain criteria are met.

The trade entry and exit rules can be based on simple conditions such as a moving average crossover or they can be complicated strategies that require a comprehensive understanding of the programming language specific to the user’s trading platform. They can also be based on the expertise of a qualified programmer.

Automated trading systems typically require the use of software linked to a direct access broker, and any specific rules must be written in that platform’s proprietary language. The TradeStation platform, for example, uses the EasyLanguage programming language. On the other hand, the NinjaTrader platform utilizes NinjaScript. The figure below shows an example of an automated strategy that triggered three trades during a trading session.

A five-minute chart of the ES contract with an automated strategy applied.

Establishing Trading “Rules”

Some trading platforms have strategy-building “wizards” that allow users to make selections from a list of commonly available technical indicators to build a set of rules that can then be automatically traded. The user could establish, for example, that a long position trade will be entered once the 50-day moving average crosses above the 200-day moving average on a five-minute chart of a particular trading instrument. Users can also input the type of order (market or limit, for instance) and when the trade will be triggered (for example, at the close of the bar or open of the next bar), or use the platform’s default inputs.

Many traders, however, choose to program their own custom indicators and strategies. They will often work closely with the programmer to develop the system. While this typically requires more effort than using the platform’s wizard, it allows a much greater degree of flexibility, and the results can be more rewarding. Just like anything else in the trading world, there is, unfortunately, no perfect investment strategy that will guarantee success.

Once the rules have been established, the computer can monitor the markets to find buy or sell opportunities based on the trading strategy’s specifications. Depending on the specific rules, as soon as a trade is entered, any orders for protective stop losses, trailing stops and profit targets will be automatically generated. In fast-moving markets, this instantaneous order entry can mean the difference between a small loss and a catastrophic loss in the event the trade moves against the trader.

Advantages of Automated Systems

There is a long list of advantages to having a computer monitor the markets for trading opportunities and execute the trades, including:

Minimizing Emotions

Automated trading systems minimize emotions throughout the trading process. By keeping emotions in check, traders typically have an easier time sticking to the plan. Since trade orders are executed automatically once the trade rules have been met, traders will not be able to hesitate or question the trade. In addition to helping traders who are afraid to “pull the trigger,” automated trading can curb those who are apt to overtrade — buying and selling at every perceived opportunity.

Backtesting

Backtesting applies trading rules to historical market data to determine the viability of the idea. When designing a system for automated trading, all rules need to be absolute, with no room for interpretation. The computer cannot make guesses and it has to be told exactly what to do. Traders can take these precise sets of rules and test them on historical data before risking money in live trading. Careful backtesting allows traders to evaluate and fine-tune a trading idea, and to determine the system’s expectancy – i.e., the average amount a trader can expect to win (or lose) per unit of risk.

Preserving Discipline

Because trade rules are established and trade execution is performed automatically, discipline is preserved even in volatile markets. Discipline is often lost due to emotional factors such as fear of taking a loss, or the desire to eke out a little more profit from a trade. Automated trading helps ensure discipline is maintained because the trading plan will be followed exactly. In addition, “pilot error” is minimized. For instance, if an order to buy 100 shares will not be incorrectly entered as an order to sell 1,000 shares.

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One of the biggest challenges in trading is to plan the trade and trade the plan. Even if a trading plan has the potential to be profitable, traders who ignore the rules are altering any expectancy the system would have had. There is no such thing as a trading plan that wins 100% of the time. After all, losses are a part of the game. But losses can be psychologically traumatizing, so a trader who has two or three losing trades in a row might decide to skip the next trade. If this next trade would have been a winner, the trader has already destroyed any expectancy the system had. Automated trading systems allow traders to achieve consistency by trading the plan.

Improving Order Entry Speed

Since computers respond immediately to changing market conditions, automated systems are able to generate orders as soon as trade criteria are met. Getting in or out of a trade a few seconds earlier can make a big difference in the trade’s outcome. As soon as a position is entered, all other orders are automatically generated, including protective stop losses and profit targets. Markets can move quickly, and it is demoralizing to have a trade reach the profit target or blow past a stop-loss level – before the orders can even be entered. An automated trading system prevents this from happening.

Diversifying Trading

Automated trading systems permit the user to trade multiple accounts or various strategies at one time. This has the potential to spread risk over various instruments while creating a hedge against losing positions. What would be incredibly challenging for a human to accomplish is efficiently executed by a computer in milliseconds. The computer is able to scan for trading opportunities across a range of markets, generate orders and monitor trades.

Minimize emotional trading

Allows for backtesting

Preserves the trader’s discipline

Allows multiple accounts

Mechanical failures can happen

Requires the monitoring of functionality

Can perform poorly

Drawbacks of Automated Systems

Automated trading systems boast many advantages, but there are some downfalls and realities traders should be aware of.

Mechanical Failures

The theory behind automated trading makes it seem simple: Set up the software, program the rules and watch it trade. In reality, automated trading is a sophisticated method of trading, yet not infallible. Depending on the trading platform, a trade order could reside on a computer, not a server. What that means is that if an internet connection is lost, an order might not be sent to the market. There could also be a discrepancy between the “theoretical trades” generated by the strategy and the order entry platform component that turns them into real trades. Most traders should expect a learning curve when using automated trading systems, and it is generally a good idea to start with small trade sizes while the process is refined.

Monitoring

Although it would be great to turn on the computer and leave for the day, automated trading systems do require monitoring. This is because of the potential for technology failures, such as connectivity issues, power losses or computer crashes, and to system quirks. It is possible for an automated trading system to experience anomalies that could result in errant orders, missing orders or duplicate orders. If the system is monitored, these events can be identified and resolved quickly.

Over-Optimization

Though not specific to automated trading systems, traders who employ backtesting techniques can create systems that look great on paper and perform terribly in a live market. Over-optimization refers to excessive curve-fitting that produces a trading plan unreliable in live trading. It is possible, for example, to tweak a strategy to achieve exceptional results on the historical data on which it was tested. Traders sometimes incorrectly assume a trading plan should have close to 100% profitable trades or should never experience a drawdown to be a viable plan. As such, parameters can be adjusted to create a “near perfect” plan — that completely fails as soon as it is applied to a live market.

Avoid the Scams

While you search for your preferred system, remember: If it sounds too good to be true, it probably is. There are a lot of scams going around. Some systems promise high profits all for a low price. So how do you tell whether a system is legitimate or fake? Here are a few basic tips:

  1. Scrutinize anything you’d have to pay for before you pay or lay down any money for a trading account and always ask questions. If you don’t, you may lose money in the end.
  2. Do your research and make sure you know everything about the system in question. And be sure to read the terms and conditions before you commit.
  3. Are there any testimonials you can read? Check third-party sites or even financial regulatory sites for reviews.
  4. Does the system come with a trial period? A lot of scam sites won’t offer you a trial.

Server-Based Automation

Traders do have the option to run their automated trading systems through a server-based trading platform. These platforms frequently offer commercial strategies for sale so traders can design their own systems or the ability to host existing systems on the server-based platform. For a fee, the automated trading system can scan for, execute and monitor trades, with all orders residing on the server. This often results in potentially faster, more reliable order entries.

Before you Automate

The word “automation” may seem like it makes the task simpler, but there are definitely a few things you will need to keep in mind before you start using these systems.

Ask yourself if you should use an automated trading system. There are definitely promises of making money, but it can take longer than you may think. Will you be better off to trade manually? After all, these trading systems can be complex and if you don’t have the experience, you may lose out.

Know what you’re getting into and make sure you understand the ins and outs of the system. That means keeping your goals and your strategies simple before you turn to more complicated trading strategies.

And remember, there is no one-size-fits-all approach. You will need to figure out your preferred strategy, where you want to apply it and just how much you want to customize to your own personal situation. All of that, of course, goes along with your end goals

The Bottom Line

Although appealing for a variety of reasons, automated trading systems should not be considered a substitute for carefully executed trading. Technology failures can happen, and as such, these systems do require monitoring. Server-based platforms may provide a solution for traders wishing to minimize the risks of mechanical failures. Remember, you should have some trading experience and knowledge before you decide to use automated trading systems.

Automated Trading Bot

Our Bot Copies the Trade & Manages for You

The bot will automatically enter the trade for you without doing anything

We enter the stop loss, profit targets, entry orders and everything. If targets are hit, we will move stop loss automatically. If the trader cancels a trade, we do that all for you. We have a full time team and chat room members are discussing the bot and our staff and developers are intervening with trades as needed.

Best Bitcoin Trading Bots in 2020 – Automated Cryptocurrency Trading Guide (April 2020 Update)

Cryptocurrency trading isn’t easy. However, there are many people who have honed the art of trading bitcoins and altcoins on a daily basis. Trading bots are used by many cryptocurrency traders to execute trades faster and more efficiently, and sometimes even in their sleep. This is a comprehensive crypto trading bots review where we examine all pros & cons of top 15 automated trading platforms on the market.

What are Trading Bots?

Trading bots are software programs that connect to an exchange (usually via API protocol) and make trades on behalf of the users. They work using a variety of trading indicators and strategies. Since trading is all about mathematics and fast complex probability calculations, bots should be better at trading than humans.

The bots make trading decisions by following the market’s price changes and reacting according to a set of predefined and pre-programmed rules. Typically, a crypto trading bot will follow and analyze technical indicators and signals such as volume, orders, price, and time. Most of the more advanced bots can be customized to execute your own trading strategy so they are great if you know what you are doing.

Traditional markets also have algorithms and bots that are, however, not accessible to regular mortals as they are super complex and cost a fortune.

That is not the case in cryptocurrency markets as you will see and read below.

Top Bitcoin and Altcoin Trading Bots

This article is very long and if you need a quick solution and recommendation, these three trading bots have proven to be on top of the game when it comes to automated trading.

Cryptohopper Margin.de Bitsgap
Integrations Binance
Binance US
Bitfinex
Bittrex
CEX.io
Coinbase Pro
Cobinhood
Cryptopia
HitBTC
Huobi
Kraken
KuCoin
Poloniex
Bittrex
Bitfinex
Binance
Bitstamp
Bluetrade
Kucoin
Poloniex
HitBTC
CEX.io
Coinbase Pro
OKex
Huobi
OkCoin
Kraken
LAToken
Bittrex
Bitfinex
Binance
Bitstamp
Coinbene
Kucoin
Poloniex
HitBTC
CEX.io
Coinbase Pro
OKex
Huobi
OkCoin
Kraken
Liquid + 10 other
Price From $19 Month $129 lifetime $19 per Month
Type Cloud Local Cloud
External Signals Yes Yes Yes
Review Read Read Read
Visit Visit (use code
“Discount10”
to get 10% off)
Visit

Below is a tabular overview of all notable altcoin trading bots on the market, most of them are described in more detail in the second part of the article.

Name Price Supported Exchanges
Cryptohopper $19 to $99 per month 12
Bitsgap $19 to $109 per month 25
Margin.de (“Discount10” for 10% off) $129 to $2999 one time fee 25
Trade Santa Free to $100/month 4
Gunbot $260 to $1,961 one-time 10
ZenBot Free 9
Haasbot $475 to $1,360 per year 7
Gekko Free 7
Autonio $50 per month 2
Kryll Free to 20,000 KRL (

$1,400) 4 Zignaly Free (Beta Version) 5 HodlBot Free to $10/month 2 3Commas $30 to $100 per month 23 (only 9 support automated trading) CryptoTrader $16.50 to $199 per month 9 BTCRobot $19.99 to $39.99 per month or $399 one-time 2

Types of Trading Bot Strategies

Arbitrage

In the early days of cryptocurrency trading one of the primary strategies that traders used to make profits was arbitrage – i.e. buying assets in one market and then selling them in another for a higher price, thus earning profit on the difference. As cryptocurrency exchanges were decentralized, there were often large differentials between prices offered on various exchanges, meaning that profits could be made through arbitrage.

On CoinMarketCap there are currently 208 crypto exchanges listed, where exchanges with no fees are excluded. When no fees are being charged at the exchange, it is possible for a trader (or bot) to trade back and forth with themselves and generate a lot of “fake” volume without penalty. It’s impossible to determine how much of the volume is fake so they excluded it entirely from the calculations.

Due to the large number of exchanges and high volatily of cryptocurrencies, traders can take advantage in the form of arbitrage.

An arbitrage is the possibility of a risk-free profit after transaction costs. For example, an arbitrage is present when there is the opportunity to instantaneously buy something for a low price and sell it for a higher price. People who engage in arbitrage are called arbitrageurs, such as a bank or brokerage firm. The term is mainly applied to trading in financial instruments, such as bonds, stocks, derivatives, commodities and currencies.

With so many exchanges available, there could be the same asset but with different price on different exchange. For instance, the price of an asset A on exchange 1 is 10$, while on exchange 2 it is 15$.

Although the spread between crypto markets are getting smaller by day, they do still exist and trading bots can assist traders in making the most of these differentials.

Market Making

Trading bots can also enable users to use the market making strategy. Market making is an activity whereby a trader simultaneously provides liquidity to both buyers and sellers in a financial market. Liquidity is the degree to which an asset can be quickly bought or sold without notably affecting the stability of its price. Market makers “make a market” by quoting prices to both buy and sell an asset. In this way, the market maker (or liquidity provider) acts as both a buyer and seller of last resort where there would not naturally be another buyer or seller, thereby providing liquidity.

As prices oscillate and vary, the trading bot will automatically and continuously place limit orders in order to profit from the spread.

This strategy does not work good in low liquidity environments and is a highly competitive.

Do Cryptocurrency Trading Bots Work?

The main purpose of trading bots is to automate things which are either too complex, time consuming, or difficult for users to carry out manually.

Good trading bots can save a trader time and money by collecting data faster, placing orders faster and calculating next moves faster.

Majority of trading bots use an indicator from technical analysis called an exponential moving average (EMA) as a principle strategy for analyzing the market. Bots can be programmed to make an action once EMA surges or drops certain thresholds.

By setting up the bots, users can set their thresholds to fit with their risk profile. However, one of the main downsides of EMA and similar indicators is that they are so called lagging indicators – based on past history, which, as all traders will know, is not indicative of future performance, especially in the cryptocurrency industry where volatility is rife.

Therefore the answer to the question of whether trading bots work is – “depends”. They do work, but not necessarily for everybody.

Trading with automated crypto trading bots is a technique that uses pre-programmed software that analyzes market actions, such as volume, orders, price, and time, and they are rather common in the bitcoin world, because very few traders have time to stare at the charts all day. Bots or program trading is used within many global stock exchanges.

Most people trade bitcoin as a way to generate passive income while working their regular day jobs, and bitcoin trading bots are said to establish more efficient trading. There are controversial automatic Bitcoin trading bots like Cryptosoft, and there are crypto trading bots that can be downloaded online, and there are also trading bot services like you have to pay for, offered by various trading engine and programming companies.

Trading bots are software programs that connect to an exchange (usually via API protocol) and make trades on behalf of the users. They work using a variety of trading indicators and strategies. Since trading is all about mathematics and fast complex probability calculations, bots should be better at trading than humans.

Bitcoin trading bots can be utilized on many well-known cryptocurrency exchanges today. There are crypto bots that are free of charge and can be downloaded online, and there are also trading bot services you have to pay for, offered by various trading engine and programming companies.

According to InsideBitcoins, there are also the robots that have been claimed to be endorsed by celebrities like Bitcoin Trader. Remember though, not every robot is what it claims to be. Beware of Scams.

With so many people relying on crypto trading bots, the question becomes which one should be avoided and which one can be trusted. Below is a list of best cryptocurrency trading bots.

Is there a difference between bitcoin and ethereum trading bots?

No, it is just semantics. These bots can be called best Ethereum bots as well or best [pick any altcoin] trading bots since they support automated trading of any coin listed on the exchanges they integrate with.

Best crypto trading bots

We have made our list of top trading bots based on the following criteria:

  • Trading strategy.
    What strategies of technical analysis can the bot execute? How customizable are those strategies?
  • User Interface.
    Friendly user interface is another important factor. The bot has to have simple and intuitive processes that are easy to learn and implement.
  • Ease of use
    If you are a beginner, the crypto bot needs to have premade setups that are easy to choose and launch. For the more advanced users, ability to customize the crypto bot to the settings and preferences user has was of highest importance.
    Speed.
    What is the latency in transferring data from exchanges? Sometimes it is important to have the order be executed immediately and a slow bot can cost you a lot of money.
  • Cost.
    Of course, price always plays a role. You want to earn money, after all, and not break a bank for a piece of code.
  • Security.
    Authentication methods, 2 Factor authentication, API key encryption mechanism. Privacy policies related to users trading data.
  • Reputation.
    Does the bot have a good reputation among the wider crypto community? Check online forums for reviews from other users to see if the crypto bot is legit and if they’d recommend using it.
  • Exchanges.
    While most reputable crypto bots will work with most reputable exchanges, make sure any program you choose will allow you to trade on the exchange(s) you want to use.

Cryptohopper

Cryptohopper is a crypto trading bot that offers some unique and interesting features, including cloud trading, some social trading options and a large variety of coins/exchanges to trade on/with. Stop losses and trailing stops are especially welcome elements here, as they help you tremendously with risk management. As with any trading bot, you’ll find conflicting reports regarding its effectiveness, functionality and safety.

Created by two brothers from the Netherlands, one a day trader, and the other a web developer, this trading bot can brag about having a perfect blend of experience and knowledge – both in the worlds of trading/technology – behind it from the start. The two merged their ideas, skills, and experiences and created Cryptohopper.

It currently offers integration with the following crypto exchanges:

Work is apparently being done to integrate the cryptocurrency trading bot with other well known crypto platforms like HitBTC, Cobinhood, Cex.io, Bitstamp and bitFlyer APIs.

Cryptohopper is different than most of the market competitors in the sense that it’s web-based; it’s stored on the company’s servers, operates on a cloud-like infrastructure and can be accessed through any web browser. While the advantages of this include fast and simple access to the crypto bot, without needing any additional hardware to set it up and keep online.

Bitsgap

Bitsgap is a new young startup from Estonia that built a powerful cryptocurrency trading terminal that plans to rock the boat of the established incumbents.

The number of supported exchanges is impressive – 25. This fact also means more arbitrage opportunities since there are a lot of exchanges that are tracked and hence there is a high probability of finding a big price difference between them.

So Bitgsap is a platform that supports trading, portfolio tracking, arbitrage, signals, bots – a full spectrum of cryptocurrency service that can be managed from one dashboard.

Of course, Bitsgap also has a demo version that you can take for a test ride and try out all your strategies without risking real money.

Prices are around what competitors charge – $19 for the lowest package and $109 for the advanced account that offers 15 bots and has no limit on the amount of funds you can trade.

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Coinrule.io

Coinrule stands out among competitors with its If-This-Then-That rule logic. This approach allows even less advanced traders to build their trading strategy in minutes. The user-friendly interface guides users in developing the trading bot step-by-step.

Over 150 templates help beginners in finding the perfect trading strategy that suits their needs. The platform allows plenty of different trading strategies, including stop loss and take profit in one and integrates the most common technical indicators such as Moving Averages.

Another exciting feature is the built-in Demo exchange. Traders can test their trading system in a safe environment with a virtual allocation of coins. The Demo exchange is modelled entirely on Binance and you can try your strategies risk-free.

You can use Coinrule on a free plan with some limitations or subscribe to one of the premium plans priced between $29.99 and $249 USD. With a yearly subscription, you get access to a 20% discount on the price.

Coinrule supports Coinbase Pro, Binance, Binance US, Bitstamp, Kraken, HitBtc, Bitpanda Pro, Okex, Liquid, Poloniex and additional exchanges are added regularly.

Margin.de

Margin (Use code “Discount10” to get 10% off) is a trade bot that has 17 supported exchanges, 2 new crypto trading bots, and great features like a profit/loss indicator, market scanner, social integrations & more. Plus, they still offer the free demo to try everything out first!

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Margin currently comes bundled with two trading strategy bots:

• Ping Pong Strategy

• Margin Maker Strategy

Just as the name suggest, the ping pong strategy allows you set a buy and sell price and the bot will do the rest. The mArgin maker strategy is a bit more advanced and can buy and sell based on price action adjusting with the course direction of the market.

They obviously have a good designer on their team as their GUI is by far the best looking out of all bots and has lots of customization options.

Prices are paid for lifetime licenses and range from $129 for starter package over $259 for standard to whopping $2999 (but these are aimed at enterprise clients).

One drawback is that it is not a cloud-based software, rather a downloadable progmram that you run from your local machine.

If you want to find out more, here is our full Margin bot review.

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Deep TradeBot

DeepTradeBot gives traders an opportunity to use AI features that make crypto-trading more efficient while one can afford to spend less time for trading. The entire solution has been built to be easy to use.

Deep TradeBot functionality is based on strong machine learning, and neural networks increased by the power of cloud computing and BigData technological innovations.

The solution works with Bittrex, Exmo, Kraken, Binance, Bitfinex and Huobi cryptocurrency exchanges, and gives an opportunity to rent one of 4 trading robots available:

  • MiniBot 5 NFS/Free Bot
  • StandartBot 10 NFS/$10 USD
  • ProBot 15 NFS/$25 USD
  • NetPremium 40 NFS/$45 USD

DeepTradeBot AI robots have multiple trade modes

Each trading mode is activated at the perfect time, and this allows them to keep on the top whatever the current market situation is.

The main 4 methods used by bots are the following:

  • High frequency trading
  • Arbitrage trading
  • Algorithmic trading based on technical indicators
  • Fundamental analysis based trading

Top 3 main advantages of DeepTradeBot

High Winrate

Usually it will take a minimum of 1 sec. to send out a signal via API (what the other robots usually do). During this time, the Winrate is reduced by almost 40%. The key to having an increased Winrate rating for deepTradeBot – is to receive trading indicators straight from the exchange server;

Easy UI

The only thing you need would be to rent a bot and refill its trade balance;.

Low commissions

A huge trading volume on exchanges gives us a chance to reach reduced trading commission fees: the greater the trading volume is, the less the commission on top rated trading platforms.

Every bot has its own rental terms, minimal and maximal day-to-day revenue range, trading pairs and so forth. The crypto-currencies available to trade for now are Bitcoin, Litecoin, Ethereum and Dogecoin.

Zignaly

Zignaly is another crypto bot that is cloud based and since recently also offers additional service of crypto signals.

It is handicapped to the leading platforms in the number of exchanges it supports – right now it only works with Binance, Kucoin, BitMex, Poloniex and Bittrex with a promise of addition of new exchanges in the near future.

With Zignaly crypto signals you can manage the Buy / Sell signals from external integrated signals providers like Mining Hamster Signals or Crypto Quality Signals.

It works well with TradingView as you can send your own signals from TradingView by using indicators or their “Cryptocurrency Signal Finder” recommendations.

It also has a trailing stop loss option, a feature that is evolving into a must-have for all trading platforms, especially automated software like Zignaly.

Just like other bots from this list, Zignaly works via API keys, has no ability to withdraw your coins and all activity is done directly on the exchanges and not routed through their servers – meaning, the bot is as safe as it gets.

As for the prices – it currently has only one package of $15.99 as they still consider themselves in beta mode. You can also do a DEMO for 30 free days before buying the subscription.

3Commas

3Commas is one of the most well-known trading bots in the market. The name referencing the billion-dollar club is a Russian made software solution.

3Commas is a crypto trading terminal which features bot trading and portfolio management. It features a SmartTrade terminal which allows users to execute orders and trades, set bot-trading and stop-loss/profit positions.

Their plans range in pricing from $22 to $75 per month.

Binance, CEX.io, Coinbase Pro, Bittrex, BitMEX, Poloniex, YoBit.net, KuCoin, Bitfinex, OKEX, HitBTC, Huobi Global, Bitstamp, Cryptopia.

You can read our head-to-head comparison of 3Commas vs Cryptohopper to see how well it fares against the top dog of crypto bots. As for the full 3Commas review, you can read it here.

Haasbot

Haasbot algorithmic trading software was created In January 2020 by Haasonline. This crypto trading bot is very popular among crypto enthusiasts and trades bitcoin and over 500 altcoins on many major crypto exchanges, including fully automated trades on platforms such as Kraken, BTCC, GDAX, Poloniex, Bitfinex, Gemini, Huobi and many more.

On paper, this cryptocurrency trading bot does all of the trading legwork on behalf of the user. However, some input is required. Haasbot bot is highly customizable and enables a variety of technical indicators, and is also capable of recognizing candlestick patterns. One has to be knowledgeable to use this trading bot and make a profit from doing so, considering it costs between 0.12 BTC and 0.32 BTC per three-month period to use this tool. There is, however, an extensive knowledge base for the traders willing to learn, provided by the creators on their site.

Gunbot

Gunbot is an older crypto trading bot but still one of the more advanced ones that provides a wide range of settings and strategies which are ideal for both beginners and professionals. It is used to take over (most) of the workload of traders on the cryptocurrency markets.

The cryptocurrency trading bot gives users the opportunity to customize their trading to a level which no other trading bot can provide. Almost all the strategies and technical indicators that manual traders use on a daily basis can be found in this bot and used to trade automatically. The interface is user friendly so that everyone can easily get a hang of it. It is suited for more experienced crypto traders as well as beginners; some strategies are highly configurable while others are easier to use.

The program comes with tons of trading strategies that are highly configurable and includes different types of insurances to optimize your crypto trading which are explained on the website.

Another positive feature about this crypto bot is that it’s a one-time payment, that means: no need to renew every month (pay once and get all the future updates for free)!

Don’t want the trading bot anymore? Don’t worry, Gunbot includes something that no other trading platform offers: Gunthy coin. Gunthy coin is a feature that no other trading platform offers, a cryptocurrency token that is offered to the users when buying the the bot. The amount of tokens sent to the buyer are derived from the type of license that they acquire. Why is this important? Imagine that trading is nothing for you and that you want to sell your crypto bot, that’s possible with the Gunthy token!

Gunbot is used by thousands of crypto traders daily which creates a close and helpful community. Its community is highly active on social media platforms to discuss different trading strategies and help each other out. The trading platform provides different packages which can be upgraded if needed. There are 4 different licenses available, ranging from 0.04 BTC to 0.3 BTC.

CryptoTrader

CryptoTrader is less known cryptocurrency trading bot that is gaining popularity. This cloud-based automated cryptocurrency trading bot claims to allow users to build algorithmic trading programs in minutes. Not having to install unknown software is a big plus. However, it remains to be seen if this platform is legitimate. One intriguing feature is that the company also offers a “Strategy Marketplace” where users can buy and sell trading strategies.

Click here to read full CryptoTrader review!

All major crypto-currency exchanges, such as Coinbase, BTCe, Bitstamp, and more, are supported for both backtesting and live trading. Using their backtesting tool, you can see how your trading strategy would work over different market condition. Their goal is to provide traders with cloud-based automated trading solutions powered by cutting-edge technology, and the company states that its automated trading bots in are unique compared to the current crypto trading bots on the market today.

Revenuebot

RevenueBot is a cloud-based cryptocurrency trading bot designed for making money while trading in top exchanges. An automatic martingale-based trading system is carried out around the clock. There is no subscription fee, the service only takes a percentage of the profit received from trading.

Supported exchanges are Binance, DSX, Exmo, Livecoin, Okex, HitBTC, and other major cryptocurrency trading platforms. RevenueBot is an attractive service for passive earnings which doesn’t take a lot of your time.

RevenueBot is most suitable for careful trading and eliminating big risks, and with the right settings brings in a steady income of 0.2 to 0.7% of the deposit per day. It does not take much time to monitor its work either.

Bot trading is safe, as the users’ funds are kept in their accounts on exchanges. RevenueBot does not take, does not keep, and does not have access to fund withdrawal.

RevenueBot fee is calculated using the earned profit and is equal to 20%. This is beneficial for customers with small deposit. The maximum commission is only 50 USD (per month) in BTC equivalent, which is also beneficial for customers with a large deposit. The fee is deducted from the internal RevenueBot account. And you can replenish the account balance for any amount you choose.

The bitcoin bot has a lot of settings, each is described in detail in the FAQ (https://revenuebot.io/faq.html), and technical support is always ready to help you and find the right trading strategy for you.

Coinbot.club

Coinbot.club is a crypto bot rental service with an open source code. On the site you can find the description of algorithms and link to the github(https://github.com/coinbitbot).

The project has got a number of features that distinguishes it from others:

1. This is a cloud-based service that does not require any programs to be installed.

2. The project also presents information on the team and its other projects

3. Open source code and link to the github – anyone can check the code and algorithms of the automated trading bots.

4. Additional modules for cryptocurrency traders (arbitrage, social and telegram assistant)

5. Affiliate program up to 50% 6. 3 types of automatic trading bots (aggressive, balanced and conservative)

There are three additional modules:

1. A social analyzer that searches and sends information to the user about upcoming airdrop, hardfork, re-branding, and so on. The user can customize the keyword dictionary on his own. It is based on the research conducted by the team, which confirms the influence of news on the crypto rates.

2. The second tool is an arbitration bot, which not only checks the arbitrage windows, but also checks whether the deposit and withdraw of currencies are available at the moment. It is an important point because the majority of trading bots do not verify it.

Another important detail is the ability to set the desired volume of arbitration. This means the arbitrage bot will not only take the first best orders from the order book, but will analyze their depth and calculate what kind of profits will be received on a specific volume. This is a very useful and rare feature.

3. Telegram assistant. For convenience, the project team has developed a telegram assistant that allows you to fully manage all the bots. According to price, it is relatively low and accounts for 0.25% of all trades. On the site you can learn about the history of bids and general statistics on bots.

Free crypto trading bots

Gekko

Gekko is a Bitcoin trading bot and backtesting platform that supports 18 different Bitcoin exchanges (including Bitfinex, Bitstamp and Poloniex). Gekko is free and 100% open source that can be found on the GitHub platform.

This automated trading bot even comes with some basic trading strategies, so using it seems rather straightforward.

Gekko comes with a webinterface that was written from scratch. It allows you monitor your local data, strategies. It can also run backtests and visualize the results. Using plugins, which are available for IRC, telegram, email and a lot of other platforms, Gekko is able to update you wherever you are! Gekko runs flawlessly on all major operating systems (Windows, macOS, and Linux).

You can also run it in the cloud or on your raspberry PI without any issues! It will not exploit arbitrage opportunities, nor is it a high-frequency trading bot by any means. With a good list of supported cryptocurrency exchanges, Gekko is definitely a bitcoin trading bot that is worth checking out.

Zenbot

Zenbot is another open-source trade bot for bitcoin traders. It is important to note that this trading bot has not seen any major updates over the past few months. However, it is available to download and modify the code if needed. This marks the third iteration of Zenbot, which is still a lightweight and artificially intelligent bitcoin trading bot, and it is also one of the very few solutions capable of high-frequency automated crypto trading and supporting multiple assets at the same time.

This bot supports following crypto markets – Gemini, Quadriga, Bittrex, Kraken, Poloniex, and GDAX. Work on further exchange support is ongoing. According to the GitHub page, Zenbot 3.5.15 makes a 1.531 ROI in just three months. This is quite surprising.

Should you use a crypto trading bot?

Cryptocurrencies are a nascent and atypical asset class and for this reason it is hard to make a regular return off of them in the same way that cash or a stock create value. Many of the best stocks pay out dividends which is in addition to price appreciation main wealth creation mechanism from them. There isn’t really an analogue for this in the crypto market, unless crypto owners lease out their cryptos to derive an income from their holdings.

Or you can hoard staking coins and participate in the network maintenance as a block producer or at least, delegate voter.

Trading bots represent the other option for passive income earning in crypto industry – even though, as we emphasized earlier, they are not completely hands off and to require monitoring and manual interventions.

Trading Bots For Passive Income

If you want to put your crypto coins to work for you, trading bots could make sense to use.

The ‘bot’ is superior to a human because it is emotionless and it is awake and looking for income opportunities 24/7. Of course, there is no such thing as free money.

Any risk that can generate a return has the potential to lose money. It is a good idea to make sure that any automated investment platform you choose to trust with your cryptos can prove that it works with a verifiable transaction history.

Bot trading is absolutely legal in cryptocurrency markets but also in the stock market (although not all brokers allow the use of such software).

Yes, they really do work. However, you do need a certain level of knowledge to set them up and it is not, as often marketed, a hands off money making machine. You need to monitor their performance, especially in times of high volatility – sometimes even to turn them off to prevent profit losses.

Yes, there really are free crypto bots that work – Gekko and Zenbot are two most known free bitcoin bots. They are completely free and safe to use and people do make money by using them.

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