Trading on exchanges is automated using a cryptocurrency trading bot (software). We’ve compiled a list of the top 10 cryptocurrency trading bots, including ones that are free, open-source, API-based, and subscription-based.
Trading in cryptocurrencies is a growing industry, and as more and more people enter the market, the expansion of digital currency exchange has reached entirely new heights. Yet, a lot of new investors, especially the newbie, find it very challenging to assess the bitcoin market circumstances and to deal with the market’s volatility.
Cryptocurrency trading bots, a relatively new idea, have simplified and gained popularity among traders of all experience levels.
Cryptocurrencies can be exchanged directly through platforms for crypto exchanges or with the use of trading bots for cryptocurrencies. Several investors are rapidly relying on trading bots to do the work for them because of the volatile nature of the cryptocurrency industry. For example, you can utilize the trading bots of the KuCoin exchange, which has simple-to-use built-in trading bot capabilities that enable users to automate their trading experience without needing any third-party applications.
What is Crypto Trading Bot?
A cryptocurrency trading bot automates the exchange of cryptocurrencies and executes deals on the trader’s behalf. It is a computer algorithm that scans and keeps track of your trading behavior and carries out your instructions. You’ll need some coding knowledge for that, but you can also create your bespoke trading bot. If you don’t have the necessary knowledge, you can subscribe to one of the top trading bots available on the market.
How does a free Cryptocurrency Trading Bot works?
A free automated trading tool called the Bitcoin Signal Robot will comprehend and handle your trades on your behalf. The software is practically free and will quickly double your cryptocurrency returns.
With just $100, you can start trading cryptocurrencies. You begin by selecting a trading broker and setting up the computer’s bitcoin trading software. You are prepared to go after customizing the settings.
Advantages of Cryptocurrency Trading Bots
- A crypto trading bot completely automizes the trading process thereby eliminating delays in decision-making and making trading faster and at favorable trading prices.
- The crypto bots track the chart patterns regularly and you do not have to be present all the time for trading. They will do the job for you in your absence.
- Manual traders also use bitcoin price prediction tools for analysis to execute profitable trading. These subscriptions are mostly paid and required recurring payments.
Features of a Good Cryptocurrency Trading Bot
- One of the most important features of a good trading bot is its reliability. Look for bots that are used frequently by users and have positive feedback.
- When you are choosing a trading bot you are doing it at your own risk. You are giving authority to your bot to take control of your funds and trade with it in the market. So, you need to be cautious and completely sure before choosing a trading bot. So, it is advisable to do complete research before choosing a trading bot.
- Whether the trading bot is profitable or not depends on its prior performance in the market. So, while choosing a trading bot find out whether the trading bot is profitable or not.
- The cryptocurrency market is based on mutual trust and transparency. So, before you choose a trading bot look into the profile and history of its developers. See if they are popular in the community or not.
- The main purpose of using a crypto trading bot is to automate the process of crypto trading and make it easy for users. Look for trading bots that have a user-friendly interface and you must be able to control the software entirely.
Best Crypto Trading Bots
If you began with a fraudulent website, trading with bots is not secure. There are numerous bot platforms on the market. In this article, we’ve attempted to narrow the field of players to a few trustworthy and reputable ones. Let’s examine the top 5 cryptocurrency trading bots currently available.