The digital currency market offers numerous profit-making opportunities on a daily basis. However, due to its highly volatile nature, the prices of assets might change unexpectedly. A manual trader needs to put in a lot of effort to make the best of every opportunity. Those with busy lives often find it difficult to sit in front of a screen analyzing charts throughout the day. This is why many individuals take the help of automated systems. In this guide, we are going to talk about the top crypto apps and their features.
10 Best Cryptocurrency Trading Bots Right Now
Why invest in cryptocurrency?
It is always prudent to dedicate a small portion of your portfolio to digital assets, given the volatility. However, it gives you the opportunity to build a diverse portfolio. Due to inflation or other reasons, traditional assets might plummet in value, but crypto coins are often immune to these changes.
Crypto bots and their background
They are software programs having pre-defined trading rules based on which they purchase and sell assets. They are designed to function in specific markets, and they communicate with exchanges, placing orders swiftly and efficiently. Most bots connect to your exchange account using secure API keys. You can withdraw the access anytime you wish.
First, the bot uses technical indicators and other tools to analyze the market data. This way, it can identify potentially lucrative trades. For allocating capital, it may follow multiple risk-management principles. Finally, it executes the orders based on the generated signals.
Do crypto bots really work?
The profitability of the system hangs largely on the chosen strategy and the configurations. Before you invest real money into a bot, you must test it in a simulated environment. The test results will tell you how likely it is that you can make profits with a particular platform. Also, you should take some time to comprehend how the system works.
Who should use crypto trading bots?
These systems are perfect for those who don’t have the time to conduct trades manually or recently found out what is crypto trading for themselves. They save you a lot of time and effort, so instead of watching the market, you can come up with innovative ideas.
Suited for newbies and experienced traders
Newcomers might not have the technical knowledge to place orders on their own. Bots cover the market research aspect, so novice individuals can just sit back and enjoy the profits. Experienced traders, on the other hand, might have the required market knowledge, but they can still test their strategies through an automated system using a variety of advanced configurations.
Ideal for passive income
Passive income can be defined as income that is generated without much time or effort. Automated trading systems work 24/7 without pausing. They allow individuals to secure profits at their preferred pace.
Potential risks involved in trading
Sudden price movements are fairly common in coin trading. These assets are not regulated by central financial authorities, and there have been several cases of individuals losing their assets as a result of hacking and technical glitches.
Is it legal to use a crypto bot?
Yes, it is completely legal to conduct trades using an automated system. As long as crypto coins are not banned in your country, you can safely earn profits without worrying about legal repercussions. That being said, there are some brokers that do not permit the use of bots in trading.
How to pick the best crypto trading bot?
Picking the best crypto trading platform is no easy task. While there is a wide range of systems available on the market, not all of them can be considered trustworthy. If you don’t wish to fall prey to scams, here are some of the factors you must keep in mind.
Company’s credibility
The organization offering the trading system must have a solid reputation. You should check their websites to see whether the team is transparent about its history. A transparent vendor always reveals the identities of the team members and shares contact information.
Trading strategy the bot applies
This is an important factor to consider because strategy plays a large part in the profitability of the platform. You should carefully study the trading scheme employed by the platform to make sure it is not risky. Also find ot what crypto is this bot trading. Using the right trading plan can make the difference between profit and loss.
Customer support
It is common to face issues while working with a Bitcoin bot. Some systems have advanced functionalities, and users, especially new ones, might find them difficult to navigate through. This is why having a responsive and efficient customer support team is an absolute necessity for any trading platform.
Backtesting
The best way to test the effectiveness of your trading scheme is through historical testing. These tests are conducted over a long time period, thus revealing the long-term performance of the bot. Before investing in a platform, make sure it has backtesting features.
Free trial / Demo account provided
It is always wise to test the performance of the system on a demo account first. This way, you can get an overview of the performance without risking any real money. Some systems offer limited-period free trials where you can get a taste of the features for a few days to see whether they suit your requirements.
Price
There are some dishonest vendors selling overpriced bots promising superb outcomes, but you should fall into their trap. Look for a system that is reasonably priced and has multiple pricing tiers. This way, you can sign up for an affordable plan in the beginning and upgrade later if the platform suits your needs.
User reviews
Before signing up, make sure you check for user reviews on third-party websites. From unbiased reviews, you know about the experience of real customers with a particular bot. Vendors may make tall claims on their respective websites, but user reviews always show us the true picture.
Can a free crypto bot be profitable?
Yes, there are a few free bots that are indeed profitable. You don’t need to pay any subscription charges to use these systems. However, there is usually a small percentage of the profit you need to pay to the company.
How to trade with a crypto bot
If you are a newcomer who doesn’t know what crypto trading is, you might not be aware of the things you need to do to conduct trades on autopilot. Here, we have presented the main steps you need to follow to get started:
Register an account
The majority of bots require you to register an account on their official websites, sharing some of your basic personal information. Some of them might need you to verify your account through email or phone. Once you are registered, you can download the software program and start placing your orders.
Deposit funds
Of course, prior to conducting trades, you need adequate funds. You ought to check whether the trading system lets you deposit funds. Some of them don’t have deposit and withdrawal permissions, so you can only deposit funds in your exchange account.
Set parameters
With automated systems, you can easily set trading parameters. It is convenient to specify precisely when you want the system to trade and how much you want it to spend. Some platforms also let you specify the stop loss and take profit levels.
Activate the system
After you are done formulating and testing your strategy, you can finally activate the system. The bot will trade based on the pre-set conditions without any manual input.
Benefits of crypto bots
They can analyze the market sentiments for multiple assets simultaneously, and this is something a manual trader cannot do. Bots process orders quicker, thus helping you avoid delays. It is not possible for a human trader to examine the multitudes of occasions presented by the market, but crypto bots run continuously, letting you make the most of various trading scenarios.
Downsides of crypto bots
Some systems do most of the heavy lifting; however, you still need some knowledge if you wish to change the configurations. You still need to monitor them from time to time, and in highly volatile scenarios, you can suffer heavy losses. The most dangerous aspect of these systems is that they are vulnerable to cyber-attacks.
Best Crypto Trading Bots List
Here are the best bots on the market right now:
Bitsgap – best for arbitrage trading on multiple exchanges
Why Bitsgap?
Many individuals consider this the best crypto app, and it is highly rated by users on third-party websites. Thanks to smart orders, you can control your risk using tools like take profit, stop loss, limit order, market order, etc. There are different types of bots you can trade with, like Grid bot, DCA bot, and Futures bot.
Bitsgap: strengths and weaknesses
Bitsgap offers advanced analytics and extended functionalities for all types of investors. You can choose from a large array of trading plans that have been tested with archival data. Nevertheless, it lacks live chat and on-call support and does not permit leveraged trading.
Price, fees, commissions
There are three plans called Basic, Advanced, and Pro that you can use in exchange for $24/month, $57/month, and $123/month, respectively.
Is it right for you?
Bitsgap has all the necessary features and supports a wide range of exchanges. The secure API keys and advanced encryptions are sure to keep your funds safe.
Cryptohopper – investors looking for copy trading
Main features
This is one of the best copy trading platforms that lets you mirror the trades of others. You can also choose to trade automatically with the help of AI. It has its own charting software and supports advanced strategies like arbitrage, market-making, and DCA.
Cryptohopper: strengths and weaknesses
This platform has one of the best marketplaces for copy traders where they can find bot templates and strategies. It lets you use expert tolls without any coding skills. You cannot seek assistance via phone, however.
Price, fees, commissions
There is a free plan and three paid plans for this system. The Explorer, Adventurer, and Hero plans can be availed for $16.58/month, $41.58/month, and $83.25/month, respectively.
Is it right for you?
This system is a great fit for most traders. It makes it easy to mirror experienced traders and discuss strategies with community members.
Pionex – best for high-volume traders
Why Pionex?
This platform lets you conduct trades efficiently using 16 free in-built robots. Different advanced strategies are available, such as leveraged grid, margin grid, infinity grid, martingale, dollar-cost averaging, etc. Daily, over 100 million trades are conducted through this platform, and it has a monthly trading volume of over $5 billion. With Pionex, you can install the trading app on your mobile device and conduct trades while traveling.
Pionex: strengths and weaknesses
This is a free trading platform with very low trading fees. Since it has an in-built exchange, you don’t need to pay additional exchange fees. You can explore numerous trading techniques, but the system does not support demo accounts.
Price, fees, commissions
This is a free platform with a 0.05% maker and taker fee for each trade.
Is it right for you?
This is the ideal platform for beginners since they don’t need to commit to a subscription plan. The user interface is quite intuitive, and the trading fees are competitive.
TradeSanta – best for short and long trading
Main features
This system lets you build robots that are profitable in both futures and spot markets. You may choose to build your own strategy or use one of the bot templates. With the demo account, you are able to check the performance of your system before deployment. With stop loss and stop signals from TradingView, you can efficiently control risk.
TradeSanta: strengths and weaknesses
This is a secure platform that uses API keys to connect to exchange accounts, thus giving you full control over your funds. It has a marketplace where you can access the strategies of pro traders. However, you cannot run the bots for free beyond three days.
Price, fees, commissions
The Basic, Advanced, and Maximum plans are available for $15/month, $27/month, and $35/month, respectively.
Is it right for you?
It is suitable for both newcomers and pro traders since it lets you create strategies and use templates as well.
Quadency – best for trading on multiple exchanges
Main features
This is one of the best platforms for trading crypto since it supports over 1500 assets. You can choose from pre-built strategies and customize them to your needs. The portfolio analytics feature lets you monitor your holdings on multiple exchanges and even cold wallets.
Quadency: strengths and weaknesses
This platform offers a free account with 200 backtests per day, 20 live bots, and unlimited connected exchanges. It has passed comprehensive security audits and has an efficient support team. The absence of a mobile app might be a deal-breaker for some users.
Price, fees, commissions
At this moment, Quadency is 100% free, and there are no hidden fees or commissions.
Is it right for you?
If you are a beginner looking to trade on multiple exchanges relatively risk-free, then this bot is what you need.
3Commas – best for traders looking for customizations
Key features of 3Commas
With this crypto trading bot, you can use long and short algorithms to capitalize on any market scenario. You can create portfolios with any coin amounts, review the incomes of other users, perform portfolio rebalancing, and copy and edit coin ratios.
3Commas: strengths and weaknesses
It is a highly secure platform with SSL/TLS encryption, firewall, and DDOS protection. The user interface is highly intuitive, and more than 18 top exchanges are supported. On the downside, it doesn’t have a desktop app.
Price, fees, commissions
Apart from the free plan, there are three paid plans cost Starter, Advanced, and Pro, that carry monthly charges of $14.50, $24.50, and $49.50, respectively.
Is it right for you?
3Commas offers advanced analytics, and affordable plans and has a stellar reputation among traders. So it is definitely a system worth trying out.
HaasOnline – best for advanced traders
Why HaasOnline?
This trading bot boasts an advanced scripting language called HaasScript that lets you build complex algorithms and technical indicators. It supports cloud maintenance, which means you can access the program from anywhere without performing any downloads. Here, you can also test your trading schemes in a simulated environment.
HaasOnline: strengths and weaknesses
There are minimal configurations to perform with this bot, and it lets you try out historically-tested trading schemes 24/7. For more control, you can use HaasScript to create your own strategies. The learning curve might be a little too steep for beginners.
Price, fees, commissions
The Beginner, Simple, and Advanced plans cost 0.009 BTC, 0.016 BTC, and 0.026 BTC annually.
Is it right for you?
If you have some prior experience in digital currency trading, then this platform is perfect for you.
Trality – best for Python users
Why Trality?
Trading crypto is easier with this system, thanks to the rule builder that lets you build strategies using Boolean logic without any coding skills. For coders, there is the code editor using which you can build complex strategies using Python. The strategies are end-to-end encrypted, and the platform is entirely cloud-based.
Trality: strengths and weaknesses
Trality is a platform that has tools for both novice traders and expert coders. The user interface is graphical, and the marketplace is a great spot for finding readymade strategies. On the downside, it only supports a handful of exchanges.
Price, fees, commissions
Apart from the free plan, there are three plans called, Knight, Rook, and Queen, that carry monthly charges of €9.99, €39.99, and €59.99, respectively.
Is it right for you?
This platform lets you access advanced strategies for free and has ready-made strategies for beginners. So it is suitable for all types of traders.
Coinrule – trading crypto with high security
Key features of Coinrule
Cryptocurrency trading for beginners is made easy, thanks to Coinrule. It is compatible with over 10 popular exchanges and features military encryption. You test the performance of your rule on historical data, thus revealing its efficiency. There are over 150 trading rules to choose from on this platform.
Coinrule: strengths and weaknesses
This is a system with a simple user interface. It is a legitimate brand that has been covered by multiple media outlets. However, the lack of a mobile app makes on-the-go trading impossible.
Price, fees, commissions
There is a free plan, but the paid plans like Hobyyist, Trader, and Pro let you access more trading rules and strategies. The prices for these plans are $29.99/month, $59.99/month, and $449.99/month.
Is it right for you?
If you wish to secure trade across multiple exchanges while utilizing a wide range of strategies, Coinrule is the platform for you.
Shrimpy.io – best for novice investors
Why Shrimpy.io?
Shrimpy.io is one of the beginner-friendly platforms out there. It lets you monitor the market live and manage your entire portfolio using a single portal. You can build some of the most advanced strategies thanks to the market data provided by the system. It is also possible to copy some top trades and utilize their expertise.
Shrimpy.io: strengths and weaknesses
This is a user-friendly and secure platform that supports a large number of wallets and exchanges. There are no free plans for this system, however.
Price, fees, commissions
The monthly fee for the Starter, Professional, and Enterprise plans are $15, $63, and $299, respectively.
Is it right for you?
This is a system designed for novice traders, so if you have no prior exposure to the crypto market, you can definitely give this one a go.
Best crypto bots summary
As you can see, each of the platforms discussed in this article has its own specialties. Some of them have been designed keeping the needs of a particular type of trader in mind. All of them are legitimate platforms with stellar reputations. While the safety of your funds is guaranteed, you should still conduct your own research before subscribing to a paid plan.