In the last decade, more and more people from all over the world have tried to be part of the largest crypto currency business. Trying crypto trading bots, but are not sure what the success rate is, read out to find more.
As a trader who has already been in trading for a while or has just entered the sphere, you might be searching for a success recipe. Is it a specific trading bot? Or a sure-fire strategy? Or, maybe, this is the combination of brains and luck? There are a few things you need to be aware of if you want to use trading bots successfully though.
First, you need to make sure that your bot is set up correctly. There are a lot of different parameters that you need to tune in order for your bot to trade effectively. If even one of these is off, it can cause your bot to make poor trades and lose you money.
Second, you need to be aware of the market conditions. Trading bots work best when the markets are stable and not too volatile. If the market is crashing or surging, your bot is likely to make bad trades.
Finally, you need to be patient. It takes a while for trading bots to get good at trading. They need to make a lot of trades and learn from their mistakes before they can start consistently making profitable trades.
CoinRule is a popular and trusted crypto trading bot that offers a wide range of features and tools. It’s easy to use, which makes it one of our top recommendations for newbie traders. CoinRule also offers a free trial so that you can try out the bot before you decide whether or not it is right for you.
Thanks to its ease of use, CoinRule can be named as one of the best bitcoin trading bots currently available online. The bot has a very user-friendly interface that makes it easy to use for even the most inexperienced users.
Price: Free / $29 / $59 / $449 per month.
Supported crypto exchanges: Coinbase, Binance, Bitstamp, Kraken, HitBTC and more.
BitsGap is the best trading bot in terms of a wide range of features and tools available. This bot is perfect for those who are looking for a comprehensive solution to their crypto trading needs.
What makes BitsGap so popular is that it offers a wide variety of features, including margin trading, stop-loss orders, and more. You can also use this bot on all major cryptocurrency exchanges, which is very convenient. Other than that, BitsGap offers a smart trading terminal, allowing you to make trades directly in the app.
Price: Free trial / $29 / $69 / $149
Supported crypto exchanges: Binance, Coinbase, Bitfinex, HitBTC, KuCoin, Exmo, Kraken, CEX.io, Gemini, Bitstamp and more.
When it comes to bitcoin trading bots, CryptoHopper is definitely one of the most popular options. Users love this bot for its ease of use, wide range of features, and great customer support.
This trading bot is perfect for those who are new to the world of cryptocurrency trading as it is very user-friendly. CryptoHopper also offers a wide variety of features, which can be customized to fit your specific needs. Other than that, it has a marketplace of both free and paid trading signals that you can use to customize your crypto trading strategy.
Price: Free / $19 / $49 / $99
Supported crypto trading exchanges: Binance, Coinbase, Kraken, Bitfinex and more.
If you are looking for a very feature-rich crypto trading bot platform, then you will want to check out the offerings from 3Commas. This trading bot is a game changer and offers a wide range of features that are sure to appeal to even the most experienced traders.
One of the best things about this bot is that it allows you to set up both long and short-term trading strategies. So, whether you are looking to hold onto your investments for the long haul or quickly cash out, this bot can accommodate your needs. In addition to this, there are also a number of other great features such as portfolio tracking and automated trading strategies which traders love to see in bots.
Price: Free / $29 / $49 / $99
Supported crypto exchanges: Binance, BitMEX, Bitfinex, Bitstamp, Coinbase, CEX.io, Kraken, KuCoin and more.
Finally, we have HaasOnline. This cryptocurrency trading bot is a bit different from the others on this list as it is more geared towards more experienced traders. Although new crypto traders could potentially get by with this bot, it definitely requires a bit more knowledge to use effectively.
This bot offers a wide range of features, including automated crypto trading, backtesting, and more. In addition to this, HaasOnline also offers excellent customer support so that you can get help when you need it.
Price: 0.005 / 0.007 / 0.012 BTC
Supported crypto exchanges: Coinbase, Binance, Bitfinex, BitMEX, Bitstamp, Bittrex, Gemini, HitBTC, KuCoin.
More effectively: yes, because a trading bot makes the life of a trader more effective and automatic.
More Profitable: No, because the strategy behind each bot is something every trader needs to decide on their own.
However, the biggest mistake from new investors is that they trade with their emotions. Having a logic based bot making the decisions, will help you invest like a seasoned investor. Bots react more quickly to the market, so they have a significant advantage over manual trading.
Is it possible for a crypto trading bots to loose money?
Absolutely, Crypto itself is a high-risk asset, and actively trading crypto is even riskier, whether with a bot or “by hand.” While a bot may help you execute a pre-determined trading strategy, there are no guarantees that this will prevent you
From losing money, particularly if the crypto market drops. Of course, there are bots programmed to short cryptocurrency (meaning that you’ll profit if the price drops), but these have their own risks.
There may be some highly-advanced trading bots operated by hedge funds that can significantly limit investor losses, but these are likely developed by a team of programmers and quantitative analysts (quants), are quite expensive, and are not accessible to the general public— and even these advanced computer programs still lose sometimes (if they even outperform the market)
While trading bots could just use your PC interface to make trades, having access to an API (short for Application Program Interface) key means they can directly access specific trades, which allows them to act quicker. The API key is basically a password your trading bot needs access to in order to operate, use your account, and make cryptocurrency orders.
Most exchanges will need you to make an API key, but the exact steps involved vary on each platform. Additionally, you’ll need to make a secret key, which you must keep secret: if someone gains access to your API key and secret key, they’ll be able to trade on your behalf. API keys also have different configuration options that you’ll need to select, such as trade permissions, view permissions, and withdrawal options. You can enhance security levels by always deleting API keys once you stop using a trading bot.
Make sure your trading bot is secure and reliable
It’s important to research different trading bots to make sure the one you use is reliable and secure. Using a bot with bad software or an inadequately-coded algorithm has the potential to cost you money. Additionally, your chosen service should function smoothly; if it goes offline or stops working, you’ll again lose money. Research various bots and read reviews to find out how reputable they are. For example, Coinrule is known to include robust security features to protect data. Every user is given a private key with bank-level encryption, which is stored on a server located in segregated data storage for tighter security. Also, be careful never to allow your trading bot to withdraw currency. If criminals get hold of your API keys, this means they’ll be able to take money out of your bank account. Ensuring your bot isn’t able to make withdrawals means criminals will be limited to only being able to make bad trades.
Use multi-factor authentication
Using two-factor authentication (or 2FA) is an essential step that gives you an extra layer of security to protect against any potential hackers and attacks. When logging into your exchange with your username and password, two-factor authentication will require you to also enter a One-Time Password (OTP). This One-Time-Password will be promptly sent to your smartphone so you can finish the login process. Your One-Time-Password will either be HMAC-based (HOTP) or Time-based (TOTP). A HOTP password is valid for a longer period of time, while a TOTP password is only valid for 30 seconds, making it the more secure option. Two-factor or multi-factor authentication is well worth using, despite the hassle of having to perform additional steps.
Although cryptocurrency trading bots can save you valuable time by automatically analyzing market data and making trades accordingly, they do pose a level of security risk. Making sure your trading bot is as secure as possible by implementing API security, reading reviews before choosing a bot, and using multi-factor authentication is key to protecting your accounts and your money.
In respect to all that have been stated above, it is advised you carry out your own research duly, none of the above treated topics of sub-topics are financial advice as well. Lastly, follow news updates and trends from verified sources as to stay on the loop for any bad fundamentals that might be going on in the financial market so as not to lose out on any trade.
Robofi is a Defi platform that envisions a marketplace for revolutionary Dao crypto trading bots. Through its IBO (Initial Bot Offering) system, community members can maximize their earnings in an easy, simple, and secure way. We create a safe and transparent environment based on blockchain technologies that help developers bring crypto trading bot platforms to the market. In addition, individuals will have easy access to these bot applications, thereby generating more earning opportunities. RoboFi ecosystem is fueled by the VICS token.
VICS token has a distinctive and enticing concept. VICS is the BEP-20 token, built on the Binance smart chain. It is a core utility token in the RoboFi ecosystem, the reliable crypto trading bot marketplace. One important utility is to own the governance token of DABots and participate in an IBO (Initial Bot Offering) to receive additional incentives. VICS is available on major exchanges for trading.
I'm Carina, a passionate crypto trader, analyst, and enthusiast. With years of experience in the thrilling world of cryptocurrency, I have dedicated my time to understanding the complexities and trends of this ever-evolving industry.
Through my expertise, I strive to empower individuals with the knowledge and tools they need to navigate the exciting realm of digital assets. Whether you're a seasoned investor or a curious beginner, I'm here to share valuable insights, practical tips, and comprehensive analyses to help you make informed decisions in the crypto space.