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5 Best Crypto Trading Bots and How to Use Them? | CoinGabbar

26 Oct 2022 By : Shreya Vyas
Southeast Asia’s Lar

Key Takeaway:

  • Crypto trading bots are exciting tools that can carry out transactions with customized trading strategies according to risks. 

  • Users can pick the bots according to the risk they are willing to take and past records. 

  • Bots, since automated trade 24X7 making sure that your trading portfolio is always working. 

Cryptocurrency trading bots are software programs that can help you automate your trading strategy and take advantage of market opportunities. There are many different types of bots out there, and they come with a variety of features. Some are free, while others come at a subscription cost. In this article, we'll take a look at the five best crypto trading bots and how they can help you trade better.

What is a Crypto Trading Bot?

A crypto trading bot is a software that can automatically execute trades on your behalf. It can be programmed to buy and sell at certain times and prices, helping you to trade 24 hours a day, 7 days a week. When you use a bot to trade crypto, you can expect to see improvements in your results. 

This is because trading bots allow you to trade with more confidence, from the comfort of your own home. You can set your bot to trade in line with your tried-and-tested trading strategy. It can execute your trades for you, helping you to profit from crypto markets even when you can’t be physically involved yourself.

Trade automation with Bots - a disclaimer

As we’ve seen, crypto trading bots can help you to trade 24 hours a day, 7 days a week. This may seem like an attractive proposition, but it’s important to note that most bots aren’t programmed to make profitable trades. The reason is that programming a bot to make the right trading decisions is a difficult task and one that very few people can do well.

If your goal is to profit from trading, it’s far better to trade manually. This way, you can control your trades and respond to fluctuations in the market. That being said, if your goal is to make passive income, you could benefit from using a bot that makes low-risk trades. This will allow you to make money from markets that you don’t have the time or knowledge to trade manually. You can sit back and collect your bot’s profits while you pursue other endeavors.

Cryptocurrency Trading Bots: How They Work

Most trading bots follow a pretty standard process. They begin by pulling in data from a variety of sources to get a complete picture of the market. This data could include price charts, exchange rates, news articles, and more. Next, the bot uses this data to decide on what trades to make. It may use complex algorithms and machine learning to analyze this data and make the right decision. After that, the bot executes the trade. This could be anything from buying/selling a certain cryptocurrency to placing a buy or sell order on an exchange. If the bot is trading on an exchange, it will place the order and then sit back and wait for it to be filled.

Best Crypto Trading Bots

There are many different crypto trading bots out there, so how do you choose one? First, you’ll want to look at a bot’s features. A good bot will have a variety of settings, allowing you to customize it for your needs. A good bot will also be simple to use, with a user-friendly interface. After all, you don’t want to have to spend hours learning how to program your bot before you can benefit from it. It’s also a good idea to choose a bot that’s been around for a while. There are hundreds of crypto trading bots out there, but only a handful are worth using.

CryptoHopper

The CryptoHopper trading bot is designed to help crypto investors maximize their profits. It works with Coinbase and GDAX crypto exchanges, and it supports over 75 cryptocurrencies. The CryptoHopper platform is completely free(if you take the trades manually) to use since it is funded by affiliate marketing. In other words, the creators of the CryptoHopper bot earn money from referrals and promotional offers.

The CryptoHopper bot works by optimizing your trading strategy based on current market conditions. You can choose between conservative and aggressive investment strategies. The CryptoHopper bot will then automatically execute your buy and sell orders based on your trading strategy.

3commas

3commas is a fully automated crypto trading bot. The bot uses various data points to make smart trading decisions. The bots automatically scan hundreds of cryptocurrency pairs and exchanges to find the best trading opportunities. 

The 3commas bot is designed to trade on all major exchanges, including Binance, Bittrex, Bitfinex, Bitstamp, GDAX, HitBTC, Kraken, OKEx, and others. The bot is fully automated, meaning you don’t need to monitor your investments. Instead, the bot will execute your buy and sell orders based on your trading preferences. The 3commas bot is free to use. However, they offer paid plans with additional features, such as portfolio management and a personal account manager.

HaasOnline

The HaasOnline trading bot is mainly designed for traders who want to earn money with crypto. This means the HaasOnline bot is not a long-term investment tool. It trades cryptocurrencies to maximize profit and minimize loss. In other words, the HaasOnline trading bot is designed to trade quickly and often. 

HaasOnline is designed to work with 3 of the most popular exchanges: Binance, Bittrex, and Bitfinex. The HaasOnline crypto trading bot is completely free to use. The creators of the bot earn money via referrals and affiliate marketing. The HaasOnline trading bot is programmed to make money by maximizing your profit and minimizing your loss. It will do this by trading quickly.

LiveTrader

LiveTrader offers a variety of trading bots for different purposes. These include: - The long/short equity bot that invests in stocks and ETFs- The crypto portfolio bot that invests in cryptocurrencies- The FX trading bot that uses Forex rates for better trading results- The options trading bot that uses options as a trading instrument- The futures trading bot that uses futures as a trading instrument All of these trading bots can be used on various exchanges. 

They’re also fully automated and require no human intervention. The LiveTrader trading bots are available via a monthly subscription.

GunBot

GunBot is a fully automated crypto trading bot. It’s designed to help you earn more money with less effort. The GunBot crypto trading bot supports over 1,200 cryptocurrencies. It can be used with Bittrex, Binance, Kucoin, GDAX, and more. 

The GunBot trading bot can be used for different strategies, including Arbitrage, Bollinger Band, and Momentum. While the GunBot trading bot is completely free to use, the creators earn money via referrals and affiliate marketing. The GunBot crypto trading bot is fully automated. You can use it for a wide range of strategies. You can also choose between different subscription plans, depending on your needs.

Why use trading bots?

As we’ve seen, crypto trading bots can help you to execute a variety of trading strategies. After all, the best part about trading bots is that you can program them to do whatever you want. If you want an easy way to make money from crypto, you could use a bot to trade low-risk strategies. This will allow you to sit back and collect earnings without having to actively trade.

 If you want to actively trade, you can program your bot to execute a trading strategy that fits your risk tolerance. You could choose to focus on one cryptocurrency and use that to drive your trading strategy. Alternatively, you could diversify your trading strategy and look at a variety of different cryptocurrencies and trading pairs.

Conclusion

Crypto trading bots are promising pieces of technology that utilize different technologies including Machine Learning and Artificial intelligence. It is a good way to earn good money since passive investments via staking could earn you so much.

The personalized asset allocation and management that these bots offer is quite something and we might see better strategies in the new future with the advancement in technology.


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