Cryptocurrencies were shaky at first, but now, more than ever, they have proven their worth. More and more people are diverting their investments to this path, with Bitcoin being the father of cryptocurrencies. Essentially, there are two ways in which you can make a profit when you opt to invest in cryptocurrency.
The first one allows you to buy crypto now, hold it, and then sell it when it appreciates. The key to this method is patience. It may take some time before it appreciates, but at the end of the day, it’s worth the wait.
The second way is trading manually or choosing the best crypto trading bots. This time, timing the market is all that matters.
Only psychopaths don’t like fast cash. But if you want to join the fast cash bandwagon, the second method should be the way forward. The volatility of this investment outstands in the market of tradable assets and it can change with double-digits in just hours. But just like most investments such as betting, for example, it doesn’t always appreciate it.
A trading bot is software designed to study the crypto market. Once you acquire one, you customize it to your liking. From there on, your software will analyze the market and trade automatically on your behalf.
How do bots work? It's very easy. According to BestBots, each bot has parameters and indicators that align to make a trade, and many of them are even used for social media tasks.
In this piece, we break down everything you need to know about these trading bots.
Factors to consider when choosing a crypto trading bot.
1. Reliability.
It’s unacceptable to have a deceitful bot, or for it to be offline when a golden opportunity arises.2. Security
Cryptocurrencies are secure, but hackers still try to empty others' accounts. You just can’t ignore how safe your trading bot is.3. Transparency
It is unwise to be involved with a shady company. Choose a trustworthy company and one you can get the right customer assistance at any time of the week.4. Profitability
It is pointless for any given bot to be secure, transparent, and reliable, but does not yield any profit. Ideally, partner with a company with good strategies in order to get maximum returns.5. Ease of use
The fact that not everyone who is trading crypto is an IT guru, will always make traders go for bots that will make their experience easy.Top 5 Best Crypto Trading Bots in 2024
1. Cryptohopper
The Cryptohopper is fresh in the market but won't disappoint. It is a cloud-based bot that will continue trading even when your computer is off. On top of it all, it is easy to use for the newbies since it is the only bot to have external signallers that allow traders to have their bots trade on autopilot.Apart from this, Cryptohopper has a pleasant user interface, the ability to trade using diverse exchanges, backtesting, and trailing stop loss, i.e., A feature that lets your bot trade only when it's profitable.
With all these features comes a free 1-month trial with paid packages after that. They include; Bunny-$19p/m, Hare-49$p/m, and Kangaroo-99$p/m
2. 3 Commas
What separates the 3Commas trading bot is its ability to trail profit and loss in the crypto market. This helps you sell at the right time, thus getting maximum profit from your investment.On top of this is, it has all the features you can get from an average crypto trading bot. It is hosted online, thus it is always available. You can also access this bot by visiting their website and logging in to your account.
You can configure it with 13 crypto exchanges, and you can purchase your subscription starting at $22 p/m. If you decide to go all out, you can go with the $75 p/m subscription. Given the recent bearish trend in the crypto market, 3Commas is worth your time and resources.
3. Kryll
If you are a beginner, this trading bot is specifically for you. It comes with an easy-to-use interface and brilliant strategies. You can create your own strategy with the drag-and-drop editor. If you are not interested in developing your own strategies, you can head to the marketplace and follow the triumphant strategy.It is wise to backtest a strategy from the marketplace to be sure of its volatility.
For the subscription, you are offered a “Pay-Per-use” principal and it has its own tokens where payments are to be done with equity token offering.
This bot is promising and worth having a go at.
4. Zignally
Signal is still in its development stage, but a free beta version is available. Despite its being new to the market, quite a number of traders already use it.This bot comes with unique features that make trading more accessible and much more convenient such as the option of editing the positions as and when you choose, and no limit on the pairs you can work on. Even better is that this bot can be integrated seamlessly with TradingView.
TradingView comes with an API that works on the Binance trading exchange. This ensures a direct execution of various trading strategies on Binance. The developers are to include exchanges such as KuCoin, CoinBase Pro, Poloniex, and Bittrex in the list of the exchanges to be supported for the API integration of the bot.
With all that said, this company offers the best transparency you can get in a trading bot.
There is a paid version, but the beta version still works.
5. Gunbot
Gunbot features several inbuilt strategies, such as PingPong, Step Gain, and Bollinger Band. Most users prefer the Bollinger Band Strategy because they believe it fetches the best returns.Gunbot has three subscription plans ranging from 0.1-0.3 Bitcoins.
A precaution when using this bot is monitoring your trade since it is configured to deal with volatility in the market. When volatility spikes, it’s high time to turn it off.
Are crypto Bots real?
YES, they are! But bots don’t always guarantee profit. Where it edges human intelligence is the ability to monitor market conditions at all times, unlike humans who will always get tired after some time. But first things first, you will have to program it before letting it do the job for you.Advantages of trading bots.
- Trading bots are emotionless and, hence, have consistency in their operations.
- Bots run 24/7, unlike humans, who will always get tired.
- Bots are much faster than humans, and trading orders are placed instantly.
- Trading bots are highly efficient.
Disadvantages of trading bots.
- Bots are not suited for new traders.
- Bots require constant monitoring.
- The security of your assets can be a concern because many hackers are online looking to drain your account.
