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Crypto trading bots can significantly improve your trading strategy for realized gains to your portfolio. The popularity of cryptocurrency trading continues to rise, but unlike traditional stock markets, prices can rise and fall dramatically 24 hours a day, seven days a week, making it very difficult to monitor and react for even the most dedicated of traders.
Crypto trading bots can help solve this problem, allowing traders to set up automatic trading strategies to take advantage of the market volatility even when you cannot keep an eye on the markets yourself.
Crypto trading bots are evolving and now offer more sophisticated algorithms and utilize artificial intelligence to help traders achieve their goals. This article will look at the 10 best crypto trading bots, looking into their performance, costs and what makes them stand out from the competition.
What are Crypto Trading Bots?
Crypto trading bots are programs that can execute trades automatically, on behalf of the user, based on predefined algorithms. They scan the market looking for opportunities where they can execute a buy or sell order when the preset conditions are met; this ensures the trades are executed in real time, even when the trader is asleep or unavailable. Many bots also offer more advanced features like arbitrage, market-making and trend-following strategies.
They are certainly useful when markets are volatile, such as with crypto, as prices can change very quickly and at any time. By having an automatic trading bot, it means trades can be made 24/7, while also eliminating any emotional aspect and increasing the consistency and speed.
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Top 5 crypto trading bots
3Commas
3Commas is one of the more popular trading bots that was originally created in 2017. It offers multiple tools for traders, including automated trading, portfolio management and risk management. It is currently supported on multiple major exchanges, and integrates with TradingView, and offers advanced strategies like Dollar-Cost-Averaging (DCA) and grid trading.
- Pros: Known to be easy-to-use due to its user-friendly interface; compatible with multiple exchanges; has a strong community for support.
- Cons: Higher-tier plans are quite expensive.
- Price: Currently range from a free, limited plan, to $37/month for pro, $59/month for expert or more for a custom plan.
- Reputation: 3Commas is typically trusted worldwide as it’s seen as reliable and has responsive support.
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Cryptohopper
Also launched in 2017, Cryptohopper uses a unique trading AI, catering to both beginners and professional traders. For beginners, they offer learning tools such as paper trading and allow you to copy experienced traders. The more advanced options include DCA, algorithmic trading, and backtesting. It integrates with multiple exchanges and ranks Coinbase, KuCoin, and Crypto.com as its official partners.
- Pros: User-friendly and offers advanced trading options. It offers one of the best bots for arbitrage.
- Cons: The free version is limited and the advanced AI strategies are quite expensive.
- Price: Price levels go from free to $24.16/month, $57.50/month up to $107.50/month for the most advanced package.
- Reputation: It has established a solid reputation, with frequent updates and strong security measures.
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Pionex
Unlike most other bots, Pionex is an exchange which offers 16 built-in trading bots that can be accessed for free. Formed in 2019, it allows users the option to access copy bots for directly on its platform. Along with advanced trading strategies such as grid trading, DCA bots leverage grid and arbitrage bots, it also has trading fees as low as 0.05%.
- Pros: Free bots, low fees, and no need for third-party software.
- Cons: Only usable on the Pionex exchange.
- Price: Free; only standard exchange fees apply.
- Reputation: Relatively popular as one of the best crypto bots for beginners due to its transparency and low fees, but it does have restricted deposit methods and limited customer support
TradeSanta
Launched in 2018, TradeSanta is a cloud-based crypto trading bot offering customizable strategies like Grid and DCA to maximize profits. Traders can set up bots for different trading pairs and use custom signals and tools like trailing take profit. It provides a mirror trading marketplace for copying strategies and has an easy-to-use interface and mobile app.
- Pros: Easy plug-and-play bot programming, intuitive dashboard for monitoring and adjustments, convenient mobile app, affordable subscription plans.
- Cons: Limited 3-day free trial for thorough testing, lacks support for many popular trading indicators in bot settings.
- Price: Monthly plans: Basic $25, Advanced $45, Maximum $90. Yearly plans: Basic $18, Advanced $32, Maximum $45 per month.
- Reputation: TradeSanta has positive reviews for its product, price, and support. The team boasts good crypto community reputation and 3,700+ members in the official Telegram group.
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Quadency
Quadency was founded in 2018 and offers a variety of different trading bots, which can be customized, tested and then left to run, integrating with a variety of crypto exchanges. The platform itself combines portfolio management and exchange integrations. Whilst the bots include grid bots, market-making bots and sentiment analysis tools.
- Pros: Professional interface, strong portfolio management tools, and a wide variety of bots to fit different strategies
- Cons: Higher-tier plans are quite expensive
- Price: A free tier is available. The Pro Plan costs $10/month, while the Unlimited plan costs $20/month when paying in QUAD. Users can hold 2,000 QUAD to use Pro for free, or hold 4,000 QUAD to use Unlimited for free.
- Reputation: Experienced traders tend to find Quadence a good match due to its advanced features. There is AI support to assist in finding a right bot for the right strategy.
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Are Crypto Trading Bots Worth It?
Crypto trading bots have the potential to be a very useful tool for investors that are looking to automate their strategies and be able to make trades 24/7 to benefit from the fast moving, volatile crypto market. They offer many benefits and enable users to formulate strategies in advance, taking out any possible negative effects of emotional trading, and to capitalize on market changes at any time of day, which can create better returns. For traders with limited time, they present a consistent and reliable option to participate in the market.
However, like the crypto market itself, they also come with a level of risk. Operating in such a volatile market, unless bots have been configured carefully, then they can lead to as many, if not more, losses than they do gains. They also make it too easy to forget about the principles of trading, as they handle it on your behalf; this doesn’t negate the requirements of careful market research, understanding the market conditions and future changes, managing risk and making sure the bot is the correct one for your requirements.
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What is The Best Crypto Trading Bot?
In order to find the best crypto trading bot for your requirements, it is important to choose one that is suited to your skill level, budget and provides the trading strategy you are looking for. It is recommended to begin your journey into bots with sufficient testing, which can be done automatically with some providers via back testing, using the current approach on historical data, or you can test bots on demo accounts to see how they perform over a short period of time, or by using small amount of initial capital until you have gained better understanding and trust in their performance.
Before committing to a bot, you should look into their historic performance, make sure they are secure and check that the provider has a strong reputation over a long enough period of time that you can be confident that nothing fraudulent may occur. While bots do offer significant advantages, it is important essential that users don’t think they’re a complete solution that can just be set and ignored; they require constant monitoring and strategies will need to be adjusted to react to any significant changes in the market.
