What are crypto trading bots and are these profitable?
Well, they are computer programs that trade on your behalf if they met certain conditions. Of course, you will set that certain condition. An example of a condition would buy an X amount of bitcoin if a certain target is hit. So if you want to use a crypto trading bot you have to connect it with your crypto changing account using something known as API. This API will give your trading bot the ability to do the exchange on your behalf.
Pro of using a crypto trading bot
The biggest use of this bot is that you can buy and sell crypto even in your sleep. Meaning you will never miss out on an opportunity that you are looking for. This also helps take out emotion in your trading. Because your setting certain condition the bot will only execute if those conditions are met. So you will not any chance to panic selling or buying.
Another biggest benefit is that your crypto bot actually can back-test your trading strategy. What that means is that the bot can take your strategy and apply to it all crypto history data to give you a test result. A result that will help you determine your strategy.
Finally, the trading bot can simplify your trading. You don’t need three multiple screens at the same time to trade. You just need a laptop and your crypto trading bot can do the heavy work. It can do multiple trading and multiple exchange accounts at the same time.
Con of using a crypto trading bot
With your bot, you have constantly changed or tweak your strategy depending on the market. Like it or not this is not a simple task. it is certainly not set it and forget it bot. Another problem is that there is a bunch of scams out there. Even if you find legitimate ones some are so poorly coded that it will hard for you make a single profitable trade.
This types of bot always have to monitor because the crypto market is so volatile. Basically what I am trying to say is that a crypto trading bot is no alternative for a smart trader. Now here is my final problem with the crypto bot. To use it you have to keep money in your exchange account. Even though there is some good exchange company out there but hacks do happen. I can not just tell you that your exchange account will be never hacked.
Best crypto trading bot.
In this part, I will talk about some solid crypto trading bots. However please read the article carefully and try to understand what they offer. If you are going to use any of the trading bots here then use it at your own risk.
1. Trade Santa
This bot is cloud-based and has more than fifty thousand users. Not only that they have more than 2 million exchange under their belt. However, I have to warn you using this bot at first could overwhelming.
When comes to feature Trade Santa gives you a long bot template for when it thinks the price will rise and a short bot template when it thinks the price is gonna fall. Also, it has a custom bot template that you can customize on your own needs. Another neat feature of this bot is real-time tracking. If you are a fan of mobile Trade Santa got you covered. They have a very cool mobile app that you can use on your mobile.
Let’s talk about the most important thing, pricing. The good news is trading Santa gives you a five-day free trial. So you can easily decide whether it’s for you or not. After that, you can use the free version which includes two bots and up to three thousand dollar exchange monthly. Then we have a basic package for $14 per month which offers you 49 bot unlimited amount of trade volume. You can take the maximum package for $70. This package includes an unlimited amount of bots.
2. Gun Bot
Next, we have a gun bot. A pretty popular crypto trading bot. You can use Gun Bot in pretty much every operating system. Gunbot offers you some real-time trading strategies like step gain and ping pong. Another cool thing about trading bot is that you can actually customize your trade strategy very easily. When it comes to mobile support gun bot is pretty well optimized. Unlike another trading bot, Gun Bot is super easy to use.
Now it’s all well and good but you might be asking how gunboat charges. The pricing of the gun bots is a bit different. Unlike another bot, it charges you a one-time fee. Their first package starts at $200. This package includes only one supported exchange and access to three trading strategies. The second package is $500 which will still allow one supported exchange but unlock all trading strategies. The final package will cost you $700 and you will have access to three supported exchanges and all trading strategies.
This is the most popular bot out there with more than 130000 users and up to 60 million trade volumes every day. It has a super friendly interface, pack full of details, and a ton of function. The bot also gives you the option to stop also, set target profit, and set your custom trading strategy.
On top of all the 3Commas also allow you to backtest, Doller cost averaging bot, and a ton of different trading tools. 3Commas are also very good at mobile support. Just download the app from the google play store. 3Commas supports almost all the exchange out there which is very good news for traders.
3Commas offers a free 3-day trial. A free trial is always good. It lets you know the product before you actually invest money in it. After that, you will have prices of $14, $24, and $49. Use whatever package that suits your need. To be honest, what I like most about 3Commas is that it has a cool and easy-to-understand interface. 3Commas interface is very friendly towards new and also experienced traders.
So that was my top 3 crypto trading bot. As mention before you need to keep your money on your exchange account to use these bots. And this comes with its own problem but I would suggest you keep money on multiple exchange account to spread out risk. This bot will not make you a millionaire but it will help you in your journey.