Top Crypto Trading Bots Reviewed
With the advent of bots the world of trading has changed significantly. This is especially true in the world of digital currencies, as trading bots hold even more significance in this fast-paced market. After all, unlike the stock market, crypto works 24/7/365.
Not only does crypto never sleep but the market is inherently highly volatile, bringing juicy trading opportunities that no trader would want to miss out on. But working 24x7 is not feasible, and that’s where crypto trading bots come into the picture.
What are Crypto Trading Bots?
Crypto trading bots are automated tools designed to run specific tasks such as executing transactions using technical indicators or order book analysis. They basically automate the trading process and minimize human intervention.
Bots don’t need much technical knowledge to use them. As such, anyone can use a bot to trade any asset, including cryptocurrencies.
While some crypto trading bots are best for beginners, others have features tailored for advanced traders. That said, a user can customize a crypto trading bot to execute trade orders based on certain specifications.
Pros and Cons of Using a Crypto Trading Bot
A crypto trading bot is not a get-rich-quick solution as the trader will still need to be involved and put in the time and effort to succeed. Bots are used to automate trading strategies in order to amplify trading profits.
But these bots indeed have a lot of benefits in terms of being fast and more efficient than trading manually. Also, a trader should never buy and sell at impulse, aka FOMO, into trades. It is best to leave emotions at the door for successful trading.
Besides automated trading strategies, bots provide information on how well the trading plan is performing, based on which it can be fine-tuned further.
While bots enable users to trade a market that is always open, they require constant monitoring to avoid losses, as many bots can only provide marginal returns even if they are operating correctly.
This means that to use a bot effectively, a user will need a deep understanding of the crypto market, a good trading plan, and effective execution. Moreover, when creating exchange API keys for integrating with exchanges, ensure to provide only needed permissions or risk losing funds.
Each bot, however, has a set of different requirements. And when choosing a trading bot, look for features like a free trial, social trading, backtesting, information on indices, tax software, community, and support.
Now, let’s look at some of the best crypto trading bots.
This crypto trading bot provides a suite of professional tools for traders. Coygo Bots cover several powerful pre-built trading bot strategies for crypto day trading, such as spot grid trader, smart rebalancer, triangular arbitrage, inter-exchange arbitrage, simple market maker, and static midpoint swing trading. Their bots supports all the major exchanges and they can execute on intervals as short as seconds or even milliseconds, something no other platform can do.
Unlike their competitors Coygo Bots also does not run on the cloud. That means you’re not forced to trust their cloud with your funds — their servers never have access to your funds.
They have a free plan to test out its capabilities and a number of different paid plans which each come with a free trial.
This automated crypto trading platform has a simple user interface and a long list of exchanges to choose from. Using its backtesting feature, users can check any rules or strategies before deploying them to reduce their chances of losing money.
It has three types of accounts; the free one with limited features, the Pro package at $450/month, the hobbyist version, which will cost $30 per month, and the trader at $60/month.
Coinrule allows users to customize investing with 150 trading templates ranging from accumulation to long-term holding strategies.
Pionex is a combination of a crypto exchange and a crypto trading bot & it is free to use. But there is a flat 0.05% fee on buy/sell orders. There is also a network fee that is deducted automatically. It is a good option for mobile and high-volume traders. As for the type of bots it offers, Pionex has several unique bots such as Grid, Arbitrage, and DCA.
Focused on long-term portfolio management, Shrimpy also enables automatic trading, portfolio rebalancing, backtesting, and cross-exchange performance monitoring. Through its terminal, it allows for trading across multiple exchanges. There is also a unique social feature to copy other users’ strategies.
To avail of Shrimpy’s advanced feature, users must shell out $19 to $299 per month. They have also partnered with CoinLedger to offer its users a solution for tax reporting.
Yet another platform with a copy trading feature, 3Commas’ list of bots includes Grid, DCA, Options, and HODL bots. It helps users build automated trading bots and trade with them on the most prominent crypto exchanges.
Its Smart Trade trading panel allows users to buy or sell multiple pairs of digital currencies using risk management tools while letting a user set different order types.
Users can start with the free plan. And if they want to upgrade, the paid plan starts from $14.50 with no trading bot option. Going further, an advanced plan will cost $49.50, whereas the Pro package is available at $24.50.
Users can either copy-trade others’ strategies or build bots from scratch with Zignaly. It also offers semi or fully-automated crypto-bot trading exercises. That said, the bot can only be connected to about ten exchanges, so minimal options exist.
Zignaly’s other free features that users can take advantage of include DCA rebuys strategy options, TradingView integration, and cloud-based software. It has also partnered with CoinLedger to bring automated tax reporting to its users.
CryptoHopper is a cloud-based crypto bot trading platform that offers DCA and mirror trading. It employs an algorithmic programmed trading approach and uses over 30 trading indicators but only supports nine crypto exchanges.
Trading tools that a trader can use here include backtesting, configurable and saveable templates, trailing stops, and customizable technical indicators. As for its payment plans, it offers one free & three paid plans. The paid ones cost $19, $49, and $99 per month.
This platform allows both spot and futures trading with 24/7 support. TradeSanta offers a wide range of pre-set templates, while bots selection includes DCA, Grid, and Futures bots. It also offers a demo account to test the platform first.
Much like other options on this list, TradeSanta offers a free plan. The paid monthly subscriptions, meanwhile, will cost $20 and $100. But they have limited exchange support.
Coinigy allows trading across all platforms directly from its UI. This cloud-based platform uses over 75 technical indicators. Interestingly, they have partnered with CoinLedger to allow its users access to tax reporting. A monthly subscription ranges from free to $18.66. And for more features and tools, a user will have to pay $99.
This one allows users to connect with over 25 crypto exchanges and offers a 14-day free trial. Bitsgap allows optimization of pre-configured bots through backtesting, arbitrage trade across multiple exchanges, and portfolio management and tracking.
Types of bots available here include Grid Bot, unlimited smart orders, Futures bots, Trailing Up & Down, and Take Profit for bots. There’s also a complete trading terminal to make trades directly in the app. Its basic paid plan will cost $19/mon, advanced $44/mon, and pro $110/mon.
One of the oldest trading bots in crypto, HaasOnline offers backtesting, paper trading, dollar-cost averaging, arbitrages, market making, trailing stop, portfolio index, accumulation, and other strategies through its several custom bots. HaasOnline bots run in the cloud and require you to trust their cloud with your exchange accounts.
They have a discounted 14-day trial while the basic paid subscription costs 0.005 BTC and the advanced 0.012 BTC.
Backtesting, pre-defined strategies, and paper trading are Trality’s key features. It also provides the Rule Builder for easy bot creation, which doesn’t require coding skills. But the aspect where Trality lacks is its support for limited exchanges, viz. Binance, Bitpanda, Coinbase Pro, and Kraken.
As for the plans it offers, the basic starter plan is free to use but has a trading volume limit of €5,000. If a user wants more, they will have to opt for paid plans, and for that, they will have to shell out €9.99 per month for The knight plan, €39.99 per month for the Rook plan costs, and the Queen plan cost €59.99 per month.
A well-executed bot can help users with data collection, intelligent order routing, rebalancing, portfolio management, and much more. So, crypto trading bots are of immense help, especially when dealing with repetitive tasks, where timing is important, and it is crucial to execute complicated and impossible strategies easily.
Bots can enhance user’s trading strategy, with the crypto market gaining mainstream adoption. So, pick an option among the listed bot platforms and start crypto trading journey today.