The ever increasing number of crypto platforms on the market today combined with the vast amount of time it takes to keep on top of the day-to-day price movements of volatile cryptocurrencies leaves many traders frustrated and time-poor.
Unlike the regular stock markets, the cryptocurrency market never sleeps and as a trader, this presents a highly stressful situation for investing within the industry. Crypto investors are familiar with the need to be on their toes whenever they want to have a pleasant portfolio.
Fortunately, the development of automated trading bots in the Bitcoin ecosystem provides crypto investors with a way to free up time or work day jobs while generating passive income from crypto trading.
With so many traders relying on trade bots to perform automated trades and transactions, it’s becoming increasingly difficult to determine which bot solutions can be trusted, and which are best avoided. In this bitcoin trading bot overview, we’ll take a look at the eighteen most popular cryptocurrency trading bots and highlight the features they offer to help you make an informed decision on whether each is the right solution for you to hook up to your personal cryptocurrency exchange and start using today.
The key unmasking of why automatic bitcoin investment robots work is because of how they are programmed to win at a bunch of micro-trades or have the ability to step out of any trade depending upon risk tolerance and marginal timeframes, or even long-term belief in the coin of your choice to ‘hold' despite recording losses on a live trade.
The volatility of the cryptocurrency market necessitates the need for trading bots which are becoming increasingly popular among traders. These programmable software algorithsm allow investors to remain in trading at all times, with the bot making automatic bids even while the trader is asleep and the other half of the world is just starting to wake and rise.
While crypto trading bots sound amazing, there is a need for due diligence if it involves automatic software since human alone is not infallible when it comes to matters of trading. Even Warren Buffet, a seasoned Wall Street legend loses out from time to time and crypto trading bots could be useful at making sure such investors stay ahead of others.
Now that we have laid the foundation on bitcoin trading bots, the rest of this 2019 user guide will come in a 3-part way. First we will review the 18 best bitcoin bot systems, then talk about the human vs robot trading aspect followed up by how important trading bots are to bitcoin's emerging cryptocurrency market.
Contents
- DAXrobot
- BinBot Pro
- Gunbot
- Gekko
- Gimmer
- Cryptotrader
- Haasbot
- 3Commas
- Cryptohopper
- Zenbot
DAXrobot offers its customers high payouts, which makes it one of the best offers in the automated trading niche. You have three deposit/withdrawal options:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
The robot automatically determines the most suitable trading strategy based on the specific assets that you choose. However, the best thing about all of this is that the robot is free to use.
The software has a beginner-friendly interface, which will allow users to understand the basics of trading from the get-go. Unfortunately, DAXrobot doesn’t have a phone app.
It works with CFDs and Forex (regulated), so it doesn’t touch binary options.
NB! DAXBASE (as well as DAXrobot) do not provide any services on US territory.
BinBot Pro
For those who are short on budget, BinBot could be another suitable option. It supports a slew of cryptocurrencies and binary options assets. Unlike DAXrobot, this trading bot is available worldwide, including the US and Canada.
With a win-rate of over 80 percent, this is one of the best offers on the market that is completely free (you are only required to place a minimum deposit of $250). Users also have the possibility to create a demo account before depositing money.
After registering on the website, you are required to choose one of the brokers and go through a setup process; deposits and withdrawals are conducted by the broker.
Before running the auto-trader, you have to adjust the trading settings. The bot uses the most common technical indicators, such as MACD, Williams %R and others.
Gunbot
Gunbot is yet another established trading bot on the market. The largest exchanges support this bot (the number of exchanges depends on the plan that you choose).
When it comes to pricing, there is a one-time payment for a lifetime license, which could seem like an advantage to those who are not willing to pay fees. There is also a marketplace for different trading strategies, meaning that you can buy unique ones from other traders.
It’s also worth mentioning that GunBot has excellent customer support, and its developers are constantly posting updates on Github.
Gekko
Gekko is a unique trading bot in that it is completely open source and can be found on Github. Unlike BTC Robot, which doesn’t provide a clear explanation of how it works, Gekko is completely programmable, and allows users to define their own automated investment strategies.
It’s possible to use Gekko to aggregate live market data, calculate indicators, execute live orders, simulate order execution, calculate profit and risk metrics, manage and import historical market data, simulate live markets with historical data, and graph all of the relevant results in a simple web interface.
The Gekko solution supports 18 different exchanges, including Poloniex and Bitfinex, and offers an adaptable plugin system that integrates with solutions such as IRC, Telegram, and email platforms. While the Gekko bot is not a high-frequency trading bot nor able to exploit arbitrage opportunities, it is a highly trustworthy Swiss army knife equivalent for traders that value simple automation and optimization.
Users can use this bot for executing some basic trading strategies, and they even have access to some pretty useful features. These include viewing prices of coins in real time, executing live orders, simulating markets, calculating indicators, and alike. Compared to our previous entries, its functionality is somewhat limited. Still, the bot continues to be useful, and it's also completely free.
Gimmer
Gimmer allows traders to use a wide array of crypto trading bots. The platform supports multi-currency trading and provides users with many trading strategies (additional ones can be rented from a bot store).
Notably, Gimmer is based on its own decentralized app. The whole ecosystem is powered by Gimmer tokens (GMR). The tokens can be used for renting bots, buying strategies, etc. The good news is that a standard automated trading bot is offered for free.
The features include backtesting, marginal trading, setting up indicators and safeties. With Gimmer, you can also use an automated lending bot in order to invest in cryptocurrencies that have the most deficit.
The bot has multiplatform support (Windows, macOS, Linux).
Cryptotrader
Cryptotrader is a little known but highly scalable cloud-based automated trading bot that makes it possible for traders to build their own customized trading bot solution in minutes. As the Cryptotrader solution is completely cloud-based, it doesn’t require users to install any software locally, which is a major feature.
Cryptotrader supports all of the major cryptocurrency exchanges, including Bitfinex, BitStamp, Poloniex, Coinbase, Kraken, and Bittrex, and provides backtesting trading strategies that allow traders to test how their strategy would work in different historical trading conditions.
One of the most unique features of the Cryptotrader platform is a strategies marketplace that allows users to buy and sell successful trading strategies. Because CryptoTrader is based on the cloud, it allows users to go a step further and create their own bots. The platform's software works with numerous exchanges, but also with many different currencies. Not only that, but the platform also provides an entire marketplace for users to sell trading strategies of their own making. The price of this bot can be paid in Bitcoin, and it costs anywhere from 0.0026 BTC to 0.0316 BTC on a monthly basis. The platform also accepts Litecoin.
Haasbot
The Haasbot automated trading solution is one of the more popular Bitcoin trading bots available, and removes a significant amount of legwork from the trading process. Haasbot, like most of the other bots on this list, integrates with all major exchanges and offers the unique benefit of candlestick pattern recognition capabilities. As the price of Haasbot ranges between 0.12 and 0.32 BTC per three-month period, users of the bot must be fairly committed to extracting a significant ROI from it.
The world of cryptocurrency never sleeps. Unlike the typical trading markets where there is a specific cutoff time, with digital currency it continues to work while we sleep. This makes it very difficult to keep up with the market and the crypto world. For traders this ensures sleepless nights toiling over endless charts. After all, in the digital world, you have to work like a machine to keep up and there are several traders with horror stories of missing that golden opportunity because they had to sleep.
In the digital world, the window of profitability is narrow. A trader has but a few moments to jump on a trade or risk losing it. All this, of course, causes stress that ultimately affects their decisions on and off the market. These things happen on a daily basis for a skilled and knowledgeable trader. But what if you are completely new to the game? What if you are an investor looking to get into this crazy world of cryptocurrency?
The knowledge and know how to make trades comes with trial and error. There are some who fork over thousands to learn the skills to become cryptocurrency traders while others take a practical approach and watch from others. The thing is though, cryptocurrency trading is a game. And the game is to make money. No one wants to lose money due to bad trades. But those just coming on the platform don't have anyone to learn from. The gurus and financial advisors always keep their best secrets to themselves. They don't want to give away too much and have you beat them. That is where Trading bots come in.
For many professional traders down to the newbies fresh on the scene, a trading bot can mean the difference between winning and losing. Basically a trading bot is a computer program that uses codes and algorithms. The bots are set to analyze cryptocurrencies and where they go either up or down.
These nifty programs are perfect for the beginner trader. Because their systems go over data that could be easily missed by a new trader. The upside to trading bots is that they are computers that can handle working 24/7 and stay on top of the cryptocurrency market when mere humans have to sleep and do other human things.
However, relying on a trading bot can be risky. After all, the data collected is sometimes unreliable and inconsistent. But there are a few bots out there that can show positive results and help any investor make some serious cash.
3Commas
3Commas is a popular bot that allows its users to trade on multiple exchanges automatically. It supports BitFinex, Bittrex, Bitstamp, Binance, GDAX, KuCoin, Poloniex, YoBit, Huobi, and Cryptopia. Additionally, it is very easy to use and navigate, and users can see all of their trades, and have access to additional features, like trailing stop losses, copy trading, automated mean-reversion trades, and alike. Finally, its traders can set up a model portfolio, analyze it and test it, so that their portfolio composition would be perfected. Its price can be anywhere from $30 to $100, depending on the number of features.
Cryptohopper
Cryptohopper is a crypto trading bot based on the cloud technology. This means that it can keep trading even if your computer is turned off. Traders who have experience can use a manual approach, and use technical indicators for configuring the bot. Additionally, the bot also has external signalers, which can allow new traders to let their bot do the work itself, as per recommendations from trusted third-party sources. The bot offers a wide variety of other features, and the price of subscription can go anywhere from $19 to $99, depending on how many features the user wants.
Zenbot
Zenbot is another open source anonymous crypto trading bot that provides traders with the ability to download the code for the bot and edit it themselves via Github. The Zenbot solution is currently under active development, and is currently in the third iteration of release. It is completely free, and anyone with the proper knowledge can modify its code to suit their own purpose.
Zenbot is one of the only autonomous trading solutions that is capable of high-frequency trading, and supports the trading of multiple assets at the same time. According to information presented on the Zenbot 3 GithHub page, Zenbot 3.5.15 is capable of delivering a 1.531 ROI in three months, with is impressive for an open source automated trading solution.
The bot works with a lot of cryptos and can execute multiple trading strategies based on a technical analysis. It has a wide variety of features, but it is recommended not to use it for trading large amounts.
