Without superb timing and access to outstanding trading tactics and technical analysis, it’s tricky to earn money in the unpredictable cryptocurrency market. Because of the market’s growing complexity and 24-hour availability, rookie crypto traders face a considerably longer learning curve and, in many cases, a far higher risk of loss.
This is why many investors consider cryptocurrency trading bots to be so fundamental. A full-featured crypto trading bot helps you create and perfect your trading techniques, making using one a convenient way to trade at any time of day.
If you’re trading in the volatile cryptocurrency market, you’ve probably already seen bots. This article covers the best cryptocurrency trading bots for both beginners and advanced traders.
Recommended for Beginners
CryptoHopper
CryptoHopper is a paper trading, backtesting, trailing stop-loss, and strategy builder tool that makes it easy to tailor your trading plan. With 130 indicators that help you to trade conveniently, CryptoHopper is one of the most popular trading bots on the market and ideal for beginners.
If you’re new to trading, you can learn the ropes using CryptoHopper’s comprehensive training area, while advanced traders can buy proven techniques and templates. Subscribing to a wide variety of external signalers is a breeze with the platform’s intuitive dashboard.
The tool is hosted in the cloud and can connect to a total of 12 different exchanges, with more being added regularly. For more experienced traders, CryptoHopper provides a marketplace where they can buy and sell signals to incorporate into their unique trading technique.Shrimpy
When it comes to managing your investments, go no further than Shrimpy, which also offers automatic trading features. After gaining notoriety for its auto-rebalancing portfolio tool, Shrimpy released a feature that allowed users to trade on numerous exchanges simultaneously.
The platform stands out for its user-friendly interface and comprehensive help center with backtesting, social trading, and automatic portfolio rebalancing being just some of the tools they provide.
Another benefit of Shrimpy is that it’s a social trading platform with a fantastic community. Learn how other people are using the tool and making money with it by joining the community on Reddit, Telegram, or Discord.
In addition, Shrimpy has collaborated with CoinLedger to provide its users with a straightforward method for filing their taxes. If you decide to join the Shrimpy community, you may rest easy knowing that the partnership offers automated tax reporting.Pionex
Pionex is a groundbreaking exchange, offering a whopping 16 free trading bots directly to users. Users can set up automated trading systems that operate around the clock without requiring them to manually monitor markets.
As one of the largest Binance brokers, Pionex, pools funds from both Binance and Huobi Global. Even CoinLedger has recognized Pionex as a certified partner, so Pionex users can utilize CoinLedger to simplify their tax filing.
Recommended for Advanced
Coinigy
More than 45 exchanges, such as Binance, Bitfinex, Bittrex, Coinbase Pro, FTX, Huobi Pro, Kucoin, Kraken, and Poloniex, are integrated with Coinigy’s cloud-based platform for cryptocurrency trading.
The subscription service provides access to real-time pricing data from many exchanges, advanced spot trading functionality, data visualization, direct blockchain analysis, as well as portfolio management, and aggregation features.
3Commas
3Commas is a new automated trading bot that makes trade decisions based on Dollar Cost Averaging. The platform’s trailing stop feature stands out as particularly useful.
The trailing stop will keep your position open for as long as the price rises, allowing you to profit from a sudden uptick. Once the market turns, your position will be automatically closed. 3Commas also supports multiple currencies, which is a great convenience.
When it comes to trading, 3Commas can handle up to 20 different markets. To test out trading strategies, newcomers can use the paper trading feature. SmartTrade is a useful tool for experienced traders, as it enables them to trade on multiple exchanges and pairs without leaving their streamlined interface.
Together with CoinLedger, 3Commas offers users automated tax reporting.
Recommended for Community
Trality
Trality, headquartered in Vienna, Austria, is a frontrunner among Europe’s FinTech companies. The company offers cutting-edge algorithmic trading bots to anyone who requires them.
With Trality’s Rule Builder, non-developers can create profitable bots with Boolean logic (no coding experience necessary) by dragging and dropping indicators, and their browser-based Code Editor, the first of its kind in the world, boasts a plethora of features such as end-to-end encryption, a lightning-fast backtester, a wide variety of free financial data, and a robust debugger.
In addition to its innovative features, Trality’s focus on community building through educational offerings, such as its Masterclass, where traders can learn about successful trading through simple tutorials, is a distinct advantage.
Conclusion
After studying the market by monitoring the performance of key cryptocurrencies and experimenting with different trading strategies on a paper trading account, you may enter the market with more confidence. You could expect the bot to perform better if you’ve gained a deeper grasp of the market.
