The biggest difference between the regular stock market and the crypto market is that the latter never sleeps. But trading 24×7 is not practically possible, neither for the newbie nor the experienced trader. At the same time, trades will not wait for any man and you may just miss that great opportunity to earn big while you are sleeping. This is where trading bots can help.
Trading bots have now become rather popular among Bitcoin traders and they will execute trades on your behalf after analyzing the market situation and following a set of predetermined regulations. Today, you can get these bots either for free through open-source platforms or by buying licenses. But, do you know which trading bot to trust? This guide shows you which factors one must consider before choosing a Bitcoin trading bot:
- The trading bot has to be reliable and cannot afford to go offline when there is a golden trade opportunity. It is advisable to check for reviews about a bot before selecting one.
- If there is a hack you only have to blame yourself where a crypto asset is concerned. So, before using a bot, it is important to verify how long it has been around since you will be giving it access to your money.
- You obviously need to make sure that the bot you have chosen yields profits. Visit https://grin-tech.org/bitcoin-rush-review/ to learn about bitcoin rush which is an automated bitcoin trading bot launched recently.
- The bot must be transparent just as the network. The only reason for choosing to trade Bitcoins is because there is no scope for foul play and fraud.
- Finally, you need a bot that is simple to use. So, you should look for one that does not have a steep learning curve and can be used by newcomers.
Top Bitcoin Trading Bots in 2020:
- Cryptohopper is undoubtedly one of the most popular Bitcoin trading bots running on the cloud. It does not need any installation and can trade 24×7. It comes with an intuitive dashboard, easy to use, and you only need a couple of minutes to begin trading. The bot lets you use bullish markets to your advantage with a trailing stop-loss order and is equipped with complete technical analysis features. It comes with pre-created templates for leading exchanges like Binance, Bitfinex, and Kraken.
- 3Commas is a popular bot compatible with exchanges like BitStamp, Bitfinex, KuCoin, Bittrex, Cryptopia etc. This auto trading bot works with all devices and web-based services making it easy for you to monitor your trade dashboard from laptops and mobile phones. You can implement stop-loss orders and take-profit targets easily. You are free to build, analyze and back test crypto portfolios and choose one that performs best.
- Crypto Trader is another cloud-based trade bot that offers fully automated trading features without having to install it in their systems. There is a “marketplace” where users can buy their preferred trade strategy or even sell strategies that they have developed. This bot works with most exchanges and supports live trading and back testing.
- Haasbot trades both the Bitcoin and other altcoins. The only problem is that it is pricey and people experimenting this must be sure about it. They should know what to expect from it and must be committed to getting it. The Haasbot platform runs on Windows, Linux, and Mac OS, allowing traders to select from multiple bots.