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Profiting from the cryptocurrency market's high volatility requires a good trading strategy and consistency. A good trading strategy includes good technical and fundamental analysis, the right time to enter and leave the market, and a way to handle risks. This brings profitability after it has been applied consistently over time.

Due to human limitations, consistency is a challenge that challenges all traders. Hence, there is a need for trading bots to trade automatically on your behalf, as they can repeatedly apply your trading strategy in the market over a long period.

However, which trading bot should you choose out of the numerous options available? This article discusses eight different cryptocurrency trading bots, their features, and what makes them the best. We will further explain crypto trading bots and what to look for before choosing the best fit.

Summary

Pionex: The best free bot for beginners and advanced users.

Cryptohopper: Best for copy-trading investors

Bitsgap: best for traders who want a simple but powerful bot.

3Commas: Best bot for options trading

CoinRule: The best beginner-friendly trading bot with advanced trading indicators.

HaasOnline: The most advanced algorithmic trading bot.

Trality: The best for algorithmic trading and creating trading bots for selling.

Shrimpy: the best social trading bot designed for portfolio management.

Pionex

Pionex is one of the best exchanges in the world. It has 16 free trading bots that let users trade digital assets automatically and safely every hour of the day without having to keep an eye on the market. It partners with some of the biggest crypto companies, such as Binance and Circle.

Features

TRADING BOTs

With 16 free built-in trading bots, Pionex helps you buy low and sell high automatically, with no break, while you spend your precious time doing other things you love.

TRADING BOT FEES

Pionex offers a free trial for their trading bots.

DIFFERENT TRADING BOTS

Pionex has different trading bots, including the spot-futures arbitrage bot, the rebalancing bot, the martingale bot, and the grid trading bot.

Grid trading bots are used by investors who want to buy low and sell high in a specific price range by taking advantage of a sideways trend. Spot-futures arbitrage bots, on the other hand, help small investors make money with little risk.

Pros and Cons

Pros

• It allows users to buy low and sell high in a specific price range.
• It offers a free trial for all trading bots.
• It offers arbitrage bots that provide passive income to retail investors.
• It provides 16 free built-in trading bots.
• It has a mobile app supported by iOS and Android.

Cons

• It has no support for custom trading strategies.

Best For?

The Pionex trading bots are best for users who are on a budget. The 16 free built-in bots will see to their needs.

Cryptohopper

Cryptohopper has a world-class automated trading bot for cryptocurrencies that can help users manage a portfolio of more than 100 assets on the best cryptocurrency exchanges in the world.

Features

AVAILABILITY OF TRADING BOTS

Most of the big crypto exchanges can connect to Cryptohopper's trading bot, so you can manage your portfolio and trade automatically all in one place.

TRADING TOOLS

Tools like dollar-cost averaging (DCA), short selling, and triggers are used by Cryptohopper to make trading easy and effective. They also offer reports on real-time market performance that guide your decision-making.

SECURITY AND PRIVACY

Cryptohopper is protected by Cloudflare, which has DDoS protection and a web application firewall. These protocols used by the platform protect your account and keep your data private.

COPY TRADING AND EASE OF USE

Cryptohopper has an easy-to-use interface and lets you use strategies and bot templates from more than 40 experts on the marketplace to make your own technical analysis.

AUTOMATIC TRADING

Cryptohopper keeps a tab on your favorite coins so you can trade 24/7 and enjoy trading without making emotional mistakes.

Pros and Cons

Pros

• It offers a user-friendly interface.
• It protects users' funds by using industry-leading security protocols.
• It is easy to set up with no credit card information required to join.

Cons

It offers limited functionality in its free mode.

Best For?

This is best for copy-trading investors and beginners looking for a fixed-fee option.

Bitsgap

Bitsgap is one of the best crypto trading bots because it uses algorithmic orders based on a good grid trading protocol. It helps you set up simple yet sophisticated bots that make profits 24/7 in different market conditions.

Features

AVAILABLE CRYPTO TRADING STRATEGY

Bitsgap provides users with various predefined trading strategies based on successful backtested results. These strategies improve the trading experience of those using the platform.

Trading bots

Bitsgap provides three types of bots: grid, DCA, and futures trading bots. Traders are offered the flexibility to choose what appeals to them and fits their trading needs.

SECURITY

Bitsgap uses high-end security encryption to keep the link between the platform and your exchange accounts safe. So, you can trade profitably with fewer worries about the safety of your funds.

FREE DEMO MODE

Of course, one of the main goals of trading is to keep your money safe. Because of this, Bitsgap gives you a risk-free demo environment to practice trading before you invest real money.

Pros and Cons

Pros

• It offers high-end security encryption.
• It provides a risk-free demo environment.
• It is a fully automated trading bot that works 24/7.
• It has an easy-to-use user interface.

Features

SIDEWAYS MARKET MAKING

To increase their profit margin, users can use grid bots to buy tokens when they reach support and sell them when they reach resistance.

Copy trading

If you are unsure of where to start your trading career, 3Commas offers you the opportunity to copy the bot settings of others. With this, you can skip the learning curve and quickly be on the way to becoming a professional trader.

PROFIT 24/7

The 3Commas bots do not have a time limit on when they can open deals during regular business hours. Whether the market is shooting to the moon or there is a flash crash, bots can be set up to operate under almost any contingency.

TOOLS

3Commas provides tools with features that enhance the trading experience. Features such as backtesting, dollar-cost averaging, and custom TradingView signals are present.

SECURITY

Your funds are safe on 3Commas because it connects to your exchanges through an encrypted API. This means that their system never sees your log-in information, so they can't get to your funds.

Pros and Cons

Pros

• A mobile app that enables you to manage your position anywhere
• offers users a bot for options trading.
• Offers third-party crypto trading signals

Cons

• No phone support is offered.

Best For?

3Commas is ideal for traders who can code and automate their own strategies.

Coinrule

Coinrule is a platform that is easy for people who are just starting out to use. It sends automated trading strategies and instructions to crypto exchanges. It looks for good market indicators so that users never miss a rally or get stuck in a dip.

Features

DAILY TRADES with risk management

Every day, Coinrule's "best coin of the day" trading bot gathers the best-performing coin on the market. It uses a stop-loss and a take-profit on each trade to keep your risk under control.

SECURITY

Each user gets their own private key, which is stored on an encrypted data storage device that is separate from the computer. Coinrule uses the Cloudflare CDN as a layer of protection against DDoS and other types of attacks on users.

AVAILABILITY

Coinrule trading bots are not time-bound, which means you can trade profitably as long as you want to use the bots while you spend time on other activities.

AVAILABLE RULES

Coinrule provides users with some predefined trading rules based on successful backtest results. These rules ultimately improve the trading experience on the platform. Users can also create their own rules.

Pros and Cons

Pros

• It provides secure trades across multiple crypto exchanges.
• It supports over 10 popular exchanges, including Binance, Coinbase, and Bitstamp.
• Trading bots are available 24/7.
• It offers predefined rules and allows users to create their own trading rules.

Cons

It doesn't have a mobile application

Best For?

CoinRule is the best for automated traders without any experience coding a strategy.

HaasOnline

HaasOnline is the world's most advanced automated crypto trading bot. It develops, backtests, and deploys high-frequency trading bots in minutes across multiple cryptocurrency exchanges. With the speed and power of the TradeServer, a user can tame the volatile cryptocurrency market like an expert.

Features

EFFICIENCY

Users of HaasOnline can save hundreds of hours over the course of their trading careers by just copying and automating the tasks they used to do by hand.

SECURITY AND PRIVACY

With HaasOnline Tradeserver, you can get away from the cloud. Your trade data and API keys are kept on secure hardware that can't be tracked by third parties or used in scams.

TRADING TOOLS

HaasOnline has high-tech tools for trading crypto that make use of high-tech features and make trading better. These tools include custom order types, market scanners, portfolio management, and bot extensions.

AVAILABILITY

HaasOnline's legacy and custom trading bots work with more than 20 exchanges, so you can start trading with your favorite strategy.

Advantages and disadvantages

Pros

• It offers backtesting and paper trading.
• It supports over 20 exchanges.
• It offers excellent market research tools.
• It allows users to configure their dashboards to keep track of their crypto trading bots and start trading.

Cons

• It doesn't offer a free trial package.
• It offers some features only suitable for advanced traders.

Best For?

HaasOnline is best suited for experienced traders.

Trality

Trality is a platform for everyone to trade, backtest, code, and create trading bots like a professional. If you are looking to profit from algorithmic trading without giving up your day job, Trality is one of the best options. They offer an array of packages, such as debuggers and a full range of ML modules to backtest and take live trades like an expert.

Features

SECURITY

Trality only uses official exchange APIs, so your funds and algorithms are safe. Also, your trading strategies are end-to-end encrypted, which means the platform can't see them. You will also not miss out on any potential trading opportunities because your bots run 24/7.

BOT CREATION

You can easily and quickly turn your trading ideas into profitable trading strategies that you can tweak until you're happy with. By dragging indicators and strategies, you can quickly and easily create the logic of a trading bot, which will help you get closer to algorithmic trading that will make you money.

TRADING TOOLS

Trality offers a list of powerful trading tools that allow users to bring their advanced trading ideas to life. Tools such as intelligent auto-complete, backtesting, debugging, and automatic rebalancing

Advantages and disadvantages

Pros

• Free package for beginners and advanced traders
• A marketplace where creators and followers meet
• Encrypted trading strategies
• Wide range of trading tools

Cons

• It doesn't have a mobile application.

Best For?

Tranquility is best for traders who love flexibility when building their bot. They can build their bot through the code editor or the rule builder.

Shrimpy

Automating strategies like indexing, smart rebalancing, dollar cost averaging (DCA), portfolio stop losses, and many others can make portfolios safer and more profitable.

Pros and Cons

Pros

• It offers a social trading platform where you can automatically copy top traders.
• It offers a demo environment to help you learn before investing your real funds.
• It can automate trades on multiple exchange accounts.

Cons

• It doesn't offer a free trial package.
• It doesn't have a mobile application.

Best For?

Shrimpy is the best social trading platform for beginners who want to manage their portfolios, use indexing, and test their strategies in the past.

What is a crypto trading bot?

Crypto trading bots let users automate their trading strategies by executing trade orders on any cryptocurrency exchange they want without having to do the work themselves. This software is meant to help you make more money on each trade, take less risk, and keep track of all your crypto exchanges in one place.

Cryptocurrency trading bots are classified into several types.

Crypto trading bots are categorized based on their trading strategies. They are:

Arbitrage Bots

Arbitrage bots are made so that they can take advantage of price changes on different markets. They will buy coins when the prices are lower and sell them at higher prices in another market, leaving you with a satisfying profit.

Trend Trading Bots

As the name suggests, a trend trading bot looks at how assets are moving and then places orders to buy or sell based on what it finds. When prices go up, long positions are triggered. When prices go down, on the other hand, short positions are triggered.

The bots can identify trends with the help of different indicators, such as price action, trend lines, momentum indicators, etc. When you set up a new bot, you should add indicators to make sure it does things that help you reach your goals.

Coin Lending Bots

To make money trading cryptocurrencies, a trader needs to own a large amount of a digital asset. For this reason, coin-lending trading bots are designed to lend margin to traders. The traders are liable to pay back the money with interest.

Investors and traders can use coin lending bots to automate this process, which cuts down on the time it takes to find the best interest rate. This will enable them to take advantage of any available market opportunities.

Market-making bots

Market-making bots are trading bots that take advantage of the wide availability of assets to help investors make more money. As long as assets are traded, their order book spreads, making market-making bots richer.

Market-making trading bots do this by executing orders at prices that are higher than the market price. This makes money for the user. They look for a market offering a more significant spread to give the investors an advantage in price, volume, and time.

How to Pick the Best Crypto Trading Bot

Before going for a trading bot, you should research the best fit. After all, your choice of trading bots will determine if you are profitable as a trader or not. These are some of the factors to consider before choosing a crypto bot that fits your trading needs:

TRADING COMMUNITIES

For the best results, check how active their trading communities are on social media platforms such as Discord, Twitter, and Telegram. Watch how people talk about the bot on these platforms. This will help you understand its strengths and weaknesses.

CONVENIENCE

This depends on your trading strategy and experience in cryptocurrency trading. If you are a beginner, go for a user-friendly trading bot to ease and improve your trading experience.

TRADING TOOLS

Trading tools are beneficial when using cryptobots because they improve your trading experience. Backtesting, indices, and social trading are all trading tools that will help you improve your skills and gain confidence. So, check out these features before choosing a bot.

FAQ

Is using cryptocurrency trading bots profitable?

Yes, in some cases, they are profitable, such as the Grid Trading Bot. However, your trading strategy is the sole determinant of your profitability.

When do I need to use a cryptobot for my trading?

You need a crypto trading bot if you want to:

• Avoid monitoring the crypto market for potential trading opportunities.
• Be in the market at all times.
• Test your strategy on different crypto assets.
• Remove the human-risk factor in trading.

Is it safe and legal to trade with a cryptobot?

Cryptobots are safe and legal to use in the cryptocurrency market.

Conclusion

If trading profitably is the goal, then an almost perfect crypto trading bot is needed. In this article, we've discussed some of the best trading bots available. We've also discussed their unique features and how you can choose the right trading bot. We hope these facts will help you reach the best decision.

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