It is an amazing time we live in. We are very fortunate to be able to witness and support the development of smart money. Cryptocurrencies will help shape our future and will integrate with other technologies that are still to come. However, one technology that is already here and that we will cover in this article is the trading robot. Using one allows you to trade and make money while you eat or rest. Sounds good, right? But is it really that simple?
Profitability of Trading Bots
How profitable is it to use a trading robot? It depends. How experienced or skilled are you as a trader? Your potential profit depends on your ability to correctly set up the trading robot and make necessary adjustments on the spot. The trading bot doesn’t do all the work for the trader but should be rather seen as a tool that aids and supports the trader. Now that we got the basics covered let’s take a look at some of the most reliable and easy to use bots in the market.
Best Trading Bots
Probably the most popular trading bot, CryptoTrader is a cloud based solution. This means that there is no installation needed. It offers backtesting tool, allowing you to see the performance of your strategy under different market conditions, and a rather unique feature that allows users to sell their own strategies or buy them from others, a marketplace for trading strategies. This is excellent if you are starting and don’t know what strategy to use. The CryptoTrader also offers instant email alerts and SMS notifications whenever important market events or changes in trends happen.
Price: Offers 5 different packages from 0.0025 btc to 0.0312 btc per month.
Supported Exchanges: Bitfinex, Bitstamp, Poloniex, Coinbase, Kraken, Bittrex, Kcoin, Binance, Huobi.
Inspired by the infamous Gordon Gekko, famous character of the Wall Street movie, Gekko is an open source option. It is free to use and the code is available on github. It does not offer as many features as the competition: it only supports Bitcoin trading, it is not a high frequency trading bot (only makes a couple of trades a week) and does not allow for arbitrage trading (trading in multiple exchanges exploiting price variations between them). However, it does offer backtesting tools and there are plugins available that warn you about market changes through email or telegram. Gekko is simple to use and probably the best option if you are starting out.
Supported Exchanges: Binance, Poloniex, GDAX, BTCC, Bitstamp, Kraken, Bitfinex, Bittrex, Coinfalcon, Wex, Gemini, Okcoin, Cex, BTC Markets, lakeBTC, meXBT, Zaif, bx.in.th, bitcoin.co.id, Quadriga CX.
A newcomer to the scene, Cryptohopper is becoming increasingly popular. First of all, the Cryptohopper is fully cloud based. This means that not only is there no installation needed but you can run the Cryptohopper in the cloud 24 hours a day without even having to have your computer turned on. It is easy to set up and has a user friendly interface. It features backtesting tools, trailing stop loss (letting your bot only sell with profits) and is the only bot to have embed external signalers. This allows users to let the bot trade on autopilot under the orders of a signaler, making it possible to profit on the expertise of others.
Price: Only bot to offer a 1 month free trial. Offers 3 different packages from $19 to $99 per month.
Supported Exchanges: Kraken, Poloniex, Bittrex, Coinbase, Binance, Kucoin, Bitfinex, Cryptopia, Huobi, HitBTC, Cobinhood, Cex.