Trading is not an easy task. You need to have skills and knowledge in order to succeed. However, if you have neither the first nor the second, you can still earn money on financial markets. We are going to tell you about cryptocurrency trading bots in this review.
Automated Trading as a Way to Earn Money
Automated trading was developed long before the appearance of the first cryptocurrency. Robots were used to trade fiat currencies and securities. When cryptocurrency became popular among traders, robots were among the first systems to migrate from ordinary trading into cryptocurrency speculations.
What are those trading bots? A robot is a piece of software that is designed with a single purpose – to find the best signals and to open positions. This piece of software includes various settings that allow traders to program them as they please. For example, you can program your bot to set various types of orders.
This trading bot works with CFDs only. This means that you can’t plug it into the exchanges directly. This robot works with crypto brokers offering cryptocurrency CFDs. How does it works?
There are three main steps you need to follow to set it up. DAX Robot allows you to choose the bot you are going to use. It offers dozens of solutions based on various trading indicators. For example, you can choose the Bolly Band Bounce. This is a very popular trading strategy, based on the Bollinger Bands indicator. The idea of the strategy is to wait until the price bounces one of the bands of the indicator.
This strategy was automated. Currently, it is used as a robot in the DAX Robot system. Once you have chosen your bot, you need to run it. Finally, the creators of the bot say you are going to enjoy your profits. Well, easy enough, isn’t it?
Another flexible service allowing you to create or rent bots and to backtest them before risking real money. This platform cooperates with the most popular crypto exchanges including Poloniex, OkCoin, Huobi, Kraken, Bitstamp, and others.
As for the plans, you can find five main account types there starting from Basic+. The pricing starts from only 0.0007 Bitcoins per month. The Basic plan offers backtesting, e-main alerts, and one trading bot that you can use. If you choose the Premium, which is the most expensive plan offered by CryptoTrader, you will have an opportunity to use all the features they offer. The fee there is 0.0174 BTC per month.
One of Europe’s leading platforms for algorithmic trading, Vienna-based Trality aims to bring the power and potential of automated bots to everyone who needs them. By offering multiple fair and flexible packages for different levels of users, Trality provides easy access to state-of-the-art tools for users to automate their own strategies or to follow those on the platform who are already doing so. Trality supports trading bots for Binance and many other crypto exchanges.
No coding? No problem. Use their beginner-friendly Rule Builder to create flexible bots using boolean logic (no coding required). Its graphical user interface lets you build your trading bot’s logic by dragging and dropping indicators and strategies. You can also choose from a variety of predefined strategies, which you can then customize to your liking right away.
If you’re good with Python, then you’ll definitely enjoy the world’s first browser-based Python Bot Code Editor, when coding a Python crypto trading bot for you. It comes with a state-of-the-art Python API, various packages, a debugger, and end-to-end encryption as well as access to financial data via their easy-to-use API and a full suite of technical analysis indicators.
What is this service about? Gimmer is a Bitcoin bot that you can set up on your own. The settings are flexible. You can use it with the major cryptocurrency exchanges. Gimmer offers free backtesting features for its users. The system has issued its own GMR tokens that you can buy directly from their website. Those tokens are already listed on various exchanges.
Gimmer is a brand new trading solution, which was designed as a decentralized trading platform. This platform includes AI features allowing you to create your own bots. The company also offers its own solutions that you can use by default.
Gimmer allows you to trade cryptocurrencies without having trading background. Those robots are suitable for all those who want to trade but are uncertain about their skills.
TradeSanta is a cloud platform that adapts trading strategies to achieve maximum profit. This is a young but experienced team that launched its product at the end of 2018.
The creation of an account is as easy as having an email with a username and password. When the details have been sent, you will receive a prompt email to follow the directions for verifying and unlocking your account. Then you need to select the exchange to which you are going to connect the bot.
The bot supports the following exchanges:
TradeSanta's special feature is that you can choose several trading strategies that suit your style. The bot also allows you to trade both for an increase (long strategies) and for a decrease in the market (short strategies). You can use the integrated RSI, MACD and Bollinger bands indicators to adapt the signals to a specific instrument.
A clear benefit for automating business techniques is that they do not need the human presence and run as planned 24/7. Automated trading software can be an optimal solution under attractive market conditions with repeatable predictability, enabling you to only periodically track items and update your trading strategy.
Should you pay for trading bots?
This is a known dilemma in the world of trading. The majority of professional bots require some investment. Even if some of them are offered for free, they have limitations. Moreover, some free trading bots are scams that will deplete your trading account.
By the way, there is an option for you to create your own trading bots. However, in this case, you will need to hire a developer or have some programming skills to code all necessary parts.