The use of bots is common practice in crypto trading. Some platforms like MetaTrader have snazzy names like Expert Advisors (EA). They are basically software that’s used to automatically execute trades based on defined rules and trading parameters.
In the words of Jimmy Simons “Trading can be a very gut-wrenching business.” One moment you are running with the bulls and having Lambo dreams, and the next moment you might be experiencing a losing streak and questioning your decision-making skills. Well, with a trading bot, the computer does what it was meant to do – crunch numbers in an unbiased and impartial way.
When using bots, the emotional rollercoaster that comes with trading is all but reduced to assigning entry & exit rules, and risk and money management rules. A well-honed trading bot can provide its user with passive income while they’re sleeping.
Here’s the thing: building a well-strategized crypto trading bot is not easy because cryptocurrency markets often experience volatile swings which often require human intervention and monitoring.
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The Pros and Cons of Crypto Trading Bots
If you are thinking about subscribing to crypto trading bot services, or developing one of your own, here are some pros and cons to consider.
Pros of Crypto Trading Bots
- Avoid emotional trading and properly follow a mechanical trading plan.
- Save time by automating processes like deposits, withdrawals, and order entry.
- Options: Some bots do not require download and analysis of huge data because it’s all hardcoded into the trading system.
- Customization. Bots can be programmed to do simple or more complicated tasks, depending on how you have it set up and have assessed your risk factors.
Cons of Crypto Trading Bots
- Some crypto bots may be challenging to set up and optimize to your trading style.
- A good profit making crypto bot requires analyzing data sets using machine learning algorithms before deploying them. This often involves human monitoring to get within optimized trading parameters.
3 Recognized Crypto Trading Bots
There are open-sourced trading bots, which are free to use, modify, or troubleshoot, and there are licensed crypto trading bots which have to be purchased or leased.
Open-source is great for devs who like diving into code, but for the purpose of this article, we will share three recognized crypto trading bots that are ready for use.
Haasonline Crypto Trading Bot
Haasonline is at the top of our list because it is one of the most popular crypto trading bots among beginners and experts.
The online platform includes technical indicators, trading bots, insurance, and other safety nets. Haasonline currently supports the following exchanges: Binance, Bitfinex, Poloniex, Bitmex, Kraken, among others.
From the HaasBot crypto trading platform you can choose a 3-months, 6-months, and 12-months trader server license.Currently, the beginner plan costs 0.073 BTC/12 months, or more, depending on your trading needs. It’s also important to note that Haasonline only accepts BTC for subscriptions. There is currently no support for fiat payments.
Cryptohopper
Cryptohopper offers broader options to bot traders from beginner to advanced level.
The demo allows you to try the bot with zero risk; a highly recommended strategy to first learn the tools and be comfortable with their options and charts. This isn’t unlimited though; the Hopper Trial is available free for seven days.
Additionally, Cryptohopper offers technical analysis and back-testing tools, as well as automated trading, trailing stop functionalities, crypto signals, and savable templates.
The platform also offers a strategy designer for crypto traders to deploy their strategies, and has a marketplace to purchase pre-hopper configurations from selected traders.
Unlike other web-based crypto trading bot platforms, Cryptohopper accepts fiat for their subscriptions and it can run from $19/month for the Explorer Hopper up to $99/month for the Hero Hopper.
GunBot
Gunbot is a crypto bot trading platform that is sold as a lifetime software for a fair price. It is suitable for newbies and advanced traders.
GunBot currently supports the following cryptocurrency exchanges: Binance, Bitfinex, Bittrex, Poloniex, Cryptopia, Kucoin, CEX.io, GDAX, and Kraken.
Payments for Gunbot is via Bitcoin and ranges from 0.02 BTC for the starter edition, to 0.125 BTC for the ultimate edition. Here’s the neat part. You can sell your license at any time using a utility token called Gunthy, which uses the Ethereum blockchain.
Conclusion
We recommend you do your due diligence before subscribing to any of these crypto bot trading platforms. If they have a free version so you have an option to explore their platform and use the tools to see if it’s a good fit for your experience and trading needs.
It’s also important to point out that having a crypto bot does not guarantee profits. Weigh the cost benefits and risk involved before you jump into the trade market. This being said, bots take emotion out of the equation, which is often the greatest pitfall to human-only trading. The question to ask is: What kind of trader are you? Then proceed with caution.
Disclaimer
Content provided by CryptoTraderNews is for informational purposes only, and should not be construed as legal, tax, investment, financial, or other advice. All information is of a general nature. As always, there is risk with any investment. In exchange for using our products and services, you agree not to hold CryptoTraderNews Pro, its affiliates, or any third party service provider liable for any possible claim for damages arising from decisions you make based on information made available to you through our services.
