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Mind you, trading cryptocurrencies isn’t an easy job, especially if you don’t have the right tools with you. Crypto markets don’t sleep, but it doesn’t mean that you shouldn’t sleep too for the sake of trading your cryptocurrencies to the maximum amount possible. This is where crypto trading bots take place. These tools keep your currencies in the cycle without the need to monitor them all day long. Isn’t that just awesome?
In this post, I’ll highlight my top picks for crypto trading bots that you should start using today. I spent hours of research, plus my experiences and knowledge with these bots, to provide insights with these must-have platforms. I’ll also give tips and tell you exactly how to make your trading more effective.
Warning: this post is very long, as I’ve detailed my research on each platform. If you’re in a hurry and need a quick recommendation, here’s a summary of my top three bot platforms:
At a Glance: Best Crypto Trading Bots in 2021
What is a Crypto Trading Bot?
You might’ve heard crypto trading bots all this time. But what is it?
Based on my experience, crypto trading bots are automated computer programs that trade your cryptocurrencies at the right time. This is very helpful because you don’t need to monitor exchanges daily. You only need to set up your predetermined rules, and the bot places your trades automatically.
Your bot will act according to your preferences, so make sure to address your rules correctly. There’s one thing newbies do when trading their cryptocurrencies –relying on forum groups to determine the “perfect” time to trade. This is wrong! Never depend on Reddit or whatever site has to tell you what to do on your trades. My golden advice on this is to go to the market and analyze the trends. Read more about 5 no deposit casino. I should say that the charts are helpful in this part. They say a lot on the peaks and declines of market trades and exchanges. By creating a plan, your bot will act according to your taste and preferences, like volumes, times, and prices.
Gaining knowledge about cryptocurrency is a life-changer. Bot platforms actively helped me gain profits, trade stocks, and save bitcoins –efficient trading to a whole new level!
Before we proceed to my main topic, you’ll need to know that bot platforms encompass four significant components:
- Backtesting. Of course, we’re talking about trades and exchanges here, which is a serious matter. Before investing all your cryptocurrency in a trading bot, you need to make sure that it has a backtesting strategy. Blindly venturing all your stocks leads you to a disaster! I recommend checking your chosen bot if it backtests historical data before gambling your currencies on it. Ensure that the strategy and configurations are aligned with your preferences, along with latency, trading fees, and slippage.
- Strategy implementation. This is the most critical component of a crypto trading bot. It’s where you provide your logic and calculations in guiding your bot about the trade process. When implementing a strategy, I’ve learned that it’s essential to backtest it. Evaluating your strategy’s performance should be your goal here because it plays a crucial role in your crypto venture.
- Execution. Another component of a crypto trading bot is the execution. Now that you’ve backtested and implemented your strategy, it’s now time to execute it in real-time. I typically simulate my strategy in actual, but with a twist: I use fake money to determine how successful my logic would be in the real world. And once I discover how my code will work, I’ll automate the entire process with the last component: the job scheduler.
- Job scheduler. After testing your code in the real world, you may want to run it autonomously. With a good trading bot, you don’t need to monitor your stock all the time. You can leave your trades and exchanges on the server and let your job scheduler do the work for you.
Crypto Trading Bot: What to Look for
There’s more you need to know about crypto trading bots. The four components I have mentioned above don’t work successfully if you lack the right tool to test your results and execute them in actual. Here are the foolproof features you need to consider when looking for a crypto trading bot:
- Security. When you’re using a crypto trading bot, you’re giving it direct access to your funds. I could say this is risky, especially when you have no idea how the platform works. Before I saturate my funds on a crypto trading bot, I do a complete research of the platform and determine if it’s commended for its security features.
- Reliability. Since transactions are made entirely online, you need to make sure that your trading bot has minimum downtime. I don’t want to miss any single golden opportunity every time I check my trades, so I make sure to employ only the best and reliable crypto trading bot out there. I’ll introduce it to you in a bit.
- Profitability. There’s no point if you’re using an incompetent trading platform. After all, it’s all about the profits, profits, and profits –the very reason why you invest your time and money into it!
- Transparency. Another feature of a great trading bot is its trustworthiness. You don’t want to invest your time and money on a platform that lacks transparency. So make sure that your chosen bot employs expert developers who have a good record of funds maintenance. Good customer service support is a must-have too!
- Authenticity. One feature you should consider is the bot’s authenticity. In this case, I look for a reputable trading bot that’s free from coding and logical errors.
- Simplicity. And last but not least, I particularly search for a trading bot that has an easy-to-use, intuitive platform. Believe me; you don’t want to end up with a messy user interface.
Top 3 Best Crypto Trading Bots
Now that I’m done covering the promising features of a crypto trading bot, it’s now time to introduce the best cryptocurrency trading bots for 2021.
I’m not being biased here, but I found 3Commas the most comprehensive and powerful cryptocurrency trading platform today. I’ve learned the 3Commas platform way back and started using it for trading my cryptocurrencies. Even until now! Although it’s a new entrant in the trading bot market, 3Commas guarantees investors with a solid program that can earn you profit in a short time. Yet, it has a tag attached to it. Its pricing starts at $14 for Starter Plan, $24 for Advanced Plan, and $49 for Pro Plan (all of these plans cater to the trading terminal, take profit and stop loss, and futures trading features).
The 3Commas platform applies all the impressive features I mentioned above. Aside from being effective and efficient, it helps you grow your profit while minimizing your exposure to potential risks and losses. This is a win-win situation!
What I like the most about 3Commas is that it offers investors the ability to manage their bots through developer APIs. This platform is beginner-friendly. You have the freedom to manage your portfolio because it doesn’t require any hard coding. But if you want to take full advantage of 3Commas, you may want to enroll in The Better Trader’s Mastering Passive Income course. It provides shortcuts to using 3commas, along with the “Golden Ratio” rule of technical analysis.
3Commas shares similarities with the other trading bots I reviewed for my top three. The platform is cloud-based. You don’t need to download anything. And it allows you to execute multiple strategies based on your technical indicators.
What makes 3Commas awesome is its trailing take profit feature (TTP). Developers designed this function to enable investors to catch the rise. In my case, this is a designated function where I earn profits as much as possible. Yet, the only drawback here is that you can lose a part of your profit if the price does a reversal.
There are over 220k registered users, with approximately $60M daily trading volume, and supports 23 exchanges currently. And yes, that’s a considerable feature of the platform! In case you’re having a hard time dealing with your stocks, you can contact 3Commas’ amazing customer support. They are available in English and Russian, whom you can talk to 24/7. Lastly, it supports 23 exchanges, including and not limited to Bittrex, OKEx, Bitstamp, and many more!
Next is the Cryptohopper. I see it as the second-best trading bot platform out there that performs duties based on your technical indicators. It’s one of the impressive options if you’re willing to delve your funds’ details. You’ll also get a glimpse of social trading options, various exchanges you can trade, as well as a stop-losses feature similar to the 3Commas’.
What I like about Cryptohopper is that it’s also a web-based trading platform. You don’t need any hardware installation on this one. All of your trading activities are processed on the company’s cloud-like infrastructure. This makes it easier to access your files anytime, anywhere.
And the big difference of Cryptohopper against its rival is its external signals. You can consider choosing an alert for trade reminder or an automatic trade.
Like 3Commas, I found out that Cryptohopper conducts efficiency in its platform. It eliminates unwanted human infirmities from the trading process and turns them into easy-to-trade cryptocurrencies. However, the downside of this platform is that it’s semi-automated. Cryptohopper doesn’t guarantee full profits, but what makes it special is that it helps you create and manage your decisions through its programmed trading and external signals.
If you’re planning to invest in Cryptohopper, you must know that they offer different plans. Starting at $19 monthly, you can access its Explorer Package that gives TA scan interval, automatic trading, and portfolio management. You can easily scale your plan to Adventurer ($49 monthly) or Hero ($99 monthly). To add, Cryptohopper has over 30M trades and supports 11 exchanges at present. It also has an incredible support team to help you with any issues via its website, Twitter account, Facebook, and Telegram.
HaasBot platform completes my top picks for the best crypto trading bot platform in this review. It was established in 2014, founded way earlier than 3Commas and Cryptohopper in the crypto trading industry.
If you’re new into trading and stuff, I suggest you use HaasBot last on your list. It’s not beginner-friendly because it contains advanced features suitable for techies out there. For example, it encompasses wider indicators compared to my preferred crypto trading bots above.
But Haasbot gives convenience in managing your trading strategies since it’s a cloud-based platform. You can easily claim hassle-free maintenance and all-year-round trading.
HaasBot covers your funds, from insurances to bots, safeties, and technical indicators –the reason why technical traders can utilize the platform handily. HaasBot indicators supply information you can use to determine the right time to trade your currencies. For instance, the bot determines when the price is going to move next and help you create a certain decision based on it. You can easily backtest and paper trade your cryptocurrencies with the help of HaasBot’s trading bot strategies. And with this simulation, you’ll know how your trade will perform in different market conditions.
The trading bot offers three tiers to users starting at Beginner Plan for 0.04 BTC, Simple Plan for 0.07 BTC, and Advanced Plan for 0.11 BTC (all of these are offered for three months). At present, it has 20 leading exchanges in the market, 50 technical indicators, and 13 types of insurances. Whenever you’re stuck in an issue, you can contact HaasBot customer support through a ticket in its “Support Section.” You can also communicate with them via social media pages, like Twitter, Telegram, and Facebook.
So there you have it, my top three picks for the best cryptocurrency trading bots in 2021! But be careful, crypto trading isn’t an easy process. It will take you a lot of time if you’re not aware of how crypto markets work.
To add, those platforms don’t follow a one-size-fits-all service, so make sure to incorporate research (just like I did) before loading your funds onto them. If you want to learn more about better trading and master passive income, then The Better Trader’s Mastering Passive Income is the right course for you!