There are several commercial and free crypto trading bots available nowadays. However, getting started with a cryptocurrency trading bot may take time and effort. Therefore, we have selected the most efficient and user-friendly trading bots.
What is a Crypto Trading Bot?
A cryptocurrency trading bot is a computer software that automatically buys and sells different types of crypto at particular periods, as determined by the trader or the program’s algorithm, to generate a profit.
These bots execute trades depending on specific market circumstances and triggers by using signals, algorithms, patterns, expert trader input, settings, and presets, among other variables.
A crypto trading bot is not a substitute for a human trader but a helpful tool, particularly for crypto day traders. Robots are currently being developed for several platforms. The majority of trading bots are built for Binance.
Using crypto trading bots has several advantages. First off, trading bots make it possible to automate your trading technique. Therefore, if your plan is effective, bots will help you generate money 24 hours a day, seven days a week.
Trading bots also give a wealth of information on the success of your approach. You may use this knowledge to refine your plan through analysis.
In addition, a trading robot can conduct deals far more efficiently than a human. This gives you a competitive advantage by preventing latency and emotions.
However, except for Grid trading and copy trading, beginners should go against custom-coding trading strategies. Signing up for Binance and attempting to obtain a Binance trading bot is likely an attempt to self-destruct.
The cryptocurrency market is quite volatile. Therefore, your bots should be continually monitored. Sometimes it may keep you awake at night. In addition, crypto bots have access to your trading account on the exchange. Consequently, while generating exchange API credentials for integrating with the exchange platforms, ensure that you supply the necessary rights, and profile the trading bot and its crew.
Main Types of Crypto Trading Bots
The main types of crypto trading bots are:
- Trend crypto trading bots
- Arbitrage crypto trading bots
- Coin lending crypto trading bots
- Market-making crypto trading bots
Trend crypto trading robots are crypto trading bots that make trading position decisions, such as initiating a long position, based on market patterns, such as price increases. When a price decreases, these bots will likewise start short bets.
Arbitrage crypto trading robots are crypto trading bots that exploit arbitrage or trades that take advantage of price disparities across marketplaces to make trading choices. These bots monitor the disparity between coin prices on various exchanges.
Coin lending crypto trading robots are crypto trading bots that make it feasible to profit from cryptocurrencies by lending coins to margin traders, who then repay the loan plus a percentage.
Market-making crypto trading robots are crypto trading bots that aggressively trade assets to widen the gap, generating more profits. Specifically, wherever possible, these bots will sell to investors at higher prices than the selling price.
Best Crypto Trading Bots 2023
Pionex – Best for Crypto Bot Trading Free
Pionex is an exchange with built-in trading bots for cryptocurrencies. Since 2017, it has become one of the greatest free trading bot sites for cryptocurrencies. It combines the liquidity of the Binance.com and Huobi exchanges and offers a free trading bot.
When using Pionex, there is no need to deal with API Keys. Pionex currently provides 18 free cryptocurrency trading bots: Pionex Leveraged Grid Bot, Pionex Infinity Grid Bot, Pionex Grid Trading Bot, Pionex Margin Grid Bot, Leveraged Reverse Grid Bot, Reverse Grid Bot, etc. Recently, the Pionex exchange introduced its Spot-Futures arbitrage crypto bot, offering an alternative to conventional arbitrage bots.
Pionex is safe and has received the MAS and MBS licences from Singapore and the United States. It is the best free crypto trading bot on the market and the #1 on my list. However, Bitsgap’s Grid bot is superior to Pionex’s, while Bitsgap is not free.
3commas – Best for Getting Crypto Signals
3Commas is a leading crypto trading bot. 3Commas offers 21 trading bots that enable traders to take advantage of the top 18 cryptocurrency exchanges. If you are already an expert bot trader, you should try 3Commas.
These bots can trade in several ways, such as:
- Grid bots are incredible in volatile markets when several currencies endure sideways price swings.
- HODL bots allow customers to develop long positions with consistent buying.
- Dollar Cost Averaging bots are excellent for profiting in turbulent markets regardless of market direction, whether up or down.
- Options bots enable traders to use more sophisticated trading techniques. However, novice users should use caution when using these bots.
3Commas bots can be tailored to accommodate any market circumstances. You can either create these techniques yourself or purchase them from seasoned traders. 3Commas provides bot settings designed by professional traders for users to replicate the most profitable trading tactics.
Bitsgap — Best for Binance Grid Trading Bot
Bitsgap bot is most well-known for its distinctive grid bots. These bots enable high-frequency trading, which is only accessible to significant hedge funds or those who own this expensive equipment. The Grid bot proportionally allocates investments within a trading range chosen by a cryptocurrency trader.
Every time a purchase limit order is met, the bot places a sell order just above that price. And vice versa, a fresh purchase order is put underneath any sold order that has been executed. As long as the price remains inside the trading range, the bot will trade continuously.
In addition, Bitsgap just released its Bitsgap Futures trading bot, which opens and closes hundreds of minor trades daily. Thus, taking lower returns and limiting risk.
HAL — Best for Pre-build Trading Strategies
CoinShares, one of Europe’s oldest and most prominent digital investment funds, supports HAL. It simplifies sophisticated crypto trading. CoinShares intends to democratise and facilitate access to sophisticated and complicated trading strategies via HAL.
Connect HAL to your favourite exchanges, set your trading techniques, and keep a watch on the outcomes on a single screen. After beginning with HAL, you will find their in-depth instructions for setting up your allocations, diving deep into their methodologies, and applying them to your crypto.
HAL has a reasonable pricing plan. It costs €19.90 monthly, regardless of how much you wish to trade. In addition, you may trade up to $100,000 for €19.90 each month. You can cancel your subscription at any time.
CryptoHopper – Best for Traders of All Levels
The CryptoHopper is a cloud-based crypto trading bot that uses a programmed algorithmic trading strategy and enables users to leverage external signals to make intelligent trades. It is compatible with nine cryptocurrency exchanges, including Coinbase, OKEX, KuCoin, Binance, Kraken, and Huobi.
The market-making bot is among the most popular trading bots on Cryptohopper. In contrast to Grid bots, Cryptohopper lets you design your trading methods and imitate those of others through its marketplace. Additionally, you may duplicate trade signals and templates.
This trading bot offers both free and paid signals from various sources. In addition to Bitcoin, it trades multiple cryptocurrencies (75 in particular) around the clock with over 30 trading indicators and over 90 candle patterns.
CoinRule – Best for Flexible Bot Trading
Coinrule is an advanced bot for novices. The “if-then” rule enables even less experienced crypto traders to construct their trading strategy in a minute. The user-friendly interface walks users through the process of creating a trading bot.
The template library has over 150 preset rules that enable novices to operate a trading system according to their needs. It also supports many cryptocurrency trading techniques, including stopping loss, taking profit, and integrating the leading technical indicators.
Built-in Demo exchange is an additional fascinating feature. The Demo rules operate on prices straight from Binance. Thus there is no risk involved. Therefore, the platform is ideal for developing a Coinbase bot.
TradeSanta – Best for Long and Short Trading
TradeSanta offers some of the greatest free trading bots for cryptocurrencies. Investors may test the free, basic, advanced, and maximum crypto bots for three days at no further charge. The cloud-based bitcoin trading platform provided by TradeSanta is available around-the-clock. The free basic package gives access to the trading terminal and one bot.
The TradeSanta platform uses technical indicators such as the Relative Strength Index (RSI) and enables orders from several exchanges. Among these are Binance, Kraken, Coinbase and Huobi.
The platform also allows fiat currency payments through credit/debit cards. Alternatively, investors can invest in cryptocurrencies such as Ethereum and Bitcoin. Copy trading allows investors to mimic the methods of professionals.
Dash 2 Trade -Best for Automated Crypto Trading
Dash 2 Trade is a forthcoming crypto analytics tool that offers traders comprehensive market data. This analytics tool intends to inspire users to develop their trading methods by giving them various indicators and analytical tools. It also facilitates the backtesting of trading techniques under real-world market conditions, allowing users to determine whether their approach would be lucrative.
Investors can use the auto-trader by establishing an API connection between a cryptocurrency exchange and Dash 2 Trade. Then, set the bot according to their preferences, and orders will be automatically executed.
Moreover, the fact that Dash 2 Trade evaluates the effectiveness of its trading bots increases its appeal. For example, the platform would assess how the strategy’s performance might vary if the take-profit or stop-loss levels were revised. This allows investors to make revisions before executing the bot.
Zignaly – Best for Beginner Copy Trading
Zignaly enables novice and seasoned investors to interact and contribute to the ecosystem. Moreover, with the assistance of external signal providers, Zignaly terminal users may automatically execute trades.
To make trading accessible to beginners, Zignaly prioritises providing an intuitive interface with simple entry requirements. The terminal offers one of the greatest profit-sharing crypto trading bots. To participate, the investor selects a trader from the 100+ professionals registered on the market.
Advanced investors can create the ideal cryptocurrency bot for them. In addition, they will be glad to learn that a TradingView account grants them access to the market using their favourite indicators.
Trality – Best for Build Bots for Selling
Trality is a premium crypto trading bot that allows technical and non-technical traders to construct bots using Python or a customisable rule builder. You can use their quick and effective backtesting tool to optimise bots and rent, follow, and share bots to earn a following and cash.
Key features include:
- Curated pre-defined strategies.
- A drag-and-drop graphical interface for novices.
- Live trading in the cloud.
Trality is compatible with exchanges like Binance, Coinbase Pro, Kraken, and Bitpanda.
The platform also provides the Trality Rule Builder and Python Code Editor for constructing bots and backtesting the modules to assess the strategy’s performance using historical data and gain a better knowledge of risk.
Botsfolio – Best for Affordable Bot Trading
Botsfolio allows you to invest in cryptocurrencies by linking an exchange account and establishing investing strategies. It functions by exchanging your funds for you. You just need to track trading progress and earnings or losses on the dashboard.
It allows automated trading on the Binance, OKx, and Coinbase Pro cryptocurrency exchanges connected by API keys.
After putting funds or cryptocurrencies into the exchanges, connect the accounts to the bot and choose whether and how to invest funds. You will set the amounts to allocate to each strategy, and the bots will automatically implement the rules.
Shrimpy – Best for Copy and Social Trading
Shrimpy is a portfolio management and trading software that enables users to trade and monitor portfolios across several exchanges from a single interface. Multiple indicators and trading methods facilitate trade automation and crypto bot trading on the platform.
Using the automation button, your portfolio may be automatically rebalanced to mirror the accounts you monitor. When the person you’re following changes, your portfolio will automatically update by selling or purchasing assets.
In addition, Shrimpy allows you to engage in social trading by watching other users’ transactions. This aids novice traders and those who wish to earn commissions by posting social transactions. By watching the trades of others, you may examine their digital currency portfolio allocations.
How to Pick the Best Crypto Bots?
Finding the finest cryptocurrency trading bot is difficult. In any case, as our guide has shown, the investor has abundant options.
The following section will delve into the factors that investors should consider when choosing the best crypto bot.
Features and Tools
There are cryptocurrency robots of many sizes and forms. While some give only minimal essentials and a collection of preconfigured bots, others provide greater user customisation.
With platforms like Dash 2 Trade, traders can access various technical indicators, crypto signals, market analysis tools, and other metrics that may be used to develop an automated trading strategy.
In addition, the finest cryptocurrency bots offer backtesting strategies. In other words, the functions provided by bitcoin bots differ between platforms.
Before selecting the finest crypto bot, investors must thus choose which trading tools are essential to their approach.
Credibility and Reputation
Any Internet program supplier must have a certain level of reputation, and bitcoin trading bots are no exception. Investors’ investments are at risk if they utilise a bot created by an unreliable team with a minimal web presence.
The initial step in analysing the security of cryptocurrency trading bots might be to investigate the product’s development team.
For example, the Learn 2 Trade team co-founded Dash 2 Trade. Learn 2 Trade is a well-known crypto signal and education platform with a solid reputation in this industry, in addition to stocks, forex, and more.
Learn 2 Trade Telegram signal groups have over 70,000 members and an 82% success record over the long run. Within the Dash 2 Trade community, Learn 2 Trade unites its internal team of traders and crypto experts. Consequently, investors in D2T will have access to one of the most sought-after trading teams in the cryptocurrency business.
Free vs Paid Versions
Fees will be essential for many investors when selecting the finest cryptocurrency trading bot.
Before joining up with a bitcoin robot, investors should check the applicable fees and continuing costs.
Some platforms, for instance, impose a fixed subscription fee, meanwhile others charge a portion of the stake. Some service providers may set a trade commission.
Online Reviews
If you can’t discover reliable evaluations on the bots from any firm, take their promises with a grain of salt. When reading reviews online, you need to know how to identify authentic evaluations from sponsored or fraudulent ones.
A trustworthy reviewer will publish helpful comments in online forums and social media. Verify if the account has a good history of donations. A 1,500-word review on a questionable website or many posts on different platforms with usernames that have no history is definite evidence of sponsorship.
Best Crypto Trading Bots: Closing Words
When searching for the best crypto trading bot, it is crucial to prioritize those with the most advantageous characteristics. Which do you need: a less expensive one, that supports automated trading strategy backtesting, or accommodates numerous indicators and trading methods? How about a trading bot that facilitates mobile trading?
Ultimately, Pionex is the bot we propose. CryptoHopper includes various and highly-useful indications, but no smartphone version is available. You can also consider CoinRule, which automates over 7000 trading methods, or TradeSanta, which includes two free bots forever and an infinite number of bots for $75 per month. HaasOnline comes with its programming language, making it the finest platform for customising cryptocurrency trading bots.
