Ways to Effectively Utilize Your Cryptocurrency Auto Trading Bot

Jonathan Speigner

Trading the cryptocurrency market has been active for quite a long period, and many innovations have sprung up. One of the innovations being the shift from manually trading cryptocurrency to making use of auto trading platforms. This is a major milestone in the trading world, as users won't be manually trading cryptocurrency themselves, but these auto trading platforms make use of bots, which helps manage and trade cryptocurrency for users. One unique quality is that these bots are programmed to make sure high profit is made for users.

Auto trading bot have been used by traders and companies to buy and sell cryptocurrency on the market, thereby relieving them of the pressure that comes with the process of manually trading on the market. The bots help automate the process of trading with cryptocurrency. And since a man can't watch the market 24 hours 7 days a week, bots were found to be more useful, as they actively monitor all exchanges within all the hours of the day, and give responses according to what has been programmed.

What Are Cryptocurrency Auto Trading Bot?

Cryptocurrency Auto trading bots are known as computer programs that are programmed to automatically purchase and sell numerous types of cryptocurrency at the right period and attain a goal of making a profit. It can be described as a software application that makes use of API to communicate with the exchange account of the user and execute trades automatically when the conditions of the market meet the criteria on which it was programmed.

This Crypto Trading bot is programmed in a way that it can analyze and integrate signals of the market, examples of which are price and volume, etc. Although not every bot makes a huge profit as expected, the idea behind the auto trading bot was to generate profit in greater amount with the risk being adjusted than when traded manually. Risk-adjusted is a quality trading bot posses thereby making the gains gotten is far better than the loss suffered.

Types of Trading Bots

There are various types of cryptocurrency trading bots. You should understand the way each of these bots work so that you can choose the one that suits you best. Trading bot importance has grown over time, as it allows for users to trade in the market based on facts and patterns than to trade based on emotions. Bots are known to aid users to generate profit on a 24-hour clock a day, and this can occur while you are busy with other things, but still profiting from automatic trades of the bots.

Here are some of the popular Trading Bots:

Cryptohopper: this trading bot has over a hundred thousand users that trade with it. It's a tough force that has hundreds of tokens that are listed on the various exchanges. The Cryptohopper trading bot is best for traders, as it is simple to use and cost low, it offers packages that cost as low as $0 and as high as $99 for a month, covering a large pace of trading needs. Imbedded in the trading bot are a bulk load of educational aids, signals, and templates to help beginners, while experts may get involved in building and backtesting their strategies.

The vast toolset in Cryptohopper and its interface that is friendly to users makes it the best solution to a widespread problem. The Cryptohopper trading bot is known as one of the best cryptocurrency trading bots. It doesn't require a programming language for the interface for users.

The Exchanges in which its token is listed are; Bittrex, Coinbase Pro, Poloniex, Bitfinex, Huobi, Okex, HitBTC, Bitpanda, Crypto.com, Bitvavo, Binance US, Kraken, and KuCoin.

3Commas: This is a more advanced bot, as it offers more developed trading choices with a user-friendly interface, and its packages are not expensive, which gives traders that are independent a great alternative to fill their wants of implementing more methods of complex nature. The 3Commas aids even in the most problematic industry, which one of is Options trading, 3Commas offers a simple, user interface that is highly visual which helps investors navigate through the process involved in the programming of automated options techniques. It also helps users with instructions, data, and insights useful to trading. 3Commas has no requirement for a programming language for users interface, it offers packages that cost as low as $0 and. Cost as high as $99 for a month.

It also has exchanges some of which are; Bitfinex, FTX, Bybit, BitMEX, HitBTC, Huobi, Kraken, KuCoin, OKEx, Poloniex, Yobit.

Gunbot: this is one of the oldest and well-known cryptocurrency auto trading bots. This bot community of numerous members and keeps growing in numbers. Gunbot is exceptional, in the sense that it can be used by both a beginner in trading and an expert trader. For beginners in the trading community, Gunbot provides 14 precoded trading methods, which aid traders to choose what they want to trade and leave the rest to the bots.

As Gunbot provides a simple service for beginners, it also provides for expert traders remarkable customization whereby users can alter the precoded methods to conform with their preferences. And at times, experts create a fully customized bot with their techniques. The user-friendly interface helps traders picture points of buy and sell.

Gunbot continues adding exchanges based on traders' requests, but has over 100 exchanges, some of which are; Binance, Cex.io, Bittrex, Bitfinex, Coinbase Pro, Kukoin, HitBTC.

Superalgos: this is one of the free trading bots, as it doesn't have any fee attached to it, and it's accessible on the Binance Smart Chain. The Superalgos unlike some other free bots which are built for coders possesses a visual interface that's like those seen in commercial bots. Because of this feature, it makes the Superalgos trading bot accessible to traders that don't have technical knowledge. Other features in this trading bot include its automatic trading feature, creation of strategy, and testing back-and-forth. It's free to all, and it's open-sourced and trustless. Popular Cryptocurrency exchanges in the Superalgos are the Binance and Binance US. And it doesn't require programming for the user interface

Ways to Effectively Utilize Your Cryptocurrency Trading Bot

Traders seek cryptocurrency auto trading bots that are useful to generating profit in trades. Although they are bots, that are free and others are costly, as each of these bots has specific software and hardware criteria, making use of them to trade is quite difficult for traders, especially for beginners. Here are ways by which traders can trade with these trading bots;

  1. Use Trading Bots: First off, picking the appropriate bot that suits your preference is key. Selecting a bot that can be integrated with cryptocurrency exchanges to begin trading. Most of these trading bots charge a fee according to your transaction or monthly.

2. Create Your Personalised Trading Bot: most expert traders don't get their desired output from some of these trading bots, and therefore creating a personal trading bot is best. If you found none of the trading bots to suit your trading needs, you can either create from ground zero or use a trading platform to help customize additional features to an already existing bot. In this, you have customized control and results.

3. Setting up an Account: to be able to make the best use of cryptocurrency trading bot, traders must set up an account properly in digital currency exchanges of their choice and have cryptocurrency holdings (BTC, Dogecoin, etc).

  1. Human effort: Just as a trading bot helps you perform trades and generate profit 24 hours in all 7 days, human effort is adequately needed. Traders make major decisions, like the currency to buy and sell, and other decisions that could have a major impact. Trading with a bot is not a get-rich-quick scheme, as many might assume, time and effort are needed to achieve a profitable trade.