27 October 2021
A Cryptocurrency trading bot is a computer software or application that trades on your behalf depending on pre-set parameters. Cryptocurrency trading apps function in the following manner: you order the bot to purchase or sell an asset when it reaches a certain price point or indicator. Your bot will then place and execute your order for you so you won’t have to keep an eye on your platform all day to watch when these price changes occur.
Crypto investors can use trading bots to automate the purchasing and selling of positions based on important technical indicators. By implementing specified trading techniques, bots compete to have the highest “win rate”, or percentage of profitable transactions. Some techniques rely on the crossing of certain moving averages to automatically initiate buys and sells.
Also read: Guide To Read Crypto Charts
You may program your Cryptocurrency bot to execute orders based on your specific trading strategy. For example, you could tell your bot to sell a large number of coins for $10 and then purchase them back when the price drops to $9. For employing the bot’s services, most Cryptocurrency bot providers charge a monthly or annual fee. Depending on the provider you choose the supported Cryptocurrencies, exchanges, and account options available through your trading bot will vary.
What is Grid Trading and How Does It Work?
Grid trading allows you to buy and sell assets at a pre-defined price. A grid is formed by dividing the range into many levels. You can choose the number of levels you want based on your needs. The trading frequency will increase as the number of levels increases. This will also lessen the price difference between each level i.e. the amount per grid lowering the profit margin on each order. As a result, you must decide whether you want to perform more trades with the lower profits or fewer deals with higher profits. The purchase and sell orders are respectively set below and above the current price.
What are the benefits of Grid Trading?
Grid trading allows you to profit from the ups and downs in the market price of an asset. In a ranging sideways market, they have shown to be one the most effective trading methods. Grid trading bots allow you to automate the entire procedure and earn earnings even while you are not connected to the internet. It allows you to trade efficiently and is available 24/7.
Here’s a list of 9 Best Crypto Trading Bots:
Pionex is a Cryptocurrency exchange that provides a variety of Cryptocurrency bots, including grid bots. It also gives you access to 16 different trading bots for no extra charge. You can use their grid bot to automate your trades once you deposit funds into your Pionex wallet. Not only does it allow you to trade manually utilizing crypto-to-crypto conversions but it also allows you to automate your investment plan removing the need to monitor the market constantly. They are based in Singapore and have been in existence since 2019. Pionex has granted the U.S. FinCEN’s MSB License
- Pionex offers retail investors 12 free trading bots.
- In comparison to the majority of the main exchanges, the trading charge is the lowest. For both maker and taker, the trading charge is 0.05 percent.
- Grid Trading Bot enables users to purchase low and sell high within a set price range.
- Up to 5x leverage is provided by the leveraged Grid Bot.
- The Spot-Futures Arbitrage bot assists retail investors in generating passive income while minimizing risk. This method is expected to return 1550 percent APR.
- Traders can use the Smart Trade terminal to set up stop-loss, take-profit, and training in one trade.
Also Read: 7 Top DeFi Apps In 2020 For Making Money
2. Binance Grid Trading Bot:
Binance, the world’s largest Cryptocurrency exchange, features a built-in grid bot. However, many Binance users are unaware of it, and if you’re looking for a grid bot, you can use the one that Binance provides. You’ll need a Binance future account to access this function. This feature is currently not available in the Spot account. You can use the Bituniverse app for the Binance spot account grid bot.
Tickeron is another interactive Cryptocurrency platform that employs A.I. algorithmic technologies to improve your trading and investment results. Although it may appear daunting to novice users, the depth of the amenities is good if you take the time to explore it. It features a total of 27 trading bots. Its feature, AI-powered stock screener that allows users to scan for patterns and modify them. It’s essentially a command centre for all available trade or investing information. Tickeron assists you in identifying the best trading ideas and methods.
Furthermore, it asks you several questions to assist you to create the ideal trading portfolio with A.I. investment recommendations. You can use the organizer to construct a custom portfolio to save particular stocks and make trend monitoring easier. It not only educates traders at all levels to improve their expertise but also alerts traders when to buy and sell based on the parameters you provide. It also assists traders in establishing a network and creating an interactive community of other users and professionals for guidance and discussion. The user pays a price to gain access to the knowledge offered by experts and advisers to create an interactive MALL (Marketplace). If you have the Premium edition you can use pertinent data and indicators to locate high-potential trade opportunities and automatically spot trends.
Also Read: How To Mine Crypto On Your Smartphone?
Shrimpy.io allows you to manage your portfolio by connecting to one of 18 exchanges. You can connect to as many exchanges as you want and you can add as many wallets as you want. Choose whether you want a Starter, Professional, or Enterprise account. You can easily keep up with Shrimpy and let the bot manage your investments when you don’t have time because of the low prices. To examine your investment possibilities, open a sample account. To follow in the footsteps of an expert use social trading. This simple platform allows you to consolidate your investments if you have the money distributed over many exchanges.
BitUniverse is a free trading bot that provides grid bots of various types. The enjoyable thing about BitUniverse (apart from the fact that it’s free) is that it has a lot of complex capabilities that no other similar tool has. It’s also simple to get started and it works with all major exchanges.
- Stop-loss feature
- Use AI strategy to auto-set your grid
- Manual Grid setting
- Leveraged GRID Bot
- Margin GRID Bot
Overall, the BitUniverse grid bot is the greatest accessible alternative for people who are eager to get started for free. You connect to your exchange using an API key and your Crypto assets are safe because they are not held on BitUniverse.
Trality is a platform for folks who want to profit from algorithmic Crypto trading without having to quit their day jobs. They provide cutting-edge tools for developing incredibly complex, highly creative algorithms inside an instructional community-driven framework that encourages trader learning and development. Binance, Kraken, Bitpanda, and Coinbase Pro are examples of Cryptocurrency exchanges.
- Strategies are pre-defined and curated.
- Graphical user interface with drag-and-drop functionality (for beginners)
- The python code editor in your browser (for advanced traders who know Python)
- Backtesting module that is lightning fast.
- Live trading through the cloud. Your algorithms work 24 hours a day, 7 days a week, and never miss a trade.
Crypto traders can use these tools to increase profit, reduce risks, restrict losses across different exchanges, and more. All paid plans include this feature. It supports 23 Exchanges, multi-level referral scheme, public API, single portfolio for all of your Crypto accounts, free mobile apps, and paper trading. The 3Commas brand is well-known and respected among your customers.
3Commas Cloud gives its partners and customers the tools they need to trade Cryptocurrencies effectively. The 3Commas cloud solution enables a wide range of organizations to establish a SAAS platform that allows them to trade worldwide Cryptocurrency like a pro.
Also read: 10 Trusted Crypto News Aggregator Websites
Altrady is the best Cryptocurrency trading platform. Altrady allows investors and dealers to connect their Cryptocurrency exchange accounts for easy buying and selling of Bitcoin and Altcoins on a single platform. It comes with a base scanner that employs proprietary algorithms to perform automated market evaluations. It also has a powerful portfolio manager that allows traders to keep track of their digital assets across many exchange wallets. Trade on many exchanges, keep track of your performance, learn from your mistakes, and become less emotional. Beginner and advanced traders can use this Bitcoin trading platform. You have a significant advantage with Altrady! The technology and tools make managing your traders and portfolio a breeze. Take profit order is a short-term Crypto trading method that will help you maximize your gains.
Coinrules, which was founded in 2018, allows traders to establish and choose their own trading rules or strategies. Your bot is ready to launch in real-time after verification of the game strategy and if you're hesitant you may choose from a variety of pre-built plans from their templates. The quantity of tools available to you is determined by the package you choose which can cost up to $499.99 each month. Coinrule uses complex security techniques to preserve your API keys and does not allow for any withdrawal authorization.
- You can create bots without writing a single line of code.
- Retail traders have access to military-grade security and encryption.
- Daily emails will provide you with new strategies that are entirely free to utilise.
- Order execution has very low latency.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.