Those familiar with Cryptocurrency markets are well aware of their volatile nature. They are also well aware that the crypto market never sleeps. Therefore it is not a surprise that investors worldwide are attracted to the opportunity of earning profits from crypto trading. Keeping aside the experience and knowledge required to dive into trading, since an ill-informed decision can lead a person to lose his investment, one cannot simply remain glued to their screen to watch their trades every second of the day. Spending most of your time in front of the screen is not something anyone wants, so this is where crypto bots, or what we can also call automated crypto trading platforms, come into the picture.
These automated tools can carry out trading activities on behalf of humans. Bots help make quick decisions in an ever-changing crypto market. Most investors do not have enough time to devote to crypto trading to get the best trade. Automated tools are helpful for them in helping them reach their required targets.
How do automated Crypto Trading Tools work?
Crypto bots usually gather insights from Big Data. They collect information that at that particular moment is random, unclassified, or disorganized from various sources. The data gathered can be real-time or historical information. Once the information is collected, they use predefined or coded strategies to classify the random data into actionable trading signals. These trading signals then allow the bots to decide on acquiring or selling a trade, which, in turn, also helps them to make decisions in a matter of seconds in a quickly changing, volatile crypto market.
These days, different crypto exchanges have integrated such automated tools into their trading platform. Trading bots are also available as APIs that place buy and sell orders on these platforms. The indicators used in making decisions include moving averages, exponential moving averages, Fibonacci retracement, relative strength index, standard deviation, and average directional index. These are mathematically based patterns plotted on charts that help traders identify signals and trends in the market. The bots then automatically extrapolate these signals.
Types of Crypto Bots
The phrase types of crypto bots mean that we describe the strategies these bots use to make buying and selling decisions. Here we will identify and briefly explain the trading strategies used by different bots.
- Arbitrage Bots
Arbitrage is the simultaneous purchase and sale of an asset in different markets. This practice acquires profit from small price changes in assets’ listed price. Arbitrage bots work on this same principle. They look for price discrepancies of the same coin in different market and makes purchase or selling decisions accordingly. This method takes advantage of market inefficiency, where the price of a listed asset doesn’t translate to its actual value.
- Coin Lending Bots
Coin lending in cryptocurrency means that an entity lends coins to traders, with an understanding that the trader will return that said entity the loaned coin along with an additional percentage. This process can prove tedious when someone manually sets the parameters for payments and new loan requests. A coin lending bot allows you to automate this process, decreasing time spent setting parameters like interest rates, etc.
- Margin trading or leverage Bots
In margin or leverage trading, a person will borrow funds from an exchange to carry out a trade more significant than that person’s total wallet size. The person would usually buy a coin when its value is going upward and similarly take a sale when they see a drawdown. Leverage bots will open or close a trade according to the set parameters by a person. They, however, also involve risks and a miscalculation of the predicted coin movement, which can result in huge losses.
- Market Maker Bots
Market Making refers to a firm or an individual participating in a trade that involves buying and selling an asset, providing bids and offers along with the market size. They also provide liquidity and depth to markets and profit from differences in bid-asked prices. The Crypto market revolves around the same parameters, which involve providing liquidity on a currency by submitting both bid and ask limits. Market Making bots are programmed to carry out the task of bid-ask prices and carry out the required trade actions accordingly.
Now that we have gone over how crypto bots work, we will explore the various automated trading platforms available for crypto traders to carry out their trading operations.
- Pionex is a centralized exchange that provides trading bots to its users.
- Pionex provides 16 free built-in trading bots.
- They have the lowest trading fee compared to other automated platforms, with a percentage of just 0.05%.
- The types of bots include Grid Trading bots, Arbitrage bots, DCA bots, and Leveraged bots.
- Pionex also has a mobile application for Android and IOS devices so you can be in constant touch with your trades.
Exchanges: Binance, Huobi Global.
- Cryptohopper is an automated trading platform that gives its users four types of plans named Pioneer, which is free. Explorer costs $19/month, Adventurer costs $49/month, and Hero costs $99/month.
- The features included in Pioneer membership include 20 positions size, Portfolio management, Manual trading, and all available crypto exchanges.
- Explorer membership includes 80 positions size, Portfolio management, Manual trading, and all available crypto exchanges.
- Adventurer membership includes 200 positions size, Portfolio management, Manual trading, and all available crypto exchanges.
- Hero membership includes 500 positions size, Portfolio management, manual trading, and all coins for signals, Market Arbitrage, and Algorithm intelligence.
- The automated trading features include 135 technical signals and candlestick patterns which users can incorporate into their trading strategies.
Exchanges: Binance, Coinbase Pro, Kraken, Poloniex, Huobi Global, Bitfinex, OKX, Bitpanda.
- HaasOnline has three different plans for its users: Beginner, Simple, and Advanced.
- The users can select the duration span of three months, six months, or one year for which they want to use their Plan.
- Basic Plan Costs ₿0.011/year, Simple Plan Costs ₿0.02/year, and Advanced Plan Costs ₿0.033/year.
- All plans include features of Active Trading Bots, Backtesting and Paper Trading, Access to Insurance, Access to Safeties, and Access to Indicators. The difference between the plans is the number of available features. The Basic Plan has a minimum number of Active Trading Bots 10, while the Advance plan has unlimited Active Trading Bots.
- All plans include zero trading fees.
- HaasOnline offers users a custom trading dashboard to monitor their trading bots and market movements.
- HaasOnline doesn’t offer any native mobile application.
Exchanges: Binance, Binance Futures, Binance US, Bitfinex, ByBit, Bitget, BitMex, Bitpanda Pro, Bitstamp, Bittrex, Coinbase Pro, FTX, CEX.IO, Deribit, Gemini, Huobi Gloal, Kraken, KuCoin, HitBTC, Ionomy, Mandala, OkCoin, Poloniex.
- Trality has four different plans for its users: Pawn, Knight, Rook, and Queen.
- Pawn is a free plan. Knight costs €95/year, Rook costs €383/year, and Queen costs €575/year.
- The trading volume increases with the selected plan with €5000 for Pawn, €25000 for Knight, €250,000 for Rook, and Unlimited volume for Queen.
- Users have the option to create their bots and then deploy them on supported exchanges through APIs.
- The Rook Plan allows you to create one bot, whereas, in the Queen Plan, you can create ten bots.
- It has a drag-and-drop interface for beginner trades, whereas more advanced traders with a programming background can use the in-browser Python code editor feature to create their trading strategies.
- Trality has expressed its desire to include more programming languages for its professional traders in the future.
- They don’t have a mobile application for native devices.
Exchanges: Binance, Binance US, FTX, Coinbase Pro, Kraken, Bitpanda.
- Bitsgap operates on 15+ crypto exchanges.
- One of the prominent features of Bitsgap is that traders can connect to all the exchanges in one place.
- With Bitsgap, you have access to 10,000 Crypto Trading Pairs.
- It has a range of predefined strategies from which traders can select their profitable trading strategy.
- Grid Trading Bots, Future Trading Bots, and DCA Trading Bots are available on Bitsgap, which traders can use according to their trading preferences.
- It has three subscription plans. Annual Basic Plan costs $23/month, Annual Advanced Plan costs $55/year, and Annual Pro Plan costs $119/month.
Exchanges: Binance, Binance US, Bitfinex, Bittrex, ByBit, Coinbase Pro, FTX, Gate.io, Gemini, HitBTC, Huobi Global, Kraken, KuCoin, OKX, Poloniex
- Coinrule has arbitrage trading bots that allow users to create automated trading rules based on different price indicators.
- It has 150 different trading templates that the users can customize.
- When users set specific parameters that are met, their trade is executed or closed accordingly.
- It doesn’t charge any trading fee to its users.
- Coinrule provides Android and IOS mobile applications.
- The discounted annual Starter version of Coinrule is free to use with 2 Live Rules, 2 Demo Rules, and 7 template strategies. The annual Hobbyist version costs $29.99/month with 7 Live Rules, 7 demo rules, 40 template strategies, Leverage strategies, and Live notifications.
- The annual Trader version costs $59.99/month with 15 Live Rules, 15 demo rules, Unlimited template strategies, Leverage strategies, Advanced Indicators and Operators, and Live notifications.
- The annual Pro version costs $449.99/month with 50 Live Rules, 50 demo rules, Unlimited template strategies, Leverage strategies, Ultra-fast execution, Dedicated servers, Advanced Indicators and Operators, and live notifications.
Exchanges: Binance, Coinbase Pro, OKX, HitBTC, Bitstamp, Bitpanda pro, Kraken, Poloniex, BitMex, KuCoin.
- TradeSanta is a cloud-based automated trading platform.
- TradeSanta offers trading bots, free trading terminals, mobile applications for Android and IOS devices, trading signals, and copy trading.
- The bots include Spot and Futures trading bots.
- Long and Short trading bots.
- Risk Management and Demo Bot Trading.
- It has trade filters that tell you about the bullish or bearish actions of the previous day’s trades.
Exchanges: Binance, Binance US, OKX, Coinbase Pro, Huobi Global, HitBTC, FTX, ByBit, Kraken.
- Shrimpy.io allows users to optimize their portfolios by automating strategies.
- The automation features include Dollar Cost Averaging, Portfolio Stop Loss, Threshold Rebalancing, Smart Rebalancing, Spread/Slippage controls, etc.
- It also has Smart Order Routing that will route your trades automatically through the optimal pairs.
- It has a social trade feature that allows you to follow the trades of other successful traders.
- Users can also check the portfolio allocations of other traders across different cryptocurrencies.
- It has three annual bundles. The Starter Bundle costs $15/month, Professional Bundle costs $63/month, and the Enterprise Bundle costs $299/month.
- Shrimpy.io allows you to automate trades on multiple accounts at the same time.
Exchanges: Binance, Binance.us, Bitfinex, Bittrex, Cex.io, Coinbase Pro, FTX, Gemini, Huobi Global, Kraken, KuCoin, OKX, Poloniex.
|Automated Crypto Platforms||Exchanges||Min Annual Subscription Fee||Max Annual Subscription Fee||Free trial|
|Binance, Huobi Global||0.05% of the trading fee||0.05% of the trading fee||Yes|
|Binance, Coinbase Pro, Kraken, Poloniex, Huobi Global, Bitfinex, OKX, Bitpanda||$228||$1188||Yes|
|Binance, Binance Futures, Binance US, Bitfinex, ByBit, Bitget, BitMex, Bitpanda Pro, Bitstamp, Bittrex, Coinbase Pro, FTX, CEX.IO, Deribit, Gemini, Huobi Gloal, Kraken, KuCoin, HitBTC, Ionomy, Mandala, OkCoin, Poloniex||₿0.011||₿0.033||Yes|
|Binance, Binance US, FTX, Coinbase Pro, Kraken, Bitpanda||€95||€575||Yes|
|Binance, Binance US, Bitfinex, Bittrex, ByBit, Coinbase Pro, FTX, Gate.io, Gemini, HitBTC, Huobi Global, Kraken, KuCoin, OKX, Poloniex||$276||$1428||7 Days free trial|
|Binance, Coinbase Pro, OKX, HitBTC, Bitstamp, Bitpanda pro, Kraken, Poloniex, BitMex, KuCoin||$359||$5399||Yes|
|Binance, Binance US, OKX, Coinbase Pro, Huobi Global, HitBTC, FTX, ByBit, Kraken||$180||$420||Yes|
|Binance, Binance.us, Bitfinex, Bittrex, Cex.io, Coinbase Pro, FTX, Gemini, Huobi Global, Kraken, KuCoin, OKX, Poloniex||$180||$3588||No|