Best Crypto Trading Bots for 2024
Cryptocurrency trading is an ever-growing field, but participating in it takes some know-how. Firstly, you need to find a suitable exchange offering the coins you want to trade. Secondly, if you don’t have the savvy or time to become a full-time trader, you need to find a trustworthy bot to do the work for you. Finally, you need to configure the bot according to your trading strategy.
This article will give you an overview of the best trading bots on the market and provide a methodology for evaluating them. Once you check it out, you will know precisely what makes the best crypto trading bot for your own trading needs. Let’s give it a go!
Tio Crypto Trading Bots in November 2024
3Commas
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
3Commas
- Four plans
- Four automated trading bots
- 17 major exchanges supported
Coinrule
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Coinrule
- Various trading templates
- Great customization options
- Free plan and trial
Pionex
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Pionex
- 16 automated trading bots
- Manual and automated trading
- Aggregates liquidity from Binance and Huobi
Bitsgap
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Bitsgap
- Market signals aid user decisions
- Grid bots for trade automation
- Demo account
TradeSanta
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
TradeSanta
- Supports major crypto exchanges
- Risk management tools
- Comprehensive yet affordable plans, great for beginners
Trality
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Trality
- Completely cloud-based system
- Has outstanding coding features
- Offers affordable pricing plans
Cryptohopper
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Cryptohopper
- Outstanding exchange integration
- Mirror trading
- Free plan
Shrimpy.io
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Shrimpy.io
- Unique social platform for traders
- 30+ integrations
- Broad portfolio support
Zignaly
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Zignaly
- Completely free plan
- Advanced security measures
- Copy Trading feature
Best Bots for Crypto Trading - Our Picks:
3Commas
Coinrule
Pionex
Bitsgap
TradeSanta
Trality
Cryptohopper
Shrimpy.io
Zignaly
The Advantages of Using Crypto Trading Bots
Crypto trading bots are a great way of removing human error and bias from trading. By automating your strategy, you can ensure all your trades are executed in a consistent manner. Additionally, bots allow you to trade on multiple exchanges simultaneously, which can be very useful if you want to take advantage of price fluctuations between different platforms. These aren’t the only benefits of using crypto trading bots. Here are a few others:
More Transparency
Manual trading makes it very difficult to keep track of all your trades, and you might make mistakes. However, when you use a bot, all your trades are executed automatically, and you can easily track their performance in real-time. This gives you a much better understanding of how your trading strategy is performing. Another thing to know about trading bots is that they’re usually open-source, meaning that their code is available for everyone to see and audit.
Increased Efficiency
Using one of the top bots for crypto trading should make you more efficient. After all, bots can execute orders faster than humans, which is priceless in the fast-moving trading world. Additionally, bots can monitor the markets 24 hours a day - something humans would have to do in three shifts, and you would have to pay much more for it. Bots can take advantage of market conditions as they arise, instead of being tied to a trading schedule.
Better Risk Management
One of the biggest benefits of using a bot is that it can help you manage your risk better. By automating your trading, you can ensure that all your trades are executed consistently, regardless of how much money you have allocated to each trade. This helps minimize losses and maximize profits, which can be very important when trading crypto. With a trading bot, users can backtest their strategies before investing any real money, too, which is a huge advantage.
Ease of Use
Ultimately, bots are generally extremely straightforward: All you have to do is set up your bot according to your preferences, and it will take care of the rest. This includes monitoring crypto markets and executing trades automatically. Most bots come with a user-friendly interface that makes them handy even for those unfamiliar with online trading.
Things to Look for in a Crypto Trading Bot
Using a crypto trading bot is a great way to automate your trading strategy and take human bias out of the equation. Many such products are available, but not all are created equal. To find quality products among the weeds, it’s crucial you know what to look for. Here are a few things to take into account:
Exchange Options
The first thing you should check is how many exchanges the bot has access to. Not all automated crypto trading bots support all crypto exchanges, so you need to make sure you can use your favorite platforms for buying and selling your cryptocurrencies. If a bot can only work on a small number of exchanges, it’s probably not as popular or widely used as some of the other options on the market, and you should probably move on.
Key Features
Next on the list are the features offered by the bot. Some bots are very simple, while others have a broad range of customizable options. The best bot for trading cryptocurrency for what you plan to do will match your trading strategy, and include some valuable extras. Backtesting, strategy implementation, execution, and a job scheduler are the most common ones.
Backtesting is vital, as it allows you to test your trades against historical data to see how they would have performed. You can backtest any strategy and implement it with the bot’s help. On a different note, to be the best, a trading bot for crypto should also provide fast execution. Finally, the job scheduler is always a nice addition, as it allows you to automate your trading.
Security
Like with any other online venture, a high level of security is essential for the best crypto-bot trading experience. The last thing you want is to have your funds or personal information stolen by a malicious actor. A bot worth its salt uses robust security measures, such as two-factor authentication and encryption.
Additionally, you should also check the reputation of the bot and see what other users have to say about it. If it has many negative reviews, it is probably best to stay away from that particular bot.
Pricing
You’re in this business to turn a profit. Therefore, affordable solutions are vital. Luckily, some of the most popular crypto trading bots are free to use; others come with a subscription fee, or a one-time payment for using their service, but it’s rarely exorbitant. Whatever choice you end up making, check the fine print for hidden costs, and be on the lookout for discounts or promotions.
FAQ
What are crypto bots?
Crypto bots are computer programs that use artificial intelligence to trade cryptocurrencies. They can be used to automate your trading strategies, which can help you to make more money and minimize losses. Using a cryptocurrency trading bot can help you make more informed trading decisions, cut down the time you would otherwise spend on monitoring, and increase your profits.
What is the best trading bot for crypto?
There is no universal answer to this question, as the best bot for crypto trading will be one that fits individual investor trading strategies and preferences. However, some of the most popular bots include Pionex, Cryptohopper, and Bitsgap. Before committing to any of them, ensure it has all your desired features.
Does Coinbase have a trading bot?
Coinbase does not have a trading bot, but its Coinbase Pro platform allows users to trade cryptocurrencies automatically. This platform is aimed at more experienced traders and offers a wide range of features. Although Coinbase Pro isn’t among the cryptocurrency trading bots, it can be used to automate your trading. You can use it to trade cryptocurrencies and monitor market conditions.
How do trading bots work?
Trading bots use artificial intelligence to make decisions. They can be programmed to follow specific trading strategies or trade based on market conditions. Using a bot, you can trade 24 hours a day, which is impossible for humans. Additionally, bots can help you better manage your risk and execute trades faster than humans could.
Finding the best crypto trading bot isn’t an easy job, however. You need to do your homework and compare the features of different bots before making a decision. The right bot will be an invaluable tool for making more money and minimizing losses.