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The platform claims to have executed automated trades on behalf of more than , traders since its inception. For those of you that wish to build your own pre-programmed bot based on your proven trading strategies, Cryptohopper offers a significant number of variables.
This includes everything from: bull and bear market signals consolidation period trading trailing stop loss orders dollar-cost averaging. What we really like about the design interface at Cryptohopper is that the platform also allows beginners to build their own bot. Moreover, the Cryptohopper interface will let you know if a certain trigger has been inserted in error, which is neat.
Most importantly, Cryptohopper has a fully functioning pre-live testing arena. This is crucial, as it allows you to test and adjust your Bitcoin trading bot before it is released into the wild. In terms of the fundamentals, Cryptohopper is supported by nine exchange platforms, and you have the option of trading up to 75 different pairs.
Once again, each plan comes with certain limitations on the amount of coins, strategies, and volumes that you can trade. Visit Cryptohopper 3Commas Launched in , 3Commas is an online cryptocurrency trading bot provider that is tailored for all experience levels. The provider allows you to use your bot at 13 leading cryptocurrency exchanges, which includes the likes of Coinbase Pro, Binance, and even BitMEX.
In terms of what you can do with a 3Commas trading bot, you have the option of building your own strategies from the ground-up, or purchasing a pre-existing strategy from the online marketplace. Regarding the former, 3Commas offers a significant number of potential strategies, orders, and triggers — which is why the bot is so popular with advanced investors. When it comes to pricing, 3Commas offers four packages in total.
The free plan gives you access to the vast majority of strategies, as well as the marketplace. As such, the free plan is probably best suited for those that want to test the platform out first before committing financially. Each plan comes with its own benefits and limitations, so the one that you go for will depend on your individual goals. Visit 3Commas Best of the Rest Although 3Commas and Cryptohopper are often regarded as market leaders in the Bitcoin trading bot space, a number of other providers are also worth considering.
HaasOnline Launched back in , HaasOnline has a three-year headstart over the previously discussed providers. The platform is potentially more comprehensive in certain areas in comparison to 3Commas and Cryptohopper, especially with respect to the number of supported exchanges, key market indicators, and trade limits. However, this does come at a cost, as HaasOnline is somewhat expensive. The Beginner, Simple, and Advanced plans come with an annual cost of 0.
The platform allows you to install over different indicators into your pre-built bot, including key technicals such as the RSI and SMA. Moreover, the platform also offers a market that contains over 1, different strategies. While all of the three plans give you full access to all indicators, exchanges, and an unlimited number of positions — your chosen plan will dictate how many bots and strategies you can have active at any given time. You can also take Live Trader up on its 7-day free trial, which should be enough time for you to assess whether the Bitcoin bot provider is right for you.
Visit LiveTrader GunBot Gunbot is a highly comprehensive Bitcoin trading bot provider that is best suited for those of you with experience in coding. If you do, then you will have a significant amount of flexibility at your disposal when it comes to designing your bot. Moreover, the programming interface is available on all major operating devices, including Windows, Linux, and macOS.
Gunbot offers four main paid packages, which ranges from 0. While each plan comes with a significant number of trading strategies and an unlimited number of pairs, it is important to note that compatibility with exchanges is somewhat limited. While the three lowest-priced plans offer just cryptocurrency exchanges, the most expensive plan still only offers 5 exchanges.
Visit GunBot CryptoTrader CryptoTrader is somewhat different from the other Bitcoin bot providers that we have discussed thus far, not least because it operates on the cloud. As such, there is no requirement to run the bot on your system. Not only does CryptoTrader give you the option of building your bot from the ground-up via coding, but you can also purchase a proven strategy via the marketplace.
Moreover, if in certain situations you want to take over from the bot and trade an event manually, CryptoTrader can send you notifications when a particular price-point is triggered. We also like the fact that you can pre-test your strategies on all of the exchanges that the platform supports.
Price-wise, there are five plans in total, which ranges from 0. Visit CryptoTrader Margin. Unlike the other providers we have explored so far, the pricing plan at Margin. However, the standard plan is capped to just 1 exchange, while the other two plans are compatible with all other exchanges. The builder is suitable even to those with no experience in trading, as each step of the strategy is broken down piece-by-piece. The more KRL tokens that you hold at the platform, the more features you will get with your bot.
For this, you will be able to integrate your Bitcoin trading bot at five leading exchanges, which includes Binance, Bittrex, BitMEX, KuCoin, and Poloniex — with the team noting that more exchanges are to be added soon. It is also worth noting that Zignaly runs on the cloud, so there is no requirement to integrate your bot with your hardware device. As the Zignaly platform is still in its infancy, it might be worth taking the provider up on its day free trial.
In its most basic form, a trading bot is a piece of software that trades the cryptocurrency markets on your behalf. By this, we mean that each and every move that the Bitcoin trading bot makes is based on the pre-built specificities that have been programmed into the software. In theory, the bot did not do anything special per-say, as it merely followed your instructions. On the flip side, it is also important to note that the above example is extremely basic. As we will discuss in more detail further in our guide, Bitcoin trading bots can do so much more than just place pre-programmed buy orders when certain percentage targets are met.
So now that you have a basic understanding of what a Bitcoin trading bot actually is, in the next section we are going to outline some of the main benefits that a bot can offer. Before unravelling some of the many trading strategies that an automated bot can execute, we thought it would be a good idea to outline why you might want to use one.
Check out the following benefits of using a Bitcoin trading bot. There are only so many hours that you can sit at your computer watching the markets intensively. However, the benefits of an automated trading bot in the context of time goes far and beyond just fatigue. On the contrary, bots allow you to extend your exposure to the global Bitcoin trading arena around the clock. Ordinarily, you would only be able to trade on a certain timezone, meaning that you stand the very real chance of missing a key market development that occurred outside of your main trading session.
During the night, Bitcoin breaks through a key resistance level with ease, subsequently indicating that a bull market is imminent. Unfortunately, as this key development occurred while you were asleep, those based in other timezones were accustomed to the major price movement, while your timezone meant that you missed it.
This is where the capabilities of an automated Bitcoin trading bot excels. You see, as bots operate as and when they are programmed to operate, you can essentially access the markets 24 hours a day, 7 days per week. After all — and unlike the traditional stock markets, Bitcoin is traded globally around the clock.
Multiple Markets The second key — and equally as important metric to consider when assessing the benefits of a Bitcoin trading bot is having access to multiple markets. By this, we mean being able to trade on multiple third-party cryptocurrency exchanges concurrently. Ordinarily, the sophisticated nature of the financial and cryptocurrency markets means that we can only trade on one platform at a time.
In this example, the disparity in pricing is minute. However, when Bitcoin goes through a period of parabolic activity — meaning that its price goes up or down extremely quickly in a very short period of time, the disparity in pricing between exchanges can be significant. What this means in the context of Bitcoin trading bots is that you stand a really good chance of making gains in the form of an arbitrage trade.
However, it is also important to note that if an arbitrage opportunity does arise in the Bitcoin trading markets, it will not be present for more than a few minutes. Once other traders have spotted the opportunity, the markets will quickly catch up and once again, cryptocurrency exchange prices will be more aligned. This means that regardless of what timezone you are operating on, your Bitcoin trading bot can make risk-free gains when exchange price disparities occur.
Sophisticated Strategies One of the biggest pain-points for seasoned traders is that cryptocurrency trading platforms are often limited in what they offer. By this, we mean that the number of order types available will often be capped at basic market and limit orders. For those of you that are looking to install sophisticated strategies into your Bitcoin trading endeavours, an automated bot is ideal.
While we will explore the specific strategies available further down in our guide, this includes a range of technical indicators and triggers that subsequently transition into market orders — all of which can operate across multiple exchanges 24 hours per day. In effect, third-party platforms that offer Bitcoin trading bots often allow you to design and program the algorithm from the ground-up.
This allows you to mirror your sophisticated trading strategies around the clock — without needing to spend a single second at your computer trading. On the one hand, they are ideal for advanced traders, insofar that investors can utilize highly advanced trading strategies around the clock. With the capacity to install thousands of potential triggers built into the bot, the underlying algorithm can make a significant amount of calculations per second — something that is beyond the capacity of the human brain.
At the other end of the spectrum, Bitcoin trading bots are also ideal for inexperienced newbies. The reasons for this are two-fold. Firstly, novice traders that wish to utilize an automated bot can purchase a pre-programmed strategy, meaning that no experience is required to put the bot into action. The novice trader can then configure the pre-programmed strategy to their individual requirements, such as the amount of money that the bot trades per order, or the specific exchange platform s that the bot operates on.
The platform is potentially more comprehensive in certain areas in comparison to 3Commas and Cryptohopper, especially with respect to the number of supported exchanges, key market indicators, and trade limits. However, this does come at a cost, as HaasOnline is somewhat expensive. The Beginner, Simple, and Advanced plans come with an annual cost of 0.
The platform allows you to install over different indicators into your pre-built bot, including key technicals such as the RSI and SMA. Moreover, the platform also offers a market that contains over 1, different strategies. While all of the three plans give you full access to all indicators, exchanges, and an unlimited number of positions — your chosen plan will dictate how many bots and strategies you can have active at any given time.
You can also take Live Trader up on its 7-day free trial, which should be enough time for you to assess whether the Bitcoin bot provider is right for you. Visit LiveTrader GunBot Gunbot is a highly comprehensive Bitcoin trading bot provider that is best suited for those of you with experience in coding.
If you do, then you will have a significant amount of flexibility at your disposal when it comes to designing your bot. Moreover, the programming interface is available on all major operating devices, including Windows, Linux, and macOS. Gunbot offers four main paid packages, which ranges from 0.
While each plan comes with a significant number of trading strategies and an unlimited number of pairs, it is important to note that compatibility with exchanges is somewhat limited. While the three lowest-priced plans offer just cryptocurrency exchanges, the most expensive plan still only offers 5 exchanges. Visit GunBot CryptoTrader CryptoTrader is somewhat different from the other Bitcoin bot providers that we have discussed thus far, not least because it operates on the cloud.
As such, there is no requirement to run the bot on your system. Not only does CryptoTrader give you the option of building your bot from the ground-up via coding, but you can also purchase a proven strategy via the marketplace. Moreover, if in certain situations you want to take over from the bot and trade an event manually, CryptoTrader can send you notifications when a particular price-point is triggered.
We also like the fact that you can pre-test your strategies on all of the exchanges that the platform supports. Price-wise, there are five plans in total, which ranges from 0. Visit CryptoTrader Margin. Unlike the other providers we have explored so far, the pricing plan at Margin.
However, the standard plan is capped to just 1 exchange, while the other two plans are compatible with all other exchanges. The builder is suitable even to those with no experience in trading, as each step of the strategy is broken down piece-by-piece. The more KRL tokens that you hold at the platform, the more features you will get with your bot. For this, you will be able to integrate your Bitcoin trading bot at five leading exchanges, which includes Binance, Bittrex, BitMEX, KuCoin, and Poloniex — with the team noting that more exchanges are to be added soon.
It is also worth noting that Zignaly runs on the cloud, so there is no requirement to integrate your bot with your hardware device. As the Zignaly platform is still in its infancy, it might be worth taking the provider up on its day free trial. In its most basic form, a trading bot is a piece of software that trades the cryptocurrency markets on your behalf.
By this, we mean that each and every move that the Bitcoin trading bot makes is based on the pre-built specificities that have been programmed into the software. In theory, the bot did not do anything special per-say, as it merely followed your instructions. On the flip side, it is also important to note that the above example is extremely basic.
As we will discuss in more detail further in our guide, Bitcoin trading bots can do so much more than just place pre-programmed buy orders when certain percentage targets are met. So now that you have a basic understanding of what a Bitcoin trading bot actually is, in the next section we are going to outline some of the main benefits that a bot can offer. Before unravelling some of the many trading strategies that an automated bot can execute, we thought it would be a good idea to outline why you might want to use one.
Check out the following benefits of using a Bitcoin trading bot. There are only so many hours that you can sit at your computer watching the markets intensively. However, the benefits of an automated trading bot in the context of time goes far and beyond just fatigue. On the contrary, bots allow you to extend your exposure to the global Bitcoin trading arena around the clock.
Ordinarily, you would only be able to trade on a certain timezone, meaning that you stand the very real chance of missing a key market development that occurred outside of your main trading session. During the night, Bitcoin breaks through a key resistance level with ease, subsequently indicating that a bull market is imminent. Unfortunately, as this key development occurred while you were asleep, those based in other timezones were accustomed to the major price movement, while your timezone meant that you missed it.
This is where the capabilities of an automated Bitcoin trading bot excels. You see, as bots operate as and when they are programmed to operate, you can essentially access the markets 24 hours a day, 7 days per week. After all — and unlike the traditional stock markets, Bitcoin is traded globally around the clock. Multiple Markets The second key — and equally as important metric to consider when assessing the benefits of a Bitcoin trading bot is having access to multiple markets. By this, we mean being able to trade on multiple third-party cryptocurrency exchanges concurrently.
Ordinarily, the sophisticated nature of the financial and cryptocurrency markets means that we can only trade on one platform at a time. In this example, the disparity in pricing is minute. However, when Bitcoin goes through a period of parabolic activity — meaning that its price goes up or down extremely quickly in a very short period of time, the disparity in pricing between exchanges can be significant. What this means in the context of Bitcoin trading bots is that you stand a really good chance of making gains in the form of an arbitrage trade.
However, it is also important to note that if an arbitrage opportunity does arise in the Bitcoin trading markets, it will not be present for more than a few minutes. Once other traders have spotted the opportunity, the markets will quickly catch up and once again, cryptocurrency exchange prices will be more aligned.
This means that regardless of what timezone you are operating on, your Bitcoin trading bot can make risk-free gains when exchange price disparities occur. Sophisticated Strategies One of the biggest pain-points for seasoned traders is that cryptocurrency trading platforms are often limited in what they offer. By this, we mean that the number of order types available will often be capped at basic market and limit orders. For those of you that are looking to install sophisticated strategies into your Bitcoin trading endeavours, an automated bot is ideal.
While we will explore the specific strategies available further down in our guide, this includes a range of technical indicators and triggers that subsequently transition into market orders — all of which can operate across multiple exchanges 24 hours per day. In effect, third-party platforms that offer Bitcoin trading bots often allow you to design and program the algorithm from the ground-up. This allows you to mirror your sophisticated trading strategies around the clock — without needing to spend a single second at your computer trading.
On the one hand, they are ideal for advanced traders, insofar that investors can utilize highly advanced trading strategies around the clock. With the capacity to install thousands of potential triggers built into the bot, the underlying algorithm can make a significant amount of calculations per second — something that is beyond the capacity of the human brain.
At the other end of the spectrum, Bitcoin trading bots are also ideal for inexperienced newbies. The reasons for this are two-fold. Firstly, novice traders that wish to utilize an automated bot can purchase a pre-programmed strategy, meaning that no experience is required to put the bot into action. The novice trader can then configure the pre-programmed strategy to their individual requirements, such as the amount of money that the bot trades per order, or the specific exchange platform s that the bot operates on.
Such platforms even allow you to test the bot in the open marketplace without risking any money. As such, traders can then make the required adjustments until they feel the bot is ready to perform. Emotion-Free The final benefit that is worth a quick mention is with respect to emotions. Irrespective of the underlying asset that is being traded, emotions are one of the biggest roadblocks for investors, not least because they often lead to irrational behaviour.
By this, we mean making high-risk decisions in response to an adverse trading result. The rational part of you is confident that a bear market is in the making, and thus — you should exit your position. In doing so, although you will have made a loss, you will have likely limited these losses by closing the trade. This is a perfect example of a rational trade. However, many traders are unable to handle large losses, with the emotions of such a loss leading to irrational behaviour.
With that being said, a Bitcoin trading bot would not have made the same mistake. As such, a Bitcoin trading bot completely alleviates the threats of adverse emotions and irrational thinking, which is crucial. So now that you know some of the many benefits that Bitcoin trading bots can offer, in the next section of our guide we are going to look at some of the key trading strategies that an automated bot can execute on your behalf.
Read: Should You Invest in Bitcoin? While some of the providers that we discuss further down in our guide might offer some of the below strategies, others might not. Market and Limit Orders The obvious starting point is the capacity to execute age-old market and limit orders. This is where you instruct your bot to buy or sell Bitcoin when it hits a certain price. Although market and limit orders are available on the vast majority of, if not all, third-party cryptocurrency exchanges, it is important to remember that a bot can do this for you when certain conditions are met.
At the same time, your bot can then proceed to place additional orders on your behalf. This is something that you would otherwise have had to do manually.
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On the one hand, they are ideal for advanced traders, insofar that investors can utilize highly advanced trading strategies around the clock. With the capacity to install thousands of potential triggers built into the bot, the underlying algorithm can make a significant amount of calculations per second — something that is beyond the capacity of the human brain.
At the other end of the spectrum, Bitcoin trading bots are also ideal for inexperienced newbies. The reasons for this are two-fold. Firstly, novice traders that wish to utilize an automated bot can purchase a pre-programmed strategy, meaning that no experience is required to put the bot into action. The novice trader can then configure the pre-programmed strategy to their individual requirements, such as the amount of money that the bot trades per order, or the specific exchange platform s that the bot operates on.
Such platforms even allow you to test the bot in the open marketplace without risking any money. As such, traders can then make the required adjustments until they feel the bot is ready to perform. Emotion-Free The final benefit that is worth a quick mention is with respect to emotions. Irrespective of the underlying asset that is being traded, emotions are one of the biggest roadblocks for investors, not least because they often lead to irrational behaviour. By this, we mean making high-risk decisions in response to an adverse trading result.
The rational part of you is confident that a bear market is in the making, and thus — you should exit your position. In doing so, although you will have made a loss, you will have likely limited these losses by closing the trade. This is a perfect example of a rational trade. However, many traders are unable to handle large losses, with the emotions of such a loss leading to irrational behaviour.
With that being said, a Bitcoin trading bot would not have made the same mistake. As such, a Bitcoin trading bot completely alleviates the threats of adverse emotions and irrational thinking, which is crucial. So now that you know some of the many benefits that Bitcoin trading bots can offer, in the next section of our guide we are going to look at some of the key trading strategies that an automated bot can execute on your behalf.
Read: Should You Invest in Bitcoin? While some of the providers that we discuss further down in our guide might offer some of the below strategies, others might not. Market and Limit Orders The obvious starting point is the capacity to execute age-old market and limit orders. This is where you instruct your bot to buy or sell Bitcoin when it hits a certain price. Although market and limit orders are available on the vast majority of, if not all, third-party cryptocurrency exchanges, it is important to remember that a bot can do this for you when certain conditions are met.
At the same time, your bot can then proceed to place additional orders on your behalf. This is something that you would otherwise have had to do manually. On the contrary, they also have the capacity to execute orders when the markets are going down. If the bot has been programmed correctly, then it should be able to differentiate between a bull and bear market, meaning that it can execute sensible trades as and when a key movement occurs. Once again, the bot will only perform trades based on the underlying software that it has been programmed to follow, so do bear this in mind.
Trailing Stop Loss A trailing stop loss is one of the most powerful features that the Bitcoin trading bot can implement. For those unaware, this is where you have the chance to protect your gains when the markets are going in your favour, but at the same time, keeping a percentage of your order open to ensure that further gains are not missed. The only way that you would be able to do this without the aid of a bot would be to sit at your computer for long periods of time. On the contrary, you could instruct your bot to leave half of your gains open, and proceed to make two additional orders.
One order could instruct the bot to exit the trade if Bitcoin goes down by 1. This can be repeated indefinitely until the Dollar-Cost Averaging Dollar-cost averaging has been utilized in the traditional stock market arena for decades on-end. In a nutshell, this is where you make small, but frequent, purchases of a particular asset.
In the case of the Bitcoin trading sphere, such a strategy could be useful when the markets on a downward trend. In layman terms, by purchasing Bitcoin as its price is falling, you stand the chance of buying the asset at a discounted price. While doing this manually is certainly possible, the process would be significantly more effective if you allowed a Bitcoin trading bot to execute your requirements autonomously.
However, it is important to note that most third-party cryptocurrency bots allow you to program the software to detect potential opportunities. The key metric that will determine whether or not your arbitrage trading endeavours are successful is the number of exchanges that the bot supports.
Ideally, you will want the bot to be supported by as many exchanges as possible. This will ultimately increase your chances of profiting from a potential disparity in pricing between one or more exchange platforms. Consolidation Scraping As Bitcoin is significantly less volatile than it once was, the cryptocurrency often finds itself in a period of consolidation. This is where the price of Bitcoin trades within a certain, narrow range for a number of days or weeks.
In the context of trading, consolidation periods actually offers a number of opportunities to make gains. In fact, these opportunities are further amplified by utilizing a Bitcoin trading bot. Ordinarily, you would need to sit at your device for a significant number of hours to scrape the small gains that are available in a consultation period.
Market movements are going to be minute, so you would constantly need to open and close trades as you go along. As we have noted throughout our guide thus far, taking a manual approach to Bitcoin trading over prolonged periods of time not only leads to fatigue and irrationality, but you will only be able to trade for a certain amount of time. On the contrary, you can instruct your Bitcoin trading bot to scrape small profits within the pre-programmed consolidation parameter on a hour basis.
By setting clear parameters as to when the bot should enter and exit a trade, such an automated strategy is actually low risk. It is also important to note that you are not limited to a single trading strategy at any given time. For example, if your bot is instructed to scrape profits in a period of consolidation, it can still execute other orders that you set. If and when Bitcoin eventually breaks out of the pre-programmed consolidation area, it can then trigger additional orders — such as a trailing stop loss.
Binance is the top exchange for trading crypto, it works with most of the bots listed above. Read our full review to find out more. Once again, the specific process might vary depending on the provider that you go with.
Step 1: Choose a Bitcoin trading bot Your first port of call will be to choose a Bitcoin trading bot provider. You will need to make some considerations as to what you are looking for in an automated bot. Here are some of the questions that you should be asking before obtaining a bot from a new provider. What exchanges can I trade the bot at? How much does the bot cost? What coins can the bot trade? Do I need to build the bot myself, or can I buy a pre-programmed bot? How long has the bot been operational for?
Does the bot have a good reputation in the public domain? What trading strategies does the bot come with? Are there any limits surrounding maximum orders, volumes, coins, or strategies? Step 2: Decide what you want to trade Before you begin to program your bot, you first need to decide what pairs you actually want to trade.
For example, you might decide to trade Bitcoin against Ethereum, or against another fiat currency like the Euro. Alternatively, you might decide that you want your bot to trade multiple pairs. Take note, some providers will limit the number of pairs that you can trade at any given time. Some will offer various subscription packages, with the more expensive plans offering a higher number of tradable pairs.
Step 3: Design vs Buy Once you have decided what pairs you want to trade, you then need to determine whether you want to build your own custom bot from the ground-up, or simply purchase a pre-programmed algorithm that is already active in the market. The specific option that you go for will ultimately depend on your experience and knowledge in the Bitcoin trading arena. On the one hand, many would argue that the best way to go is to build your own custom bot that nobody else is using.
If the bot is successful, then you retain the secret sauce, rather than having to share it with heaps of other traders. By this, we mean that you get to see how successful the bot has been since it was launched into the live trading markets. You also get to review comments that have been left by previous or existing users, which further allows you to gauge whether or not the bot is worth obtaining.
While the exact process will differ from exchange-to-exchange, you are usually required to extract an API code from the platform in question. Next, you then need to paste this code into your chosen Bitcoin trading bot platform. It is absolutely crucial that you do not activate the bot until you have gone through a testing phase.
In this sense, you are best advised to choose a Bitcoin trading bot provider that offers this feature. Visit LiveTrader GunBot Gunbot is a highly comprehensive Bitcoin trading bot provider that is best suited for those of you with experience in coding. If you do, then you will have a significant amount of flexibility at your disposal when it comes to designing your bot.
Moreover, the programming interface is available on all major operating devices, including Windows, Linux, and macOS. Gunbot offers four main paid packages, which ranges from 0. While each plan comes with a significant number of trading strategies and an unlimited number of pairs, it is important to note that compatibility with exchanges is somewhat limited. While the three lowest-priced plans offer just cryptocurrency exchanges, the most expensive plan still only offers 5 exchanges.
Visit GunBot CryptoTrader CryptoTrader is somewhat different from the other Bitcoin bot providers that we have discussed thus far, not least because it operates on the cloud. As such, there is no requirement to run the bot on your system. Not only does CryptoTrader give you the option of building your bot from the ground-up via coding, but you can also purchase a proven strategy via the marketplace.
Moreover, if in certain situations you want to take over from the bot and trade an event manually, CryptoTrader can send you notifications when a particular price-point is triggered. We also like the fact that you can pre-test your strategies on all of the exchanges that the platform supports. Price-wise, there are five plans in total, which ranges from 0. Visit CryptoTrader Margin. Unlike the other providers we have explored so far, the pricing plan at Margin.
However, the standard plan is capped to just 1 exchange, while the other two plans are compatible with all other exchanges. The builder is suitable even to those with no experience in trading, as each step of the strategy is broken down piece-by-piece. The more KRL tokens that you hold at the platform, the more features you will get with your bot. For this, you will be able to integrate your Bitcoin trading bot at five leading exchanges, which includes Binance, Bittrex, BitMEX, KuCoin, and Poloniex — with the team noting that more exchanges are to be added soon.
It is also worth noting that Zignaly runs on the cloud, so there is no requirement to integrate your bot with your hardware device. As the Zignaly platform is still in its infancy, it might be worth taking the provider up on its day free trial.
In its most basic form, a trading bot is a piece of software that trades the cryptocurrency markets on your behalf. By this, we mean that each and every move that the Bitcoin trading bot makes is based on the pre-built specificities that have been programmed into the software. In theory, the bot did not do anything special per-say, as it merely followed your instructions. On the flip side, it is also important to note that the above example is extremely basic. As we will discuss in more detail further in our guide, Bitcoin trading bots can do so much more than just place pre-programmed buy orders when certain percentage targets are met.
So now that you have a basic understanding of what a Bitcoin trading bot actually is, in the next section we are going to outline some of the main benefits that a bot can offer. Before unravelling some of the many trading strategies that an automated bot can execute, we thought it would be a good idea to outline why you might want to use one. Check out the following benefits of using a Bitcoin trading bot.
There are only so many hours that you can sit at your computer watching the markets intensively. However, the benefits of an automated trading bot in the context of time goes far and beyond just fatigue. On the contrary, bots allow you to extend your exposure to the global Bitcoin trading arena around the clock. Ordinarily, you would only be able to trade on a certain timezone, meaning that you stand the very real chance of missing a key market development that occurred outside of your main trading session.
During the night, Bitcoin breaks through a key resistance level with ease, subsequently indicating that a bull market is imminent. Unfortunately, as this key development occurred while you were asleep, those based in other timezones were accustomed to the major price movement, while your timezone meant that you missed it. This is where the capabilities of an automated Bitcoin trading bot excels.
You see, as bots operate as and when they are programmed to operate, you can essentially access the markets 24 hours a day, 7 days per week. After all — and unlike the traditional stock markets, Bitcoin is traded globally around the clock. Multiple Markets The second key — and equally as important metric to consider when assessing the benefits of a Bitcoin trading bot is having access to multiple markets.
By this, we mean being able to trade on multiple third-party cryptocurrency exchanges concurrently. Ordinarily, the sophisticated nature of the financial and cryptocurrency markets means that we can only trade on one platform at a time. In this example, the disparity in pricing is minute. However, when Bitcoin goes through a period of parabolic activity — meaning that its price goes up or down extremely quickly in a very short period of time, the disparity in pricing between exchanges can be significant.
What this means in the context of Bitcoin trading bots is that you stand a really good chance of making gains in the form of an arbitrage trade. However, it is also important to note that if an arbitrage opportunity does arise in the Bitcoin trading markets, it will not be present for more than a few minutes. Once other traders have spotted the opportunity, the markets will quickly catch up and once again, cryptocurrency exchange prices will be more aligned.
This means that regardless of what timezone you are operating on, your Bitcoin trading bot can make risk-free gains when exchange price disparities occur. Sophisticated Strategies One of the biggest pain-points for seasoned traders is that cryptocurrency trading platforms are often limited in what they offer. By this, we mean that the number of order types available will often be capped at basic market and limit orders.
For those of you that are looking to install sophisticated strategies into your Bitcoin trading endeavours, an automated bot is ideal. While we will explore the specific strategies available further down in our guide, this includes a range of technical indicators and triggers that subsequently transition into market orders — all of which can operate across multiple exchanges 24 hours per day.
In effect, third-party platforms that offer Bitcoin trading bots often allow you to design and program the algorithm from the ground-up. This allows you to mirror your sophisticated trading strategies around the clock — without needing to spend a single second at your computer trading. On the one hand, they are ideal for advanced traders, insofar that investors can utilize highly advanced trading strategies around the clock.
With the capacity to install thousands of potential triggers built into the bot, the underlying algorithm can make a significant amount of calculations per second — something that is beyond the capacity of the human brain. At the other end of the spectrum, Bitcoin trading bots are also ideal for inexperienced newbies. The reasons for this are two-fold. Firstly, novice traders that wish to utilize an automated bot can purchase a pre-programmed strategy, meaning that no experience is required to put the bot into action.
The novice trader can then configure the pre-programmed strategy to their individual requirements, such as the amount of money that the bot trades per order, or the specific exchange platform s that the bot operates on. Such platforms even allow you to test the bot in the open marketplace without risking any money. As such, traders can then make the required adjustments until they feel the bot is ready to perform.
Emotion-Free The final benefit that is worth a quick mention is with respect to emotions. Irrespective of the underlying asset that is being traded, emotions are one of the biggest roadblocks for investors, not least because they often lead to irrational behaviour. By this, we mean making high-risk decisions in response to an adverse trading result. The rational part of you is confident that a bear market is in the making, and thus — you should exit your position.
In doing so, although you will have made a loss, you will have likely limited these losses by closing the trade. This is a perfect example of a rational trade. However, many traders are unable to handle large losses, with the emotions of such a loss leading to irrational behaviour. With that being said, a Bitcoin trading bot would not have made the same mistake.
As such, a Bitcoin trading bot completely alleviates the threats of adverse emotions and irrational thinking, which is crucial. So now that you know some of the many benefits that Bitcoin trading bots can offer, in the next section of our guide we are going to look at some of the key trading strategies that an automated bot can execute on your behalf. Read: Should You Invest in Bitcoin?
While some of the providers that we discuss further down in our guide might offer some of the below strategies, others might not. Market and Limit Orders The obvious starting point is the capacity to execute age-old market and limit orders. This is where you instruct your bot to buy or sell Bitcoin when it hits a certain price. Although market and limit orders are available on the vast majority of, if not all, third-party cryptocurrency exchanges, it is important to remember that a bot can do this for you when certain conditions are met.
At the same time, your bot can then proceed to place additional orders on your behalf. This is something that you would otherwise have had to do manually. On the contrary, they also have the capacity to execute orders when the markets are going down. If the bot has been programmed correctly, then it should be able to differentiate between a bull and bear market, meaning that it can execute sensible trades as and when a key movement occurs.
Once again, the bot will only perform trades based on the underlying software that it has been programmed to follow, so do bear this in mind. Trailing Stop Loss A trailing stop loss is one of the most powerful features that the Bitcoin trading bot can implement. For those unaware, this is where you have the chance to protect your gains when the markets are going in your favour, but at the same time, keeping a percentage of your order open to ensure that further gains are not missed.
The only way that you would be able to do this without the aid of a bot would be to sit at your computer for long periods of time. On the contrary, you could instruct your bot to leave half of your gains open, and proceed to make two additional orders.
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