If you are into crypto trading, strategies won’t be enough to amplify your profits. Many crypto investors nowadays have been using software to automate their trading strategies. Thus, it is essential to know the best crypto trading bots to use.
What are crypto trading bots?
Bots are automated programs tailored to run particular tasks with lesser human intervention. Crypto trading bots can trade multiple cryptocurrencies on single or multiple platforms. Almost 86% of crypto users are using trading bots. But it is important to choose trading bots that are tested and proven efficient in trading digital assets, forex, and stock.
How to choose the best crypto trading bots?
Crypto trading bots are based on machine learning, artificial intelligence, and other smart technologies. Thus, they have the ability to analyze information and derive actionable and useful metrics called trading signals.
The trading bots are a great help in predicting the future prices of crypto. An efficient bot can predict the exactness and correctness of the price, thus can amplify the profits. After predicting the future price, the bots will place the trading buy and sell orders in the crypto markets. Once all the orders in the markets are completed, hence they can make or lose profits.
The best trading bots to choose are those that can generate information from different social sources, crypto market makers, news sites, and other sources. They use machine learning and artificial intelligence to identify news that makes a social impact and would highly influence the market prices. You can have trading bots as a single software purchase or may come along with crypto exchanges.
But remember, you can’t find a perfect crypto trading bot. They aim to limit the losses, but they can still make losses. Thus, still requires human intervention.
Crypto bot trading apps
Pionex – features reasonable trading fees, low-risk, and free built-in trading bots. Some of its popular bots are grid trading bots that can help you buy low and sell high.
CryptoHopper – this trading bot apps include a backtesting tool, trailing stops, savable and configurable templates, and customizable technical indicators. It is best for both advanced traders and beginners. Cryptohopper uses an algorithmic program approach because it is cloud-based.
TradeSanta – uses multiple indicators such as RSI, MACD, and Bollinger. Also features mobile support.
Among the many crypto trading bots, Pionex is highly recommended. It is essential to select and use trading bot that is efficient and profitable. Make sure that the bot offers a trial version so you can test if it works.