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Cryptocurrency trading isn’t easy. However, there are many people who have honed the art of trading bitcoins and altcoins on a daily basis. Trading bots are used by many cryptocurrency traders to execute trades faster and more efficiently, and sometimes even in their sleep. They are called bots because the programs execute trades like humans do. However, they do it autonomously and can operate continuously without having to rest.
Trading bots is a technique that uses pre-programmed software that analyzes market actions, such as volume, orders, price, and time, and they are rather common in the bitcoin world, because very few traders have time to stare at the charts all day. Bots or program trading is used within many global stock exchanges. Most people trade bitcoin as a way to generate passive income while working their regular day jobs, and bitcoin trading bots are said to establish more efficient trading. Bitcoin trading bots can be utilized on many well-known cryptocurrency exchanges today. There are bots that are free of charge and can be downloaded online, and there are also trading bot services you have to pay for, offered by various trading engine and programming companies.
With so many people relying on trading bots, the question becomes which one should be avoided and which one can be trusted. Below is a list of top 6 best cryptocurrency trading bots. However, your mileage may vary when using them.
Gekko is a Bitcoin trading bot and backtesting platform that supports 18 different Bitcoin exchanges (including Bitfinex, Bitstamp and Poloniex). Gekko is free and 100% open source that can be found on the GitHub platform.
This automated trading bot even comes with some basic strategies, so using it seems rather straightforward. Gekko comes with a webinterface that was written from scratch. It allows you monitor your local data, strategies. It can also run backtests and visualize the results. Using plugins, which are available for IRC, telegram, email and a lot of other platforms, Gekko is able to update you wherever you are! Gekko runs flawlessly on all major operating systems (Windows, macOS, and Linux).
You can also run it in the cloud or on your raspberry PI without any issues! It will not exploit arbitrage opportunities, nor is it a high-frequency trading bot by any means. With a good list of supported exchanges, Gekko is definitely a trading bot that is worth checking out.
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BTC Robot is one of the very first automated bitcoin trading bots to ever be created. The trading robot offers multiple plans for different types of software and membership, and the cheapest robot plan is $149 for the silver software. It gives traders a downloadable version for various Windows operating systems. On the other hand, Mac users have to pay a touch more. It seems to do the job and is quite easy to set up. However, user’s mileage may heavily vary when using this tool. Some people seem to be making modest profits.
On the other hand, others seem to struggle to get it to work properly. The company notes that its algorithmic trading does not predict markets perfectly. This means that there will always be losing and winning trades. It is important to note that there is a 60-day refund policy. This feature makes it a no-brainer to try out regardless.
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Zenbot is another open-source trading bot for bitcoin traders. It is important to note that this trading bot has not seen any major updates over the past few months. However, it is available to download and modify the code if needed. This marks the third iteration of Zenbot, which is still a lightweight and artificially intelligent bitcoin trading bot, and it is also one of the very few solutions capable of high-frequency trading and supporting multiple assets at the same time.
This bot supports following exchanges – Gemini, Quadriga, Bittrex, Kraken, Poloniex, and GDAX. Work on further exchange support is ongoing. According to the GitHub page, Zenbot 3.5.15 makes a 1.531 ROI in just three months. This is quite surprising.
CryptoTrader is one of the more attractive – yet unknown – trading bots. This cloud-based automated bitcoin trading bot claims to allow users to build algorithmic trading programs in minutes. Not having to install unknown software is a big plus. However, it remains to be seen if this platform is legitimate. One intriguing feature is that the company also offers a “Strategy Marketplace” where users can buy and sell trading strategies.
All major crypto-currency exchanges, such as Coinbase, BTCe, Bitstamp, and more, are supported for both backtesting and live trading. Using their backtesting tool, you can see how your strategy would work over different market condition. Their goal is to provide traders with cloud-based automated trading solutions powered by cutting-edge technology, and the company states that its automated trading bots in are unique compared to the current bots on the market today.
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Although technically not a bot in the traditional sense, Tradewave is a new platform that allows users to program their own cryptocurrency trading bots and have them trading automatically on crypto currency exchanges for you. Tradewave uses Python for writing the trading bot code directly in the browser and then the bot runs in the cloud doing the trading for you. This means that you don’t need to worry about downtime or have to leave your computer on and connected to the Internet all of the time. Another great feature is that there are quite a few trading strategies shared by community members for other users to try out.
The crypto currency exchanges that are currently supported by the Tradewave platform are BTC-E and Bitstamp, and new exchanges are soon going to be added such as Bitfinex, Atlas ATS and Kraken. It is important to note that Tradewave is not free to use, as plans start at just $14 per month.
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Haasbot algorithmic trading software was created In January 2014 by Haasonline. This trading bot is somewhat popular among cryptocurrency enthusiasts and trades bitcoin and over 500 altcoins on many popular exchanges, including fully automated trades on platforms such as Kraken, BTCC, GDAX, Poloniex, Bitfinex, Gemini, Huobi and much more.
On paper, Haasbot does all of the trading legwork on behalf of the user. However, some input is required. Haasbot details the bot is customizable and enables a variety of technical indicator tools, and is also capable of recognizing candlestick patterns. One has to be committed to using the software and hopefully make a profit from doing so, considering it costs between 0.12 BTC and 0.32 BTC per three-month period to use this tool.
Gunbot is automatic crypto trading bot that has numerous strategies built into it: Bollinger Bands, Gain, Step Gain, PingPong, 1000Trades and Supergun. We did note that the creator Gunthar De Niro, has mentioned that the BB strategy is the best one to use.
Gunbot has three different pricing plans depending on whether you wish to utilize more than one exchange.
0.1 BTC – One Chosen Market – Lifetime Licence – One Time Payment – Run Unlimited Pairs
(converted to roughly $400 at the time of writing this review).
0.2 BTC – Any Two Markets – Lifetime Licence – One Time Payment – Run Unlimited Pairs
(converted to roughly $800 at the time of writing this review).
0.3 BTC – All Three Markets – Lifetime License – One Time Payment – Run Unlimited Pairs
(Converted to roughly $1200 at the time of writing this review).
It works with Poloniex and more recently with Bittrex, Kraken and Cryptopia API as well.
You can set pretty conservative settings with GunBot and it will simply do the trading you’re too busy to be able to do. You MUST pay attention to what you’re trading though, and in the event of a major market correction, you could be left with a sell order for way more than anyone is willing to pay. So you shut off the bot, and either leave the order on the books until the rebound eventually comes.
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Leonardo currently supports Poloniex, Bittrex, Bitstamp, Bitfinex, OKCoin, OKCoin CNY and Huobi. So, that is a lot of exchanges. Their team seems to be very active and new improvements and market plugins are in the pipeline. It used to cost 0.5 BTC, but now it is only $89 for a single exchange license.
leonArdo currently comes bundled with two trading strategy bots:
• Ping Pong Strategy
• Margin Maker Strategy
Just as the name suggest, the ping pong strategy allows you set a buy and sell price and the bot will do the rest. The mArgin maker strategy is a little more advance and can buy and sell based on price action adjusting with the course direction of the market.
They obviously have a good designer on their team as their GUI is by far the best looking and has lots of customization options.
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The software can be difficult for inexperienced traders to understand, which means that bot trading may not be for everyone. Furthermore, traders have to trust in the reliability and efficiency of companies that offer algorithmic cryptocurrency trading. There are many different businesses online offering bot services. But be careful, because some of them may not be legitimate. However, if used correctly, reputable and functioning trading bots may increase trade profits.