As the trading cryptocurrency became widespread, crypto trading software was bouned to borrow the best technological solutions from trading stocks. Traders on stock exchanges have long used binary options robots, and during the rapid rise of virtual assets, similar programs appeared on crypto platforms.
Newcomers tend to spend days sitting at their computers, trying to understand complex analytical tools, and capitalize on the volatility of digital money. It takes a lot of energy and nerves and does not always bring a positive result. At the same time, it is best to start with a simple trading strategy that can be easily automated by creating a special trading bot. Let's dig deeper into the functionality of the trading bot, consider its advantages and disadvantages, and see what ready-made solutions are available at the moment.
Each bot completes transactions on your behalf, but only according to a specific algorithm that is predefined in its code. In short, it is nothing more than an automated crypto trading software. The sequence of actions of a trading bot is called a strategy. It includes a standard set of parameters, which serves as a guide for opening and closing orders. A trading bot can perform operations in automatic mode, or send notifications to the owner when a favorable situation develops on the exchange. The strategy can be integrated into the program by the developer, or fine-tuned by the crypto trader himself.
The simplest cryptocurrency trading robot has a minimum of adjustable parameters, but such an assistant will not bring you serious profit. A complex bot for the crypto exchange will bring good income to experienced players, but not every novice trader will be able to configure it properly. Some programs can only work on a specific exchange; others can cover several at once. Such programs are called arbitrage bots.
So what best crypto trading software is out there?
CryptoHoper is a bot for the Binance exchange and another nine popular crypto platforms. It supports more than 100 virtual assets, has a smartphone app, and many built-in indicators (RSI, EMA, Parabolic SAR, etc.). A client can use market-making, arbitrage, or create their own trading strategy.
Centobot is a bot that comes with an extensive database of indicators and trading pairs. There are ready-made solutions for various trading styles, as well as the ability to create your own bot from scratch.
The most popular robots of Centobot service:
- Altcoins Combo – trades several altcoins to diversify risks.
- Cryptobot v2.0 – works only with the most famous and expensive crypto coins. The program uses a whole range of trading indicators for analysis.
- Crypto Majors - trades Bitcoin, Ethereum, Ripple. It also analyzes the market based on the technical indicators MACD and CCI.
HAAS Bot is an easy-to-use web interface for automated trading on cryptocurrency exchanges. It works with dozens of exchanges and has no restrictions on the number of pairs you can trade.
The customizable dashboard allows you to create a personalized command center. The visual editor, in combination with HaasScript, enables fast debugging and deploying of trading scripts. The cost of the annual tariff plan is from 0.047 BTC. At first, the customers are offered to buy a two-week license at a discount.
Bottom line
An automatic trading program does not always correctly respond to sudden changes in the market, which can lead to loss of money, or leave you without a potential profit. The complete lack of emotions is good, but not all the time. Most cryptobots are quite expensive and can be difficult for a beginner to configure.
