The best cryptocurrency trader bots are able to generate substantial profits and are used to trade without having to be physically present.
Most traders do not know that a very high percentage of the transactions that take place on exchanges is carried out by software, the so-called automatic trader bots that are able to operate 24 hours a day, every day of the year.
There are several types: the ones that are free, the one-time paid ones and the ones that are paid monthly or annually. However, the best trader bots for cryptocurrency trading are probably the open-source ones.
The first bot we will review is the Bitsgap trading platform and the various trading bots it provides to users. The platform has much to offer, and automated trading solutions continue to be in high demand.
Many people within the cryptocurrency know the Bitsgap brand today. Ever since its inception in 2017, the trading platform has elevated its approach to crypto trading, portfolio management, and arbitrage opportunities.
More importantly, the platform has grown to become a powerhouse in the crypto industry, welcoming over 18 million visitors. Its website traffic has grown by nearly 13% in the past month and notes a strong influx in visitors from Colombia and Belgium. Furthermore, Bitsgap is chosen by over 500,000 traders worldwide, who have created 3,7 million trading bots, helping the company surpass $300 billion in total trading volume so far.
The platform offers access to over 30 global cryptocurrency exchanges through one convenient interface, streamlining access to different markets and trading pairs. Moreover, the number of supported exchanges and trading avenues keeps increasing, ensuring users can access their preferred assets. Additionally, there is no trading commission nor additional fees for depositing and withdrawing funds.
Automated Trading With Bots
The bread and butter of the Bitsgap platform is its provision of automated crypto trading access. Platform users have various trading bots at their disposal to take a more passive approach to cryptocurrency trading. Different types of bots will follow unique patterns and approaches, enabling users to tap into a trading revenue stream.
Bitsgap recently introduced a DCA bot to help users during bullish, bearish, and sideways market conditions. The trading tool offers multiple features, including more accurate entry and exit options, risk management options, and more. Users can expect fast and regular results for those who maintain an active trading approach, although long-term holders can accumulate profit while waiting for better price momentum.
The purpose of the Grid Bot is to help users generate profit from small price fluctuations in either direction. It is an excellent tool for markets in sideways momentum, enabling users to deploy a grid to follow the overarching trend automatically. The Bitsgap Grid Bot helps users make a continuous profit and requires very little oversight. It has built-in strategies for beginners and experts, although users are free to deploy their own strategies as they see fit.
Bitsgap’s Combo Bot is tailored to those who prefer dealing with futures contracts rather than crypto assets directly. The Combo Bot is a viable tool in bullish and bearish markets and combines dollar-cost averaging with grid-based algorithmic trading. It is a more aggressive market approach, as the bot will execute trades on every viable market move. Moreover, the Combo Bot can generate endless returns by automatically placing grid and DCA levels while it runs.
The Bitsgap Trading Terminal & Order Types
Users who interface with the Bitsgap trading terminal will feel right at home. All features are laid out conveniently, and the dozens of indicators can prove useful for those who often rely on such tools. Moreover, the platform lets users trade crypto assets across multiple exchanges, removing the need for opening several tabs for different platforms. The terminal also supports one’s trade history, open positions, and balances across all linked exchanges. Furthermore, the trading platform enables users to analyze and evaluate the performance of popular trading pairs.
It is crucial to note users have multiple order types at their disposal to exert more control over their market approach:
- Market orders: Instantly taking a position at the best available market price
- Take-profit & stop-loss: Automatically taking profit or limiting losses on a position if market sentiment sours.
- Stop-Limit: Automatically sell the traded asset when a specific price is reached
- Shadow orders: Trading away from the exchange’s order book by only executing an order at your set price
Basic plan costs $29 per month and provides access to various exchanges, a cross-exchange portfolio, and setting up trading signals. Users can deploy two active trading bots.
- Advanced plan costs $69 per month and has a monthly trading limit of $100,000. The extra benefit is access to arbitrage trading, five active trading bots, and futures bots.
- Pro plan costs $149 per month and has no monthly trading limit. Users can deploy up to 20 active trading bots, futures bots, and trailing bots. Additionally, there is access to priority customer support, should that be required.
All plans have a discounted rate when users sign up for six months in advance.
There is much to like about Bitsgap, including its easy-to-navigate interface, support for dozens of exchanges, and a wide variety of trading bots. Moreover, its subscription rates can pay for themselves when using the bots correctly, and there is a free trial to take full advantage of. It is an excellent platform for those looking to automate their trading process and benefit from extensive portfolio management.
Gekko: one of the best free and open-source cryptocurrency trader bots
Gekko is open-source software designed and developed by Mike van Rossum, who in recent years has received a large consensus within the crypto community. Its ease of use and wide customisation make it one of the best cryptocurrency trader bots, perhaps even the best.
It is a really versatile software and, above all, it is free. Since it is open-source software, it is worth noting that the community is able to find bugs quite quickly, which is another advantage of inestimable value in a market where trust is the most important thing.
It should be remembered that all these bots take advantage of the API keys provided by the exchanges and, as a result, the software can perform trading operations, withdrawal and deposit of cryptocurrencies directly from the personal account of the platform. This is why trust is very important in this area.
Among the supported exchanges there are undoubtedly the most famous:
It can be configured through a web interface, whereas it is rather simple to install on a docker or on any remote server. Supported operating systems are Windows, Linux and Mac OS.
Many users complain about a complex installation, however, following the guide step by step, it is really simple in its initial set-up and there is no need for specific computer skills.
Cryptohopper: great paid software
Cryptohopper is a relatively new trader bot. Thanks to cloud technologies, it also functions safely remotely, allowing traders to operate at any time without having to keep their computer on.
There are many functions within this platform such as the section on technical analysis, the ability to backtest a selected historical chart, take advantage of already pre-set models for trading and much more.
It is not an open-source software and the cost of the basic package starts from $19 per month, reaching the most expensive version that requires $99 per month. In this case as well, the supported exchanges include:
Gunbot: one of the best paid solutions
Gunbot has the advantage of offering many strategies already included in the platform. There is the possibility to take advantage of the Step Gains, the Bollinger bands and the famous Ping Pong. There are three different versions, the bitcoin (BTC) price for which ranges from 0.1 BTC to 0.3 BTC: it’s a one-off payment.
There is no need to subscribe to a monthly or annual plan: depending on the version purchased, there will be various functions available inside the bot. Gunbot is one of the best trader bots for cryptocurrencies and has over 6000 active traders in the crypto landscape.
More than 30 trading strategies are available and the bot can be installed on Windows, Linux and Mac as well as, of course, on a remote server.
Zenbot: Gekko’s competing open-source software
Zenbot is often considered better than Gekko even though the latter has been around longer. Just as with Gekko, the open-source approach helps considerably in resolving bugs and disputes thanks to the broad support from developers and the community.
The main problem with free bot traders is the lack of user-friendliness and intuitiveness. Users often expect free software to be more complex to manage and install, whereas with paid software, the graphical interface and all aspects of user-friendliness are better-taken care of.
Zenbot can be downloaded from GitHub or, possibly, through the command line. It can be installed on Windows, Mac and Linux and is also preconfigured with different trading strategies. Although the potential profit of software of this type derives from the personal strategies implemented, Zenbot is considered one of the best trader bots for cryptocurrencies.
Being open-source, it is possible to integrate any module, such as Telegram, Slack or any service that makes its API available in order to receive notifications on the real-time performance of the software.
CryptoTrader: one of the longest-running paid trader bot
Those who navigate comfortably within the trader bot industry have heard of CryptoTrader. It is one of the longest-running trader bots and was also among the first to be approved in the cloud, offering users the ability to use the software 24/7.
It is not a free trader bot, the price ranges from the initial 0.003 BTC per month up to 0.0474 for the premium plan. Do the features change? Yes, but it is always possible to trade automatically.
As far as the basic plan is concerned, the trader bot works normally, with the only exception that there is a limit on the volumes and trading operations that are carried out, whereas in the premium plan these limits disappear.
The most used exchanges for this bot are Poloniex, Bittrex and Kraken. CryptoTrader is considered one of the best cryptocurrency trader bots because of its features, which include the algorithmic trading service that makes life easier for users.
The Vienna-based startup Trality was founded in January 2019 by Moritz Putzhammer and Christopher Helf. Trality’s goal is to close the gap between professional and private trading by making it possible for everyone to access the technology of algorithmic trading and help traders make smarter trades, emotionless and fully automatic.
The simple yet innovative approach Trality has taken to achieve its goals involves attracting a wide audience of users both experienced and beginners alike.
Experienced traders can develop trading algorithms using a state-of-the-art tool called the Trality Code Editor – the world’s first browser-based Python bot code editor, which comes with a state-of-the-art Python API, end-to-end encryption, and many more flexible tools to assist you in developing creative algorithms.
How to use the Code Editor:
On the other hand, beginners can also create their own trading algorithms with zero coding knowledge. The Trality Rule Builder is an easy-to-use graphic interface that lets traders build their strategies by dragging and dropping indicators and strategies – it’s that simple!
How to use the Rule Builder:
Trality has so much more to offer so go and check out how you can begin to reap the benefits of automated crypto trading now.