Crypto Trading Bots in 2021

Crypto Trading Bots in 2021

Best Crypto Trading Bots

Nowadays, lots of teams provide paid and free crypto trading bots for Bitcoin and other cryptocurrency. It’s a hassle for a crypto trader like you and me to choose between these services

Many functions that a well-executed bot can conduct for you are rebalancing, portfolio management, data collection, smart order routing, etc.

What exactly can you improve with trading bots? Let’s take a look.

#1 Repetitive Tasks

Repetitive tasks consume a lot of time and effort. A crypto trading bot will allow you to virtually “copy and paste” specific tasks to conduct trades with ease. One of the best ways where bots can help with repetition is in periodic rebalances. If you want to conduct hourly rebalances, then you’ll need to, as the name suggests, rebalance your portfolio every hour. So, you have two options:

  • Set the alarm every hour to rebalance the portfolio and lose your sanity in the process.
  • Create a trading bot and program it to rebalance your portfolio every hour till the end of time.

#2 Timing

Timing and achieving a high degree of accuracy in your trading is essential for trading. Every single trade that you make can have an enormous impact on your potential earnings. Let’s take an example. Suppose the price of Bitcoin is going down, and you want to sell your position the moment BTC hits the $8,750 support line. If you were to do this manually, you’d have to patiently and carefully observe the price chart, and even then, you may not pull the trigger at the right time. The bot can be easily programmed to monitor the market and execute a trade at the correct times.

#3 Complications can be simplified

Consider the example of “smart order routing.”

  • The idea is to route trades through numerous trading pairs.
  • Every single trading pair needs to be carefully determined as per its timing, asset quantity, and trading price.
  • This entire route needs to be finished within a specific time-limit before the market conditions change.

It seems pretty easy-to-understand, right? However, the execution of this trade could be nearly impossible. This is just one of the many examples of the several complexities that should be factored in while training. Some strategies could be almost impossible to implement.

Trading bots could be used to automate these complicated and seemingly impossible strategies with ease.

If you are looking for a free trading bot, try Poinex, they only charge trading fee, not month on month fixed pricing.

If you are a python coder and want to build your own trading algorithm. Trality is your best friend.

Try Altrady and get 40% discount (annual plan) and 10% (monthly plan) using coupon code COINMONKS

Get 25% off on Botsfolio using this link.

Try Hypertrader and use coupon COINCODECAP to get a 15% discount

Try Botcrypto, A simple yet powerful trading bot

Try HaasOnline and use coupon COINCODECAP to get a 10% discount

Get 25$ credit which you can use for fees when you join Mudrex

Try Coinrule and get 7 days of free trial and 25% for 3 months using this link.

Sign Up for AAX, FTX, Deribit, Bybit , Bityard and PrimeXBT and get a discount on the trading fee.

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