Unlike the stock market, the crypto market trades 24 hours a day, seven days a week. Similarly, crypto trading bots can trade all hours of the day, unlike humans, which require sleep. Many traders use bots because they do not need to rest, nor do they trade emotionally, which maximizes profits. Here is a guide on the best crypto bots on the market.
KEY TAKEAWAYS
➤ Crypto trading bots automate trading by executing trades based on pre-set algorithms without human intervention.
➤ Popular bots include Coinrule, Pionex, Bitsgap, HaasOnline, Pionex, Gekko, Blackbird, and Gunbot.
➤ Advantages of using trading bots include 24/7 market monitoring, emotionless trading, and increased efficiency.
➤ Some of the drawbacks include continuous monitoring and the risk of malfunctions during unexpected market conditions.
Best bots to automate trading
1. Coinrule
Coinrule operates on major exchanges like Binance, Coinbase, and KuCoin. Recognized for its user interface backed by algorithms, this platform is bolstered by backers like Y Combinator, Urban Innovation Fund, and tech visionaries from Twitch, Kayak, and Eight Sleep. Its features include the “Any Coin Scanner,”which scans over 2,000 cryptocurrencies, and its “If This Then That” logic, that lets you design trading strategies.
- User-centric UI for both beginners and pros.
- Extensive support for major exchanges.
- Features like the Any Coin/Contract Scanner.
- Risk-free demo mode for strategy testing.
- Educational resources.
- Active community support through unique Discord channel.
- Access to advanced features requires a paid subscription which might not be affordable for everyone.
2. 3Commas
3Commas is a crypto trading tools platform that got a considerable boost due to its partnership with Binance. This ensured that the bot can provide very convenient trading conditions, high levels of security, and great asset management. You can also use it to create a free account on Binance and use various tools from the bot’s platform. You can also use it to track multiple orders across 18 different exchanges and come up with your own, informed strategies.
- User-friendly, and great for advanced traders
- Supports 18 exchanges
- Clean interface
- Offers smart trading
- Offers copy-trading feature
- Plenty of educational tools
- Works with many different exchanges
- Cloud-based
- Learning curve for inexperienced traders, who might find it a bit difficult
3. Cryptohopper
The Cryptohopper bot is hosted on cloud technology, and it is preferred by many due to its support for a very wide range of digital currencies, as well as exchanges. Due to the fact that it is cloud-based, it is very easy to set it up, and it can operate non-stop. You can use it to follow professional analysts around the world. Doing so allows you to use them as signalers, and take hints about what move to make based on what they themselves do.
- Very user-friendly
- Supports all major crypto exchanges
- Has vast coin support
- Its developers are not very transparent
4. Bitsgap
Bitsgap is a crypto trading platform that supports 20 cryptocurrency exchanges, including Binance, Kucoin, and OKEx. Bitsgap serves the following regions: the U.S., Latin America, the EU, the Commonwealth of Independent States, and the Middle East and North Africa. Two of Bitsgap’s major products are trading bots and a portfolio manager. The portfolio manager helps you manage over 1,800 crypto assets on one dashboard.
- Advanced trading terminal with built-in TradingView features.
- Profitable affiliate program (30%).
- Structured knowledge-base & blog.
- Multilingual customer support service.
- Demo mode for the spot and futures markets.
- Free 7-day free trial on a PRO plan.
- No mobile app: Bitsgap offers a web app but has not expanded to mobile.
- Pricing: While not necessarily expensive, some users may find Bitsgap’s pricing on the higher end, especially compared to other platforms.
5. HaasOnline
Unlike most trading bots, HaasOnline is a market-making bot. Bots like these work by placing several orders, whether those are buy or sell orders, which gives them a greater chance to conclude a trade quickly, and make a profit for their user. Haasbot itself has been around for some time, launching in 2015. It is based in Rotterdam, and it offers a very wide variety of different trading options. For example, it can run 10 Hassbots simultaneously, and it can keep track of up to 20 indicators, which makes it more precise when assessing the market situation.
- User-friendly and built for novice traders
- You don’t need to know how to code
- A wide range of plans
- Cloud-based
- Supports all major exchanges
- Uses multiple strategies
- Offers multiple buy/sell orders at once
- It can be a bit too simple for experienced traders
- Customer support comes in limited languages
6. Pionex
Pionex is next on our list for the best bots to automate crypto trading. With Pionex, users get easy-to-use trading bots with a dedicated cryptocurrency exchange. Regulated in the United States and Singapore, the service provides a significant number of crypto trading bots on its exchange. Some of these bots include:
• GRID Bot
• Infinity Grids Bot
• Leveraged Grid Bot
Pionex is available on desktop, and mobile platforms, allowing you to trade on the go. It charges traders 0.05% on trades. Customers can also apply for its market-making program, if they have over $100K in assets on the platform.
- Over 12 unique trading bots
- Regulated in major markets
- Optimal liquidity.
- No support for custodian solutions.
7. Gekko
Gekko is completely open-source, and it can be downloaded from GitHub. Apart from that, it is very inclusive, and you can use it on any major operating system, including Windows, Mac, and Linux. This bot also runs on the cloud, as well as raspberry PI. It offers a web-based interface, which lets you monitor all kinds of data, and switch between different trading strategies. Not only that, but it also allows traders to back-test the data, and analyze the results of acting upon the data it shows.
- Completely free
- Supports several top-tier crypto trading platforms
- Completely open-source
- It is easy to use
- Runs on cloud and raspberry PI
- Not a great choice for arbitrage opportunities
- Doesn’t allow high-frequency trading
8. Blackbird
Blackbird is a C++ trading system, which does short or long arbitrage between various Bitcoin exchanges. As such, it is not the greatest solution for novice traders, especially since its code needs a bit of work. However, it is completely free for anyone to use. You should be aware that Blackbird does not sell BTC per se, but it does short sell your coins on trading platforms. The reason behind this is that it uses a market-neutral strategy, which basically means that users do not have to transfer their funds between different exchanges. Instead, all Bitcoin sales and purchases are performed on two separate exchanges independently and simultaneously.
- Blackbird is completely free
- It is a great choice for long/short trading
- Its code needs work
- It doesn’t sell BTC, but it short-sells it
9. Gunbot
Gunbot, also calledGunthy, comes with support for all the major operating systems, including Linux, Mac, and, of course, Windows. Gunbot offers numerous crypto trading strategies, including all the popular ones, such as Billinger Bands, Ping Pong, Step Gain, Gain, and many others. The bot is also highly-customizable, and it even allows you to customize different strategies, and apply them to your own trading style. And, if you don’t prefer particularly heavy apps, Gunbot also offers a Lite version.
- Very user-friendly
- Works with a number of major exchanges
- Supports a large number of trading strategies
- It offers multiple licenses per plan
- Not the cheapest
- Users are still reporting an odd bug from time to time
Crypto trading bots compared
| Platform | Plan | Pro | Con |
|---|---|---|---|
| Coinrule | Free starter plan | Extensive support for major exchanges | Advanced features require paid subscription |
| 3Commas | $0-$49 | Cloud-based | High learning curve |
| Cryptohopper | $0-$99 | Excellent coin support | Code not transparent |
| Bitsgap | $23-$119 | Profitable affiliate program | No mobile app |
| HaasOnline | 0.073-0.208 BTC | User-friendly | Customer support has limited languages |
| Pionex | Free | 12 trading bots | No support for custodian solutions |
| Gekko | Free | Open-source | Not good for arbitrage |
| Blackbird | Free | Great for long/short trading | Only short sells BTC |
| Gubots | 0.02-0.125 BTC | Multiple trading strategies | Bugs reported often |
Comparing crypto trading bots can be difficult because they depend on multiple factors. However, we selected the top bots based on pricing, popularity with users, and features. For example, multiple trading bots, strategies, and support for exchanges or cryptocurrencies are all preferred features for potential top crypto trading bots.
What are crypto trading bots?
Crypto trading bots are automated software programs that execute trades based on predefined conditions. In essence, you can install and supply them with a specific set of rules that they can use to decide when to enter and exit a trade.
When the market conditions are right — based on the instructions you have provided — the bots would execute a trade and secure profit for their traders. They react to all kinds of market movements based on your trading strategies.
They will analyze the assets’ prices, volumes, various orders, time, and more. You, as a trader, are free to set them up any way you like, and the bots will follow your instructions to the letter. Because of this customizability, trading bots can maximize profits, making them a favored tool for traders.
Trading bots themselves have been around since the 1980s when traders invented the concept of rule-based trading. Ever since the ’80s, when trading bots truly emerged, they became a constant presence in the market in one form or another. So, naturally, when the crypto market emerged, trading bots came with it.
At the big Wall Street banks, the guys who once peddled stocks to big investors had been reprogrammed. They now sold algorithms, or encoded trading rules designed by the banks, that investors used to submit their stock market orders. The departments that created these trading algorithms were dubbed “electronic trading.”
Michael Lewis: Flash Boys
Pros and cons of using cryptocurrency bots
| Pros | Cons |
|---|---|
| Do not trade on emotions | Difficult to set up |
| Can operate 24/7 | Can not alter their own strategies |
| Fast execution times | Bad instructions can maximize losses |
| Maximize profits |
Advantages of trading bots
Bots have grown to be a major part of the crypto world and for a variety of reasons. Of course, not every trader uses them, but many do like having them in charge when they themselves are not around.
The advantages of using trading bots are quite obvious if you think about it. They are efficient and emotionless. This is a big difference between bots and real traders, who often get carried away if they see a winning streak or are afraid to make a move if they lose some money.
Bots don’t rely on emotions but on the rules that the traders gave them. As such, they do not fear what might happen, nor do they take unnecessary risks. Instead, they monitor the market and only react when the necessary parameters are met.
Another big advantage is that bots are fast when it comes to executing trades. They will not miss the opportunity even by a second but will react immediately. Not only that, but their ability to execute trades immediately tends to increase the trader’s odds of making a profit.
Due to crypto volatility, reaction time is everything, and if the trader takes too long, they might lose a fair portion of their money. Bots don’t have that problem.
Disadvantages of crypto trading bots
Of course, crypto trading bots are not perfect. There are some issues with using them, such as the difficulty of setting up proper parameters if the trader is not experienced. Giving the wrong instructions and leaving them in charge of your money can be very bad.
After all, remember — bots will secure automated crypto trading, but only within the range of your instructions. They will not think for themselves, nor will they change tactics on their own. They do what you tell them to do, so you need to consider what the best approach might be and live with the consequences if you end up being wrong.
Of course, the best way of preventing this is to monitor their performance, but that is more of a downside, as you cannot leave the market in peace.
Not to mention, they might represent a security concern, as both the bots and the exchanges they operate on are centralized. While hackers can’t do much to conquer the blockchain, many can easily attack an exchange or a bot.
Make your trading automatic
While there are plenty of others in the crypto industry, this list of the best crypto trading bots tends to stand out, whether for being rich with features, beginner-friendly, free to use, or sometimes all three—and more.
All you need to do is examine each of the ones from our list, and give them a go if they seem interesting. Make your trading automatic, and turn the crypto industry into a steady stream of funds with the help of one of these very handy programs.
This article is not trading advice and is for informational purposes only. Trading is inherently risky and you could lose money. Invest responsibly.
Frequently asked questions
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