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Best Crypto Bots To Automate Trading

16 mins
Updated by Maria Petrova
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For a lot of people, trading cryptocurrencies became a great way to make an income. Crypto prices are extremely volatile, especially when it comes to Bitcoin and other larger coins. Bitcoin itself can go up or down by hundreds, sometimes even thousands of dollars.

Entering the right position when a change of this size is taking place can earn you a great amount of money.

However, the crypto market is not like the stock market, which opens at a specific time, and then closes at the end of the day. Instead, it is open 24/7, which means that there are plenty of opportunities to make a sizable profit that you may miss, especially if you aren’t willing to use it as your only source of income, and you have a day job.

This is why people started using cryptocurrency bots for automated crypto trading so that the bots would take care of their trading for them at any given time.

Best Bots to Automate Trading:

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Free Starter Plan
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Hobbyist Plan at $29.99/month
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Trader Plan at $59.99/month
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Pro Plan at $449.99/month
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Free
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Pro $37 per month
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Advanced for $49 per month
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Custom Individual plan
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Pioneer plan — free package
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Explorer plan — $19 per month
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Adventurer plan — $49 per month
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Hero plan — $99 per month
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7-day free
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Basic – $23
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Advanced – $55
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PRO – $119
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Free 3 days
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Beginner plan for 0.073 BTC
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Simple plan for 0.127 BTC
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Advanced plan for 0.208 BTC
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Free
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Free
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Free
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Gunbot Starter for 0.02 BTC
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Gunbot Standard for 0.05 BTC
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Gunbot Pro for 0.075 BTC
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Gunbot Ultimate for 0.125 BTC

What are Crypto Trading Bots?

Crypto trading bots are a relatively new invention, but only because cryptocurrencies are relatively new. Trading bots themselves have been around since the 1980s, as traders came up with the concept of rule-based trading.

The idea of an automated trading system is even older, originating in the late ’40s, but the technology for actual trading bots only came a few decades later. 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.

In essence, crypto trading bots come in the form of software that you can install and supply with a specific set of rules that they can use to decide when to enter a trade. The software would have a constant presence on the internet, where they would monitor the market on traders’ behalf.

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 movement, based on the instructions you gave.

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.

Bot Trading

Pros and Cons of using Cryptocurrency Bots

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 afraid to make a move if they lost 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 just because they think they are invincible. 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.
Cryptocurrency Trading

Disadvantages of Trading Bots:

  • Of course, they are not perfect, and there is no point in pretending that they are. There are some issues with using them, such as difficulty to set up proper parameters if the trader is not experienced. Giving the wrong instructions and leaving them in charge of your money can be a very bad thing.
  • 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 the fact that 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.

But, if you can live with that, then all that remains is to provide you with our selection of the best crypto trading bots 2021.

Conclusion

With that, we would end our list of the best cryptocurrency trading bot 2021 offerings. There are plenty of others in the crypto industry, but these bots tend 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.

Frequently asked questions

What are trading bots?

How do trading bots work?

What are the benefits and risks of using trading bots?

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photo_Ali_Raza_circle.jpg
Ali is a journalist with experience in web journalism and marketing. Ali holds a Master's Degree in Finance and enjoys writing about cryptocurrencies and fintech. His work has been published on a number of cryptocurrency publications.
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