Nowadays, lots of teams provide crypto trading bot service on the market. It’s a hassle for a crypto trader like you and me to choose between these services.
When Should You Use Crypto Trading Bots?
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.
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 earning. 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.
The Best Crypto Trading Bot in 2020
#1 Pionex — Crypto trading bot within the exchange
Don’t need to hassle with the API Keys while using Pionex. So far, there’re 9 crypto trading bots on Pionex: Grid Trading Bot, Leveraged Grid Bot, Margin Grid Bot, Infinity Grid Bot, Reverse Grid Bot, Leveraged Reverse Grid Bot, Dollar-Cost Averaging Bot, TWAP Bot, and Trailing Take Profit Bot.
Pionex is the exchange with the in-built crypto trading bot. It’s one of the best trading bot platforms for cryptocurrency I’ve ever seen since 2017. (the year I start buying crypto :P) It aggregates the liquidity from Binance and Huobi, and provide free trading bot upon it.
The trading bot on Pionex is easy to use. And mostly I prefer trading bitcoin with these trading bots. Bitcoin has a higher market cap, and it’s the center of the whole cryptocurrency IMO.
Pionex is safe and has been granted the MAS and MBS licenses from Singapore, and U.S. Pionex is the first crypto trading bot on my list.
#2 BitUniverse — Crypto trading bot for FREE!!
BitUniverse is the only FREE Crypto Trading Bot that I recommend to newbies. As I know, BitUniverse charges from exchanges rather than charges from their users.
The best function of BitUniverse is the Grid Trading Bot, with which you can automatically buy low and sell high a coin in a price range.It has supported more than 20 exchanges, including Binance, Huobi, Bittrex, for portfolio tracking and crypto trading bot.
There are also other bots like Trailing Take Profit, Stop limit. All bots are free to use, permanently!
BitUniverse is also the only crypto trading bot app that actually collaborated with exchanges. You can see that BitUniverse has already co-hold trading competition with KuCoin, Binance, Bithumb, and many other major exchanges. This is the main reason that I listed BitUniverse as the best crypto trading bot in 2020.
#3 Cryptohopper — World-class automated crypto trading bot
Cryptohopper is a paid crypto trading bot. But before jumping into the paid membership, you have a free trial for 7 days in Cryptohopper.
One of the well-known trading bots on Cryptohopper is the market-making bot. It’s similar to the Grid Bot in Pionex, but it’s more focused on profit from the spread on the order book.
The tagline of Cryptohopper is quite eye-catching to me: World-class automated crypto trading bot ;)
#4 Shrimpy — The social trading platform for cryptocurrency
Shrimpy is a paid Crypto Trading Bot service for rebalancing. This is also the feature that makes it different from other bitcoin trading bot services. It helps you to automate your portfolio and rebalance it to a specific ratio.
For sure, Shrimpy is one of the excellent crypto trading bots in 2020, and that’s why I am listing it here. But it is a bot especially designed for portfolio management, indexing, rebalancing, and strategic backtesting.
The best part of it is to rebalance your portfolio when you are holding the coins. It supports 10+ crypto exchanges.
For Shrimpy, it only executes a few trades every day. So it’s better for a HODLER.
#5 Zignaly — One crypto trading platform for everybody
Zignaly = Copy Trading + Crypto Trading Bot + Trading Terminal
Zignaly is a tool for cryptocurrency day traders who want to automate their trading strategies. Make your strategies on TradingView outsource it Zignaly to trade for you on five major crypto exchanges such as Binance, Bittrex, Poloniex, KuCoin, BitMex.
Zignaly provides its real-time data to the public on its website. According to their data, they’re small to mid-size in the crypto trading bot industry.
You can choose from different plans in Zignaly, which they built for a different level of traders.
#6 3Commas — Smart trading terminal and auto trading bots
3Commas is one of the most famous crypto trading bots. I put it on the #6 of the list because the UI is more for a professional trader. As their users become more and more professional, they turn their product development for pro users.
So if you’re a professional bot trader already, then you should try 3Commas.
It has two subscription levels — Basic and Pro. The basic level costs $25/month, while the latter costs $84/month and has a lot more features.
The crypto trading bot on 3Commas can implement multiple strategies based on technical indicators.
The community is good, and you can buy some online courses for using 3Commas Bitcoin trading bot.
#7 TradeSanta — Automated crypto trading made simple
You can use TradeSanta on eight main exchanges, Binance, Bittrex, HitBTC, Bitfinex to help you trade simultaneously on them.
You’ll need to pay from $14 to $70 per month according to your package.
One of the features I’ve tried with TradeSanta Trading Bot is the Grid Bot. Pionex and BitUniverse have already provided the same feature for free, so if you’re here for grid bot, I don’t see it necessary to purchase the package. But if you’re here for other features, then you can evaluate the feature by yourself.
#8 Quadency — A smarter way to trade and manage your crypto
The best part of Quadency is the backtesting feature, with which you can do it based on data and numbers instead of shooting it in the dark. It’s also the most important feature for crypto trading bot; it’s always nice to know the performance upon history data before using your money with the crypto trading bot.