Online trading is one of the most lucrative activities, and every day, many traders are signing up for memberships on different platforms to give it a try. Note that succeeding in trading requires extensive skills and solid plans. One of the best approaches is using auto trading robots. The best element about trading robots is that they minimize human trading efforts by executing specific tasks.
We have prepared this guide to take you through trading robots in cryptocurrency trading. Whether you are investing in Bitcoin, Ethereum, Litecoin, Ripple, etc., you will understand the importance of auto trading robots and if they are still applicable in 2022.
Cryptocurrency Trading Robots Overview
Cryptocurrency robots are based on smart technologies, making them do more than just trading. For instance, they help you gather data in real-time using application programming interfaces (APIs). As a result, it will be easier for you to develop the best trading strategies and identify the best entry and exit points. In addition, the trading robots are artificial intelligence-enabled, allowing you to access information from multiple sources with minimal effort.
There are plenty of cryptocurrency trading robots in the market today, but the best ones are those that meet your trading needs. Keep in mind that you can either purchase a trading robot as a single software or use cryptocurrency exchanges already integrated with the tools. In addition, remember that having trading robots doesnt guarantee successful trading. You still need to conduct a thorough market analysis and create the best strategy for maximum potential. Simply put, cryptocurrency trading robots only minimize your losing chances.
Top Cryptocurrency Trading Robots
Searching for the best cryptocurrency trading robot is not easy, and you can spend hours or days finding a suitable one. To minimize the hustle that comes with the research, we recommend below the top cryptocurrency trading robots recommended by expert researchers and traders. Remember, they all have varying features, so you must compare them to choose the one meeting your trading needs.
Bitcoin code trading robot is integrated with cryptocurrency brokers through APIs. It is a cloud-based tool that works seamlessly on desktop and mobile devices. Moreover, the robot is user-friendly, and you can also use it to trade manually according to your preferences. Keep in mind that this cryptocurrency robot is available in selected countries. Therefore, confirm availability before committing. Also, read more about trading bots in this Bitcoin code review for a complete understanding and decide whether it is suitable for your trading needs.
Pionex is one of the leading cryptocurrency exchanges that currently offers more than 12 trading robots. All the robots in this exchange are free for usage, allowing you to automate your trades 24/7 with minimal effort. In addition, it charges one of the lowest trading fees (0.05% for the taker and maker). The best element about using Pionex is that it processes orders based on already configured criteria. On top of that, you can opt out of the automated function and trade manually by choosing your preferred cryptocurrency.
One of Pionex’s integrated systems is Grid trading robots known to buy low and sell high. There are also the spot futures arbitrage robots that leverages futures markets to help you enjoy payouts after every predetermined hours.
CoinRule is integrated with various cryptocurrency exchanges to give you the best trading experience. It is free for usage and allows you to use thousands of strategies. Unfortunately, CoinRule doesn’t support technical analysis. However, you can still take advantage of its TradingView platform to interact with other traders and share trading tips and strategies. Other supported features or indicators include Bollinger Bands, Relative Strength Index (RSI), MACD, etc. It is also mobile device friendly, enabling you to trade while on the go. Its subscription fees vary based on your trading needs but start at a minimum of $30 monthly for the hobbyist version.
Cryptohopper features various elements, including cryptocurrency trading signals, automated trading, risk management controls, backtesting, and technical analysis. You can test it out using its 7-day free trial plan, where you get upto 15 selected coins, one simulated robot, and open upto 80 positions. Most importantly, you only pay monthly subscription fees as there are no trading charges. On top of that, it has a reliable mobile app that you can install on your mobile device to trade anytime, anywhere.
Factors to Consider When Choosing the Best Cryptocurrency Trading Robot
- It should feature a free trial to test it out before signing up for monthly subscriptions.
- Social trading allows you to interact with other traders and learn various tips to boost your skills and strategies.
- Backtesting is also an essential element as it allows you to test various strategies against historical data. This is so that you can have a clear insight into how your strategy will benefit you under market conditions.
- Learning and research tools should be available on any cryptocurrency trading robot. While you should continue building your skills, you must also have the right resources for strategy development. The robot should also feature pre-built templates.
- Consider a user-friendly trading robot with an intuitive design for the best experience.
- Have a budget and ensure you choose a trading robot that fits it.
Pros of Using Cryptocurrency Trading Robots
- Automates your trades, thus minimizing human efforts.
- The tool offers plenty of data and insights into how your strategies are performing. As a result, it will be easier for you to identify where you fall short and take measures to improve.
- Fast and efficient trades execution.
- By automating trades, you get more time to conduct market research and analysis to develop the best trading strategies.
Cons of Cryptocurrency Trading Robots
- Using trading robots does not guarantee success, so you still need to monitor your positions.
- You must be fully knowledgeable of how trading robots work to maximize your chances of making profits.
To answer the question, “Are experts using auto trading robots in 2022?” Well, the answer is yes. Based on this ultimate guide, traders are relying on trading robots in 2022 to minimize their chances of making huge losses when trading. However, while they streamline trades and strategies, you must conduct thorough market analysis and research for better results. Alternatively, consider trading using the best brokers that are regulated by tier-one financial authorities for a worthwhile experience.