Bots for Cryptocurrency Trading: Guide for 2023
The digital finance industry is evolving rapidly, and this is opening up new possibilities for people all over the world. Innovations such as the user-friendly Grapherex cryptocurrency wallet and exchange do more than just facilitate transactions; they present opportunities to automate strategies and simplify the entire trading process through the integration of bots.
We decided to put together a resource for those who have never used such services before. In this article, you will find the key information on this topic and advice on how to find crypto trading bots free, which will make it easier to choose the best option.
What Are Bots Used For?
No crypto trading bots review would be complete without an explanation of the terminology. A bot is a special piece of software that can perform specific actions automatically, saving the trader time. The service reduces risks and gives the user advantages over manual traders.
If in the past, scripts were designed mainly for buying and selling Bitcoin; now, users can enjoy software that works with Ethereum, Dogecoin, Litecoin, and other altcoins. According to Cryptonomist, these days, almost 38% of users use bots in one way or another, and their application covers close to 86% of the funds moved.
The main task of crypto trading bots is to perform functions using AI based on pre-set parameters. For example, an investor can buy undervalued cryptocurrencies, regularly add new options to a portfolio, sell assets in a timely manner, and complete other tasks, depending on the functionality of the bot.
Five Excellent Options — Explore Bots for Cryptocurrency Trading
Having carefully studied the options available to modern investors, we have created a list of the top five best crypto trading bots. Users should pay attention to the following:
Pionex. This is primarily an exchange; however, it has some cool built-in bots for crypto trading. Additionally, the service recently launched a crypto arbitrage bot. The platform is clear and user-friendly, and it has the best user experience out there. It holds MAS and MBS licenses from Singapore and the US.
KuCoin. Like the previous option, this is an exchange with free built-in bots. The main advantage is the focus on beginners or traders with minimal experience. So, Grid bots for spot/futures and DCA bots are the best options if you are at the beginning of your trading journey.
Cryptohopper. This option will suit you if you are looking for automated trading strategies and a marketplace all rolled into one. The service offers a free trial period of one week. During this time, users can find out whether the functionality is suitable for them or not. Based on this technology, investors can either create their own strategies or copy others.
Mizar. This is one of the best options for beginners due to the range of bots it provides. You can enjoy unlimited use of all functions you need to scale your trading and diversify your portfolio. The straightforward user interface allows you to automate cryptocurrency trading 24/7, and you won’t have to spend a lot of time getting to know the service.
Superalgos. If, in addition to trading skills, you are also a developer, then be sure to study this free bot. It has open-source code. You can create unique and complex trading bots crypto services with the features you require, or you can choose a ready-made alternative. When they contribute to the project, a user receives Superalgos tokens (SA).
If you are interested in more than just free options, you can also explore Wunderbit, Margin.de, HaasOnline, TradeSanta, 3commas, and Botcrypto. Users have to shell out a certain amount (usually between 20 and 100 dollars) for a monthly subscription. On the other hand, the functionality of paid services is usually wider and more diverse than the free alternatives, so this investment can pay off quickly.
It’s no secret that the financial industry has consistently generated record revenues using various automated strategies. Over the past 10–15 years, bots have almost completely captured the entire economic sphere, and all this is relevant for the crypto sphere as well.
Don’t miss out on this unique opportunity to improve your chances of success in trading! The use of crypto bots will allow you to use the features of artificial intelligence profitably to delegate actions that you completed manually in the past. Emotionless trading, high-speed dealmaking, backtesting, trading on paper, and risk diversification — all these are the advantages of using bots. Try to implement them into your investment processes, and you will see how they become more effective over time!
New to trading? Try crypto trading bots or copy trading on best crypto exchanges