Best Crypto Trading Bot in 2020 | Top 12 Bitcoin Trading Bots
Nowadays, lots of teams provide paid and free crypto trading bots for Bitcoin and other cryptocurrency. It’s a hassle for a crypto trader like you and me to choose between these services
When should you use a Crypto trading bot?
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
We have moved the story here .
Discover the discounts, coupon codes on trading bots.