Nowadays, cryptocurrency trading is one of the most profitable ways of investing since the crypto market is in great demand and offers various conditions for increasing profits. However, it also has its drawbacks. For example, the cryptocurrency market is very volatile and carries certain risks. Fluctuations in the prices of coins in the crypto market can lead to the fact that a trader can lose their investments, especially for inexperienced traders who do not have enough skills and knowledge in this field of activity. Thus, it is imperative to know how it all works before you invest your money.
For this reason, before you decide to start crypto trading, you should investigate the market and pay special attention to algorithmic trading if you don’t have any experience in manual trading.
Algorithmic trading significantly simplifies the whole process. One of the best algorithmic tools is crypto trading bots. Such tools are developed to study prices on different exchanges and enter the trades to take advantage of discrepancies. Crypto trading bots help traders get profits from the cryptocurrency market. You can set up them according to your preferences, and they will automatically enter the trade even when you are not near your computer. But which of them are the most effective? Let’s figure out which bots are considered the most suitable and profitable for crypto trading.
The Best Crypto Bots
Some of the best crypto bots for trading cryptocurrencies in falling markets are Crypto Future, Bearish Power, CyberBot, and Optimus. These trading bots are featured on the Cryptorobotics platform. Each of them is designed to trade during certain market trends. Therefore, before you decide to choose a bot, you should carefully study its characteristics and functionality.
This bot utilizes users’ configured indicators on multiple timeframes to inform about potential trend reversals in the market. In this case, the bot opens an order without waiting for a signal that confirms the trend; instead, it utilizes statistical extreme values to enter trades. This bot is capable of entering long and short positions.
Optimus is a crypto trading bot designed to trade in the flat market. So to put it another way, it makes transactions when there is low market volatility. Every trader can customize this bot to make the trading process more effective.
CyberBot is designed to enter the trades in the bull market when there is a positive market trend. It never makes deals against the trend, which minimizes the losses and helps generate returns.
Crypto Future bot is allowed to use short and long strategies for crypto trading. It means that it can enter the trades both when the price is falling and increasing. These crypto trading bots are divided into three types and are differentiated by the risk level during trading as well as the number of basic crypto pairs. Let’s take a closer look at them.
Differences between Crypto Futures trading bots
|Types||Trading pairs||Risk management|
|Conservative||10 trading pairs||Conservative Stop Loss and Take Profit|
|Moderate||20 trading pairs||Moderate Stop Loss and Take Profit|
|Risky||30 trading pairs||Risky Stop Loss and Take Profit|
Any of your trading strategy bots can be connected to the Cryptorobotics platform system via API.
Moreover, you can see the statistics of each crypto trading bot to follow the effectiveness of trades:
- Current statistics.
- General statistics.
- Statistics for a period of trade.
You have an opportunity to monitor the statistics for a certain exchange and crypto pair (ETH, BTC, USDT).
In addition, there is also available information about the general number of successful and unsuccessful trades there were, and the average profit or loss. It also shows how many trades are opened by the bot.
Besides the main settings, Traders can set up such features as “Take Profit”, “Stop Loss”, “Trailing” which are used to minimize the loss of funds and increase profits.
How to select a suitable crypto trading bot?
Before you choose the crypto trading bot, you should consider the following points:
- Pay attention to whether the trend in the market is bearish, bullish, or flat. This is a very important factor as some bots can only enter trades when there is one of these trends in the market.
- Functions of the bot.
- Tariff plans are offered to crypto traders.
- Crypto exchanges where bots can trade.
- Strategies that can be implemented by a trading bot.
Manual trading requires practice, knowledge, and time from investors. A trader needs to know all the nuances of crypto trading and understand assets. Therefore, all these difficulties can be eliminated with the help of trading bots. However, before you purchase a subscription, you should carefully study all the functionality of the bot in which you are interested to figure out whether it is suitable for your trading or not.