A trading bot is a unique kind of software to help automate any trading, especially cryptocurrency and forex exchange. The bots execute trading programs on your behave within an online exchange base as per the parameters of the programmer.
The bots are mostly used for selling and buying the kind of orders you need through the exchange of an “API.”
Application Programming Interface(API) is a network interface for the application that gives it the right to send and receive any specific kind of data only. It is mostly used for the exchange of buying and selling of crypto orders and also collecting the balance and the final price.
The majority of the trading bots for cryptocurrency allows one to exchange and utilize the API for better interaction. The interface allows both parties to pull data from the exchange trade and will enable one to make specific kinds of changes on their account through a set of programs.
The automated program that makes the trade program possible through the exchange’s API program is known as “Trading bot.” Trading bots are very much legal and allowed by most exchanges out there. The more you buy and sell the better for both trading parties.
Are trading bots a sure bet in terms of profitability?
Various factors come into play.
First, how accurate is your software, especially the bot, the application, and the API, and any missed glitches that can go south within no time.
Second, how the market is fairing if the market spikes or crushes.
Thirdly the type of trading strategy one is using to trade.
Fourth, how to adjust the bot according to different market conditions as a distinct strategy can make you the right amount of cash in any type of market.
Still, the same procedure will fail terribly in a different kind of exchange.
Bot cryptocurrency trading is beneficial, especially during global trading which is 24/7, as there is no human being who can react to the market all the time, 24 hours a day.
Excellent knowledge and experience are very vital to use the trading bot as a thing can go wrong faster than expected.
Bot trading might not be the best option for every trader.
For new starters who have no experience trading it is essential to be careful and trade on the small amount that you can afford to lose.
Best trading bots available in the market:
It’s relatively new automated crypto trading bot in the industry but has come up fast with rapid growth and market success. Traders with more experience can set their trading manually as per their choice, plus the new and inexperienced can set it to automated crypto trading and the bot does all the work for them.
This automated crypto trading bot comes with a back test; this feature helps end loss plus there is another one that helps sell in times of profit alone. It also comes with the ability to trade with various types of exchange programs.
Napbots has excellent features as it’s the only cloud-computing based cryptocurrency bot available in the market. It makes it helpful as one can trade even when the computer is off.
It’s the best smart automated crypto trading bot available in the market. It has unique features, mostly referred to as trailing profit and trailing loss. When using this feature, one can set a failure to avoid any injuries from being incurred, thus securing all the advantages made during the period.
3commas can analyze the market condition and ensure all the sales made come with a return as it trades it at the right time; this provides good returns in investments. One can access their account anytime, anywhere, at their convenience through any internet-enabled devices. One can act quickly to any market change. It also comes with a free trial account to be able to understand it better.
The crypto market is very volatile, thus making it difficult to find the right time to trade or invest. The platform was launched way back in 2018, and it offers the best solution in automated trading. The platform has been made flexible with advanced features, thus making it easy for a trader to create their trading strategy.
It features drag and drop conditions and indicators that connect them, thus relating them to automated and advanced strategy. The Kryll.io offers market linked with things like the value triggers, market indicators, technical indicators, the operator’s logistics, the notification, and information blocks. One has to select the best strategy that suits their needs on the type of trade and leave the platform to do its job.
This platform is fairly new in the market. Many traders love it because it can be integrated very well with other Trading views. This has an API that works pretty well on the Binance Trading exchange. The Signal is used to execute a different trading strategy. It’s very transparent with a user-friendly Eco-system.
The creators of the platform are coming with new features to help include exchanges like Coinbase, KuCoin, Bittrex, and the Poloniex.
The platform has a lot of inbuilt trading strategies like Ping Pong, Step Gain, and Bollinger Band. Most traders know and think the Bollinger Band has the best approach as they rank a massive amount of profits. Gunbot is available for different cryptocurrency exchanges like Poloniex, Kraken, Bittrex, and Cryptopia.
It’s essential to pay attention to the trade just in case of a volatility market spike when one should turn the trade off.
It began in 2014, and it is supported by many Bitcoin exchanges like the BTCC, Huobi, Kraken, Gemini, GDAX, Bitfinex and Poloniex.
Haasbot is able to follow the market on your behalf but requires some monitoring at some point.