Cryptocurrency Trading Bots – The constant development of the crypto industry is a long-term tendency, resulting in more and more advanced novelties. One of them is cryptocurrency trading bots — cutting-edge algorithms that not only simplify market operations but literally take trading several stages further.
Bots’ reputation precedes the attention drawn to them, spurring more and more new platforms to rapidly sprout up like mushrooms. Hence, the crypto community is becoming way more engaged with the topic of choosing the suitable one considering their personal experience and knowledge.
This article’s primary purpose is to help such users decide on which crypto bot to use while regarding my top 5 ones based on my personal usage of them.
Best Cryptocurrency Trading Bots in 2023
Listed below are my pick for the best trading bots to use.
- Pionex
- 3Commas
- Kryll
- WhiteBIT Bot by GoodCrypto
- Trality
1. Pionex
Pionex is a platform including 16 different bots for trading, namely:
DCA (Dollar-Cost Averaging) Bot — this bot allows users to carry out cryptocurrency operations on the basis of a martingale strategy, which core idea is a laddering-buy, then selling all at once.
Grid Trading Bot — the bot uses the grid strategy in its function, which allows traders to predefine price ranges divided into levels, creating a grid, and postpone chosen market limits with the figures users choose;
Rebalancing Bot — this bot is a top option for holders of multiple cryptocurrencies.
Pionex has a great bunch of advantages, making it a superior tool not only for pros but also for beginners. Among them is the ability to use the bot for free with a cost-competitive trading fee of 0.05% and the possibility to use software directly via the platform with no requirement to use APIs to connect to third-party exchanges.
Significantly, Pionex has been recently integrated with the renowned ChatGPT. Their collaboration resulted in PionexGPT — a cutting-edge AI tool, serving for the automated creation of personal trading strategies.
2. 3Commas
3Commas is a cloud-based platform offering 21 trading bots and supporting 20 currencies. The service provides not only popular DCA and Grid bots but also HODL and option bots which, alas, can be overly complicated for beginners to use. Ones, however, may begin their introduction to 3Commas with a paper trading feature to implement testing strategies.
Another engaging element of the platform is its trailing stop tool, specifically its ability to keep the user’s position open as long as the price increases and automatically close it as the price reverses.
A truly compelling gig of 3Commas is that it offers various bot presets created by professional traders. Simply put, the user has the option of copying trading strategies with proven efficiency from professional traders.
Significantly, 3Commas has an ongoing partnership with CoinLedger, integrating the automated users’ tax reporting into the platform.
You can either develop these strategies from scratch or copy them from professional traders for a fee (or for free if they allow it). 3Commas offers bot presets created by elite traders so users can copy the best strategies with proven performance.
3. Kryll
The third on my list of best crypto trading bots is Kryll. Kryll is an AI-powered crypto trading bot that stands out for its phenomenally simple interface for building strategies, allowing users to build them graphically. That makes the platform another great choice for beginners and those who prioritize intuitiveness and top quality of the software’s UI.
Kryll is remarkable for its active community, however, the true hallmark of the platform (especially for advanced traders) is the ability to publish your strategy in its marketplace for other traders to use. The application of your strategy would convert into the commission you earn, enhancing Kryll’s potential as a highly-profitable option.
In addition, Kryll provides its users with a wide range of features, such as managing stop-losses, trailing stops, and multiple take-profits.
4. WhiteBIT Bot by GoodCrypto
WhiteBIT Bot is a trading tool integrated into the GoodCrypto application that functions with the WhiteBIT exchange and offers miscellaneous solutions for automated trading, including Grid, DCA, and Infinite Trailing bot strategies.
The last one is capable of capturing large market fluctuations within a certain trailing distance and running the algorithm until it reaches the goals user indicates. It is also worth pointing out that the WhiteBIT bot provides users with the ability to set a PnL drawdown that can be used as a Stop Loss condition.
In addition, WhiteBIT Bot possesses a wide list of various indicators, including Long DCA and Short DCA bots, as well as the Lond Grid and Short Grid. The crucial point about the WhiteBIT bot is its intuitiveness and mobility in usage via Good Crypto App. Besides, it is pretty simple to launch and set up.
5. Trality
Last but not least on my crypto trading bots list is Trality. It is the leading European-based FinTech platform providing crypto enthusiasts with a wide range of automated trading features. The service’s gig is the first of its kind Code Editor — a tool providing users with end-to-end encryption, free financial data, a debugger, and a backtester. Other Trality’s tools include Rule Builder (an instrument to create automated trading algorithms with no programming code required) and Bot Marketplace — pretty similar to the one Kryll offers.
Another uniqueness of Trality lies in its community building via the educational platform Masterclass which offers users trading learning and other technical tutorials.
Conclusion
While choosing a trading bot, all essential characteristics should be thoroughly considered. Their range depends on every user’s individual factors, however, the three foremost pillars of a decent crypto-bot should be defined. These are functionality, security, and performance. The list above was formed on the basis of the three criteria mentioned, hence it is only up to you which aspects are key for you in choosing the right platform.
Disclaimer: The material in the article stated above is solely an author’s point of view, shared for educational purposes. This is not a piece of financial advice. Anyone thinking about trading should obtain professional or independent financial guidance.