With the rise of Litecoin, Bitcoin, Ethereum, and other digital currencies, people have been thinking of ways to take advantage of cryptocurrencies to make some fast cash.
Using crypto bots is probably the easiest method to make no less than a $100 profit a day. Thus, people all over the globe are looking for a way to make money from these bots.
Cryptocurrency Bots in a Glance
Bots are automated computer programs developed to run tasks with little to no human intervention. In the crypto space, bots are getting used to trading one or multiple cryptocurrencies on one or various platforms on behalf of the user or owner.
Aside from machine learning, artificial intelligence, and other savvy technologies, modern cryptocurrency trading bots can collect gigantic data crypto market information in real-time through application programming interfaces (APIs). After that, they analyze information through predefined strategies to derive actionable and practical metrics or conclusions called trading signals.
Crypto prices are being analyzed to make predictions. The closer the prediction is, the better the crypto-bot trading performance will be— this means profit.
Crypto bots pull out information from multiple news sites, crypto market markers, and social sources. People employ machine learning and AI to decipher which news influences market prices. A crypto bot can be integrated into crypto exchanges or bought separately as single software.
Disclaimer: We are not affiliated, associated, authorized, endorsed by, officially, or in any way connected with the crypto bots that will be mentioned. This post is not sponsored, and everything mentioned in the article is based on research and experience.
Crypto Bots for Automated Trading
Investing manually in the cryptocurrency market is undeniably time-consuming. There are a lot of things to examine and analyze. However, thanks to crypto bots, we can make money without spending much on it.
Cryptocurrency bots save time, eliminate repeated tasks, and automate your portfolio, so you can earn more money without having the need to be hands-on with your investments 24/7.
Here are the crypto bots you can use:
3Commas
3Commas is a crypto trading software intended to help users create automated trading bots. The platform oversees $10 million worth of trading volume every day.
This one is a good option for neophyte crypto traders since it is relatively intuitive to use. 3Commas is also in collaboration with crypto exchange and offers a spot trading interface that adds risk control tools to manual trades.
The main attraction of this platform is its trading bots, which one out of three revolves around dollar-cost averaging— the Gordon bot. This bot is a premade bot that users can program just to run in just a matter of seconds.
What you need to do is to decide how much money you are willing to commit to the bot and pick whether you want to run the bot in a conservative, moderate, or aggressive strategy.
The Gordon bot makes use of famous QFL trading strategies that seeks possible dead cat bounces. A conservative approach waits longer for additional price drops, while a more aggressive approach will enter trades at the first sign of a price dip.
The Advanced bot is a more personalized dollar-cost averaging bot. Pick from various trading approaches, including scalping and QFL, or connect your TradingView account to import your business trading signals.
Decide whether you want to make a composite (multiple currency pairs) or simple (one currency pair only) bot and pick what currency pairs it should monitor. There are a wide variety of options for customizing the parameters of a bot, including taking profit, stopping loss, and the setting.
3Commas has provided a feature of portfolio tracking, so you can easily track trading history, composition, and profit and loss of cryptocurrency portfolios.
Instead of serving an exchange itself, 3Commas is created to work with your account at a crypto exchange. 3Commas works with 22 exchanges at the time of writing, including Bitfinex, Kraken, Coinbase, Poloniex, Bitfinex, Binance, and Bitstamp.
3Commas would greatly benefit cryptocurrency traders who are darting to make the jump from manual trading to automation.
CryptoHopper
CryptoHopper is a cloud-based crypto trading bot that engages with an algorithm-programmed trading approach and enables users to utilize external signals to make intelligent trades.
The platform is compatible with eight leading cryptocurrency exchanges, including Coinbase Pro, Bittrex, Binance, KuCoin, and Bitfinex. This guarantees that your automated bot has adequate levels of liquidity to achieve its pre-programmed pursuits 24/7.
With CryptoHopper, you can leverage both paid and free signals from a variety of sources. It makes use of more than 30 trading indicators and more than 90 candle patterns.
The primary features of CryptoHopper include the following:
- Bull Market. If the crypto bot is operating in a potential bull market, make use of the trailing stop loss feature to protect your upward gains with adjustable stop losses. This will allow you to exit the market when, if ever, an eventual market correction takes place.
- Bear Market. If the markets have taken a turn for the worse, then you can demand your bot to fully prepare by exiting a trade at the first indication of a downward trade. Moreover, your bot can also engage in short selling as long as you are using an eligible exchange.
Cryptocurrency trading bots can be utilized to increase profits in the crypto space. These bots play a big role in the crypto trading community since they significantly improve loss-making trades. In fact, there’s an increasing number of people that bots have led to millions of dollars in profit.
However, if you’re thinking of employing crypto bots in your trading, do a bit of analysis and familiarize yourself with them first. This way, you can readily avoid the risk and learn how to make money quickly with bots.
It’s essential to keep in mind that there are downsides when it comes to crypto bots too. First, there might be a change that the bots are simply not designed nicely. Next, they only equip marginal returns even when performing correctly.
