However, supported exchanges do include many favorites including Binance, Coinbase, and Kraken. There is no guarantee of profit, but a well-designed trading bot can automate trading strategies that have historically been profitable. It is possible that a poorly configured bot could lose money if stops have not been configured to take profit.

Even if cryptocurrencies are stored within cold storage, Shrimpy can account for that extra asset allocation and adjust a portfolio accordingly. All of the indexes created on Shrimpy can be connected with over 16 different cryptocurrency exchanges, which places the platform in the mid-range when it comes to connectivity. Although users may enjoy the optionality of Coinrule, some may be disappointed that the platform only supports 10 different cryptocurrency exchanges, which is slightly less than competitors.

Furthermore, as native exchange bots, trading is restricted to the crypto pairs, liquidity, and trading volume offered by Pionex. In addition to the ease of use and low trading fees, another great feature of Pionex bots is that they can be accessed from both the Pionex website and mobile applications. Although trading bots are designed to be automated, the ability to manage bots using a crypto app is a useful perk. Meanwhile, Futures Grid allows you to trade cryptocurrency derivatives with an advanced version of Grid Trading, which lets you analyze market data thoroughly and make informed investment decisions. It is worth noting that the holders of Binance’s native BNB token benefit from lower trading fees and other promotions. For more information, check our guide on how to use the advanced features of the Strategy Trading platform.

The second key – and equally as important metric to consider when assessing the benefits of a Bitcoin trading bot is having access to multiple markets. By this, we mean being able to trade on multiple third-party cryptocurrency exchanges concurrently. Ordinarily, the sophisticated nature of the financial and cryptocurrency markets means that we can only trade on one platform at a time. Kryll is a relatively new cryptocurrency trading bot platform that tailors its services to those with little experience in the field. The stand-out feature offered by Kryll is its super-simple ‘drag and drop’ strategy builder. The builder is suitable even to those with no experience in trading, as each step of the strategy is broken down piece-by-piece.

While the three lowest-priced plans offer just 1-3 cryptocurrency exchanges, the most expensive plan still only offers 5 exchanges. However, if you’re looking to trade on a single exchange and thus – not engage in arbitraging,  then this shouldn’t be a problem. In terms of the fundamentals, Cryptohopper is supported by nine exchange platforms, and you have the option of trading up to 75 different pairs.

3Commas has also partnered with CoinLedger to bring automated tax reporting to their users. Most bots support a limited number of exchanges, namely the large centralized exchanges such as Binance, Coinbase, Kraken, KuCoin, etc. Trality supports some of the most popular cryptocurrency tokens found on tradepro-air crypto bot the supported exchanges. You can get access to an unlimited number of bots with the maximum plan, an unlimited number of pairs, TradingView signals, and ctom signals, as well as Binance Futures. You can select top traded coins, buy more of what will likely go up, and sell coins that might go down.

UKey1 hashes passwords and encrypts personal data using sophisticated security methods. In its current state, this project has over 20 links to controlled and decentralized exchanges, including well-known companies like Coinbase, Binance, and Kraken, to name a few examples. Many individuals find the amount of information available to them overwhelming, and, thus, the prospect of learning everything on their own becomes intimidating. Between studying numerous projects and learning various trading signals, it is possible to quickly turn it into a full-time job. On the contrary, you could instruct your bot to leave half of your gains open, and proceed to make two additional orders. One order could instruct the bot to exit the trade if Bitcoin goes down by 1.5%, and the other could repeat the original order by cashing out half of your gains if Bitcoin goes up by another 5%.

Once the exit parameter is met — the stop-loss or take-profit level — the bot will automatically close the trade. In addition, Coinrule also enables anybody to select from various predefined trading methods with no coding required. As a result, traders of all skill levels can actively engage in the perpetually open cryptocurrency market and trade around the clock. Additionally, a trading bot would gain knowledge of the markets, participate in them, and continue to function as long as conditions were good for each of the strategies it had been given. In this sense, you are best advised to choose a Bitcoin trading bot provider that offers this feature. Otherwise, you will be sending your bot into the wild without knowing whether or not it is likely to succeed.

It also has paid plans with a low monthly fee and a small portion of the traded volume. Coinrule’s user-friendly interface makes it accessible to both experienced traders and beginners. The platform provides a range of pre-set templates for those new to algorithmic trading, as well as advanced customization options for more seasoned traders. Bitsgap was first launched in 2016 and was created as a platform to manage manual trades on multiple exchanges. However, the platform has since evolved to include a range of popular crypto trading bots.

The free Starter subscription tier allows for 2 live rules, 2 demo rules, 7 template strategies, 1 connected exchange, and up to $3K in trading volume. Although the internal flexibility of Pionex bots is good, there are also a few cons that prospective users should be aware of. Unfortunately, there is no option to create a strategy from scratch, which means traders must work within the realms of predefined strategies.

Before you get started with your automated trading strategy, you should make sure you have a plan for tax reporting. Trying out the platform for yourself is typically the best way to understand if it is right for you. Kryll offers a pay as you go program — prices vary based on your trading volume and how much KRL (the platform’s proprietary token) you hold. Kryll’s website allows you to estimate fees — if you trade 1,000 USD in one day without holding KRL, it’s estimated you’ll pay $0.33 in fees.

To enable users to try out their rules before putting them into live real money trading, Coinrule offers an easy-to-use ‘paper trading’ platform. It makes use of real-time data from the Binance paper trading interface, which supports all of the trade pairs that are offered on the exchange. Nowadays, trading bots have become an important tool for experienced traders in a market packed with hundreds of assets, some of which have many derivatives and very high price volatility. Different powerful bots can be successful based on the strategies they use.

DCA is a strategy used by investors who want to remove both market volatility and emotion from trading. The strategy involves buying a predefined amount of one cryptocurrency at frequent intervals, such as on a weekly or monthly basis. Since funds remain on the exchange, the chance of loss due to a breach is negated. WunderTrading promises to​​ automate any TradingView scripts into their crypto trading bot. It’s pitched to newcomers with an easy-to-use platform where you can follow traders and analyze their trading history before following. With support for 80+ cryptocurrencies, eToro offers a robust trading environment, albeit for a relatively limited range of coins.