The Top 7 Crypto Trading Bots for Beginners
In the old days, it took years to become a financial trader. However, with the advent of trading bots, anyone can use a bot to trade any asset, including cryptocurrencies.
Bots don’t need any technical knowledge to use, as there are existing rules you can apply immediately. They are also safe to use because they don’t have access to your funds.
Some bots have features that are tailored for use by advanced traders, while some have features more suited to beginners. The following are seven of the top crypto trading bots for beginners.
It is also one of the most beginner-friendly, with a simple user interface that anyone can quickly figure out how to use. As a beginner with no technical skills, you can apply the existing trading rules and start trading.
The platform has a backtesting feature so you can test any strategies or rules you create before deploying them in real trades. You should learn what crypto trading strategies are and how they work as the right strategy can reduce your chances of losing your money.
There are three types of accounts you can use, the first being absolutely free with no limit to its use and a decent number of available features. You can always stick to that and get comfortable before moving on to paid plans when you are more comfortable with the bots.
Furthermore, there is a long list of exchanges to choose from, including Binance, Coinbase Pro, OKEx, HitBTC, Bitstamp, Bitpanda Pro, Kraken, Poloniex, and BitMEX.
Cryptohopper is a crypto-bot trading platform designed to suit both beginners and experienced traders. The platform has an algorithm that takes advantage of all market conditions to your advantage and ensures you don’t miss a price pump or get caught in a dip.
One of the features that makes this possible is the Dollar Cost Averaging (DCA) bot that repeatedly buys assets at different prices, which gives you an overall good average buying price.
Another notable feature is mirror trading, which allows beginners to copy the trades of pros. This allows them to profit if their mentor profits, and they get to learn to trade in the process.
Cryptohopper also has a free account that you can use to test the waters and also a backtesting feature to help you try out new strategies.
Pionex is the combination of a cryptocurrency exchange and a crypto trading bot platform. Users can trade manually or use trading bots, which automatically buy crypto assets low and sell high. This is one feature that makes it suitable for absolute beginners.
It is also noteworthy that the trading bots on Pionex are absolutely free to use. Only a flat 0.05% fee is charged for buy/sell orders, and you’ll need to pay for network fees that are deducted automatically.
Pionex also has unique combination bots. The first is a Grid trading bot that places buy and sell orders automatically at set intervals, thus no effort of yours is required.
The second group is the crypto arbitrage bots which take advantage of differences in price on different exchanges to make a profit. Last is a DCA bot that buys at random prices (not completely random, mind!) to arrive at an overall fair buying price, thus turning the market in your favor.
3Commas is another beginner-friendly trading bot platform to use for trading cryptocurrencies. Trades are executed automatically round the clock, all you do is set the buy/sell prices to execute, and the bot takes profit and stops loss automatically.
It also has the copy trading feature, which enables you as a user to copy the trades of seasoned traders, increasing your chances of making a profit and giving you a chance to learn. You can try the free plan, and the paid plans are relatively cheap.
Supported exchanges include Binance, Bitfinex, Bitmex, Bitstamp, Bittrex, Bybit, Coinbase, Deribit, FTX, FTX US, Huobi, Kraken, Kucoin, and OKEx.
Besides having Grid, DCA, and Options bots, 3Commas also has a HODL bot that automatically buys cryptocurrencies at low prices and holds them for the future, making it easy to stack sats and other assets.
This is an all-in-one platform for trading all things crypto, whether manually or using crypto bots. The platform’s design makes it possible for you to place orders from several exchanges using indicators such as RSI, which you can easily learn how to use.
Available bots include Grid, DCA, and Futures bots, the latter being a bot that allows you to trade crypto futures (which may not be entirely suitable for an absolute beginner). What’s more, there is a demo account for you to try the platform with practice funds before placing actual orders.
Tradesanta does not offer a free account, but it may be worth using considering the comfort it offers for traders to coordinate trades from just one platform. There’s also a mobile app that allows you to track trades on the go on your mobile device.
Wunderbit is one of the most complete beginner-friendly automated trading platforms. The platform offers smart trading, a feature that allows you to create and edit orders.
You can change the take profits, stop losses, and trailing stops to any order, making it a unique platform.
New traders can also copy the trades of mentors to learn trading while reducing their chances of losing and increasing the chances of winning. Trading signal providers are also available on the platform to provide newbies with signals they can easily trade with.
You can use the DCA bot and portfolio tracker, which lets you track your portfolio on the go once you’re linked to an exchange.
Another major feature is the ability to manage multiple accounts and trade using different Application Programming Interfaces (APIs) from an exchange simultaneously.
If you’re a beginner looking for a place where you can do all things crypto, Shrimpy is one place you should consider. An automated crypto trading platform, it also allows you to connect up to 30 wallets and exchanges so that you can coordinate all your activities from one place.
As a beginner, you may need some guidance initially. Shrimpy provides this through the copy trading feature, which lets new traders copy trades of more experienced ones.
You can also imitate the digital asset portfolios of investment funds like Coinbase Ventures, Blockchain Capital, or Binance Labs, making it a place to learn crypto investing as a whole. You can also backtest new strategies before applying them to your trades.
There are no free accounts, and a subscription starts from $15 a month for the Starter Plan.
Trade Like a Pro Using a Crypto Trading Bot
You can use any of the listed bot platforms to start your crypto trading journey today. Furthermore, it is possible to trade like a pro with the bots since they require almost zero technical skill to operate.
The influence of your emotions on trades is also drastically reduced when using bots, making your trades more likely to win rather than lose. Most are also free, so you can easily try one today. But remember, investing and trading using a crypto bot is the same as any other type of investment. You can still lose money, and profits are far from a guarantee.
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August 1, 2022 at 03:21AM