These bots are actually specific computer programs that help in creating and submitting buy and sell orders to the exchanges.
These orders are made and are determined on the basis of a predetermined strategy and the rules of trading.
You will typically need a crypto currency bot primarily for automating your trading strategies according to the rules to follow.
This will also help you to reduce risks of these time-consuming and repetitive tasks, which might get complex at times.
Apart from helping in automation, a trading bot will also help you in performing several other tasks conveniently such as:
- Conducting periodic rebalancing of your portfolio to increase its profitability
- Ensuring proper timing of trading the coins to make the best out of the price fluctuations and
- Doing everything with a higher degree of accuracy to increase your potential earnings significantly.
These things are quite hard if done manually, which is why using a crypto trading bot trading is recommended.
Ideally, choosing a paid version rather than a free one will be of more significant help for you. Check out Best Free Crypto Trading Bots.
- 6 Best Paid Cryptocurrency Trading Bots
- Tips to Pick the Best Paid Cryptocurrency Trading Bot
6 Best Paid Cryptocurrency Trading Bots
Needless to say, the paid cryptocurrency trading bots will have more useful features, which is why you should try to go for them.
If you are unsure which to choose for you from the humongous list, here is an abridged one.
1. Trality – All Round Performance
This paid crypto trading bot will provide an all-round and most powerful performance due to its Python API or Application Programming Interface.
It is good for those users who are well accustomed with Python. It helps these traders to use common libraries and languages for their trading benefits.
It also comes with an in-browser coding feature that will allow you to do intelligent back testing. The upcoming features of this bot are in-browser rebalancing and debugging.
Even with its current features and apart from its Python integration, this bot is easy to use.
You will also be benefited a lot by the detailed documentation that will help you in making more complex bot building easier and much more transparent.
2. Cryptohopper – A Mighty Bot
This is a mighty pot that has the ability to deal with more than hundred tokens on different exchanges. It is this versatility that encourages more than hundreds of thousands of users to use this bot.
There is something or the other in this crypto trading bot that will help each and everyone while creating an efficient trading strategy.
If you are a beginner, you will benefit from its rich educational resources. There are also a lot of signals and templates that will help you in building your trading strategies.
As for the experts, this trading bot offers them the ability to design and back test their trading strategies.
Other interesting features of this crypto trading bot that makes it an all-round performer are its useful toolbox, user-friendly interface, and cloud hosting that enables quick deployment.
3. Shrimpy – Unique Social Features
This crypto trading bot will allow long-term portfolio management and comes with unique social features that make it stand apart from the others.
In addition to that, this bot will help you in a lot of other ways such as automated trading, performance monitoring across different crypto trading exchanges, and portfolio rebalancing.
Perhaps, the best thing about this trading bot is its ability to connect you with other users with its unique social features.
This will allow you to know what the top users and successful traders do and copy their trading strategies to gain the same benefits, if not more.
If you can use this bot efficiently and are successful then you can also find yourself on the top of the leaderboard. This will give you an added opening to get monthly earnings from posting.
This is, in short, a premier automated trading platform that will allow you to make the best use of the Shrimpy’s community, the easy to use interface, and its support to a wide range of trading exchanges.
4. Haasbot – Advanced Trading Assistance
If you want some help in making advanced trading, then Haasbot is the recommended paid crypto trading bot to use.
The most significant aspect of this bot apart from its high-performing ability is that it will allow you to set up pre-built bots.
You will also have the chance to customize the existing bots to have better results or even develop an entire set of new ones.
Complex as it may sound, all these can be done very easily due to its drag-and-drop user background.
However, you must also keep in mind that this bot does not allow back testing or offer insurances that will allow you to minimize the inherent risks in trading crypto.
Still, the complex technology of this bot will allow you to deploy more advanced multi-bot strategies. This makes it one of the best crypto trading bots to use, especially by the experienced traders.
5. 3Commas – Good for Independent Traders
This is another sophisticated crypto trading bot that is good to use by the independent traders or those who are not very tech-savvy.
It comes with a user-friendly, simple, and a good visual interface as well as a more reasonable package which will allow the users to implement more complex strategies.
Another useful feature of this trading bot is that it will allow you to program mechanized trading options.
If you want more assistance or gain more knowledge to use this bot, you can take help from the blogs that offer helpful insights, much better analytics, and useful guides for different types of crypto traders.
6. Stacked – A Completely Mechanized Bot
If you do not want to know exactly how you can develop your own trading strategies for crypto buying and selling then this crypto trading bot will help you in all aspects.
This is a completely mechanized bot that will promise you high-yield from your investments.
This will allow easy access to different trading indices with its pre-built and pre-tested set of bots that will increase your confidence by a significant margin.
Tips to Pick the Best Paid Cryptocurrency Trading Bot
A significant thing to know about the crypto trading bots is that the functionality of these primarily depends on the market trends and data available and there is no element of emotion in it.
Therefore, it will minimize the risk of losses and will help you to generate passive income all through the day, with automated trades.
However, it will only be possible when you choose the right paid crypto trading bot for you. In order to help you in the process, here are the tips to follow.
- Credibility and reputation
Choose a crypto trading bot that has a high reputation in the market and credibility, especially of their support staff.
The best way to do that is to choose one that is reliable, has a lot of work experience, is qualified to handle complex sets and ensure a consistent growth, has better functionality of the bot, and is transparent.
- Strategy alignment
Another important factor to consider while choosing a paid crypto trading bot is to see whether it aligns with your trading strategy that you want to implement. For this, it is critical to read their reviews, preferably from different third party sources.
Along with that, you should also determine how hands-on you must be in terms of the configuration of the bot while making your trades. If you are not much technologically inclined, then it is not feasible to choose a trading bot that needs exactly that from you.
- Back testing
Since you will need to conduct back testing your trading strategies, you must choose a crypto trading bot that is quite capable of it.
Before you finalize on a particular one, make sure that the bot is able to do that with the given market data.
In addition to that, you must also check whether or not those tests are practical. You can check this by considering the major factors such as slippage, latency, trading fees, and its ability to access the exchanges to collect valuable sets of data.
- Execution and scheduling
Finally, make sure that the crypto trading bot is able to execute your trading strategies quickly and in real-time.
It should be able to hard code your trading logic by converting them into API requests which should be understandable by the specific trading exchange.
You will also need a job scheduler in it which will help you to automate easily and effectively the trading strategies after hard coding and testing them in the real world.
A cryptocurrency trading bot will help you to generate profits from your investment by automating your trading strategies. However, not all of them are made equal and therefore you should choose one that meets all of your requirements.