How Effective Are Cryptocurrency Trading Bots?

We all know Cryptocurrency market never close and never sleep too. Which can be annoying for investors and Traders.

For the crypto users its become habit, when they woke up in the morning to be greeted by a pleasant or unpleasant surprise when they check their portfolios and up-downs in the crypto market.

As a result of the haphazard of the market, the trading bots have become increasingly popular among the traders by allowing the trading bots to control their trading all the time. These bots make stressful to the users, in additionally correctly specified bot trades the more efficiently than the trader would be done manually.

The viral popularity of crypto trading bots in the cryptocurrency market as the resulting number of trading bots available right now! Either for free open source platforms or licensed to users in exchanges for fees. However, it could be difficult to find which of them work fine and which of them are an absolute waste of time.

By considering the fact of trading bots, I am going to explain to you what exactly trading bots are? And also it considers some of the best trading bots in the current market.

What are the Trading bots?

Basically, A treading bot is a software programme uses the various indicators to recognize the market trends and automatically execute trades (places buy and sell orders on behalf of you).

These bots take the decisions by monitoring the market price movements and reacting according to the pre-programmable rules.

How does Trading bots work?

Trading bots work by reacting to the market. It collects the data its needs in order to execute a trade based on analysis of the trading platform.

In regard to a strategy of trading, many works by exponential moving average (EMA) as a starting point. EMAs track markets over a set of time and bots are programming to react to that price’s change or act further when the price behaves in a certain way such as moving beyond certain thresholds.Other bots work on the basis of a tweaked EMA approach, for example, using DEMA [double exponential moving average] or TEMA [triple exponential moving average]. These can respond faster than EMA-based bots.Other bots use relative strength indicators and regression analysis methods especially useful for unstable markets.

Here I have listed some best and popular crypto trading bots.

Hassbot

As my experience, it is one of the most popular trading bot available in the market today. Furthermore, Hassbot supports the long list of major cryptocurrency exchanges and completely customizable in terms of when it should execute the trade. 

This bot provides a thin stick line chat pattern recognization with several other trading signals to improve the more advanced crypto trading strategies.

3commas:

3Commas is a popular trading bot which works with a number of top exchanges such as a Bitsamp, GDAX, Cryptopia, Huobi, Bittrex and YOBIT. The bot works 24/7 with all devices. 

Cryptohopper:

Chopper is could base 24/7 cryptocurrency bot. It means bot will trade even if they are turned off PC or phone and it features embedded with external signals also able to trade using the multiple exchanges. 

In the first-month trading is free, After the month subscription packages from $19 to $99 per month.

Gekko:

Gekko is a free bitcoin open source platform based on GitHub. Its Really good trading bot for those who news to the cryptocurrency market and who wish to analysis the different automated trading strategy.  

Gunbot:

This bot has very user-friendly features with a wide range of settings and specifications has been designed for both the beginners and advanced traders. It is also embedded with major cryptocurrency exchanges.

Conclusion:

Yes, Offcourse! Trading bots are helping the traders in busy schedules, they are unable to interact with the market and do the tradings when the market volume is high. But its software can be difficult for inexperienced traders to understand and bot trading is not necessary for everyone. Furthermore, there are lots of trading bots available in the market just be careful because some of them may not be legitimate.

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