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A cryptocurrency trading bot is an automated software program capable of conducting transactions in cryptocurrency markets. These bots serve as tools that investors can use while operating in cryptocurrency markets. Cryptocurrency trading bots can be programmed according to a particular investment strategy. For instance, an investor can program a bot to automatically purchase when the market drops to a specific price level. Similarly, a bot can be programmed to automatically sell when certain market conditions are met.
Among the advantages of cryptocurrency trading bots are the ability to continuously monitor markets, conduct transactions swiftly, prevent emotional decision-making errors originating from human factors, and seamlessly implement trading strategies. However, these bots also have drawbacks. They can err even in cryptocurrency markets where market conditions are highly volatile. Also, an investor may suffer losses due to the bot making an inadvertent incorrect transaction or due to faulty programming.
The Best Cryptocurrency Trading Bots
To shed some light on this frequently asked question in the cryptocurrency world, we wanted to compile a list of the best and most used automatic trading bots. However, it should not be forgotten that your experience with these bots may not mirror ours or other users’, as various factors (market, prices, significant news, different coins, different parameters, and algorithms, etc.) can significantly influence the outcomes of these bots.
TraderWagon
TraderWagon is a social trading platform that fills the gap between experienced and novice investors. If you are new to crypto trading or don’t have the time to monitor markets, TraderWagon allows you to discover, follow, and copy trades made by the best investors from around the world. If you join TraderWagon via this link, you can benefit from a lifelong discount.
TraderWagon also offers the opportunity for Social Trading. The idea of Social Trading is simple: it automatically copies the real-time crypto transactions of experienced and profitable investors. For example, it can be seen below that the user named Tsin9 has made a profit of 354% from trading transactions in the last 30 days. The TraderWagon platform, supported by Binance, displays investors’ transaction results based on evidence from transaction data with Binance support.
There are two types of users on TraderWagon: Leader Investors and Copy Investors. Leader Investors are investors who manage portfolios and allow other investors to follow and copy their portfolios. Copy Investors are investors who follow and copy the transactions of Leader Investors. It is possible to make a profit by copying the trading strategies of successful investors on TraderWagon.
3Commas
With 3Commas, you can automatically trade on selected pairs. You can design your bot without the need for software knowledge. It is currently known as one of the best bots in terms of price/performance. You can access daily performances through reports and develop your strategies.
TradeSanta
Founded in 2018, TradeSanta allows 24/7 trading. The system allows trying out popular trading strategies. So far, nearly 20,000 traders have chosen this service and around 700,000 transactions have been made. TradeSanta supports Binance, Bittrex, Bitfinex, and HitBTC, and also has Android and iOS apps.
