If you’re a seasoned trader in the traditional financial markets, then you’ll know that the vast majority of the industry is now dominated by automated bots.
Typically, these are designed, built, and managed by top-tier financial institutions, with the underlying algorithms so advanced that the average joe has no chance of knowing how the bot operates in practice.
With that being said, it was only a matter of time before automated bots made its way to the ever-growing Bitcoin trading scene. In fact, there are now heaps of bots available in the market – each of which comes with its own pros and cons.
The overarching concept of using an automated bot for your cryptocurrency trading endeavors is two-fold.
- Firstly, they are ideal for experienced traders that wish to utilize their own personal strategies in the Bitcoin trading arena without needing to sit at their device for hours on end. On the contrary, not only can the bot mirror the viewpoints of the trader in question autonomously, but it can do so on multiple exchanges on a 24/7 basis.
- Secondly, automated bots are also ideal for newbie traders. By this, we mean that inexperienced investors now have the chance to obtain a bot from a third-party company, with a full range of automated, pre-build trading strategies to choose from.
If you think that an automated bot is exactly what you need to excel in the cryptocurrency trading arena, be sure to read our comprehensive Crypto Trading Bots Review.
Within it, we’ll tell you everything that you need to know – such as what a Bitcoin trading bot actually is, how they work, who they are suitable for, what costs you need to make considerations for, and more.
We’ll also discuss some of the leading Bitcoin trading bots currently active in the market, and whether or not they fit with your long-term investment goals.
Crypto Trading Bots: Top Picks
Here are our picks for the top 2 crypto trading bot platforms which we feel are head and shoulders above the rest: Cryptohopper & 3Commas.
Cryptohopper
Cryptohopper is the most popular platform at the moment and the main competitor to 3Commas, with a fully comprehensive Bitcoin trading bot platform that also caters to all experience levels. Similarly to 3Commas, Cryptohopper was first launched in 2017. The platform claims to have executed automated trades on behalf of more than 140,000 traders since its inception.
For those of you that wish to build your own pre-programmed bot based on your proven trading strategies, Cryptohopper offers a significant number of variables. This includes everything from:
- bull and bear market signals
- consolidation period trading
- trailing stop loss orders
- dollar-cost averaging.
What we really like about the design interface at Cryptohopper is that the platform also allows beginners to build their own bot.
The provider does so via a simple ‘drag and drop’ platform. In a similar nature to the ‘IF/THEN’ function found in Microsoft Excel, you need to tell the bot what to do in certain situations.
Moreover, the Cryptohopper interface will let you know if a certain trigger has been inserted in error, which is neat. Most importantly, Cryptohopper has a fully functioning pre-live testing arena. This is crucial, as it allows you to test and adjust your Bitcoin trading bot before it is released into the wild.
In terms of the fundamentals, Cryptohopper is supported by nine exchange platforms, and you have the option of trading up to 75 different pairs. As is the case with 3Commas, Cryptohopper also comes with a number of pricing plans, albeit, there isn’t a free plan on offer. This will cost you $19, $49, and $99 per month for the Explorer Hopper, Adventure Hopper, and Hero Hopper plan, respectively. Once again, each plan comes with certain limitations on the amount of coins, strategies, and volumes that you can trade.
You can read our in-depth Cryptohopper review here.
3Commas
Launched in 2017, 3Commas is an online cryptocurrency trading bot provider that is tailored for all experience levels. The provider allows you to use your bot at 13 leading cryptocurrency exchanges, which includes the likes of Coinbase Pro, Binance, and even BitMEX. In terms of what you can do with a 3Commas trading bot, you have the option of building your own strategies from the ground-up, or purchasing a pre-existing strategy from the online marketplace.
Regarding the former, 3Commas offers a significant number of potential strategies, orders, and triggers – which is why the bot is so popular with advanced investors. On the other hand, the Marketplace comes jam-packed with pre-built algorithms, so it’s also useful for those of you that have little experience in trading.
When it comes to pricing, 3Commas offers four packages in total. The free plan gives you access to the vast majority of strategies, as well as the marketplace. However, you will be capped at $750 worth of trades per month. As such, the free plan is probably best suited for those that want to test the platform out first before committing financially.
Outside of the free plan, the Starter Plan, Advanced Plan and Pro Plan will cost you $22, $37, and $75 per month, respectively. Each plan comes with its own benefits and limitations, so the one that you go for will depend on your individual goals.
You can read our in-depth 3Commas review here.
Best of the Rest
Although 3Commas and Cryptohopper are often regarded as market leaders in the Bitcoin trading bot space, a number of other providers are also worth considering.
Here’s the best of the rest.
HaasOnline
Launched back in 2014, HaasOnline has a three-year headstart over the previously discussed providers. The platform is potentially more comprehensive in certain areas in comparison to 3Commas and Cryptohopper, especially with respect to the number of supported exchanges, key market indicators, and trade limits.
However, this does come at a cost, as HaasOnline is somewhat expensive. The Beginner, Simple, and Advanced plans come with an annual cost of 0.10 BTC, 0.14 BTC, and 0.18 BTC, respectively.
LiveTrader
If you’re looking for a Bitcoin trading bot with heaps of customizable trading strategies, it might be worth considering Live Trader. The platform allows you to install over 250 different indicators into your pre-built bot, including key technicals such as the RSI and SMA. Moreover, the platform also offers a market that contains over 1,000 different strategies. In terms of pricing, the plans range from $15, $39, and $79 per month.
While all of the three plans give you full access to all indicators, exchanges, and an unlimited number of positions – your chosen plan will dictate how many bots and strategies you can have active at any given time. You can also take Live Trader up on its 7-day free trial, which should be enough time for you to assess whether the Bitcoin bot provider is right for you.
GunBot
Gunbot is a highly comprehensive Bitcoin trading bot provider that is best suited for those of you with experience in coding. If you do, then you will have a significant amount of flexibility at your disposal when it comes to designing your bot. Moreover, the programming interface is available on all major operating devices, including Windows, Linux, and macOS.
Gunbot offers four main paid packages, which ranges from 0.02 BTC, 0.05 BTC, 0.065 BTC, and 0.125 BTC. While each plan comes with a significant number of trading strategies and an unlimited number of pairs, it is important to note that compatibility with exchanges is somewhat limited.
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.
CryptoTrader
CryptoTrader is somewhat different from the other Bitcoin bot providers that we have discussed thus far, not least because it operates on the cloud. As such, there is no requirement to run the bot on your system. Not only does CryptoTrader give you the option of building your bot from the ground-up via coding, but you can also purchase a proven strategy via the marketplace.
Moreover, if in certain situations you want to take over from the bot and trade an event manually, CryptoTrader can send you notifications when a particular price-point is triggered. We also like the fact that you can pre-test your strategies on all of the exchanges that the platform supports. Price-wise, there are five plans in total, which ranges from 0.002 per month, to 0.0246 per month.
Margin.de
Margin.de is a cryptocurrency trading bot that is compatible with 17 different exchanges. The provider offers a plethora of features, which includes a visual ‘drag and drop’ building interface, heaps of technical indicators such as Bollinger Bands, MACD, and RSI, and the ability to split large market orders over multiple exchanges.
Unlike the other providers we have explored so far, the pricing plan at Margin.de operates on a one-time license fee. This includes the Starter, Standard, and Professional plans, which will cost you $129, $259, and $2,999, respectively. All three plans come with an unlimited number of bots, and you’ll have access to all of the provided technical indicators.
However, the standard plan is capped to just 1 exchange, while the other two plans are compatible with all other exchanges. The most expensive plan allows you to install multiple APIs on each exchange, so if you’re a professional trader looking for maximum flexibility, you’ll need to fork out a whopping $2,999.
Use: Coupon Code “Blockonomi” for 10% off at Margin
Kryll
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. Kryll also offers unlimited backtesting without restrictions, and the ability to run your strategies 24/7.
We also like the compatibility with smartphones and tablets, meaning that you can monitor your automated bot’s trading endeavours while on the move. The only slight ‘chink in the armour’ is that you will be required to fuel your trading bot with the platform’s native KRL tokens. The more KRL tokens that you hold at the platform, the more features you will get with your bot.
Zignaly
If you’re looking for a cost-effective pricing plan, then you might be best off exploring what Zignaly has to offer. At a ‘Beta Plan’ price of just $15.99, this offers tremendous value. For this, you will be able to integrate your Bitcoin trading bot at five leading exchanges, which includes Binance, Bittrex, BitMEX, KuCoin, and Poloniex – with the team noting that more exchanges are to be added soon. Moreover, your $15.99 per month will afford you an unlimited number of coin pairs, and an unlimited number of positions.
It is also worth noting that Zignaly runs on the cloud, so there is no requirement to integrate your bot with your hardware device. As the Zignaly platform is still in its infancy, it might be worth taking the provider up on its 30-day free trial. This is more than enough time to assess whether or not you want to commit to the $15.99 monthly subscription.
What is a Bitcoin / Crypto Trading Bot?
In its most basic form, a trading bot is a piece of software that trades the cryptocurrency markets on your behalf. In other words, the bot will buy, sell, and trade cryptocurrencies in an autonomous manner, subsequently allowing you to access multiple markets on a rolling 24/7 basis.
However, it is crucial to note that Bitcoin trading bots – or any automated trading bots for that matter, do not have the capacity to ‘think’. By this, we mean that each and every move that the Bitcoin trading bot makes is based on the pre-built specificities that have been programmed into the software.
Before we go any further, let’s take a look at a quick example to make sure we understand how a trading bot might operate.
- You program your bot to purchase Bitcoin when it moves by more than 5% in a 24 hour period
- You have set your bot to trade on Binance
- A few days later, the price of Bitcoin jumps from $8,000 to $9,500 in the space of a few hours
- This represents an increase of 18.75%
- However, your trading bot would have only made the buy order when the price hit $8,400, as this is the 5% increase that your bot was instructed to follow
As you can see from the above example, your bot performed a buy order based on the pre-programmed specifics that you installed in advance. In theory, the bot did not do anything special per-say, as it merely followed your instructions. This is what we mean when we say that the bot cannot ‘think’.
On the flip side, it is also important to note that the above example is extremely basic. As we will discuss in more detail further in our guide, Bitcoin trading bots can do so much more than just place pre-programmed buy orders when certain percentage targets are met.
So now that you have a basic understanding of what a Bitcoin trading bot actually is, in the next section we are going to outline some of the main benefits that a bot can offer.
Read: How to Make Money With Bitcoin: Complete Guide
What are the Benefits of a Crypto Trading bot?
Before unravelling some of the many trading strategies that an automated bot can execute, we thought it would be a good idea to outline why you might want to use one.
Check out the following benefits of using a Bitcoin trading bot.
Access to the Markets 24/7
First and foremost, Bitcoin trading bots solve a major problem in the wider cryptocurrency trading sphere – time. There are only so many hours that you can sit at your computer watching the markets intensively. In fact, you’ll likely suffer from trading fatigue, meaning that you might make a somewhat flawed decision that you would not have made earlier in the session when your mind was fresh. By using an automated trading bot, you can essentially trade on a 24/7 basis without the risks of fatigue.
However, the benefits of an automated trading bot in the context of time goes far and beyond just fatigue. On the contrary, bots allow you to extend your exposure to the global Bitcoin trading arena around the clock. Ordinarily, you would only be able to trade on a certain timezone, meaning that you stand the very real chance of missing a key market development that occurred outside of your main trading session.
For example, let’s say that you are based in the UK and thus – operate on Greenwich Mean Time (GMT). During the night, Bitcoin breaks through a key resistance level with ease, subsequently indicating that a bull market is imminent. As such, the markets move 15% in the space of 8 hours. Unfortunately, as this key development occurred while you were asleep, those based in other timezones were accustomed to the major price movement, while your timezone meant that you missed it.
This is where the capabilities of an automated Bitcoin trading bot excels. You see, as bots operate as and when they are programmed to operate, you can essentially access the markets 24 hours a day, 7 days per week. After all – and unlike the traditional stock markets, Bitcoin is traded globally around the clock. By programming your bot to operate on a 24/7 basis, you will never miss a key market development again!
Multiple Markets
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.
While trading at more than one exchange at any given time is not beyond the realms of possibility per-say, it’s unlikely that you can monitor the markets as effectively in comparison to using a single trading platform. If you’re wondering why anybody would need to trade on multiple exchanges anyway, this is because there will always be a slight disparity in the exact price of Bitcoin from exchange-to-exchange.
For example, while the price of Bitcoin might be $10,500 at Binance, it could be $10,460 at Bittrex. In this example, the disparity in pricing is minute. However, when Bitcoin goes through a period of parabolic activity – meaning that its price goes up or down extremely quickly in a very short period of time, the disparity in pricing between exchanges can be significant. What this means in the context of Bitcoin trading bots is that you stand a really good chance of making gains in the form of an arbitrage trade.
For those unaware, an arbitrage trade is where you profit from the price difference of a single asset across two or more platforms. The great thing about arbitrage trades is that – if utilized correctly, they are 100% risk-free. However, it is also important to note that if an arbitrage opportunity does arise in the Bitcoin trading markets, it will not be present for more than a few minutes. Once other traders have spotted the opportunity, the markets will quickly catch up and once again, cryptocurrency exchange prices will be more aligned.
As such, you can preprogram your bot to spot arbitrage opportunities on a 24/7 basis. This means that regardless of what timezone you are operating on, your Bitcoin trading bot can make risk-free gains when exchange price disparities occur.
Sophisticated Strategies
One of the biggest pain-points for seasoned traders is that cryptocurrency trading platforms are often limited in what they offer. By this, we mean that the number of order types available will often be capped at basic market and limit orders. For those of you that are looking to install sophisticated strategies into your Bitcoin trading endeavours, an automated bot is ideal.
While we will explore the specific strategies available further down in our guide, this includes a range of technical indicators and triggers that subsequently transition into market orders – all of which can operate across multiple exchanges 24 hours per day.
In effect, third-party platforms that offer Bitcoin trading bots often allow you to design and program the algorithm from the ground-up. This allows you to mirror your sophisticated trading strategies around the clock – without needing to spend a single second at your computer trading.
Suited for all Experience Levels
A further benefit that must be highlighted is the fact that Bitcoin trading bots are suitable for all experience levels. On the one hand, they are ideal for advanced traders, insofar that investors can utilize highly advanced trading strategies around the clock. With the capacity to install thousands of potential triggers built into the bot, the underlying algorithm can make a significant amount of calculations per second – something that is beyond the capacity of the human brain.
At the other end of the spectrum, Bitcoin trading bots are also ideal for inexperienced newbies. The reasons for this are two-fold. Firstly, novice traders that wish to utilize an automated bot can purchase a pre-programmed strategy, meaning that no experience is required to put the bot into action. The novice trader can then configure the pre-programmed strategy to their individual requirements, such as the amount of money that the bot trades per order, or the specific exchange platform(s) that the bot operates on.
Secondly, newbie traders now have the option of building a bot from the ground-up – even if they have no experience or knowledge in the field. This is because a number of third-party bot platforms have created a user-friendly drag and drop’ interface that is tailored for beginners. Such platforms even allow you to test the bot in the open marketplace without risking any money. As such, traders can then make the required adjustments until they feel the bot is ready to perform.
Emotion-Free
The final benefit that is worth a quick mention is with respect to emotions. Irrespective of the underlying asset that is being traded, emotions are one of the biggest roadblocks for investors, not least because they often lead to irrational behaviour. By this, we mean making high-risk decisions in response to an adverse trading result. For example, let’s say that your Bitcoin position suddenly takes a turn for the worse, subsequently resulting in a 7% decline in the space of 4 hours.
The rational part of you is confident that a bear market is in the making, and thus – you should exit your position. In doing so, although you will have made a loss, you will have likely limited these losses by closing the trade. This is a perfect example of a rational trade. However, many traders are unable to handle large losses, with the emotions of such a loss leading to irrational behaviour.
Sticking with the same example as above, a trader fraught with the emotions of a loss might instead decide to leave their Bitcoin positions open – with the ‘hope’ that the markets will eventually reserve in their favour. However, Bitcoin continues to crash, meaning that that emotional trader lost significantly more than they would have done had they exited the position at the -7% mark.
With that being said, a Bitcoin trading bot would not have made the same mistake. Don’t forget, trading bots do not have the capacity to ‘think’, rather, they simply mirror the actions that you program within the software algorithm. As such, a Bitcoin trading bot completely alleviates the threats of adverse emotions and irrational thinking, which is crucial.
So now that you know some of the many benefits that Bitcoin trading bots can offer, in the next section of our guide we are going to look at some of the key trading strategies that an automated bot can execute on your behalf.
Read: Should You Invest in Bitcoin? Complete Beginner’s Guide
Bitcoin Trading Bots: Strategies
Before we explore some of the main strategies that a bot can implement, it is important to note that the specific strategies available to you will depend on your chosen provider. While some of the providers that we discuss further down in our guide might offer some of the below strategies, others might not.
Market and Limit Orders
The obvious starting point is the capacity to execute age-old market and limit orders. This is where you instruct your bot to buy or sell Bitcoin when it hits a certain price. Although market and limit orders are available on the vast majority of, if not all, third-party cryptocurrency exchanges, it is important to remember that a bot can do this for you when certain conditions are met.
For example, if the price of Bitcoin goes up by 3% in a 4-hour period, you can instruct the bot to make a purchase. At the same time, your bot can then proceed to place additional orders on your behalf. This might be to exit the trade when Bitcoin increases by a further 2%, or goes down by 1%. This is something that you would otherwise have had to do manually.
Bears vs Bulls
Bitcoin trading bots are not only useful when the markets are on the up. On the contrary, they also have the capacity to execute orders when the markets are going down. If the bot has been programmed correctly, then it should be able to differentiate between a bull and bear market, meaning that it can execute sensible trades as and when a key movement occurs. Once again, the bot will only perform trades based on the underlying software that it has been programmed to follow, so do bear this in mind.
Trailing Stop Loss
A trailing stop loss is one of the most powerful features that the Bitcoin trading bot can implement. For those unaware, this is where you have the chance to protect your gains when the markets are going in your favour, but at the same time, keeping a percentage of your order open to ensure that further gains are not missed.
For example, let’s say that your Bitcoin trading bot has purchase Bitcoin at your pre-defined entry point, which has subsequently led to gains of 5%. Although you might want to cash out the entire 5% that you made, it would be wise to see what happens next, just in case Bitcoin is due further gains in the short-term. The only way that you would be able to do this without the aid of a bot would be to sit at your computer for long periods of time.
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%. This can be repeated indefinitely until the -1.5% exit point is realized.
Dollar-Cost Averaging
Dollar-cost averaging has been utilized in the traditional stock market arena for decades on-end. In a nutshell, this is where you make small, but frequent, purchases of a particular asset. In the case of the Bitcoin trading sphere, such a strategy could be useful when the markets on a downward trend. In layman terms, by purchasing Bitcoin as its price is falling, you stand the chance of buying the asset at a discounted price.
While doing this manually is certainly possible, the process would be significantly more effective if you allowed a Bitcoin trading bot to execute your requirements autonomously. Don’t forget, the Bitcoin markets can often move at a rapid pace, meaning that you stand the chance of missing out on a particular opportunity if trading on a DIY basis. Instead, by instructing your Bitcoin trading bot to engage in dollar-cost averaging in an autonomous manner, you’ll get exactly what you want without needing to lift a finger.
Arbitrage
As we have already discussed the ins and outs of arbitrage trading in the context of an automated Bitcoin bot, we won’t expand on this any further. However, it is important to note that most third-party cryptocurrency bots allow you to program the software to detect potential opportunities.
The key metric that will determine whether or not your arbitrage trading endeavours are successful is the number of exchanges that the bot supports. Ideally, you will want the bot to be supported by as many exchanges as possible. This will ultimately increase your chances of profiting from a potential disparity in pricing between one or more exchange platforms.
Consolidation Scraping
As Bitcoin is significantly less volatile than it once was, the cryptocurrency often finds itself in a period of consolidation. This is where the price of Bitcoin trades within a certain, narrow range for a number of days or weeks. For example, if Bitcoin trades between $9,000 and $9,400 over a period of two weeks, this would represent a consolidation period.
In the context of trading, consolidation periods actually offers a number of opportunities to make gains. In fact, these opportunities are further amplified by utilizing a Bitcoin trading bot. Ordinarily, you would need to sit at your device for a significant number of hours to scrape the small gains that are available in a consultation period. Market movements are going to be minute, so you would constantly need to open and close trades as you go along.
As we have noted throughout our guide thus far, taking a manual approach to Bitcoin trading over prolonged periods of time not only leads to fatigue and irrationality, but you will only be able to trade for a certain amount of time. On the contrary, you can instruct your Bitcoin trading bot to scrape small profits within the pre-programmed consolidation parameter on a 24-hour basis. By setting clear parameters as to when the bot should enter and exit a trade, such an automated strategy is actually low risk.
It is also important to note that you are not limited to a single trading strategy at any given time. For example, if your bot is instructed to scrape profits in a period of consolidation, it can still execute other orders that you set. If and when Bitcoin eventually breaks out of the pre-programmed consolidation area, it can then trigger additional orders – such as a trailing stop loss.
Binance is the top exchange for trading crypto, it works with most of the bots listed above. Read our full review to find out more.
How Does a Bitcoin Trading Bot Work?
If you’re wondering how a Bitcoin trading bot actually works in practice, we have outlined the general process that the bot will take in executing your commands. Once again, the specific process might vary depending on the provider that you go with.
Step 1: Choose a Bitcoin trading bot
Your first port of call will be to choose a Bitcoin trading bot provider. You will need to make some considerations as to what you are looking for in an automated bot. Here are some of the questions that you should be asking before obtaining a bot from a new provider.
- What exchanges can I trade the bot at?
- How much does the bot cost?
- What coins can the bot trade?
- Do I need to build the bot myself, or can I buy a pre-programmed bot?
- How long has the bot been operational for?
- Does the bot have a good reputation in the public domain?
- What trading strategies does the bot come with?
- Are there any limits surrounding maximum orders, volumes, coins, or strategies?
Step 2: Decide what you want to trade
Before you begin to program your bot, you first need to decide what pairs you actually want to trade. While the BTC/USD market is by far the most traded in the global cryptocurrency industry, thousands of other pairs are in existence. For example, you might decide to trade Bitcoin against Ethereum, or against another fiat currency like the Euro.
Alternatively, you might decide that you want your bot to trade multiple pairs. Take note, some providers will limit the number of pairs that you can trade at any given time. Some will offer various subscription packages, with the more expensive plans offering a higher number of tradable pairs.
Step 3: Design vs Buy
Once you have decided what pairs you want to trade, you then need to determine whether you want to build your own custom bot from the ground-up, or simply purchase a pre-programmed algorithm that is already active in the market. The specific option that you go for will ultimately depend on your experience and knowledge in the Bitcoin trading arena.
On the one hand, many would argue that the best way to go is to build your own custom bot that nobody else is using. If the bot is successful, then you retain the secret sauce, rather than having to share it with heaps of other traders.
On the other hand, if you don’t have the required skills or know-how to design your own bot from the ground-up, it might be best to purchase an existing software algorithm from the platform’s marketplace. One of the main benefits of choosing this option is that most marketplaces allow you to view the bot’s historical trading results.
By this, we mean that you get to see how successful the bot has been since it was launched into the live trading markets. You also get to review comments that have been left by previous or existing users, which further allows you to gauge whether or not the bot is worth obtaining.
Step 4: Align your bot with your chosen cryptocurrency exchange(s)
Once you have your bot ready for action – whether that’s by building it yourself or by purchasing an existing algorithm, you will then need to merge your bot with your chosen cryptocurrency exchange(s).
While the exact process will differ from exchange-to-exchange, you are usually required to extract an API code from the platform in question. Next, you then need to paste this code into your chosen Bitcoin trading bot platform.
Step 5: The testing phase
Although you have now aligned your trading bot with your chosen cryptocurrency exchanges(s), the bot won’t go live until you tell it to. It is absolutely crucial that you do not activate the bot until you have gone through a testing phase. This is the process where your bot follows its pre-programmed instructions, albeit, in ‘demo mode’.
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.
By instead running multiple testing phases, you can make adjustments as and where you feel they are necessary. Once you are happy with the finished product, you can then activate the bot and thus – it will begin trading with real money at your chosen exchanges.
1 Comment
Thanks for the wonderful review!