It’s hard to imagine that 3 years ago, a single Bitcoin was worth a mere few hundreds of dollars. Today, the value of bitcoin has multiplied almost 300 times. And experts predict that it will grow even further in the near future.
To keep up with the ever-changing volatility of Bitcoin and other cryptocurrencies, there is a demand from investors for a viable way to quickly recognize and automate trades in order to maximize profits. So developers and traders have come together to put their brains together to develop programs that we call today as trading bots.
Cryptocurrency trading bots
There are presently over a dozen types of cryptocurrency trading bots available for investors. Some are free software that is open to anyone to use, while others adopt costly subscription-based plans catered for professional day traders. Like most programs, cryptocurrency trading bots can vary in value, functionality, and probability of success.
Gekko
Gekko is a free-to-use open-source trading bot that is available on Github. Gekkolets users toper form basic trading strategies. The bot combines live price data, computes trends and signals and then executes live trades. Gekko can also and can simulate live markets conditions with historical price data so users can backtest trading strategies.
While its functionality is somewhat inadequate compared to some of the other trading bots, Gekko is a decent trading bot for newcomers to the cryptocurrency markets who wish to test out their trade strategies.
Bitcoin Trader
Bitcoin Trader is a trading platform that is designed and built by a group of professional Forex and high-frequency traders that boasts a 99.4% success rate. Bitcoin Trader is a cloud-based cryptocurrency trading bot which can execute trades for the investor even if his computer is switched off. Experienced traders can choose to take a manual hands-on approach and configure trade strategies based on various market indicators.
Crypto Trader
Crypto Trader is a cloud-based platform that is slightly different – it allows users to develop their own cryptocurrency trading bots. These bots are hosted on the Crypto Trader platform. The software supports multiple forms of cryptocurrencies and popular exchanges and allows users to backtest their trading strategies. Also, Crypto Trader provides a strategies marketplace where users can sell trading strategies they have developed to other users who are keen.
Use trading bots as tools to aid your investments
You can generate a positive income stream from Bitcoin and other forms of cryptocurrencies using a cryptocurrency trading bots. Therefore, it would be foolish not to capitalize on technology to give your investments the winning edge, which most savvy investors are doing.
The more refined crypto trading bots allow users to set specific limits for executing trades on their behalf. These limits need to be optimized as well as fine-tuned as you proceed. The cryptocurrency market is emergent and developing almost every day. Hence, trading strategies need to be evolved and adjusted to adapt to the new market conditions.
If you deploy the right strategy and regularly optimize your bot’s settings, it can be a great tool to help you with cryptocurrency trading decisions.
