Every crypto trader wants to get maximum profits at minimum time expense, as well as protect his funds from unnecessary risks, that is why diversified automation tools constantly attract increased interest. And one of the most popular instruments is a trading bot. In this article, we will explain how it works and mention the names of the most advantageous services.
So, such a robot is a program that executes trades involving crypto in an automated mode based on the market situation and parameters set by its user. It can make use of diversified algorithms, patterns, signals provided by other traders, etc.
Here are the major benefits such software can offer:
· Time economy. A day trader does not have to spend a whole day monitoring the market.
· No human mistakes. Such a program operates in strict accordance with the parameters and algorithm set. By contrast with traders, it cannot make mistakes due to fatigue or external distractions.
· Fast reaction. Compared to humans, it takes a bot less time to analyze the current situation on the market and to react to changes in it.
· No emotional aspect. Let us be objective, even experienced traders may let their emotions run out of control and take unwise decisions when overstressed. But, with bots, it is not a problem.
It looks like a crypto trading bot is a must-use for every trader, and it truly is. Yet, we must also warn you about related risks. First, if you decide to utilize such an instrument, be sure to monitor its accuracy and adjust the settings when needed. Also, keep in mind that, similar to any other online tool accessing your financial information, this one may get compromised and provoke security risks.
For your convenience, we have also reviewed and analyzed the most popular crypto bots on today’s market and have selected the best ones: CryptoHopper, Shrimpy, Coinrule, Quadency, TradeSanta, Pionex, WunderBit, Botsfolio, Trality. All of them hold leading positions in terms of reliability, functionality, ease of use, fees against other competitors, thus, any of them can be safely recommended to almost any trader. Yet, due to variations in functions, they are targeted upon different categories of users. For example, Quadency is an optimal choice for beginners as it is absolutely free and extremely easy to set and run, Shrimpy is aimed at using on multiple exchanges, WunderBit will suit those investors who practice copy trading, and Botsfolio is designed for users with minimal experience in coding and trading.
In general, crypto trading bots are the instruments any trader will benefit from. The main point is to select an optimal service and to spend enough time setting it in accordance with your strategy.