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How Can Crypto Trading Bots Help You Manage Your Investments?

Bots are computer programs designed to carry out specific activities automatically. They operate with the least amount of human input possible. 

Crypto trading bots are automated programs that trade a single coin or a portfolio of cryptocurrencies. They trade on one or more exchanges on behalf of the owner or user. 

Cryptocurrency bots can automate trading tactics to increase portfolio profits. Today, we’ll take a closer look at this ever-expanding technology. 

A Simple Way to See Crypto Trading Bots

Artificial intelligence, machine learning, and other cutting-edge technologies are standard tools in crypto bots. APIs allow these systems to gather real-time data on the crypto market’s enormous dataset. 

Bots use predetermined trading techniques and strategies to assess this data. Finally, the system generates meaningful and actionable measures as trading signals. 

Predicting future cryptocurrency values is the primary goal of a trading bot. Predictions should be consistently accurate to maximize earnings. 

While using price forecasts, trading algorithms may make buy and sell orders on live crypto marketplaces. Limit and other types of orders typically execute automatically in most markets. 

The bot’s activity typically ends once it has entered a trading order, with subsequent gains or losses.

Understanding Crypto Bots Through Market Examples

A good example can be even more precise than a simple theoretical explanation. The following subsections will mention three existing projects that allow users to access crypto trading bots.

3commas

There are a lot of trading features that you may incorporate into your custom bot on 3commas. A variety of renowned cryptocurrency exchanges are available for testing. 

Automated trading means that the bot will purchase and sell cryptocurrencies on your behalf. Your bespoke trading bot’s capabilities extend well beyond market orders. 

Trading with 3commas also allows placing a stop-loss order and a take-profit order. 

If you don’t want to build your trading bot, you can choose to copy the strategy of an experienced trader. You can choose to follow traders by looking at their data, such as profit and loss history.

Cryptohopper

To put it simply, Cryptohopper is an internet platform that lets you employ an automated trading bot. The bot will conduct trades for you based on the underlying circumstances that the system knows how to use. 

At the time of writing, the Cryptohopper bot works with eight of the most popular cryptocurrency exchanges. Binance, Coinbase Pro, Bittrex, Bitfinex, and KuCoin are just a few examples. 

If you’re an experienced investor, you may create an automated bot that reflects your particular needs. Even if you’re not familiar with programming, you may still utilize one of the premade bots available on the site. 

Cryptohopper is a premium service that requires a subscription. There are three pricing tiers to choose from, with monthly fees ranging from $19 to $99, depending on your requirements.

Shrimpy

All traders may benefit from Shrimpy‘s innovative automatic trading tactics, regardless of their expertise. It has a user-friendly UI, various valuable features, and excellent customer service. 

Portfolio automation is a critical tool in Shrimpy’s arsenal. It allows users to generate various sorts and techniques for allocating their portfolios. In addition, the function swiftly modifies the proportions of allocation and switches to other assets depending on market events. 

Shrimpy will also set the parameters for the portfolio’s automatic trading. You can stop automation at any moment by turning off the feature. 

A social trading option is also available for all investors. For example, the platform will automate your portfolio and replicate the transactions of the selected trader. 

Final Thoughts

There are several factors to consider while searching for the finest crypto trading bot. You’re generally looking for a less expensive platform that allows you to test automated trading techniques.

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We would advise conducting a thorough research process before selecting a trading bot. These automated strategies deserve all your attention, so make sure you fully understand all the platform’s features.

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