The crypto exchange market has recently seen the birth of new companies to study before entering the sector. With an ever more comprehensive market offer, it is up to the individual investor to understand the industry’s best operator. Keeping in mind that different traders are better suited to different types of investors, today we will impartially talk about BitYard, a Singapore-born trader. Founded in 2019, BitYard is a cryptocurrency exchange that offers a range of services to its customers, as…
Crypto trading bots are the new craze in the crypto space. They offer crypto traders excellent ways to keep an eye on the highly volatile market and automate their trades. Binance.US is among the top crypto exchange platforms enabling users to buy, sell, and store cryptocurrencies. Leveraging Binance’s world-class trading engine, Binance.US can execute up to 1,400,000 orders per second. Their infrastructure uses state-of-the-art storage technology for secure trading across a range of crypto and fiat markets. BinanceUS supports many trading bots that enable users to maximize their profits amidst high volatility in the crypto markets.
Trading Bots Explained
It’s without a doubt that the crypto space is marred with constant market fluctuations, which spells doom to most crypto traders thanks to the enormous losses they cause. To put up with the problem of market volatility, crypto enthusiasts have developed a method of algorithmic trading-commonly referred to as “Trading bots.” Trading bots can be defined as an autonomous software program that automates crypto trading. Trading bots are exceptionally useful in the crypto space to eliminate emotional trading involving panic selling and greed buying experienced by personal trading.
How do crypto trading partners bots work?
Crypto trading bots function automatically to execute a buy and sell of orders as defined by their specific strategy or script. Typically, crypto trading bots employ proven trading strategies that have been in existence on the traditional trading market. The trading bot automatically determines to buy and sell orders, which are then executed on the exchange’s API resulting in high-frequency automated trading.
Depending on the type of trading bot used, the functionality usually varies from simple trading tasks such as setting limit orders to a complex task such as performing triangular arbitrage. Trade bots employ technical indicators and other signals to calculate buy or sell orders for an automated strategy.
Users can choose a customized trading strategy on their bots, which is then vetted using a backtesting technique. This technique uses historical exchange data to determine whether a trading strategy can generate substantial profits or not. Crypto trading bots also employ other strategies such as paper trading or simulated trading to determine a trading strategy’s profitability.
BinanceUS Top Crypto Trading Bots
Shrimpy is the leading crypto trading bots that encompass other excellent features for all-around crypto portfolio management on BinanceUS. Shrimpy is a unique crypto trading bot that constitutes rebalancing, enabling users to automatically buy low and sell high to achieve a substantial income. Shrimpy also comes with other excellent features, notably performance tracking, to allow users to monitor their portfolio performance under a single unified dashboard. Additionally, Shrimpy offers developers their own APIs to integrate trading features into their own applications.
This means that developers can directly communicate with Shrimpy to access exchange accounts, execute trades, and collect data. With this feature, developers focus solely on concentrating on their core product offerings. Shrimpy comes with three core automation features: Asset allocation, Rebalancing, and Backtest. Shrimpy also comes with a social feature where users are placed in a community to learn more about cryptocurrencies and share their trading strategies.
How Shrimpy Functions
Shrimpy functions by observing your portfolio and rebalancing it over time according to the set proportions. This is to mean that Shrimpy automatically rebalances profits accrued from a particular coin and rebalances them accordingly. Once a coin generates substantial profits, the proceeds are channeled into the lagging coin. The process is repeated over time, ensuring that the allocations stay consistently balanced across the portfolio.
CryptoHopper has come out as an excellent crypto trading bot thanks to the wide array of features the bot provides. CryptoHopper employs cloud technology to keep the bot running and accessible 24/7, enabling users to customize trade even at night. The bot, launched in 2017, is also ideal for beginners and intermediate traders thanks to the ease of use and the integration of an external trading signaler, meaning that anyone without prior experience can start using the bot by running it on autopilot. This is an excellent feature, especially for new traders who will not have to worry about setting their bot’s trading signals.
The bot also comes with different standout features, including trailing stops, technical analysis, templates, and backtesting. The templates also assist users in configuring a new ideal trading strategy on their bots quickly and easily.
CryptoHopper is charged at $19 a month for the basic plan and $99 a month for the premium plan.
3Commas is an advanced crypto trading bot integrating several exchanges, including Binance, BinanceUS, Binance DEX, Binance Jersey, Bitmex, Bittrex, Ethereum Wallet, and Pro Coinbase, among others. 3Commas comes with a SmartTrade terminal feature that allows users to achieve a wide range of functions, including execute orders and trades, set bot-trading, and stop-loss/profit positions.
The interface is user-friendly, featuring a vertical menu on the left indicating the bot’s functions. Every feature is visible and well laid-out, including creating a crypto bot, an automatic crypto-trading strategy with customizable features such as stop loss, take profit, and automatic trade, among others.
3commas allows users to fix stop-loss and take-profit targets manually. Inexperienced traders are also catered for by the bot as they can employ the most successful traders’ trading strategies made available by the trading bot.
Additionally, 3Commas users also enjoy beneficial ETF-Like crypto portfolio features, enabling them to build, study, and back-test a crypto portfolio to determine the best performing portfolios assembled by other crypto traders.
With over six years of existence in the trading bot ecosystem, Haasbot is a veteran crypto trading bot compatible with major exchanges, including BinanceUS, Bittrex, Huobi, and Coinbase PRO. It was launched in 2014 by HaasOnline and started as software for analyzing market conditions. It has, however, since risen to become a leading automatic crypto trading bot.
Haasbot is available on a subscription basis, with prices ranging from 0.073BTC for three months to 0.127BTC for a year. Haasbot also runs on cloud technology, meaning that users do not miss any trading session even at night. Similarly, they don’t need to keep their computers up and running at all times. Haasbot also allows users to customize their own trading strategies.
The major concern with using Haasbot is that it requires input from a user to place a trade-this makes it sort of manual. It necessitates users to have some knowledge about the prevailing market condition. Nonetheless, the wide range of features, user-friendly interface, and most importantly, quality support makes the trading bot stand out among other numerous crypto trading bots.
Crypto trading has been made much simpler thanks to crypto trading bots. Bots do not only eliminate emotional crypto trading but also enables traders to spread risk by balancing their portfolios based on the prevailing market conditions. Nonetheless, it’s crucial to note that trading bots have different features, and not all are reliable, and some can even be scams to siphon money from your accounts.
It’s therefore recommended to practice due diligence before purchasing a crypto trading bot. I personally recommend Shrimpy thanks to its advanced features and a user-friendly interface for straightforward trading ideal for experienced and novice crypto traders.