Many functions that a well-executed bot can conduct for you are rebalancing, portfolio management, data collection, smart order routing, etc.
What exactly can you improve with trading bots? Let?s take a look.
#1 Repetitive Tasks
Repetitive tasks consume a lot of time and effort. A crypto trading bot will allow you to virtually ?copy and paste? specific tasks to conduct trades with ease. One of the best ways where bots can help with repetition is in periodic rebalances. If you want to conduct hourly rebalances, then you?ll need to, as the name suggests, rebalance your portfolio every hour. So, you have two options:
- Set the alarm every hour to rebalance the portfolio and lose your sanity in the process.
- Create a trading bot and program it to rebalance your portfolio every hour till the end of time.
#2 Timing
Timing and achieving a high degree of accuracy in your trading is essential for trading. Every single trade that you make can have an enormous impact on your potential earnings. Let?s take an example. Suppose the price of Bitcoin is going down, and you want to sell your position the moment BTC hits the $8,750 support line. If you were to do this manually, you?d have to patiently and carefully observe the price chart, and even then, you may not pull the trigger at the right time. The bot can be easily programmed to monitor the market and execute a trade at the correct times.
#3 Complications can be simplified
Consider the example of ?smart order routing.?
- The idea is to route trades through numerous trading pairs.
- Every single trading pair needs to be carefully determined as per its timing, asset quantity, and trading price.
- This entire route needs to be finished within a specific time-limit before the market conditions change.
It seems pretty easy-to-understand, right? However, the execution of this trade could be nearly impossible. This is just one of the many examples of the several complexities that should be factored in while training. Some strategies could be almost impossible to implement.
Trading bots could be used to automate these complicated and seemingly impossible strategies with ease.
Crypto Trading Bot Discounts and Coupon Codes ?
If you are looking for a free trading bot, try Poinex, they only charge trading fee, not month on month fixed pricing. Also Try Pionex Levereged Tokens to earn more with less money.
Bitsgap and CryptoHopper, good paid trading bots.
If you are a developer and want to use open source trading automation tools. Superalgos and PyCryptoBot is your best friend.
Signup on the Binance, Kraken, Gemini and Coinbase and get a discount on the Trading Fee.
Altrady, Mudrex the and BotCrypto to build indicators based bots.
3 Best Crypto Grid Trading Bots
Read my own experience with Copy Trading
Top crypto Margin trading exchanges
Top Cryptocurrency Savings Accounts
Best Bitcoin exchange in India
Sign Up for AAX, FTX, Deribit, Bybit , Bityard , Phemex, Coinspot, Overbit and PrimeXBT and other best crypto exchange and get a discount on the trading fee.
The best crypto trading bot in 2021
#1 Pionex ? FREE Crypto Trading Bot for Bitcoin
Don?t need to hassle with the API Keys while using Pionex. So far, there?re 12 crypto trading bots on Pionex: Grid Trading Bot, Leveraged Grid Bot, Margin Grid Bot, Infinity Grid Bot, Reverse Grid Bot, Leveraged Reverse Grid Bot, Dollar-Cost Averaging Bot, TWAP Bot, Trailing Take Profit Bot, and Spot-Futures Arbitrage Bot.
Pionex is the exchange with the in-built crypto trading bot. It?s one of the best free trading bot platforms for cryptocurrency I?ve ever seen since 2017. (the year I start buying crypto :P) It aggregates the liquidity from Binance and Huobi and provides a free trading bot upon it.
The trading bot on Pionex is easy to use. And mostly I prefer trading bitcoin with these trading bots. Bitcoin has a higher market cap, and it?s the center of the whole cryptocurrency IMO.
Pionex is safe and has been granted the MAS and MBS licenses from Singapore, and U.S. Pionex is the first crypto trading bot on my list.
Read Pionex Review
Start using Crypto Trading Bot on Pionex now
#2 Bitsgap ? Automated Crypto Trading
Bitsgap is best known for its unique automated trading bot. Thousands of traders with different experience and skill sets are using Bitsgap on a daily basis to maximize returns by automating their trading.
