Bots have become a crucial part of trading in the fast-growing cryptocurrency market. Given that the crypto market operates 24/7, having a trading bot to help you scoop the best trades is advisable. This guide will take an in-depth look into cryptocurrency bots, how they work, and the best trading bots in the market today. What is a crypto trading bot? A trading bot is software that makes crypto trades on your behalf. Bots will buy, sell and trade crypto assets on your behalf, giving you access to the entire crypto market 24/7. The bots have in-built features that help them to make every trading move. Bots are used by both novice and experienced traders. They allow a trader to utilize their personal trading strategies without having to sit down for long hopes watching the price movements. A bot will mirror the decisions of a trader 24/7 across multiple exchanges. Benefits of a trading bot There are multiple benefits to using a trading bot, which explains why these tools have become increasingly popular. 24/7 market access Unlike traditional markets, the crypto market is open 24/7. Therefore, traders cannot always be on their computers watching the markets around the clock. Trading cryptocurrencies without a break can cause fatigue, which could result in poor decision-making. However, with an automated trading bot, a trader can access the market 24/7 without the risk of fatigue. Bots will also increase your exposure to the crypto market, as you can access different timezones. Therefore, you will not miss out on a critical development outside your ordinary trading sessions. Access to multiple markets Trading bots will also give you access to multiple markets. There are many cryptocurrency exchanges in the market, but getting access to all of them to access trading opportunities such as arbitrage can be difficult. Arbitrage is when you take advantage of the price discrepancy between different trading platforms. You can customize your bot to identify arbitrage opportunities 24/7. Therefore, despite the time zone that you are on, your trading bot will help you to make risk-free gains where there are differences in prices between exchanges. Bots do not trade on emotions Sometimes, the crypto market can be moved by the emotions of fear and greed. Traders that make decisions based on these emotions could end up missing opportunities. This is where bots step in to ensure you do not make the wrong decisions. Bots do not think on their own. Instead, they will perform according to how you have pre-programmed them. The bot will execute trades in periods of extreme volatility, depending on how you programmed it. This reduced the risk of irrational trading and negative emotions. Best trading bots in the market Given the immense benefits of using trading bots, you need to check out some of the best trading bots in the market. Here are some of the bots that you need to consider. Cryptohopper Cryptohopper is one of the leading crypto trading bots. The platform was launched in 2017, and according to its website, it has executed trades for more than 140,000 trades since it was created. Some of the features available on this bot include trading stop loss orders, dollar-cost averaging, signals for bull and bear markets, and trading during consolidation periods. One of this trading bot's best features is its user-friendly interface, which makes it suitable for beginners. It also comes with a pre-live testing area where traders can test and adjust their Bitcoin trading program before it is officially released. 3Commas 3Commas is a trading bot launched in 2017, and it is suitable for all levels of experience. This bot supports 13 of the largest cryptocurrency exchanges, making it ideal for arbitrage trading. Moreover, it allows traders to create trading strategies from scratch or buy one from the online marketplace. This bot is popular with experienced traders because it provides access to various strategies, orders, and triggers. In terms of pricing, it has four packages and a free plan that gives the trader access to many strategies. MOSDEX MOSDEX is a trading bot that increases your chances of making profits. It uses artificial intelligence, big data, and machine learning to allow a trader access to the best arbitrage opportunities while reducing the risk in trading. Besides being a trading bot, MOSDEX also comes with a swap protocol and a wallet, allowing traders to access all the needed features at once. MOSDEX also uses algorithms created on blockchain to access an arbitrage opportunity on decentralized exchanges and automated market makers. It also increases the profitability of a trade by supporting the trading of the difference between three cryptocurrencies on one exchange. This helps a trader to save on the cross-exchange fee, which boosts overall profitability. Live Trader If you are looking for a trading bot to help you customize your trading strategies, you should check out Live Trader. The bot allows you to access more than 250 indicators. It also comes with over 1000 strategies. Depending on the plan that you choose, you will receive a specific number of bots and strategies that can be activated at any time. Moreover, the bot has a seven-day free trial period, which is enough time to determine whether the bot is right for you. Crypto Trader Crypto Trader is a crypto trading bot that runs on the cloud. There are no requirements to running this bot. It allows a crypto trader to create the bot from scratch through coding, but there is also an option to buy a proven strategy from the marketplace. One of the best things about this trading bot is that it sends a notification to a trader whenever a price point has been triggered. It also allows traders to pre-test their trading strategies on every exchange supported by this platform. The bot also has cost-friendly price plans.
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