Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
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. Therefore, 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. In addition, a variety of renowned cryptocurrency exchanges are available for testing.
Automated trading means the bot will purchase and sell cryptocurrencies on your behalf. So 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.
To avoid building your trading bot, copy an experienced trader’s strategy. You can follow traders’ 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 examples.
If you’re an experienced investor, you may create an automated bot that reflects your needs. However, even if you’re unfamiliar with programming, you may still utilize one of the premade bots on the site.
Cryptohopper is a premium service that requires a subscription. There are three pricing tiers, with monthly fees ranging from $19 to $99, depending on your requirements.
Final Thoughts
There are several factors to consider while searching for the finest crypto trading bot. First, you’re generally looking for a less expensive platform that allows you to test automated trading techniques.
We recommend conducting a thorough research process before selecting a trading bot. These automated strategies deserve all your attention, so ensure you fully understand all the platform’s features.
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