It started off shaky, but cryptocurrencies are here to stay. Most skeptics of this new form of currency have made their peace with it and are looking to invest in it. Since you are reading this, it is safe to say that you too have jumped on the bandwagon.
Whichever you choose to trade in, Bitcoins or altcoins, you are sure of making a substantial amount of extra income – and who doesn’t. The problem is, you are new to this and do not possess the skills to analyze the cryptocurrency trading charts efficiently to make some good money – the kind gurus are bragging about.
But before you give up, there is a solution to your problem. As you go through your learning curve, you still can make money from cryptocurrency trading using bitcoin trading robots.
Now, a trading bot is basically a piece of software that has been designed to analyze the cryptocurrency market trading data. Once you acquire one, you are required to customize it to your preferences. Afterward, the software will analyze the market on your behalf and will trade automatically. In this piece, we go through some of the best Bitcoin Trading bots available. But before we start on that, here is a breakdown of the criteria we used to come up with the list presented.
With the many day trading Bitcoin trading bots available, it can be a daunting task for a newbie in the industry to pick the best crypto trading bot there is. As such, it is important that you are aware of some of the factors you need to consider while choosing one.
What to consider when choosing BTC trading bot
1) Reliability
This is at the very top of the list because as with every online business, trust is a key element of success. The trading bot should be a company that can be trusted. As such, the review list contains companies that provide advanced tried and tested trading bots strategies. Most of the companies on the list have been in the industry for quite a long time and have a trail of satisfied clients who speak highly of their expertise and level of service.
2) Transparency
It would be unfortunate if you were to get involved with a company that is shady. You are ready to invest your hard earned money in the Bitcoin trading venture, but this does not mean that you are willing to throw away your money with no return. Getting conned is not a risk you are willing to take. The companies listed in the review section provide you with intricate details of how they run their business.
They provide you with the opportunity to fast forward your learning curve about trading strategies and Bitcoin bots before you subscribe to their services. Additionally, some even offer free trials. The free trials allow you to try their services before spending a dime of your hard-earned money.
3) Profitability
In addition to transparency and reliability, you should also be keen on the profitability of the company. It is pointless for a company to be trustworthy but not provide you with the maximum possible returns. The whole venture will not be worth your while. Sure the Bitcoin market is volatile (though it has increased its stability in the past few years) but rather than shy away from the investment opportunity altogether; you should get in business with a company that has some of the best strategies and bitcoin trading robots.
4) Overall experience
To determine the overall experience, we went a step further and investigated the extra features each of the platforms offers and included the strategies provided by the various companies and customizable bots. It is a good trading strategy is imperative. But also important is that these strategies are applied to the right platform.
5) Ease of Use
Now truth be told, programming experts and IT gurus are not the only individuals interested in Bitcoin trading. As such, if you are not highly skilled in IT, you will want a Bitcoin trading bot that is easy to use and that will make life easier. All of the companies listed have trading bots that are a breeze to use. They are suitable for newbies to Bitcoin trading and also the experienced in the same.
6) Security
Bitcoin is a rather secure cryptocurrency. But this does not stop people from trying to conduct creative and tech-powered steals. As such, you need to consider the security of the trading bot before using it. The companies we review have high levels of security.
Here is a list of some Bitcoin trading Bots 2020
Cryptohopper
3Commas
Zignaly
Gunbot
Gekko
Zenbot
Haasbot
Crypto Trader
BTC Robot
Leonardo
Autonio
CoinBot
Crypto World Evolution, CWE
How Do Bitcoin Trading Bots Work?
It is easy. Each bot features a set of parameters and indicators that when they all align will signal the bot to make a sell or a buy of the exchange you prefer. Most times the Bitcoin trading bots are tuned to a specific period. This is an educated guess from the creator on how the market will behave and work in future.
Trading bots are growing in popularity as Bitcoin’s popularity soars through the roof. With so many individuals depending on the Bitcoin trading bots, more and more developers are coming up with fraudulent software to cheat naïve Bitcoin investors of their hard earned money. With the choosing factors above and the reviews of the best and most trusted Bitcoin trading bots below, you will be well equipped to choose the best crypto trading bot available.
Advantages of Bitcoin Trading Bots
Improved Efficiency
With the increased use of the cryptocurrency trading bots, human error is eliminated or minimized, which results in improved accuracy. Trading bots offer constant interaction with the market, which means that you can go to sleep or go about your day and have it do all the work for you. Not only that, but you can adjust it to monitor, analyze, and trade multiple different assets in different markets.
These bots can analyze as many cryptos as you will indicate in their algorithms and work with the number of exchanges you want them to cover. In short, trading bots maximize the profit potential by employing a mechanism that is responsive to market shifts around the clock.
Increased Speed
While a human can take up to a few minutes in order to calculate and recover various formulae, a bot can calculate much faster, sometimes even nanoseconds with accurate results. This feature is of great use when the price of a currency is subject to frequent change. Automated systems have the ability to generate orders as soon as trade criteria are met.
Sometimes, changes in prices are very quick since the prices are constantly fluctuating and investors are often unable to effectively deal with these changes. The advantage of bots is that they can work twenty-four-seven and make it a much faster process, while a trader would have to spend hours together for trading alone.
Emotionless
Automated trading systems minimize or sometimes even completely eradicate emotions, as bots do not possess any emotions, unlike humans. By keeping the emotions in check, traders basically have an easier time sticking to the plan. Besides, trade orders are executed directly after the trade rules have been met, so traders can’t undo or question the trade based on emotions.
The bots can’t have any doubts or questions- they don’t experience frustration, so they are, essentially, better for trading. Automated trading also helps in ensuring that a certain amount of discipline is maintained in order to follow through the trading plan perfectly.
Disadvantages of Bitcoin Trading Bots
Not Suitable for Novice Traders
When traders start out, they make many mistakes. However, they learn from these mistakes and better themselves through the experience that is gained. However, the novice traders who use automated trading bots don’t make mistakes and thus learn nothing new. The only thing they know is how to set up their bots, which is inadequate as a bot can’t yield good profits without a skilled trader.
Besides, these bots are very expensive. The simple ones costing more than $10 a month and the Arbitrage ones being even more expensive.
Requires Human Monitoring
Ideally, you could say that these bots can work all day without any human interference. However, that is not true. In reality, there is a possibility of mechanical failures, such as connectivity issues, power losses or computer crashes. These can be harmful because sometimes internet connection is poor which could lead to an order being lost.
Security Problems
Dealing with Crypto bots can sometimes become dangerous due to the security issues, like:
Conclusion
Bots are useful tools when it comes to crypto trading and more effective ways of earning more profit. You can engage the service of a crypto expert and trader who can monitor, trade and help you invest in the right crypto currency based on market trends and algorithms. Trading generally involves a great deal of expertise especially when you are using bots. I have explained how efficient bots can be compared to more traditional trading options.
A combination of both is more advantageous and if you wish to learn more or consult an expert send an email to contactpaulreynolds@gmail.com
I have successfully helped hundreds of people make constant profit over high margins and you also have an opportunity to understand better and learn more about crypto trading and investment in this digital age. No doubt, cryptocurrency has come to stay and it is the future.
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