How a cryptocurrency trading ot works and which are the best
Trading bots are an automated trading tool that allows crypto traders to expect higher profits. Special software automatically buys and sells assets according to the specified parameters that the user has entered in its settings.
What is a crypto trading bot?
Using bots trading allows you to avoid the emotional impact on trading. This is an ideal option for those traders who succumb to momentary impulses, because of which they often suffer losses. With the help of the bot, transactions will be made only according to the specified parameters. Trading does not stop for a second, so using an online trading bot allows you to trade without stopping for sleep, rest or food. A crypto trading bot helps you to monitor the situation and, if necessary, buy or sell your assets in suitable situations.
How does a crypto trading bot work?
The principle of bot trading is quite simple. To conclude transactions, the user enters the price of an asset at which it needs to be bought and sold. Most bots also allow you to set up so-called trailing orders. This allows you to sell assets profitably if their price falls, but growth is foreseen in the long term.
The principle of the bot can be divided into 3 stages:
- Price forecasting stage. The bot analyzes changes in the market, as well as understand whether it is reasonable to buy or sell assets now.
- Risk analysis stage. Based on the data received earlier, the bot sets the risk for operations with a certain asset.
- Execution stage. According to the specified algorithm, the bot sells or buys cryptocurrency.
Are crypto trading bots profitable?
Many traders are interested in efficiency of automated trading. You need to understand that a trading bot carries out transactions according to a given strategy. Its advantage is that it automates the process and removes the emotional component from trading. With the correct setup of the algorithm in this way, you can count on a stable passive income.
However, bots are not suitable for impatient people. If you enter an inappropriate algorithm or change it frequently, your deposit will begin to decrease rapidly.
Therefore, it is important to use a stop loss to minimize risk, and to trade only with money that you can afford to lose.
The best crypto trading bots
Now there are a large number of trading bot platforms on the market. However, certain bots can be distinguished, which are distinguished by wide functionality and reliability. These automated trading platforms include:
- 3commas. The bot supports 13 crypto exchanges. This way you can trade on multiple platforms at the same time. 3commas supports the stop loss function, which guarantees the safety of your deposit during the fall in asset prices. Many users consider 3commas to be the best bot for crypto trading.
- Cryptohopper. Great bot for trading on Bitvavo. However, it also supports several other exchanges: Binance, Kraken, etc. In terms of functionality, Cryptohopper resembles 3commas, but its free version is more limited.
- Bitsgap. The minimalistic and user-friendly interface of this bot contributes to the efficiency of trading. A lot of indicators and analytical materials.
Market trading bot is a useful tool that in the right hands can lead to a stable passive income. But the bot should be used with caution.
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