If you aren’t already familiar with the concept of crypto trading-bots, let me elaborate on their general purpose and workflow. Bitcoin trading bots are used to take over (most) of the workload of traders on the cryptocurrency markets. As there are many different trading bots, there are many different implementations of techniques to achieve the goal of an automated money machine.
Some programs take over trading entirely and the user just chooses a pair which then is used to trade on by the steady algorithm of the program. Others allow a few more modifications for more seasoned traders that have their own ideas and strategies, which they would like to then automate.
Before writing this article, I went ahead and tested some of the main bitcoin trading bots on the market (Haasbot, Gunbot, & ProfitTrailer). I believe that there is some sort of silver lining that all of them have in common. If you think that buying one of these bots means that you are going to be able to do nothing and just cash in profits, you are wrong.
These programs need good settings and regular tweaking to make sure they perform the way you want in the current market situation. Does that mean using a bot isn’t worth it? Absolutely not. Like I said before, it will help a trader to automate his trades, add some features to the trading that are almost impossible manually and give him the chance to manage the trading passively without having to watch charts all day long.
A perfect mix?
If you are a regular trader with knowledge about how the market behaves or with the intention of learning it, these programs could be something for you. These bitcoin trading bots should be seen as a temporary extension of yourself. As you may know, the market never sleeps. You on the other hand, as a human being, need to sleep, eat, engage in social events, etc. It is practically impossible to be available 24/7 to take advantage of the opportunity that you were waiting for. These programs help by making sure you don’t miss out on these opportunities.
It does, however, go further than just buying or selling, these crypto bots also help with reading the market etc. I invite you to read the rest of the article to learn a bit more about the different bots and to take a look at which one fits you best as they are quite different.
Different Bitcoin trading bots:
Let’s kick it off with our first trading bot: Haasbot. This platform has been around for a long time now and has a great community of satisfied customers (forum & telegram chat). The bot has a multitude of strategies, trading signals, and indicators to customize your trading (Bollinger bands, Fibonacci, Ichimoku clouds & a lot more). They not only offer strategies and trading signals but also ‘insurances’! These options, which would never be possible to realize manually, can help the trader a lot. It can prevent you from losing too much on a trade or from buying too high for example. I will not go any further into the details, I invite you to check the different features in the link below the article.
As I said before, Haasbot offers a variety of strategies and indicators that could appeal to more experienced traders.
Does that mean you can’t use Haasbot as a beginner? Absolutely not. Despite the multitude of settings, Haasbot offers a range of ‘strategies’ that can be used by less experienced traders.
It’s normal for users to have questions about their trading strategies or possible errors, so it’s important to have a great customer service when you choose your trading bot. Haasbot gives its users the opportunity to submit a support ticket and has an active community on social media in case of problems. For the more common problems, there is a wiki and a FAQ that can be found on their website.
Unfortunately, unlike with other bitcoin trading bots, Haasbot users must pay a subscription in order to continue using the program. Knowing that the subscription is quite expensive, this is the major downside of the trading program. (Prices range from 0.04 BTC to 0.11 BTC for 3 months or 0.12 BTC to 0.3 BTC for one year)
After screening the multiple functions of the different bitcoin trading bots, I present my personal favorite: Gunbot.
As a more passionate trader, I needed a program that gave me as much liberty in the settings as possible. Gunbot gives users the opportunity to customize their trading to a level which no other trading bot can provide. Almost all the strategies and signals that manual traders use on a daily basis can be found in Gunbot and used to trade automatically. Another positive feature about Gunbot is that it’s a one-time payment, no need to renew every month (pay once and get all the future updates for free)!
I wanted the bot to give me as much freedom in my trading strategy as possible, which also means that I don’t want to be restricted in my choice of coins. The program supports the major exchanges so that you can trade with almost every coin you like (Bitmex with margin trading is available too!) and gives the option to trade on multiple exchanges at the same time.
The interface is user-friendly so that everyone can easily get a hang of it. Like Haasbot, Gunbot is suited for more experienced traders as well as beginners; some strategies are highly configurable while others are easier to use. The program comes with tons of strategies that are highly configurable and includes different types of insurances to optimize your trading, which are explained on the website.
A major advantage of Gunbot is Gunthy coin, a feature that no other trading platform offers. This adds so much more value to your license, let me elaborate: Gunthy coin is a token that is offered to the users when buying Gunbot, the number of tokens sent to the buyer are derived from the type of license that you acquire. Why is this important? Imagine that trading is not for you and wanting to sell your Gunbot license, that’s possible with Gunthy tokens! This gave me a lot of confidence before buying the bot, I knew that I could sell it if it would be nothing like I expected.
One of the reasons I chose Gunbot as my go-to trading program is the outstanding support they offer. If you have any kind of problem installing the bot, choosing a trading strategy or any kind of question, they will help you out immediately. There also is a huge community of traders and Gunbot users that share their settings and help each other out on social media platforms, which is a big plus.
What about the price? As said before, Gunbot requires a one-time payment. There are 4 different licenses available, ranging from 0.04 BTC to 0.3 BTC.
The last feature I want to go over briefly is BitRage. BitRage is a bot that can only be bought by Gunbot owners, it is NOT included when buying a Gunbot. It scans different altcoins within the same exchange and searches for profitable situations as a result of different price ratios. I will not go further in details about BitRage but want to point out it’s a major advantage to have access to that kind of software.
The third and last trading bot that I will discuss in this article is ‘Cryptohopper’. The trading platform hit the market in 2017 and has known a huge success since then. It operates as a web-based solution that is easy to use and greatly appreciated by its users. Like the other bots, Cryptohopper includes a multitude of trading indicators and trading signals to help simplify the trading process. Unfortunately, there is not much information available about the different strategies that Cryptohoppers can use. However, I read lots of articles about it and found out that it includes some interesting features for beginners, which are the reason I chose to post about this bot. A ‘Cryptohopper Marketplace’ can be found, where owners of the bot can buy trading signals and even find some for free. Besides the marketplace, beginners can use ‘mirror trading’ to use the same settings as other traders.
The main reasons this trading platform isn’t my go-to bot is the lack of information on the website and the pricing. There are 3 different subscriptions available, ranging from $19 to $99 per month. Knowing that the first two subscriptions limit you a lot on your coin selections and triggers, I would have to get the biggest one at $99/month, which is a big investment.
During my search for the ‘best’ trading bot, I compared the benefits of these programs. To illustrate, I made a comparison table between the 3 bots in the table below.
After comparing the 3 different bitcoin trading bots, I can now present you my personal favorite: Gunbot. In my opinion, it’s the most complete trading bot for the best price. Of course, everyone has its own way of trading and his own preferences.
you can find the links for the 3 bitcoin trading bots below:
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Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Passionate about Blockchain and has been researching and writing about the Blockchain technology for over a year now. Also holds expertise in digital marketing. follow me on twitter at @sagar2803 or reach out to him at sagar[at]coingape.com