Review of cryptocurrency trading bots
In order to be a successful trader, it is necessary to keep track of trends. One of the main directions from 2019 to 2019 (besides the depression of the cryptocurrency market) is the total automation of trading processes. Trading bots have become fashionable, allowing traders to manage their deposits on a cryptocurrency exchange based on software solutions. To fully reveal the topic of trading bots for cryptocurrency exchanges, it is essential to understand the essence of automated bots in general.
A trading bot is software (code) designed to execute a specified algorithm. In our case, it follows a certain trading strategy.
The most popular solution today is trading bots from 3commas.
In other words, there is a direct analogy with any existing robots. A person has figured out how to solve one typical task, and hundreds of such tasks and the execution of repetitive actions are much easier and more practical to delegate to a tool that will do the work many times faster and additionally without errors.
How do trading bots work?
In the crypto environment, bots are intended for automating successful trading in the market. There is no single algorithm that all programs developed by programmer-traders follow. In 2018, the more sophisticated the scenarios for extracting profit from trading, the more complex the development process.
From this, it follows that there are two types of robots:
Simple - have the most primitive scenarios for obtaining profit. They buy at the lowest calculated price and sell on the rise.
Complex - their toolkit includes many different ways to extract profit from trading. For example, HaasBot has the ability to output trend templates.
A key feature of bots is their connection to your deposit (on the exchange) for opening and closing trades. The API (Application Programming Interface) used to connect the bot to the exchange will not allow the robot to perform unauthorized actions.
How to connect
As I mentioned, the connection is made via the API, which we can obtain from any exchange in the API settings section.
Trading bots for cryptocurrency exchanges
I won't beat around the bush; I'll go specifically through the exchanges and describe which trading bots are suitable for them and how much they cost without delving into all the technical advantages of each.
Trading bots for Binance
To trade BNB cryptocurrency and other coins through automated software designed for Binance, you need to create your secret key.
Among the available bots:
- 3COMMAS.IO (Promo code from our project: "CRYPTOSLIVA", gives $14 to the account upon registration, + 3 days trial period, and a discount on the first payment);
- CRYPTORG (Trial period. Then from $15 per month);
- HaasBot;
Trading bots for EXMO
- Exmo bot v 2.5.1;
Trading bots for Poloniex
- Gunbot;
- Ryanmtate.
Telegram bots for trading
The development of Telegram as a messenger has allowed for an expansion of its use. Thus, various bots for exchanging/trading/and other operations with cryptocurrencies have appeared.
The most popular Telegram bots are provided by the service 3commas.io.
Telegram bots are divided into the following categories:
- Simple bot (Minimal bot with a limit of 1 trading coin)
- Composite bot (Allows trading multiple coins simultaneously)