Updated on 28 Mar 2022 at 16:20
Automated trading platforms, powered by configurable crypto robots, are increasingly numerous. What are the pros and cons of these platforms, which are the market leaders – and should you use one? EnBourse looks back at the best trading software for bitcoin and cryptocurrencies in general. How to Choose Automatic Cryptocurrency Trading Software
A crypto trading robot is actually software designed to analyze trading data from the cryptocurrency market.
Once you have acquired one, you need to customize it according to your preferences.
Then the software will analyze the market for you and automatically make the trades. In this article, we review some of the best trading robots available.
With the many crypto trading robots available, it can be difficult for a beginner to choose the best one. It is therefore important that you are aware of certain factors to consider when making your choice.
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Here are the things to consider when choosing cryptocurrency trading software:
- Reliability: Trust is a key element of success. The robot must be functional and reliable over time.
- Transparency: All details of how the software works must be clearly stated.
- Profitability: Make sure you do business with a company that has some of the best strategies and software.
- Ease and cost of use: The performance of your investments will largely depend on the cost of using the software compared to its efficiency.
- Security: the security of the software must be taken into account before using it (hacking).
- Compatibility: it must be able to work and be compatible with the platforms you use.
- Options: it will obviously be necessary to go to the product most adapted to your use (customization).
4 Bitcoin and Cryptocurrency Trading Software
1) Zenbot: it is a free robot that uses artificial intelligence and offers new features such as the practice of arbitration. It is also able to make several transactions simultaneously. The main exchange platforms are compatible with this robot.
2) Gunbot: Created in December 2016, this robot allows you to use more than 36 passive and customizable strategies. Its community has several thousand active traders.
It works with larger platforms like Binance or Kraken and is sold as a lifetime license with updates included.
3) Gekko: It is a robot for trading bitcoin, it was developed by the Github community and its developers. It is fully customizable.
It is supported by many platforms and remains free.
4) Haasbot: this robot offers a lot of possibilities and allows to fully automate exchanges using advanced trading models.
Haasbot is compatible with larger exchangers like Gdax, Binance or Kraken and it is paid. Risks and innovative solutions for automatic cryptocurrency trading
When traders start, they can make a lot of mistakes.
However, they learn from these mistakes and improve thanks to the experience gained. Novice traders who use trading robots do not make mistakes and therefore do not learn anything new.
The only thing they know is how to configure their robots, which is inadequate because a robot cannot make good profits without a competent trader.
Ideally, it could be said that these robots can work all day without any human intervention. However, this is not true. In reality, there is a possibility of mechanical failures, such as connectivity problems, power losses or computer failures.
These can be harmful because sometimes the internet connection is bad, which can lead to the loss of orders.
Dealing with trading robots can sometimes become dangerous due to security concerns. For example, bots can be hacked and they can copy important data from an account and send it to a third party.
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In addition, these robots are very expensive. Some make you pay a very high price for the automatic order passage while it is rather the upstream analysis work that must be particularly developed and efficient.
It will probably be more efficient to have software that is expert in detecting opportunities and then only placing orders rather than a complete robot that passes orders for you without being particularly accurate in analyzing and detecting opportunities.
This will usually prove to be much more profitable for you.
EnBourse develops this type of solution: Autosignal, a powerful and innovative software that carries out for you all the work of research and monitoring of graphic opportunities on many products in parallel (efficiency and considerable time saving).
Autosignal is fully configurable (targeted markets and titles, units of time, types of patterns to be spotted…), it shows you all the graphic opportunities from the moment the figures occur and details them on a graph with the key levels (opening, breakeven, protection).
All you have to do is monitor the software alerts and take the positions.
This intuitive and proprietary software can help you prevent some of the risks that traditional trading robots pose to your investments.
This is an excellent compromise. Indeed, given the presence of many exchange robots, it is imperative that you be very vigilant.
Do your research and analyze all the features of the software to make sure you are dealing with a robot and a reliable and trustworthy company.
To go further:
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