Cryptocurrency Trading Bots Comparison 2020

Automated trading platforms are gaining in popularity, regardless of what market is being discussed. Some of the largest banks in the world use bots to trade the markets, and high-frequency trading has shifted how markets function. There are also bots that cater to retail traders who want to make the most of this new technology.

Bitcoin and crypto traders now have the same advantages that any other algorithmic trader does. Since Bitcoin shot into the public eye a few years ago, a number of bots have come on the market. These crypto trading bots can be used on most of the major exchanges, which are open on a continuous basis. 

Anyone can use these next-generation crypto trading bots in order to stay in the markets, and profit from any price changes that occur. Most of these bots use historical market trends to determine their trading strategies. Technical indicators are key to how most Bitcoin trading bots function.

In addition to a technical trading model, some bots employ copy trading, custom scripts, signaling software, and other ways to find trading opportunities.

There are a few good automated trading platforms to choose from, and this guide will help you learn about which one might be the best fit for you. There are a few things to consider, such as which exchanges allow the use of bots and the strategies they use to generate profits.  

Top 5 automated trading platforms compared

1. Zignaly Review5 points

2. TradeSanta Review4.5 points

3. 3commas Review4.4 points

4. Cryptohopper Review4.2 points

5. HaasOnline Review3.5 points

6. Shrimpy Review3.4 points

7. HodlBot Review3.3 points

8. Trademate Review3.2 points

9. Quadency Review3.0 points

10. Cryptotrader Review2.9 points

11. Stacked Review2.8 points

 

How Did We Evaluate the Bots?

Any reviewing process needs to have a solid methodology. There are a number of things that needed to be addressed so that you have a good idea of what these bots can and can't do. Here are the things that we felt were the most important to consider. 

How Long Has the Bot Been in Business?

Clearly, it is important for a trading bot to demonstrate that it can actually make you profits in real-world conditions. Any flaws in the algos will become apparent over time, so it is very important for the bot to have a solid track record.

In addition, there is always the risk that a bot will scam you. This isn't especially common, but the automated trading platform will have the ability to make live trades with real tokens, so integrity is a very important part of this equation.

There is nothing wrong with trying out a new automated trading platform, but it is wise to limit the amount of tokens it has access to, or which exchanges it is allowed to trade with. If it turns out to be an amazing bot, you can always increase your allocations later on.

What Does the Community Think?

There is a vibrant online community dedicated to crypto trading. We took all the existing information about peoples' experiences with existing bots when we compiled these reviews and rankings. If there was a common problem or allegations of less than honest dealings, we wanted to find out.

Of course, any product will have some negative feedback. You can't make everyone happy all the time, no matter what. We did our best to drill-down the existing information about these bots from the community and ensure that any major problems were brought to light.

It is also worth remembering that what seems negative to one person may not be a big deal to another. What matters is that you understand the strengths and weaknesses of each bot, so you can best use it for your daily trading activities.

The Exchange Question

Every bot has to be built with the exchanges in mind. We will alert you to which exchanges each bot will work with, so you can work with a bot and exchange that fits your preferences. Depending on which exchanges you like to use, you may or may not be able to use the bot of your choice. 

Instead of wasting time by downloading a bot, only to find that it is incompatible with an exchange, we saved you all that trouble. If you really like a bot, but it won't work with your favorite exchange, you may have to open up new accounts to use it.

We want you to have as much information as possible, so you can use a bot and exchange that fits your trading style. You will be putting your money at risk with these automated trading platforms, so make sure you are comfortable with the entire system.

How Much Does the Bot Cost?

When assessing a trading bot, you will have to consider how much it costs, versus how much it can make you in trading profits. We let you know if a platform is free or has costs (most charge something), and if you have to pay on a one-time basis, or if the bot uses a subscription model.

It might be tempting to opt for a free bot, but this isn't always a great idea. The paid bots offer you loads more features, so if you plan to use automated trading platforms on a regular basis, be sure that the free plan isn't costing you profits.

If you are just getting into cryptos and automated trading, it could make sense to try out the free bots before you spend more money on a paid plan. There are some good free plans out there, which will allow you to find out if this trading technology is a good fit for your financial goals.

Usability

Most trading bots aren't like consumer smartphone apps (a monkey could use Tinder) and will require a little more in the way of technical know-how. Some bots are much easier to use than others and will look at the strengths and weaknesses of each one when it comes to how they are used.

This isn't an area where you want to test every bot until you find the best one, as the time and costs involved would be substantial. We have compiled a lot of info about how these bots operate so that you can start with a shortlist of the best options for your preferences.

Some of the most important things to keep an eye on are if the bot can be used offline, or whether it is an online-only platform. You will also need to know about the interface options, and if there are mobile apps that allow you to watch the app from your smartphone.

If you aren't the most tech-minded person, this is a very important section to learn from. Some of the bots that are available offer great features, but aren't the most user-friendly platforms we have ever seen. Like anything, you will need to find a balance between features and ease of use, and we do our best to help!

Configuration

It should go without saying that the correct settings will be one of the most important parts of any automated trading platform. As good as a bot looks at a specifications level, you will need to be able to adapt it to varying market conditions.

Some bots are able to make fast changes to the market conditions on their own, while others will require that you decide how to best implement a given strategy. There is no one 'correct' bot, as it all depends on what you need it to do.

We did our best to deliver a complete view of how a bot can be configured, and if it would be a good fit for trading in the real world. You can also learn how the bot is set-up, as well as how you may need to configure your trading account to accommodate the bot's requirements.

Security

Trading bots can make you profits because they have access to your assets. As a result of this, security for your holdings is a big consideration. When you are looking at any trading platform, security should be one of the highest things on the list.

The API key that bots use is very powerful, and you need to know how it will be used. Any bot will need the API key, and how it is used and guarded is a major factor for your financial wellbeing. A solid bot should only request info that is vital, and we include information on how bots use the information you trust to the platform.

Also, there is absolutely no reason for a bot to be able to withdraw funds from an exchange, so if you ever see that being authorized, you may want to take a step back from the deal. We did our best to spot any potential security risks, so you can trade safely.

Service and Support

Customer service and support is a vital part of any business, and that is especially true for any company that handles your money. If a platform has poor service practices, you may just want to forget about using them, even if the product seems interesting.

If a company isn't willing to stand behind its product, then you probably should not give it your money. We have done our best to deliver a realistic picture of the kind of service and support you will find with these trading platforms, so you can avoid any headaches and frustration.

You will want to learn how a company interacts with its customers, and how you will be able to contact the company in the event of an issue. It is vital that you deal with a company that will help you along the way, especially considering that their product will have an API key to your trading accounts!

Does the Bot Make Profits?

There is, without a doubt, no guarantee of profits no matter what kind of technology you use to trade in the markets. We can look for performance over time, and the ability to adapt to different market conditions when we analyze these bots.