Table of Contents
- 1 Best rule-based bot trading strategies: Coinrule
- 2 Most customizable crypto trading bot: Cryptohopper
- 3 Best trading bot with zero-coding skills required: TradeSanta
- 4 Best free trading bot: Pionex
- 5 Best for portfolio management with multiple asset categories: Shrimpy
- 6 How Crypto Trading Bots Work
- 7 Types of Crypto Trading Bots
- 8 The 4 criteria to look for in a crypto trading bot
- 9 Strategies for Successful Crypto Trading with Bots
- 10 Risks and limitations of crypto bot trading
- 11 The 8 Best Crypto Bot Trading Tips for 2024
- 11.1 1. Choose your coins wisely.
- 11.2 2. If you are building a new strategy, research your indicators.
- 11.3 3. If you want to use signalers, do your research.
- 11.4 4. Make Demo trading your best friend.
- 11.5 5. Never share your API secret keys
- 11.6 6. Never give your bot withdrawal access
- 11.7 7. Backtest your strategies
- 11.8 8. Update your strategy
Becoming a profitable crypto trader takes time, skills and resources.
However,
- Not everyone has enough time to stay glued to their screen 24/7, monitoring and analysing the crypto market.
- Not everyone eventually masters crypto trading skills; Some people even give up halfway through and
- Finally, not everyone has the financial resources to keep learning from their mistakes.
As a crypto trader and investor intent on making money in the crypto market, you may fall into either of these categories and may feel overwhelmed.
The advent of crypto trading bots has brought about automated trading and portfolio management, which can help you become a profitable investor and make more money from the crypto market.
A crypto trading bot helps you create and maintain an automated winning trade strategy to help you grow your income.
These bots constantly watch the market, search for profitable setups and execute trades automatically with preset instructions based on your strategy.
Best rule-based bot trading strategies: Coinrule
Coinrule is a leading global smart trading bot for cryptocurrency platforms, allowing you to control your crypto trading completely while fighting back hedge funds with automated bots. It is a popular choice due to its advanced features and competitive pricing.
Source: Coinrule
The platform offers a variety of rule-based trading bots, including trend-following bots, arbitrage bots, and market-making bots.
You can also customise your strategies and back-test them before deploying. With reliable customer support and frequent software updates, Coinrule ensures a seamless trading experience for its users.
Want to maximise profit with preset strategies? Go Coinrule
Using basic trading strategies, Coinrule offers preset strategies that help you maximise your profits in any trading condition.
These strategies include:
- Buy The Dip In Bull Market,
- Buy The Dip Multi-Level,
- Ride The Trend, Maximised Crossing Moving Averages,
- Low Volatility Buy and Sell
Security Features
Coinrule stores API keys in encrypted form (256-bit AES encryption). The APIs are encrypted with dedicated private keys generated for each user. These private keys are then stored on detached data storage, also encrypted with AES-256.
Customisation
On Coinrule, you can set custom automated trades and never miss a new rally or get caught in a dip. Coinrule continuously seeks out effective market indicators to enable the smart allocation of funds while putting you in control of your trading machine.
You can also customise your trading experiences, setting different parameters for each trade.
Exchange List
Coinrule is a safe platform to define automated strategies on top of your favourite exchanges, including Binance, Coinbase, Kucoin, Kraken, etc. They don’t ask for private keys or withdrawal rights.
Pricing & Fees
Coinrule comes with four main account tiers.
These are:
- Free:
This is tailored for those wishing to enter safely. This plan is subscription-free, giving users the benefits of 2 Live Rules and 2 Demo Rules and using 7 Template Strategies—trade at most $3k or less per month through a singular exchange.
They offer a feel of flexible automated trading with conditions and rule executions set at three and thirty, respectively.
- Hobbyist:
The Hobbyists plan is extremely suited for enthusiasts willing to raise the standards of their trade at $39.99 monthly.
This plan consists of 7 Live Rules, 7 Demo Rules, and almost 40 Template Strategies, providing a much more diverse trading strategy than other strategies. Get in touch with three swaps, observe margin techniques, and benefit from updates on Telegram.
Work with the Trader community, install more advanced indicators and save your rules template into an individual trading strategy.
- Trader:
The trader plan costs $79.99 per month to subscribe. It is a comprehensive package of 25 Live Rules, 25 Demo Rules and free access to template strategies.
Trade with as many as five stock markets, at most $3M monthly, and obtain leverage tactics. Receive instant live Telegram notifications and be in line with the Trader community.
It also features individual training sessions, professional indicators and smooth trading view integration. Under ideal conditions of six and 1000 rule executions, it is perfect for traders desirous of polishing one’s skills.
- Pro:
The pro plan for experienced and zealous traders is $499.99 per month.
This plan involves fifty Live Rules, fifty Sample Rules and an unlimited number of Trade Strategies that deal with unlimited trades and exchanges.
Enjoy leverage strategies, lightning-quick transactions, and a dedicated server experience. Get updates through Telegram and text (free entry for Trader Community).
Enjoy exclusive one-on-one training, superior data indicators, and instant TradingView setup.
Setting the conditions at 6 and a whopping ten thousand rule executions, the Pro plan is best for those ready to move their crypto trading beyond what they might be used to.
Pros and Cons:
Pros
- Free account to paper trades and back-testing
- Works with numerous popular exchanges
- No coding required
Cons
- No mobile app
- Requires an understanding of basic and advanced trading rules
Set up your trading bot
Most customizable crypto trading bot: Cryptohopper
Cryptohopper is one of the first automated trading bots out there. It has a user-friendly interface with various predefined strategies for different types of traders.
Source: Cryptohopper
The system incorporates several exchanges, making it easier for traders to trade in their favourite trading sites. Besides, the security measures on the platform are robust enough to secure users’ money and personal data.
Want to do more with AI technical analysis? Go Cryptohopper
Cryptohopper is one of the most powerful trading bot platforms. First of all, the platform supports almost all famous exchanges. Secondly, the platform offers almost every bot you’ll ever need, including an arbitrage trading bot.
This makes it a perfect tool for experienced traders and investors since you’ll find valuable tools here.
The most used feature on the platform is automated trading with an advanced technical analysis AI.
With automated trading, you can automate your trades based on over 130 indicators and candlestick chart patterns.
Most of these tools are perfect for traders proficient in technical analysis. You can also set multiple indicators to be tracked to improve your strategy. And if you don’t have a strategy, Cryptohopper still has you covered.
Explore the copy-trading marketplace
Source: Cryptohopper marketplace
Cryptohopper also has a marketplace where beginners can find top traders to copy. The good part about the marketplace is that professional traders found here have all had to apply and be reviewed before joining it, making it more trustworthy.
Bot features
The platform also provides back-testing and paper trading tools to test your strategies, so ensure you try those before heading into the market.
Other well-known features on Cryptohopper include the trailing features. This includes trailing stop-buy, trailing stop-loss, and trailing stop-short. The most used is trailing stop-loss. This feature automatically changes your stop-loss level to follow the market trend.
For example, if a coin drops by 10% of the most recent price, it will automatically close the open position, unlike the traditional way of setting a fixed stop loss. This allows you to ride the trend without worrying about not making profits if you don’t sell at your hoped target price.
The only negative but understandable fact about Cryptohopper is that all its features are paid for. However, there is a free plan for beginners that doesn’t include auto trading, which could be helpful if it is your first time using it.
You must pay a $19 monthly subscription fee to use the premium features.
Fortunately, there is a 7-day free trial that you can use for testing before making a decision.
Security Features:
Your account is safe with the platform, as they cannot withdraw your funds.
Therefore, in the unlikely event of a data breach, hackers still cannot steal your funds.
Then, if you want access to smaller time frame technical analysis or more open positions, you must upgrade to either the Adventurer plan for $49 per month or the Hero plan for $99 per month.
If you want extra security enabled on your account, you can activate two-factor authentication (2FA).
Customisation:
You can create unlimited configurations and link them to your triggers.
Whether the market goes bearish or bullish, your trading bot will be able to adjust constantly for you based on your strategy, in the same way, you would have modified it if you were glued to your screen 24/7.
Exchange List
Cryptohopper supports an extensive list of all the most popular and secure exchanges. It is already integrated with multiple crypto exchanges including Bittrex, ByBit, Kucoin, Poloniex, Exmo, FTX (and FTX.us), Crypto.com, Huobi, Kraken, Coinbase Pro, Bitfinex, Binance (and Binance.us), Bitpanda pro, Bitvavo, Okex, and HitBTC.
Pricing & Fees
The platform comes with four main account tiers.
These are:
- Free:
This plan includes 20 open positions/exchanges, Portfolio Management, Free manual trading on all exchanges and an unlimited copy bot.
- Explorer:
This plan is ideal for beginners. 80 open trading positions are given with technical analysis every 10 minutes, and users can do backtesting in addition to the free trial perks—price: $29/month.
- Adventurer:
Ideal for intermediate traders. More than 200 open positions are given with technical analysis every 5 minutes. Price: $69/month
- Hero:
Hero Plan is the best option for advanced traders. It provides an accurate overview of the market’s movements.
You can execute trades at 500 open positions every two minutes—price: $129/month.
Pros and Cons:
Pros
- Free starter plan
- No code required
- Established platform with an enormous user base.
- Copy Trading
Cons
- No phone support for users (ticketing only)
- Additional fees for signals
Set up your bot today
Best trading bot with zero-coding skills required: TradeSanta
TradeSanta is another popular crypto trading bot platform that aims to simplify crypto trading bot creation.
The platform allows you (a trader or investor) to customise and use automated trading bots to make profits from crypto trading without having to learn the skills or knowledge required to program their bots.
TradeSanta allows you to create, monitor and tweak the bots in a way that suits your trading strategy.
Source: TradeSanta
Anyone with experience using trading bots will understand that finding a good online trading bot can be challenging. You have an endless pool of trading bots all over the internet on suspicious websites and trading platforms.
Luckily, the platform is a renowned and trusted company in the crypto community, established in 2018 with hundreds of positive reviews and happy customers.
So you can be sure that their system is well-designed and problem-free. Of course, being mindful that the bot’s trading success depends entirely on the settings and strategy the trader picks and how they choose to deploy the bot.
Source: Tradesanta marketplace
Are you a beginner? TradeSanta is your answer!
TradeSanta is one of the best trading bots for beginners as it is very user-friendly and has many customisable features.
It is also suitable for intermediate or expert traders looking to automate their trades.
With Tradesanta, you can trade crypto like a pro without being one by using our powerful trading bots and algorithmic strategies to trade faster and maximise profits.
How to set up an account on TradeSanta
You first need an account on a crypto exchange. You can create and connect to a supported crypto exchange via the TradeSanta platform or connect an existing exchange account.
The platform supports Binance, HitBTC, HTX, UPbit, OKX, Coinbase Pro and Binance US.
How to connect your bot to an exchange
You first need to insert the API keys from your crypto exchange account into your TradeSanta account to sync both together.
It’s a very straightforward process as there is a setting in Binance under “Account settings” called “API Management,” which allows you to generate API keys.
Once you have generated the API key on your exchange, an API secret key will also be generated automatically, and both the API key and API secret key can be copied and pasted into your TradeSanta account.
Need more help?
Security Features
The team does everything to protect your account and your personal information. Some valuable methods to secure your account are as follows:
- Choosing a secure password
- Enabling Two Factor Authentication (2FA)
Customisation
Custom TradingView signals on the platform allow you to combine the benefits of automated trading and the flexibility and precision of TradingView indicators. Custom TradingView signals are available for the members of the Maximum Plan.
Exchange List
TradeSanta cryptocurrency trading bots work on Binance, Binance US, HitBTC, FTX, Kraken, Huobi, OKX and Coinbase Pro exchanges.
Pricing & Fees
The bot comes with three main account tiers.
These are:
- Basic:
This plan Comes with up to 49 bots, All strategies and a Trading terminal at $25/month
- Advanced:
The Advanced plan consists of Up to 99 bots, All strategies, Trading terminal, Trailing Take Profit, and TradingView Screener signals at $45/month.
- Maximum:
The Maximum plan is priced at $90 per month. It is a comprehensive package of unlimited bots, All strategies, a Trading terminal, Trailing Take Profit, tradingView screener signals, custom tradingView Signals and a Futures bot.
Pros and Cons:
Pros
- Simple bot creation process
- Affordable plans
- Exceptional degree of support
Cons
- Not really for advanced traders
- Free trial of a “Maximum” plan is limited to three days
Best free trading bot: Pionex
Pionex launched in 2019 with free, built-in trading bots, and all you pay is a tiny trading fee, just like you would on other exchanges when trading manually.
Source: Pionex
Want to access bot trading without paying a penny? Go Pionex
The platform offers twelve crypto trading bots, all functioning on different code algorithms and targeting various market conditions.
Unlike other crypto bot providers who might charge hundreds to thousands of dollars for one bot, Pionex offers all its twelve bots for free. All you pay is the 0.05% trading fee, which is relatively cheap compared to other exchanges and bot builders who don’t offer free trading bots.
These bots include Grid Bot for normal market fluctuations, Spot Futures Arbitrage Bot that aims for profits through price differences, and Infinity Grids Bot with no upper limit.
Leveraged options like Leveraged Grid Bot and Margin Grid Bot maximise earnings by utilising margin loans or lending out assets.
Reverse Grid Bot increases holdings during price drops, while Leveraged Reverse Grid Bot amplifies this with leverage.
Other bots like Smart Trade Bot, Trailing Buy Bot, Trailing Sell Bot, DCA Bot, and TWAP Bot offer functionalities to trade trends, manage risk and average costs, and execute large orders efficiently without impacting market prices.
Security Features
Pionex ensures customer asset security by utilising third-party digital asset wallets. On the other hand, these providers do not cover losses incurred due to system malfunctions.
While Pionex has been doing well since 2019, you must remain watchful as if there is a hack attack, those funds will not be refunded. To boost security, users should use the concept of two-factor authentication and think about putting the coins into offline wallets.
Pionex continues to ensure security in the trading platform but advises users to be vigilant and careful with their investments.
Customisation
Pionex offers customised trading based on the OTC model that enables users to invest in cryptocurrency products at any location and time while meeting the needs of various institutional investors who lack sufficient products and trading strategies because there are not enough crypto derivative instruments in the market.
Exchange List
Pionex maintains its bots running on Binance and HTX’s liquidity aggregation principle. Such helps in the matching of orders and trading in a side-by-side manner. Pionex can also provide traders a small fee of just 0.05% as it partners with Binance and HTX.
Pricing & Fees
Pionex is one of the most prominent Binance brokers, and it shares deep liquidity with Binance. Upon that, Pionex provides 12 trading bots free of charge inside the exchange. The trading fee is meagre at 0.05%.
Pros and Cons:
Pros
- Exchange with built-in trading bots
- Low transaction fees, no monthly fees
- Easy to use
Cons
- The free and paid plans offer fewer features than competitors
- Cannot withdraw with fiat
Set up your trading bot
Best for portfolio management with multiple asset categories: Shrimpy
Crypto was once all about trading until automating portfolio management became a thing for crypto traders as they looked to become long-term investors.
On this list, Shrimpy is the best portfolio management platform that also gives you increased risk management.
However, the platform stands out because of its social platform and the addition of automation.
You don’t use trading signals or indicators on the platform or directly manage your portfolios. Instead, you use the dedicated crypto trading bots and basic risk management strategies of rebalancing and dollar-cost-averaging to maintain trading risk. They also offer performance tracking to make sure your investments continue to appreciate.
Want to invest in multiple asset categories for higher returns? Go Shrimpy
With Shrimpy, you can develop your own multi-asset index using the features included in the built-in smart indexing tool. This gives you the power of performance tracking and index funds to make more money and grow your portfolio.
If you find it difficult to create your own index, you can easily use Shrimpy’s copy trading feature to manage your trades by copying a pro trader’s trades and strategy on the platform.
This feature is effortless to use with a single click within the platform, after which the robot automates every trade the pro trader makes.
Security Features
The Shrimpy Pro team has taken significant measures to secure its systems. Below are highlighted key ways the Pro platform protects its users.
- All API keys are encrypted and stored using FIPS 140-2 validated hardware security modules (HSMs).
This protects the confidentiality and integrity of your Exchange API keys. Shrimpy Pro only requires the ability to read data and make trades, so your funds cannot be removed from the exchange.
- Shrimpy encourages all users to utilise their Two-Factor Authentication (“2FA”) service, which secures access to your account. Strong passwords are required for every account.
All passwords are cryptographically hashed using modern, proven standards.
All website data is sent over encrypted Transport Layer Security (“TLS”) connections (i.e., HTTPS)
- The trading bot platform also provides a “Cold Storage” option, which allows you to enter the amounts for additional security of your assets.
However, these assets should be held using a cold wallet or device you control/manage. The application can use these values for trading and adjusting your portfolio while they are not kept at an exchange.
This compensates for liquidity in your portfolio, as most of your holding sits outside the exchanges.
- One of the security features is IP Whitelisting, which many cryptocurrency exchanges use to prevent unauthorised attempts into your account.
The exchange will only process an order whenever its source comes through any designated IPs specified on the list. Anyone can also not gain unauthorised access to your exchange account from another IP.
Shrimpy Pro ensures it communicates with your exchange account using specific IPs, ensuring IP whitelisting. With this method, you can continue trading, your account data, and rebalance a portfolio in just a few selected IP addresses.
Customisation
With Shrimpy, your exchanges and wallets allow a new way of investing with cryptos. The unique features include trading strategy automation, tracking performance, and analysing the market just for you.
Exchange List
Shrimpy is Trusted to Trade $13B+ in Digital Assets on major exchanges like Coinbase, Kucoin, Binance, Kraken, Bittrex, Gemini, Gate.io and Huobi.
Pricing & Fees
The bot comes with three subscription tiers. Which include:
- Zero:
A free plan with access to unlimited spot trades, while the number of automation, exchanges and portfolios are limited to one, you can back-test up three times, a balance refresh time of 20 minutes, and a rebalance period limited to one day.
- Standard:
The Standard plan has unlimited spot trades; you can access up to five automation exchanges and portfolios. You can also back-test up to 25 times daily and a balance refresh time of 15 minutes.
This plan costs $19/month and includes Dynamic Indexing, Portfolio Stop Loss, Portfolio Dollar Cost Averaging and a customisable rebalance period.
- Plus:
The Plus plan is priced at $49 per month. It comprises 10 automation bots, 25 exchanges and 10 portfolios.
You can also back-test up 100 times daily and have a balance refresh time of 10 minutes. It also comes with Dynamic Indexing, Portfolio Stop Loss, Portfolio Dollar Cost Averaging, reduced fees With Maker Trades, and API Access. It also has a customisable rebalance period.
.
Pros and Cons:
Pros
- Social-focused copy trading
- Competitive Pricing
- Little to no coding skills required
- Highly efficient for managing a large portfolio
Cons
- Limited customer support (by ticketing)
- No mobile app
Set up your trading bot
How Crypto Trading Bots Work
A crypto-trading bot is a program that carries out transactions for traders in a crypto-coin market. Unlike a real broker, these bots rely on multiple indicators and algorithms to determine market and trade trends.
The usual trade bot method is called trend following, which enables the bot to spot trends and ride them for profit-making purposes. Unlike arbitrage bots, they scan several exchanges for pricing disparities, which they use to achieve quick returns.
On the other hand, market-making bots create a trading volume whereby they place both a buy and sell order to gain the difference between bid and ask prices.
Other than this, crypto trading bots utilise mean reversion methods where the trader uses the information of a given condition being oversold or overbought to execute the trade. These bots employ different strategies, such as arbitrage between the exchanges or taking advantage of price drops and spikes.
In all, crypto trading bots benefit traders as they can trade around the clock without human emotions involved. Nonetheless, these systems have challenges, such as fluctuation of the cryptocurrency, technical issues, and errors.
Hence, traders should be cautious about the functionalities, safety, adjustable parameters, and integrated platforms when selecting a crypto exchange bot.
Types of Crypto Trading Bots
- Trend Following Bots: Such bots analyse past price statistics to determine trends and trade according to a trend’s direction. Thus, they intend to maximise profits by taking advantage of price increases and reductions.
- Arbitrage Bots: These bots utilise varying prices across crypto markets. In a nutshell, they buy cheaply through an exchange and sell it costly through a different exchange.
- Market-Making Bots: These bots offer liquidity into the market by making two types of orders: put and call. These financial institutions do not need the market to make big moves to gain profits through what is known as the spread.
- Mean Reversion Bots: This is where these bots exploit the market inefficiencies for deviation of prices from the mean. They believe in price returns and undertake trades for these price deviations.
The 4 criteria to look for in a crypto trading bot
- Security features: In choosing a crypto trading bot, one must prefer its security aspects. Identify bots with excellent encryption and two-factor authentication capability and demonstrate a history of protecting users’ digital assets.
- Customisation options: Different traders have different requirements. A well-performing trader bot must offer avenues for setting parameters, allowing one to tailor their trades following their unique tastes.
- Supported exchanges: Trading bots can be associated with different cryptocurrency exchanges. You must also ensure that the bots you consider will work with all the exchanges you intend to employ. In doing this, there will be no limits on the kind of securities you should buy or sell.
- Pricing and fees: Ensure you factor in the crypto trading bot purchase prices and related charges. While others are billed monthly, other bots have a fee upon purchase. Also, note additional costs that could follow after using these bots, like transactions and withdrawals.
Strategies for Successful Crypto Trading with Bots
Setting up a diversified portfolio
Diversification is crucial to reduce risks associated with crypto trading while increasing potential profits.
You minimise price risk by spreading investment in different crypto assets and trading pairs, thereby reducing the effect on price from any one asset.
Implementing risk management techniques
Crypto trading entails proper risk management. You can also impose some stop-loss orders and take profit levels to minimise potential losses and secure profits. Moreover, adopting appropriate sizing of positions and leverage should be made on top of your trading strategy.
Monitoring and adjusting bot performance
It is vital to keep track of your bot’s performance so that it works properly. By analysing and tweaking trading indicators, timeframes, and volume of traded assets, you will improve the efficiency of your computerised agent.
Risks and limitations of crypto bot trading
- Volatility and market risks:
The crypto market is highly dynamic and unpredictable, so trading bots can’t be exempted from this factor. During the rapid volatility of the market, bots may make bad decisions or miss out on a profitable opportunity and incur losses.
- Technical glitches and errors:
Trading bots are vulnerable to bugs and errors depending on the algorithms and technology offered. A dysfunctional bot may execute erroneous trades that could cause monetary loss.
- Regulatory and legal risks:
Crypto traders may be exposed to numerous legal and regulatory risks by trading with bots. Using a trading bot becomes questionable due to emerging regulatory standards and possible limitations.
The 8 Best Crypto Bot Trading Tips for 2024
1. Choose your coins wisely.
It all starts with the coins you choose.
Research the coins thoroughly, and remember to follow their social channels for steady updates.
Updating on new developments and partnership announcements can be your golden ticket to becoming a profitable crypto trader.
And if you want to trade other people’s favourite coins, look at the news and charts sections to spot the hidden gems.
2. If you are building a new strategy, research your indicators.
Technical Indicators are your trading compass, directing your path through the stormy crypto market.
But here’s the truth regarding indicators: there’s no one-fits-them-all indicator on all market conditions and cryptocurrencies.
Depending on the market conditions and your trading style, some may be more efficient than others.
Do your research (DYOR) and backtest your strategies extensively before trading with a live account.
3. If you want to use signalers, do your research.
Using signal providers can make trading feel like a breeze but keep it from fooling you.
Spend time researching your signal provider. Check their performance metrics, live stats, and their signal overview.
Ensure they support and trade the coins of your interest and the exchanges you use
Do a Google search on them for more information; many signal indicators are backed by pro analysts using cutting-edge tech to analyse the market.
When subscribing to a signal provider, it may often feel like you don’t need to do anything to be trading.
It may simply be as easy as connecting your bot to your exchange, clicking subscribe on a signaler and closing your laptop for the week.
A little bit of time spent on researching your signaler, however, can pay off very well. When choosing a signaler, don’t forget to:
Google the signal providers. They often have their website with info on how you can set them up. Many of them consist of experienced analysts.
4. Make Demo trading your best friend.
Demo trading is the last approach to real trading that every trader should take.
Going straight into trading live accounts without experience is a pothole for most beginner traders.
Enable the demo trading mode and practice trading with your strategy while you improve your trading knowledge.
You can even test various signal providers or copy bots in deno trading mode to check which of them is the most profitable!
Just like with seed phrases and wallets, never share your API secret key with anyone.
Write it down and keep it somewhere safe, and or use a crypto cold wallet to store it offline if you can.
If someone discovers your API keys, they can make trades on your account.
6. Never give your bot withdrawal access
Giving your bot permission to withdraw funds from your account is unnecessary for safety reasons.
The only time this is considerable is if you are doing arbitrage between exchanges.
If you are arbitraging, it means you already have a strong grasp on the rest of this as it is a rather advanced move.
If your bot doesn’t have access to withdraw, the worst a hacker can do with your account is make bad trades.
If this happens, you can delete your keys, change your passwords, and contact the exchange’s customer support.
Use 2 factor authentication and alphanumeric passwords with symbols on everything.
The harder it is to access each platform, the safer you are.
7. Backtest your strategies
Before implementing any bot for trading, perform thorough backtesting and live testing.
Backtesting allows you to run strategies on historic price data.
On Live testing, you can simulate a strategy on the live market.
Most automated trading platforms like the ones listed in this article, allow backtesting, and live testing.
Backtest the life out of every strategy you want to use. Then, be mindful that backtesting is only a test of what would have been in the past, not what will happen in the future.
8. Update your strategy
Financial markets can be very volatile and tend to change market direction from time to time.
This is highly typical of the crypto market.
This means a strategy that worked well 6 months ago may need to be revised now.
Therefore, ensure you monitor and update your strategy as the market progresses.
There you have it – 8 best practices and the best crypto trading bots to help you supercharge your crypto trading experience.