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10 Best Crypto Trading Bots in 2023

By Onose Enaholo - Updated 21 November 2023
Immediate Edge
Fact Checked

This page dives into the best crypto trading bots on the market today. It details what each one brings to the table, their pros and cons, and then touches on what trading bots are, how they work, different trading strategies, and what to consider when choosing a bot.

Crypto robots are becoming popular as a growing portion of all crypto trading is becoming automated. The market that never sleeps is a suitable environment for traders to wield tools that enable them to stay in control of their trades even when they are asleep.

New trading bots constantly emerge with claims of superior algorithms and promises to make their users incredible gains. Choosing a crypto trading bot can be a daunting task as the wrong choice could spell financial loss.

Best Crypto Trading Bots - Our Top 3 Picks

Looking for a quick answer? Here are our top 3 recommended crypto trading bots to use for automated buying and selling of cryptocurrency.

1
Min. Deposit
$ 250
Promotion
User Score
5
62% Users Report Profit from their First Deposit
Reported 31% Success Rate in High-Risk Investments
Get Support From A Free Advisor
Visit Site
Description:
Payment Methods:
Debit Card, Credit Card, Wire Transfer
Full Regulations:
We are aware of numerous websites which use false celebrity endorsements to send customers to unregulated brokers or call centers. Our website will only send customers to partners who have provided us with the required regulatory assurances. This is a marketing offer and our regulated partners will indicate what services they have available upon registration.
2
Min. Deposit
$ 250
Promotion
User Score
4.95
Get Support From A Free Advisor
Tax free unlimited profits
Lightning Fast Data Analysis 24/7
Visit Site
Description:
Payment Methods:
Bank Transfer, Debit Card, Credit Card, Bank Wire
Full Regulations:
We are aware of numerous websites which use false celebrity endorsements to send customers to unregulated brokers or call centers. Our website will only send customers to partners who have provided us with the required regulatory assurances. This is a marketing offer and our regulated partners will indicate what services they have available upon registration.
3
Min. Deposit
$ 250
Promotion
User Score
4.9
Start Earning Profits in 24 Hours
Robust Risk Management
Get Support From A Free Advisor
Visit Site
Description:
Payment Methods:
Debit Card, Credit Card, Wire Transfer
Full Regulations:
We are aware of numerous websites which use false celebrity endorsements to send customers to unregulated brokers or call centers. Our website will only send customers to partners who have provided us with the required regulatory assurances. This is a marketing offer and our regulated partners will indicate what services they have available upon registration.

Top Automated Crypto Trading Bots Compared

Bot Claimed Success Rate Min. Deposit Fees Coins Offered

Bit Index AI

85%

$250

0.01% per trade

4+

Bitcode Prime

90%

$250

2% on profits

7+

Bitcoin Code

99.4%

$250

2% on profits

8+

Bitcoin Prime

90%

$250

2% on profits

14+

Bitcoin Bank

99%

€250

None

BTC

BitIQ

90%

$250

2% on profits

14+

Immediate Edge

99%

$250

2% on profits

4+

Oil Profit

90%

$250

None

BTC only

Quantum AI

90%

$250

0.01% per trade

3+

1K Daily Profit

85%

$250

0.01% per trade

15+

Top 10 Crypto Trading Bots Reviewed

Considering the vast variety of crypto trading bots available in the market today, it can be very difficult to decide which ones deliver in all aspects. This guide will help to shortlist some of the best crypto trading bots in business today, along with their benefits and features.

1. Bit Index AI – Best Overall Crypto Trading BotBit Index AI homepage

Bit Index AI is a crypto trading bot built to automate trading by analyzing the market in real time, producing trading signals, and executing profitable sub-second trades. It is powered by an AI algorithm that uses components of market movement like volume and price to carry out analyses.

The trading bot stands out in its customer service and low fees. Customer support is available 24/7 and in real time via live chat and email. Bit Index AI also charges minimal fees as there are no deposit or withdrawal fees. However, a 0.01% fee is charged on trading.

Deposits are straightforward as several major payment channels like bank transfers, credit cards, and PayPal are supported. The minimum deposit on the platform is $250, however, no minimum withdrawal limit is imposed.

News users can test the platform using a demo account before trying with real cash. Bit Index works with brokers around the world to offer their services. When signing up for an account, you will be assigned a broker.

Bit Index AI has a claimed success rate of 85%. This means that it trades successfully 85 times out of a hundred. And when it comes to availability, the bot is accessible to users in a variety of countries where crypto CFD trading is legal. Read our full Bit Index AI review.

Pros

  • High claimed success rate of 85%

  • No deposit or withdrawal charge

  • Positive independent reviews

  • Easy deposit methods

Cons

  • High minimum deposit

  • Not the highest success claim rate among its competition

2. Bitcode Prime – Best Crypto Trading Bot for Portfolio ManagementBitcode Prime homepage

The Bitcode Prime trading bot helps traders and investors automate their trading and investment strategies. It is suitable for newbies and more traditional investors because It uses an AI algorithm to manage portfolios.

Users simply input their trading strategies and investment parameters and the bot works to execute and maintain the conditions. Investors will find it useful for tasks like portfolio rebalancing.

Despite its portfolio management functionality, Bitcode Prime stands out in its proprietary strategies that investors can take advantage of. Newbies without investment experience can simply opt for and benefit from an already-made strategy.

For deposits, Bitcode Prime accepts debit and credit cards, bank and wire transfers, and electronic wallets like PayPal and Neteller. Users can deposit USD, GBP, EUR, and supported cryptos like Bitcoin, Ethereum, and Ripple.

Deposits are free but subject to a minimum of 250USD/GBP/EUR. Withdrawals are also free and do not have a minimum limit.

Finally, Bitcode Prime has a claimed win rate of 90%, supports about 7 cryptocurrencies and charges a 2% fee on profits.

Pros

  • Cloud-based software, usable on any modern browser

  • Free deposits and withdrawals

  • Newbies can get started with proprietary trading strategies

  • Flexible deposit methods and currencies

  • Demo account available for practice

  • Portfolio management features

Cons

  • Not available in the US

  • $250 minimum deposit is high for some retail users

3. Bitcoin Code – Best Trading Bot for Execution SpeedBitcoin Code homepage

Bitcoin Code has the same underlying features as other bots like an algorithm that reads market data, analyses the relationships between components like price and volume, and marks out optimal buy and sell points.

However, the bot stands out from others in two categories: its claimed success rate of around 99.4% and its trade execution speed, which is around a tenth of a second (i.e., 0.01 second).

Its success rate alludes to the fact that its algorithm has been trained with years of market data while its execution speed is because of its sophisticated software.

Bitcoin Code is also known for its generous fee structure. It charges a 2% commission on profits while keeping deposits and withdrawals completely free. Withdrawals are also instant for certain methods like electronic wallets.

Traders have access to 8 crypto CFDs when using the bot. These cryptos include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Bitcoin SV (BSV), USDT, EOS, and USDT.

Deposits are accepted in USD, GBP, and EUR, from payment channels such as bank transfers, credit/debit cards, and electronic wallets, but are limited to a minimum limit of $250.

Bitcoin Code works with several brokers worldwide to deliver their services locally to people in various geographical regions. Read our full Bitcoin Code review.

Pros

  • High claimed success rate

  • Fast execution speed

  • Low fees

  • Global reach

Cons

  • $250 minimum deposit too expensive for some

  • Associated brokers may charge for trades

4. Bitcoin Prime – Best Crypto Bot for ArbitrageBitcoin Prime Website

The Bitcoin Prime bot leverages machine learning algorithms to study market data, spot patterns and trends and determine favorable entry and exit levels. It then relays trade instructions to a connected broker to execute trades.

The trading bot also scans several bitcoin exchanges when buying crypto to get the best price possible, making it suitable for the arbitrage trading strategy. Traders can develop a custom trading strategy by setting their entry, exit, and stop loss parameters. However, the stop loss is enforced by an affiliated broker.

Accounts on the platform come with an affiliated broker. These brokers are regular crypto brokers that integrate the Bitcoin Prime bot into their MT4 trading terminal. Traders deposit funds to the broker and allow the bot to trade with those funds.

Bitcoin Prime has a 90% success rate according to independent reviews. Deposits are free and flexible as the platform accepts USD, GBP, and EUR through bank transfers, credit/debit cards, and electronic wallets like PayPal.

Traders do not pay any trading, subscription, or maintenance fees for using Bitcoin Prime. They are, however, charged a 2% fee for profits and a 1% fee for withdrawals above the 10th one in one month. Read our full Bitcoin Prime review.

Pros

  • Great for arbitrage

  • Manual and automated trading modes available for new and seasoned traders

  • Demo account available for practice

  • Customer service is available 24/7 via live chat

Cons

  • A minimum deposit of $250 might be a barrier for some

5. Bitcoin Bank – Cheapest Trading BotBitcoin Bank homepage

Bitcoin Bank is a Bitcoin-only bot that leverages machine learning algorithms to analyze prices, spot trading patterns, and execute profitable trades with little human oversight. It can be used as a source of crypto signals or as an automatic trader.

The bot’s most popular feature is the 99% claimed success rate, a high number even among automated trading software thanks to its complex algorithm that adapts to changing market conditions.

Aside from sophisticated software, Bitcoin Bank comes with video tutorials that help newbies get started, a demo account for novices to practice with and seasoned traders to use to refine their strategies, an automatic mode for non-traders to rely on, and a manual mode for experienced traders to exert granular control over their trades.

To begin using the bot, you’ll need to create an account using your full name, email address, and phone number. After registration, you must pass KYC by submitting a government-issued ID and proof of address documents like a utility bill or bank statement.

Bitcoin Bank partners with several brokers worldwide to deliver their service. You’ll have the option of choosing between their list of brokers within your region. Ensure that you research these brokers before signing up.

When your account has been created, you’ll be required to deposit a minimum of €250 or USD if you live in the United States. You can use the demo account without a deposit, but you won’t be able to use a live account.

You can deposit using PayPal or a bank card and withdraw using the same methods. Withdrawals take roughly 24 hours.

Using Bitcoin Bank is completely free as they do not charge deposit, withdrawal, or trading fees. However, their broker partner may charge you fees so ensure you are aware of the fee structure of any broker you choose.

Pros

  • Demo account available

  • Automated trading mode available for new traders

  • No trading, withdrawal, or maintenance fees

  • Customer service is available 24/7 via live chat and email

Cons

  • A minimum deposit of $250 might be a barrier for some

  • The withdrawal process is reported to be tedious

  • Only trades Bitcoin

6. BitIQ – Best Crypto Trading Bot for Daily ProfitsBitIQ homepage

BitIQ is a trading bot popular for its claim of making its users 25% profit per day. And while we could not determine the reliability of this claim, reviews show that users find this bot profitable.

It runs on a sophisticated AI algorithm that scans market prices, compares them across exchanges, spots strong patterns, and outputs signals for profitable trades. Newbie traders can rely on these signals to make money.

The platform comes with customizable settings. This feature may not appeal to newbies as they rely on the bot to execute trades on their behalf. However, advanced traders may want more control over the bot’s processes. With the manual mode, seasoned traders can take a more active role in the bot’s operations.

A demo account is also available for practice. New traders can use it to get accustomed to the platform and test new trading strategies while advanced traders can polish their strategies.

To start using BitIQ, create an account using your name, email address, and phone number. After creating an account, submit KYC documents like a government ID and a utility bill. At this point, you will be assigned a broker to deposit your funds to.

These brokers offer the trading terminals that BitIQ connects to and are usually regulated by the Cyprus Securities Exchange Commission (CySEC), however, ensure that they are before depositing funds.

Deposits are straightforward with payment channels like bank transfers, credit and debit cards, Neteller, and Skrill available depending on your geographical location.

BitIQ charges a 2% commission on profitable accounts. They claim that this charge does not apply if the account hasn’t made any profits. They do not charge trading fees, account management fees, or deposit and withdrawal fees.

Pros

  • Withdrawals are processed within 24 hours

  • Fully customizable trading settings

  • 25% daily profit claim

  • Phone and email support are available

  • Support for more cryptos than most of its competitors

Cons

  • Customer support only available for active accounts

  • 25% profit claims unfounded

7. Immediate Edge – Best Crypto Trading Bot With Global ReachImmediate Edge homepage

Immediate Edge is a cryptocurrency trading robot that scans crypto markets and exchanges for price data, spots profitable trading opportunities, outputs signals that traders can use, and executes trading instructions on behalf of its users.

The bot is powered by an algorithm that processes sizable amounts of data instantaneously, uses indicators to determine whether a trend is reversing or continuing, and executes trades at incredible speeds. Once set up, the trading bot works 24/7 to scan real-time price data and spot opportunities as they happen.

While the bot possesses key features that make it attractive to users like a simple interface that anyone can use, 24/7 customer support via live chat, and a high 99% success rate, its most defining feature is its availability. Immediate Edge is available to traders in more than 150 countries thanks to its partnership with several brokers in key geographical regions.

Users who sign up get a broker in their region that can better serve them well. These brokers offer several deposit methods like PayPal, bank transfers, and credit cards which can also be used for withdrawals.

To begin using Immediate Edge, create an account using an email address and your phone number. You can then pass KYC by submitting a verifiable ID and a bank statement or utility bill that clearly shows your address.

After verifying your account, you’ll be paired with a broker who will receive your deposits. The minimum deposit is $250. You will not be able to use a live or demo account without a deposit.

Once done with the setup, you’ll need to develop a trading strategy that gives the bot parameters like entry levels, exit levels, and stop losses. Trading strategies are set up only once, after which the bot handles the analysis, trading, and profit-taking.

When you’re ready to withdraw, simply fill out a withdrawal form. Withdrawals are usually processed within 24 hours and come with a 2% charge on profitable accounts. Read our full Immediate Edge review.

Pros

  • Vast broker network for 150 countries

  • 24/7 customer support via live chat

  • Secure verification process

  • Easy deposits through flexible payment channels

Cons

  • A minimum deposit of $250 may be high for some retailers

  • Must deposit before using the demo account

  • Limited crypto support

8. Oil Profit – Best Bot With a Mobile AppOil Profit homepage

Oil Profit is a crypto trading app that trades Bitcoin on behalf of its users. It runs on an AI-powered algorithm that processes and assimilates market data, spots profitable trade opportunities, and creates signals its users can use to make a profit.

The bot stands out from its competitors in the way its algorithm works. Oil Profit’s algorithm is enhanced by big data that makes it able to switch between three trading modes: technical-based trading, fundamental-based trading, and news-based trading. Users can choose whichever mode works well for them while investors can choose the fundamental mode to help manage their portfolio.

Another way Oil Profit stands out is its mobile app. Most crypto trading bots are browser-based software that connects to the MT4 trading terminal. Oil Profit, on the other hand, has both a mobile version and a browser-based application.

Some other key features include a demo account for practicing and refining trading strategies, a fee-free structure that does not charge maintenance, trading, or deposit fees, customizable settings that allow traders to tweak how their bot works, and a 90% success rate.

To get started, create an account using your full name, email address, and phone number. A verification email should be sent to you to submit KYC documents like an ID card and a utility bill that clearly shows your home address.

You will then be assigned a broker which you will use to access the bot. At this point, you may use the demo account as you wish but must deposit a minimum of $250 to access the live account. And if you run into any trouble, their customer service team is available 24/7 via email.

Pros

  • Custom trading modes that cater to both investors, traders, and speculators

  • Fee-free structure, although brokers may charge

  • Mobile app for easy on-the-go trading

  • Fully customizable settings

  • The demo account is not locked by the deposit requirement

Cons

  • Not very popular, lacks sufficient testimonials

  • Only trades BTC

9. Quantum AI – Best Crypto Trading Bot for Easy Sign UpQuantum AI homepage

Quantum AI is a trading bot that leverages AI and machine learning algorithms to parse market data, analyze it, determine strong trends, produce valuable trade signals, and execute profitable trades.

It stands out from most other crypto trading bots in its versatility. Quantum AI can be used to trade currency pairs, commodities, and stocks. Its algorithm allows it to adapt to changing market conditions as it views market data as discrete variables that have specific relationships with each other.

Once it locks onto the relationship i.e. the price pattern or trend, it can predict where the price will move based on the movement of other variables like volume, and momentum. This unique feature places its success rate at 90%.

Although the bot is flexible in the type of assets it can trade, it only trades 3 crypto assets, namely Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH). However, these three cryptos serve as the basis for up to 60 CFD pairs.

To sign up, fill out the form on the home screen with your full name, email address, and phone number. Quantum AI does not have a tedious KYC process, but the brokers they partner with may require ID and proof of address documents.

After creating an account, you may deposit funds. A minimum of $250 is required to get the bot up and running and a demo account is available for practice whether or not you deposit funds.

When you’re done trading, fill out the withdrawal form and wait 24 hours for your transaction to be processed.

Quantum charges a 0.01% commission on every trade. It does not charge deposit, withdrawal, maintenance, or inactivity fees. Read our full Quantum AI review.

Pros

  • Its versatile algorithm can trade multiple types of assets

  • No tedious KYC process

  • Straightforward deposit via bank transfer and bank cards

  • Speedy withdrawal process

  • Demo account available

Cons

  • Limited to three cryptos

10. 1K Daily Profit – Best Crypto Bot for Security Encryption1K Daily Profit homepage

1K Daily Profit leverages AI technology to scan market data, uncover strong correlations between variables like price and volume, and predict potentially profitable trades based on these relationships.

Traders can set the bot to automatically execute trades or use the signals created to take the trades themselves. Either way, the bot helps traders increase their profitability and spot opportunities that they may not have seen.

The trading platform stands out from its peers in its security features. The bot claims to use AES 256-bit SSL encryption to secure user data. It also has the widest multi-currency support with over 15 cryptocurrencies including BTC, ETH, XRP, DASH, BCH, and SHIB.

Signing up is pretty straightforward. Fill in your name, email address, and phone number on the signup page, then verify your account using an ID and proof-of-address document like a utility bill.

After verification, you’ll be assigned a broker. 1K Daily Profits claims that all its brokers are CySEC-regulated, but you should double-check to be sure. These broker accounts will store your funds and manage your risk.

To begin trading, you’ll need to deposit funds into your broker account. You can do so by bank transfers or credit cards, however, there is a minimum requirement of $250. Once your account is funded, you may use the demo account for practice or jump straight to live trades.

If you run into a snag in any of the steps above, the customer service team is available to help 25 hours a day, 5 days a week. Read our full 1K Daily Profit Review.

Pros

  • AES 256-bit data encryption

  • Straightforward signup process

  • Supports more than 15 cryptos

  • 2-factor authentication

Cons

  • Several negative reviews on Trustpilot about the bot being a scam

  • Customer service is through online forms

What Is a Crypto Trading Bot?

A crypto trading bot is a program that analyses crypto prices, spots market trends, and executes trades on behalf of its users. These activities usually happen automatically and largely without supervision.

These Cryptocurrency bots are usually powered by an AI algorithm or machine learning model which is used to identify profitable market conditions. When the current conditions are similar to the preprogrammed profitable model, the bot executes trades.

More advanced bots can automatically adapt to changing conditions and use technical indicators to determine whether or not a trade will be profitable in real-time. If the algorithm determines it is, the bot executes the trade, usually in a fraction of a second.

Trading bots, like Immediate Granimator, take emotion out of the equation, allowing traders to follow set principles to increase profits and manage risks.

How Do Cryptocurrency Trading Bots Work?

Trading bots analyze price data, social media sentiment, and other market data points to understand what is happening in the market. It applies indicators, which are mathematical formulas, to output signals that either signify a market change or a continuation.

It then executed trades that were most mathematically probable to be profitable based on insights obtained from its analysis.

The real catch with trading bots is that it does all the analysis and trades automatically. Once you give it a direction to go, vis-a-vis your trading strategy, it will run with the parameters you set continuously until you stop or alter it.

These bots usually come as an application that connects to the popular MT4 trading platform and as such partners with several of the crypto brokers to offer its services. When signing up, users may need to create an account with an affiliated broker.

What are the Different Types of Crypto Trading Bots?

There are a number of different crypto trading bots with each one suited to specific roles. Here are the best-known and most-used types of crypto trading robots:

  1. Backtesting bots – These are machine learning bots, also known as artificial intelligence bots that analyze historic data at the granular level, searching for repeated patterns that deliver the most reliable results.
  2. Sniper bots – These are used by traders most frequently on five-minute, one-minute, and even lower time-frame charts. Sniper bots take final second actions at the predicted bottom or top of a move and ‘snipe’ the best price.
  3. Leverage bots – Also known as multiplier bots these are programmed to increase a trader’s leverage at certain points of a market move, whether that’s up or down. The leverage increases the returns significantly. That said, if your Bitcoin bot is out of its depth and on a losing streak, losses are also magnified.
  4. Arbitrage bots – These take advantage of price differences across exchanges, buying at a lower price on one exchange and selling at a higher price on another exchange then pocketing the difference. Arbitrage plays can be fractions of a cent but when extrapolated across millions of rapid trades can amount to large sums of money.
  5. Market maker bots – These bots are programmed to fill exchange order books with buy and sell orders that will then be filled by market takers.

Conventional Trading Bots Vs. AI Crypto Trading Bots

Conventional and AI crypto trading bots do the same thing on a fundamental level; however, how they do it differs vastly.

The first thing to understand is that conventional bots have varying complexity. Some bots work off simple buy and sell commands; a good example is Grid bots on crypto exchanges.

However, some conventional bots work off more complex strategies and are trained to look for specific patterns in the market; 3 Commas, for example. Many algorithmic trading bots are technically conventional bots at a highly complex level.

AI crypto trading bots, however, integrate artificial intelligence to adapt to changing market conditions. With AI bots, the algorithms learn and become more efficient as time goes on.

Different types of Automated Crypto Trading Strategies

Cryptocurrency trading bots follow a set of rules, parameters, or directive that tells them what market conditions are favorable and what to do when it spots that circumstance. These rules are called trading strategies and you’ll need to develop one before using the bot.

Below are some trading strategies you can use today:

1. Momentum Trading

Momentum trading involves using the strength of price movements to determine entry and exit points. The basis of this strategy is that during swings, the price starts slowly and gradually picks up speed until it reaches a plateau and begins to slow down.

The bot is programmed to detect growing momentum in the general market direction, buy close to the start of the movement, ride the wave until it begins to lose steam, and then sell.

A physical representation of the momentum movement would be a sinusoidal wave where the bot buys at the end of the previous trough and sells at the peak.

2. Arbitrage

Arbitrage strategy involves profiting from market inefficiencies reflected as a difference in the price of the same asset in separate markets. For example, Bitcoin could be $20,000 on one exchange and $20,020 on another.

In this case, a trader could buy BTC for $20,000 on exchange A and sell it for $20,020 on exchange B, making a $20 profit. However, looking through exchanges for price inefficiencies can be tiresome.

A crypto arbitrage bot could constantly keep track of the prices of various assets across multiple exchanges in real time. When it spots price inefficiency in an asset, it can automatically buy the asset at a lower price and sell it at a higher price.

3. Mean Reversion

The mean reversion strategy assumes that the price of an asset will always come back to its average value after movements away from it in either direction. For example, if the average price of Bitcoin is $22,000, buyers will be willing to buy if its current price falls to $19,000. Also, buyers will be more likely to sell if the price rises to $28,000.

In both cases, buyer sentiment will bring the price back down or up to the average price. The calculations for the average price can be coded into the bot so it keeps an eye on the average price of crypto at all times and buys or sells depending on the current price.

4. Market Making

The market-making strategy involves placing buy and sell orders for the same asset simultaneously in an attempt to profit from the bid-ask spread. For example, if Bitcoin’s highest bid price was $20,000 and the lowest sell price was $20,020, the bot would buy BTC for $20,000 and sell for $20,020, earning a $20 profit.

Using this strategy may require a significant amount of funds to generate reasonable profits. Whales, institutions, and cash-rich players usually use this strategy.

Are Cryptocurrency Trading Bots Legal?

Using a tool like a cryptocurrency trading bot for trading cryptocurrencies is considered completely legal in most jurisdictions. However, while the trading bot works like a driver for your trades, you are still considered responsible for its activity. Hence, using any kind of pump-and-dump bot is strictly against the rules.

In this regard, please remember that any activity that can be considered illegal in standard trading circumstances will be considered illegal in the domain of crypto trading too.

To pick a legitimate crypto bot, you should check if it’s affiliated with one or more regulated crypto brokers. The trading platform should ideally have been approved/certified by bodies like CySEC (Cyprus Securities and Exchange Commission), ASIC (Australian Securities and Investments Commission), FCA (Financial Conduct Authority), etc. Being featured regularly on well-known media platforms as well as crypto-related forums is also a good indicator of legitimacy.

Are Cryptocurrency Trading Bots Profitable?

Please be aware that crypto trading bots are nothing more than software programs. Hence, even though they are reportedly used regularly by a great multitude of crypto traders, there are no guarantees of profit.

There are also multiple risks associated with such bots and automated trading platforms. It’s important to keep in mind that these tools are geared more towards traders and not investors. However, you can still make them work well for you in generating a passive income if you know how to configure them properly.

Pros and Cons of Using Cryptocurrency Trading Robots

Pros

  • Crypto trading bots can simultaneously perform a large number of analytical tasks, something that is not humanly possible.
  • They enable you to place swift orders, thereby ensuring that you don’t lose out on any market opportunity.
  • As these bots are capable of running independently, 24/7, you don’t need to stay glued to your PC/laptop to profit from the market.
  • One of their biggest benefits is that they take emotional trading out of the equation.

Cons

  • Some crypto trading bots can be complex to set up.
  • Some of these tools may not be ideal for inexperienced crypto traders.
  • You might need to actively monitor them during the high volatility periods.

Key Things to Consider When Choosing a Crypto Trading Bot

Security

Considering the trading volumes they are engaged in, hackers are always trying to target trading bots. Therefore, select a trading bot that is backed by a legitimate and credible team known for its security measures.

Reliability

The reliability of a cryptocurrency trading bot is very critical to its profit-making ability. It should enable you to continue trading 24/7. You must check independent reviews and ensure that the bot doesn’t suffer from frequent glitches.

Deposit and Withdrawal Limits

Most bots have a minimum deposit requirement. Ensure that it is within your range of affordability. Also, find out how long withdrawals take and if there are minimum withdrawal limits.

Availability

Before signing up with a bot, ensure it offers services to people in your geographical area. Also, check whether or not it trades the underlying crypto or just the CFD. If it only trades the CFD, ensure retail traders are legally allowed to trade CFDs in your area.

Claimed Success Rate

Claimed success rates should not be taken at face value as many of them are best-case scenarios. However, the bot should be able to consistently generate reasonable profits.

Ease of usage

Most traders, irrespective of how seasoned they may be, prefer bots that have an intuitive interface, and suit their expertise level. In essence, it should fall in line with your trading strategies and the customization level you require.

Price

While some crypto trading bots can be used freely, others can have a significant price tag attached to them. It is generally observed that a paid-for bot provides better service and superior features. Having said that, you must always ensure that you are getting the complete worth of your investment. Some bots will offer free trials.

Fees

Different bots charge different trading fees, always check. Those trading bots that work on top of major cryptocurrency exchanges may also have additional fees from the exchange.

Customer support

Another important consideration is the customer support accompanying the trading bot. You should check how its updates are rolled out and if bugs are resolved in a timely and efficient way. Ideally, the tool should also come with its training modules and videos to help new users.

How to Trade With Automated Crypto Trading Bots

Step 1: Open an account

To open an account, you’ll first need basic information like an email address, a phone number, and your name. When you click Continue, you may be asked to input your birthday as the law only allows legal adults to access certain services. Some bots work with crypto brokers so you may also be directed to open an account with one of them.

Step 2: Verify your Account

In keeping with the law, you’ll need to pass KYC verification by submitting documents that verify your ID and where you live. A government-issued ID and proof of address documents like a bank statement or utility bill should be sufficient. Depending on the bot provider, you may also be asked for proof of funds like a bank statement.

Step 3: Make a Deposit

Next, you’ll need to deposit funds into the trading account with your broker. Most of the bots on our list support various funding methods like credit cards, bank transfers, and PayPal. Also, the consensus on the minimum deposit is $250/€250. Most bots do not charge a deposit fee, however, refer to our comparison table above to be sure.

Step 4: Develop a Trading Strategy

On a fundamental level, developing a trading strategy means setting trade parameters like entry levels, exit levels, and stop losses. The entry-level is the price you want the bot to enter a trade. The exit level is the price you want the bot to exit a winning trade, while the stop loss is the price you want the bot to close a losing trade.

As you become more proficient, you’ll be able to develop more sophisticated strategies that use complex indicators.

Step 5: Monitor Trade

This step is more of a support. After the bot has executed your trade, you can monitor it to ensure it executes trades as you want it to and that your strategy is profitable.

Final Thoughts on the Best Crypto Trading Bots

Trading bots provide a level playing ground for retail traders to compete in the volatile and increasingly automated crypto market. They are powered by AI and machine learning algorithms that scan market data, spot patterns and relationships and make predictions based on these relationships.

Most bots come as web-based browser applications that connect to an MT4 trading terminal offered by a broker. As such, they partner with global brokers to offer their services to users around the world.

To get started, visit the website of a bot of your choice and sign up using your full name, email address, and phone number. Some bots may ask you to verify your identity and address, an ID and utility bill should be sufficient.

Always check your bot’s minimum deposit requirement before signing up, usually around $250 for most bots we came across, and their supported payment methods. If it all sits well with you, go ahead and deposit.

Bots usually come with customer service teams that help with any trouble you may run into. Some teams work 24/7 while others only work 5 days a week.

Methodology - How We Test and Compare Crypto Trading Bots

Firstly, we tested and traded each Bitcoin robot bot in different market conditions and at different times of the day. This was so we could both quantitatively and qualitatively assess each robot’s profit-making capabilities.

To achieve our results and make the selection of our top picks, we trialed each crypto robot in isolation and across a number of different timeframes. To get accurate results faster we chose lower timeframes including the five-minute and one-minute price charts. This provided us with more rapid and relevant feedback than we would otherwise have got running the bots on anything above the 30-minute timeframe.

Having done this, we then compared the results to assess where each of the Bitcoin bot’s strengths and weaknesses lay. In total, we tested more than 20 crypto trading robots to find our top 10 best crypto trading bot picks.

Check out our why trust us and how we test pages for more information on our testing process.

Frequently Asked Questions

Which fiat currencies are supported by crypto bots?
Normally, all popular fiat currencies like USD, GBP, EUR, JPY, AUD, CAD etc. are supported on most platforms.
Can a crypto robot work with multiple exchanges/brokers?
Yes, there are many bots which are capable of working on multiple trading platforms, allowing you to implement multiple automated trading strategies.
Do such cryptocurrency robots cost money?
There may or may not be a cost attached depending upon the bot you plan to use. There may also be additional trading fees.
Can a crypto trading bot be used by a complete newbie?
While some crypto bots are very user-friendly and geared towards starting-out traders, others can be incredibly complicated.
Is it possible to make adjustments to such bots?
Yes, many crypto bots allow for manual adjustments, so that you can fine-tune your trading strategies. In addition, it is also possible for manual trading with some bots.
Can I incur a loss when using a cryptocurrency robot?
Yes, there is a possibility of incurring losses while using such bots. However, you can minimise your losses by configuring them the right way.
Can I use Automated Crypto Trading Bots on my phone?
Yes, some bots offer mobile apps. However, this may entirely depend upon the specific tool you’re planning to use.
Are crypto trading bots secure?
Yes, the good crypto trading bots, like the ones listed earlier in this article, are fully secure in nature.
How do I set up and implement a crypto trading bot?
To set up a crypto trading bot pick one of the above bot services in our top choices above, you can then follow the basic step-by-step guide to set it up and start auto trading.
Can I code and build my own crypto trading bot?
Of course, it is possible to set up your own automated trading bot but be warned it will be a tremendous amount of work. It would probably be best to have prior coding knowledge, and learning about machine learning and AI algorithms will help your bot achieve a more profitable rate once refined.
Are crypto trading bots safe?
Crypto bots are safe if you: a) use the right bot for the prevailing market conditions; b) set the trading parameters correctly; c) test the bot without using real money first, also known as paper trading.
Are trading bots legal?
Yes. Many brokers and exchanges use bots to automate their trading. Using bots removes the emotion of trading and reduces the likelihood of human error. Crypto trading bots are also legal for retail traders to use.