To most people, trading bitcoin is yet another source of passive income, while working their regular day jobs, and that’s why so many bitcoin investors rely on auto trader robots. But the question becomes, do bitcoin trading bot work? which of them are the best bitcoin trading bot? and which of the bitcoin trader should be avoided?
Do Bitcoin trading bot work?
Similar to Wall Street and stock trading, bitcoin and cryptocurrency trading is a form of income for many. … For example, Haasbot, a popular trading bot among cryptocurrency enthusiasts, will do most of the work for its users. It watches prices and exchange rates, handles trading and more.
Below is a list of popularly known cryptocurrency trading bots. However, your mileage may vary when using them anyways.
Gimmer simply connects to a customers cryptocurrency exchange account and then uses advanced algorithmic trading bots and AI Bots to make the trades on behalf of the customer – using parameters that the customer has set. The bots require no programming skills, no previous trading experience and no in-depth knowledge of cryptocurrencies is needed. Gimmer is suitable for anyone who wants to trade and invest in the cryptocurrency market and does not have the relevant skills or the time to watch the markets all day long.
One of the very first automated bitcoin trading bots to ever be created goes by the name of BTC Robot. While it seems to do the job and is quite easy to set up, user’s mileage may heavily vary when using this tool. Some people seem to be making modest profits, whereas others seem to struggle to get it to work properly. There is a 60-day refund policy, which makes it a no-brainier to try out regardless.
The Gekko trading bot is an open source software solution hat can be found on the GitHub platform. It was last updated a month ago, which seems to indicate it is still being actively developed. Using this automated trading bot seems rather straightforward, as it even comes with some basic strategies. It is not a high-frequency trading bot by any means, nor will it exploit arbitrage opportunities. With a good list of supported exchanges, Gekko could be worth checking out.
The service offers cryptocurrency users automated trading bots running on cloud platforms. Not having to install unknown software is a big plus, albeit it remains to be seen if this platform is legitimate. One intriguing feature is how CryptoTrader features a strategies marketplace where anyone can buy or sell their favorite trading strategy.
Another open-source solution for bitcoin traders goes by the name of Zenbot. Albeit this bot has not seen any major updates over the past few months, it is available to download and modify the code if needed. This marks the third iteration of Zenbot, which is still a lightweight and artificially intelligent bitcoin trading bot. It is also one of the very few solutions capable of high-frequency trading and supporting multiple assets at the same time. According to the GitHub page, Zenbot 3.5.15 makes a 1.531 ROI in just three months, which is quite surprising.
Tradewave is a platform allowing users to create automated bitcoin trading strategies. Users can connect most of the major exchanges to enable live trading within a few minutes. Moreover, there are quite a few trading strategies shared by community members for other users to try out. Tradewave is not free to use, though, as plans start at just US$14 per month.
Haasbot does all of the trading legwork on behalf of the user, although some input is required. Haasbot supports all of the major exchanges and is capable of recognizing candlestick patterns. Considering it costs between 0.12 BTC and 0.32 BTC per three-month period to use this tool, one has to be committed to using the software and hopefully make a profit from doing so.