Crypto Trading Bots: Are They Worth It? 🤖

have you at day traded crypto or are you maybe thinking about giving it a shot well who can blame you when there are such amazing opportunities out there however there is one major problem crypto markets never sleep and most people need to catch some Z's from time to time that leads to many traders going to bed and waking up only to discover they missed out on a huge market move and an amazing trading opportunity sound familiar however this isn't a problem for some traders why is that well it's because some use crypto trading BOTS my name is guy and in this video I'll explain what crypto trading bots are go over the pros and cons of using them and compare the top trading BOTS side-by-side before I get going I need to drop a bombshell sadly I am NOT a financial advisor sorry guys so this video is for educational purposes only make sure you consult your financial advisor before making any financial decisions also for those of you who just happened to be strolling by welcome to the bureau I regularly cover coins markets and other handy guides so if you want to be a part of that then hit up that subscribe button and turn on those notifications that way you'll get them straight from me to you good to go right let's dive in now I'm just going to give you guys a bit of an overview of trading BOTS if you know all about them and would rather jump to my pics feel free to use the timestamps provided below so what are crypto trading bots well they are computer programs that trade on your behalf with a given set of instructions or rule criteria to act on so that might be something like buy X amount of aetherium if a certain price target is hit once that rule criteria is met then the bots will automatically execute the trade you wanted what this means is that in order to use a crypto trading bot you will need to connect it to a crypto exchange account using something known as an API or application program interface basically that API gives your trading BOTS the ability to place trades programmatically at the exchange the result you can execute trades in your sleep sound a bit scary well it should you're essentially handing over access to your exchange account to a computer program what happens if there is compromised code in the bot or the company that made the crypto BOTS turn out to be scammers these are all very real concerns that you must be aware of so are the machines going to take over your buy Nance account have we opened Pandora's box and unleash Skynet here well not exactly the good news is that you can set permissions for exchange api's you can determine what particular API keys have the ability to do in your account so for the crypto trading BOTS you can set the ability to only write orders buy or sell but not to initiate a withdrawal most likely a good idea you can also limit IP addresses to what that means is that any instructions must come from your own IP address which is a neat way to protect yourself against a scammy crypto trading bot so now you know what a trading bot is I want to go over the pros and cons of using them and give you some cold hard truths one major Pro is that these BOTS enable you to trade 24/7 and execute trades in your sleep that means you'll never miss out on the another trading opportunity ever again due to being in the land of not also trading BOTS help take the emotion out of trading you are simply setting the rule criteria or instructions in the bot and leaving those trades to execute if your criteria are met that means you should be less susceptible to FOMO or panic selling another benefit of using bots is that they allow you to back test your trading strategy what that means is that a bot can take that strategy you're using and apply it to all that historical crypto price data and tell you how successful it is say goodbye to trading in the dark finally trading bots simplify trading yes that mega six screen trading setup may look lubabalo however they are pretty darn expensive given that a crypto trading bot can access and simultaneously carry out multiple trades across multiple different exchanges you only need a mere laptop to be on your trading a game however all is not gravy when it comes to crypto trading BOTS I'm going to have to be straight up with you guys on the cons and shatter a few myths while I'm at it many people seem to be under the illusion that trading BOTS are some form of magical money printing machine get one switch it on and you make money all day long sorry guys that's not the case at all with a bot you have to constantly tweak your trading strategy that is work and it is certainly not a set and forget it money printer another con for crypto BOTS is that there are a bunch of scams out there even if you find a legitimate one some are so poorly coded that it's going to be nine impossible for you to execute a single profitable trade please guys you need to be really careful with crypto trading BOTS if it sounds too good to be true then it probably is now I don't mind if you choose to use a different trading BOTS are the ones I'll recommend later on it's always good to assess your options however if you see trading BOTS claiming to guarantee returns for low one-off pricing please run for the hills more than likely it's a scam another thing many people do not realize is that crypto BOTS need to be monitored do not expect to switch on a crypto trading bot and be laughing all the way to the bank the market is cyclical trends come and go all the time basically a bot is not a substitute for being a smart trader and here's my final column for crypto BOTS to use them you will need to keep your funds on an exchange now of course there are a lot of highly reputable and secure exchanges out there but hacks do happen I can't stand here and tell you that it isn't beyond the realms of possibility that one of these gets hacked so I need to mention that now with all that said I want to move on to my top five crypto trading bot pics coming in at number five we have trade center this bot is cloud-based and has a solid reputation with over 42,000 active users 12,000 active trading BOTS and 1.7 million completed trades however I do want to give you guys fair warning it may take you a while to get used to some of the functionality when it comes to features trade center offers a long bot template to use when you expect a crypto asset to rise in price a short bot template when you think it will fall and a custom template which gives you the freedom to leverage the full functionality of the bot in addition to all that trade center offers you a plethora of technical indicators to digest these include things like Bollinger signals trade filters and volume filters oh yes and another neat feature that I like is real-time tracking which enables you to monitor the bots progress on-the-go with transparent analytics and telegram notifications for those of you that are constantly glued to your phone don't worry Trade Center has also gotten covered with an iOS and Android app when it comes to exchanges Trade Center supports hit BTC buy notes bit for next bit tracks up bit and okx however support for OB and pit mix is coming soon now let's talk about pricing the good news is that trade center offers a 5 day free trial so you can jump in there and play around with the bots to see if it's worth your hard-earned money after that you can use the free version which gives you access to just two bots and has a maximum monthly volume limit of $3,000 on top of all that you'll get access to an unlimited number of trading pairs all trade center strategies telegram notifications and general customer support the basic plan gives you access to everything the minimum plan offers while unlocking access to up to 49 BOTS and allowing you to run an unlimited amount of trade volume through the bot that will set you back $14 a month this is honestly the plan I recommend for most people who choose to opt for trade santé however you can upgrade to the hit BTC promo plan for another seven dollars per month this gives you everything in the basic plan plus 0% trading fees on hit BTC some might say that's a worthwhile perk however I'm going to have to level with you I'm not the biggest fan of hit BTC the top pay plan on Trade Center basically gives you access to everything the basic plan does plus the zero percent in trading fees on hit BTC and access to an unlimited number of bots that will set you back a hefty $70 per month honestly though I doubt any of you will really need to shell out $70 a month here so what are the pros and cons of trade center well you should certainly have this bot on your short list if you want lots of automated trading options and are looking for an intuitive interface and reliable security measures the bot is also well suited to beginners dipping their toes into the crypto bot waters needless to say automating your crypto trading with such a tool is going to give you bucket loads of time and there is a super active trading community to meet like-minded traders too however there are drawbacks it lacks support for some of the major high liquidity exchanges like Kraken and Koo coin and doesn't support any decentralized exchanges it's also not really suitable for taking advantage of arbitrage opportunities and is not open source finally who is trade center for in my humble opinion this bot is ideal for any crypto day trader that's not interested in futures trading and envisions that they will take crypto bots seriously it's also beginner friendly so if you're new to the world of crypto bots then this is a great place to start moving on at number four I have shrimpy shrimpy is a social portfolio management tool and crypto trading platform that bursts onto the scene in 2018 and quickly gained a ton of popularity in the trading community the value proposition was simple provide as many top-of-the-line trading tools for the lowest price possible that's why they offer a good range of services for free what's important to note is that shrimpy is not designed for signals or indicators so it's not the best tool for day traders instead it is a longer-term portfolio management tool which automates things like portfolio rebalancing dollar cost averaging and stop losses that approach is perfect for anyone that wants to take a top-level view of their portfolio and wishes to automate the management of that unlike other trading bots that provide almost every possible indicator signal and stat under the Sun shrimpie eliminates that complexity by focusing only on core long-term trading strategies like that dollar cost averaging that I mentioned that makes things super easy for beginners and is why shrimpie is normally the first crypto trading bot I recommend to friends interested in this sort of stuff another important feature is social portfolio management this enables you to take a bit of a backseat when it comes to managing your funds and allows you to select other traders to manage your portfolio for you oh yes and you can also select the best traders on the platform and get a copy of their trading strategy without copy trading them honestly that's a great learning tool and one you should definitely check out also shrimpie offers a pretty powerful back testing tool so if you have that ultimate trading strategy that you want to put to the test then you can do so right here right now shrimpie doesn't have a mobile app if that's important to you then you should certainly weigh up other options the shrimpie crypto trading bot is also supported on a ton of different exchanges and you can see them right here so what's the cost of all this well shrimpie offers a pretty extensive free plan that allows you to link unlimited exchanges to monitor your portfolio performances blacklist assets gives you access to an asset balance tracker and more however if you want to automate that portfolio management back test those trading strategies or use shrimpie social trading features then you'll need to opt for a paid plan that will set you back just $13 per month if you opt for the annual plan or $19 per month if you want to pay monthly yes shrimpie does offer an enterprise plan however I don't think any of us really need that so what are the benefits and drawbacks of shrimpie well they offer a heck of a lot of features entirely for free and the subscription fees are quite reasonable honestly if you are a crypto hoglet and want to automate things like portfolio rebalancing and dollar cost averaging then shrimpie is going to save you so much time the social trading feature is also ideal for anyone that wants to leverage the knowledge of top crypto traders that do nothing but eat sleep trade repeat in terms of drawbacks shrimpie is not open sourced so you're going to have to trust the thousands of people using it that the code is good also there's no mobile app which could be a deal breaker for some finally shrimpie does not provide the functionality that most active day traders will need if that's you then there are certainly better options out there on my list in my opinion shrimpie is a top option for long term crypto holders who want to automate that portfolio management or want to copy trade some of the best traders in the space my third-best crypto bot pic is gun bot affectionately known as gun T it's a pretty damn popular crypto bot that is compatible with Mac Windows and Linux so you can run it on practically any computer when it comes to features gun bot comes with numerous inbuilt trading strategies that include the likes of step game gain and ping pong those are all real trading strategies and I have not made them up I promise another cool thing is that you can customize your trading strategies in gun bot and the bot will execute those trades for you comes to mobile support gun bot is actually pretty well mobile optimized gun bot also supports a ton of top-tier exchanges like coinbase Pro and margin trading on bit mechs Kraken futures and okx a full list of supported exchanges can be seen right here so how is the pricing for gun bot well this one differs from the rest which have a subscription-based model instead gun bot charges a one-time license fee the starter pack is 0.02 Bitcoin around $200 at the time of shooting this video however you'll only be able to use gun bot to trade on one supporters exchange and access free trading strategies gun bot standard offers access to all trading strategies however you will still only be able to use the bot on one exchange that will set you back 0.05 Bitcoin which is about four hundred and fifty dollars gun bot Pro is where things start really heating up in the pricing stakes it will set you back 0.075 Bitcoin which is about seven hundred dollars however you will be able to use the bot on three exchanges and you'll get access to trading strategy back testing to the bot also offers a wide range of add-ons and upgrades as well which are too numerous to cover in this video I'm afraid in terms of pros and cons I really like the variety of trading strategies on offer at gun bot it's also super easy to use and supports exchanges like coin based Pro however the downside is that gun bot feels relatively expensive with its one-off fee structure doesn't everything look cheaper with monthly bite size payments so who is gun bot for basically anyone who wants a beginner friendly crypto trading bot that intends to be trading crypto seriously for a long time at the number two spot I have crypto hopper in short this bot provides expert trading tools without the need for coding skills if you are into more advanced trading stuff like market making and exchange arbitrage then this bot has you covered the crypto hopper marketplace also boasts a plethora of trading templates strategies and signals to choose from these signals allow you to subscribe to professional analysts around the world and crypto hopper uses these signals to trade however be warned that not everything in the marketplace is free for all you guys that want to access your trading bot on the go the good news is that there is an Android and iOS app when it comes to crypto exchange support crypto hopper integrates with all the ones here in terms of cost crypto hopper offers a 7-day free trial the basic pan will set you back 16 dollars per month and is ideal for more day traders if you're into exchange arbitrage then you'll be paying $41 per month and the market making license is a cool 83 dollars per month so what are the pros and cons of this bot well on the pro side it is super easy to setup keenly priced and the marketplace is great and there is good coin and exchange support if I was to have one gripe it would be that I cannot see who is behind the bots transparency goes a long way in crypto who can benefit from crypto hopper well honestly almost anyone that is interested in using a pro level crypto bot at a reasonable price it's now time for my number one trading bot pics so drumroll please it's 3 commerce now what you need to know is that this is one of the most popular BOTS out there with over 120,000 users and 60 million dollars in trade volume every day it has a super intuitive interface packed full of detailed analytics and a ton of functions the bot also enables you to set stop loss and take profit targets and craft your own trading strategies personally I find three commas smart trading functionality particularly useful for example you might want to buy aetherium with Bitcoin however on some exchanges when you make an audit you need to decide if you want to set a take profit or a stop loss you cannot always set both and that's pretty damn inconvenient however with three commas that is something you can do as well as set trailing stop losses easily and quickly that means if the market jumps up 5% then the trailing stop loss raises your stop-loss by 5% yes some exchanges do allow you to set take profit levels and stop losses at the same time however if that trading pair you want to trade isn't there then you don't have to pass up that opportunity anymore on top of all that 3 Commerce offers back testing dollar cost averaging BOTS a ton of different trading tools a traders diary to keep all your trades in one place and a you developed signals marketplace which allows you to mimic and automate the trades given by the top signals providers that means you can follow them signals down to a tee and let the Box do the hard work oh yes three Commerce has not forgotten about mobile users to just hit that App Store the bot supports all the exchanges here this includes the likes of by Nance by bit and coinbase Pro cost wise three commas offers a free three day trial and prices range from anywhere between $14 fifty per month and $49 50 you are not into futures trading then honestly that plan for $25 is what you want now on to the pros and cons in my opinion three Commerce has one of the best interfaces out there it's got copy trading supports a ton of exchanges and offers that sweet signals marketplace on top of all that I cannot stress how useful that smart trading feature is I racked my brains to come up with some cons here and if I'm being truthful three commas is probably not the best pic for inexperienced traders so if you're an experienced trader looking for all the bells and whistles you need look no further than three Commerce okay team that is my roundup of the best crypto trading bots on the market as mentioned before one drawback of using these bots is having to keep your funds on an exchange which of course does have its risks but there is no getting away from that if you want to use them so if you're going to be running trading bots then I do recommend that you split your funds across more than one exchange these bots support multiple exchanges which makes it easier to spread that risk also if you're going to be using a bot that is not on this list make sure that you do your research and extra suspicious of any bots that promise returns there have been a number of instances in the past where API Keys have been fished in order to conduct malicious trades so be aware of that in the end crypto trading BOTS definitely won't make you a millionaire but if used correctly they can equip you with the tools to improve your trading game interested in getting your hands on any of these crypto BOTS well be sure to check the links in the description below my top tip is to click on my exclusive deals page if you're interested in getting an exclusive discount for 3 commerce don't snooze on that one now I know there was a lot to take in that so well done for hanging on in there I do want to hear your thoughts though what do you think about crypto bots are you using them and what do you think of my picks thanks for watching and please do pump up the likes if you found this video useful and smash the subscribe button if you want to see more crypto content like this oh one more thing before I leave you I actually have some pretty important news to share recently I've started a weekly email newsletter it's my way of succinctly crystallizing my views on the crypto market for the week ahead nowadays I also share unique insights as well as juicy coin tips keen to be a part well you better check out the description where I've linked to a signup form all you need do is enter your email address and hit submit that's it you're now locked loaded and ready to receive my next email see you guys soon [Music]

Channel: Coin Bureau

Views: 669,113

Keywords: Trading Bot, Bitcoin, Cryptocurrency, BTC, Trading, Gunbot, Cryptohopper, Shrimpy, 3commas

Id: 9Hv0BQwYlPw

Length: 23min 12sec (1392 seconds)

Published: Sun May 31 2020