Top AI Trading Bots: Master the Market in 2024

Automation, accuracy, and 24/7 market analysis – these are the hallmarks of the leading AI-powered bots available today. And not so surprisingly, many traders are becoming increasingly keen on leveraging AI bots to boost their profit potential.

This guide will help you find the best AI trading bots for 2024. Our comprehensive reviews will help you understand the unique features, benefits, and drawbacks of the top AI trading bots, allowing you to pick the best ones to enhance your strategy.

Top 10 Best AI Trading Bots of 2024: In-Depth Reviews & Comparisons

Let’s take a comprehensive look into the features and drawbacks of the 10 best AI trading bots.

1. Algobot – The Overall Best AI Trading Bot for 2024

With a historical win rate of 81%, Algobot is one of the best AI trading bots available today. It allows you to trade multiple asset classes, including crypto, forex, stocks, commodities, and indices. Algobot is fully automated and optimizes entry and exit points based on market conditions – thus allowing you to trade passively.

So, how does Algobot do all this? This AI-powered trading bot was built with over 17,000 lines of code and machine-learning algorithms. It evaluates millions of potential outcomes using hundreds of technical and economic indicators. The result is an advanced AI-powered trading bot that is constantly learning and improving.

Although Algobot primarily functions as a fully automated trading bot, it also lets you control the risk settings. Users can choose between conservative, balanced, and aggressive risk models. Moreover, Algobot can also be used in a semi-automated manner. For instance, Algobot sends buy and sell signals via Telegram, allowing you to place the suggested orders through your chosen trading platform.

In case you prefer to do things manually, that option is available, too, by combining Algobot signals and TradingView charts. Furthermore, Algobot can be seamlessly integrated with your current TradingView charts to facilitate this. There is also a demo mode available for users to familiarize themselves with the bot before trading in real market conditions.

To start using Algobot, select from three monthly plans priced at $44.99, $59.99, and $109.99. After making the payment, you can connect Algobot to your chosen trading platform via third-party integration. The minimum amount required to start is just $100. Additionally, Algobot integrates with traditional brokers, crypto exchanges, and CFD platforms, making it perhaps the best AI bot for trading today.

2. StockHero – Multi-Asset Trading Bot With a Paper Exchange 

StockHero’s bot comes with a wide range of intelligent strategies suitable for different market conditions. This includes long and short strategies, scalping, dollar-cost averaging, grid, take-profit, and more. Using AI and machine learning algorithms, the bot will analyze market data in real-time and execute positions accordingly.

What’s more, you can also view the overall performance clearly, accessible via the on-screen chart. This means you can make adjustments to your strategy accordingly. You can also create a new strategy or assign bots to execute trades based on signals from TradingView.

With StockHero, you not only have access to backtests but also a paper exchange. And if you have any trading-related questions, StockHero has an in-built AI chatbot at your disposal. This trading bot can be used in forex, stocks, CFDs, and crypto markets.

This AI trading bot can be linked to seven leading brokers, including TradeStation, Robinhood, and Webull. If your preferred broker isn’t supported, StockHero can also be used as a signal provider. This means you can place trades manually. StockHero is available in three plans – at $4.99, $49.99, and $99.99 per month.

3. Forex Robotron – Fully Automated Forex Trading Bot For MT4

Forex Robotron claims to be an ‘Expert Advisor’ for forex trading. It’s a fully automated AI trading bot that can be integrated with the MT4 trading platform. This bot can study charts to identify trading signals and then place and manage trades accordingly.

By default, Forex Robotron is capable of trading multiple currency pairs. However, users also have the option to customize the settings, such as which pairs to trade, risk per trade, and capital allocation. You can also conduct backtests with real tick data, variable spreads, slippage, and trade commissions.

But, one noticeable downside is that Robotron has limited trading hours – from 21:00 to 23:00 GMT. Moreover, you will need to download the Robotron software and manually adjust the settings, which might make it challenging for novice traders.

Crucially, Robotron is available as a one-off package, starting at $1,188 (currently offering at a 72% discount). However, the platform promises free updates and lifetime support.

4. Cryptohopper – User-Friendly Crypto Bot With 24/7 Market Analysis 

Cryptohopper is one of the most popular AI trading bots available for crypto. It caters to both beginners and experienced traders by offering a user-friendly interface and a range of advanced features. Its crypto bot analyzes the market around the clock to spot trends and execute strategies accordingly.

You can choose to implement these strategies directly or customize them based on your chosen parameters. And if you are tech-savvy, you can also create strategies from scratch using algorithms. There is also a large library of successful backtests, which you can use for reference.

Additionally, Cryptohopper’s AI bots can also be set up for ‘copy trading’. This means you can follow the strategies of other investors on the platform. This AI bot is compatible with 16 leading crypto exchanges – including KuCoin, Crypto.com, Binance, and more.

Users can also deploy this AI bot for advanced portfolio management. When it comes to pricing, the free plan doesn’t offer support for AI trading bots. Instead, you will need to opt for one of the paid plans – starting from $24.16 a month.

5. UltraAlgo – Trading Platform Boasting Advanced Algorithms for Optimization

UltraAlgo is an AI trading bot that can be used with several popular platforms, such as TradingView, TradeStation, and TD Ameritrade. This bot uses 15 different technical indicators to identify potential trading opportunities.

Not only that, you can use UltraAlgo to access real-time data, trading algorithms, heatmaps, and more. As with all the best AI trading bots, UltraAlgo also supports backtesting. The available strategies can be used to invest in stocks, forex, and options.

Alongside its core AI bot function, UltraAlgo also helps traders with portfolio allocation, risk management, and setting alerts. UltraAlgo further aids traders with news updates and an expansive library of stock trading ideas.

That being said, we found that UltraAlgo isn’t particularly beginner-friendly. Nonetheless, you can gain access to the platform by paying $67 per month. New customers can claim a 7-day trial to familiarize themselves with the platform.

6. Shrimpy – Robust AI Trading Bot for Managing Crypto Portfolios

Shrimpy is an AI trading bot primarily designed for crypto portfolio management and automated trading. It stands out with its intuitive interface and robust features, making it easy for both novice traders and seasoned investors to optimize their crypto trading strategies.

One of Shrimpy’s standout features is its ability to automate portfolio rebalancing. For instance, you can create custom fund allocations and weighting methods, and Shrimpy will automatically adjust your portfolios to maintain these targets. You can also test different in-built trading strategies to find one that’s suitable for your investing goals.

Shrimly also offers additional automation features. This includes the option to set a stop-loss for the entire portfolio, spread/slippage control, fee optimization with maker trades, and more. Additionally,  with its Copy Trading feature, you can duplicate top fund portfolios or even build a custom index yourself.

Shrimpy can be used to manage up to 10 different crypto portfolios and connect to 25 exchanges, depending on the chosen payment plan. Shrimpy also has a free plan that allows you to test the product before making a financial commitment. This makes it one of the best AI bots for trading crypto today.

7. Coinrule – Beginner-Friendly AI Trading Bot With 150+ In-Built Strategies

Coinrule is ideal for crypto traders who wish to automate their trading strategies without any coding knowledge. You can create a new strategy from scratch or use an in-built rule that comes pre-configured. Before taking the strategy live, there is also the option to run demo trades for free.

Coinrule has over 150 built-in trading strategies that can be customized with ease. The user interface is beginner-friendly, making it simple for novice crypto traders to try and test new strategies. Moreover, a wealth of resources are available for those new to the crypto trading scene.

As a leading AI-powered bot, Coinrule can be integrated with most crypto exchanges, such as Binance, Bitstamp, Kraken, and Coinbase. Regarding fees, Coinrule offers four plans, one of which is free. Premium plans vary depending on the number of rules required and the number of exchanges accessible.

8. Tickeron – 100+ AI Trading Bots With Diverse Strategies

Tickeron boasts over 100 AI-powered trading bots, offering varying degrees of automation. Its bots formulate trading strategies using technical indicators, fundamental analysis, or a combination of both. A standout feature is that users can filter AI bots based on the required criteria. This includes assets, trading style, experience level, and technical indicators.

Additionally, users can select bots based on specific metrics like market volatility and profit/drawdown ratios. However, the downside is that AI trading bots only provide signals and facilitate trading via virtual accounts. And, you will need to subscribe to each bot individually.

Regardless, Tickeron is one of the best AI trading bots for those seeking a versatile tool with various trading preferences and goals. Tickeron supports AI bot trading for stocks, ETFs, forex, and crypto. In addition to trading bots, Tickeron also features AI-powered portfolio management tools.

9. Binance Trading Bots – Automate Crypto Trading With New or Pre-Built Bots

One of the world’s leading crypto exchanges, Binance, comes with an AI trading bot feature. Users can either choose one of the in-built bots or create one by themselves. The latter comes with nine templates and various customization fields.

Binance bots can be used for both spot and futures trading. There is also the option to auto-invest using AI trading bots. With auto-invest, you can choose which crypto you want to buy daily, weekly, bi-weekly, or monthly.

Binance will automatically buy the crypto and deposit it in your account to earn rewards. If needed, Binance offers a huge library of resources on how to get started. Best of all, Binance bots are completely free to use.

10. QuantConnect – Open-Source Trading Bot With Access to Extensive Historical Data

As an open-source AI-powered trading bot, QuantConnect offers its users full control over their strategies. This bot comes with a comprehensive suite of tools to build, backtest, and deploy trading systems. You can also access the underlying code, change it, and contribute to the platform.

In other words, QuantConnect is ideal for those who prefer a collaborative and transparent environment. In addition to this, QuantConnect supports a wide range of asset classes, including stocks, forex, futures, options, and crypto.

However, QuantConnect is geared towards more technically proficient users. While it offers extensive customization and rigorous testing, it is unsuitable for beginners. Moreover, the win rate largely depends on the strategies implemented by the user.

That said, there is a huge library of historical data at your disposal. Depending on your coding knowledge, you can choose between four monthly plans- from $8 to $80. There is also a free package, which comes with limited functionalities.

What are AI Trading Bots? 

While the concept of trading bots isn’t new, the rapid advancement of AI has taken the industry to a whole new level. What makes AI trading bots excel is their ability to learn and adapt constantly.

These bots use machine learning algorithms to analyze market data such as price action. Bots can adjust their strategies to dynamic market conditions. Based on the data available, trades are then executed on an ‘if/then’ basis.

For instance, let’s say you’re using an AI bot with the Moving Average Convergence Divergence (MACD) indicator to trade stocks in a long position.

In this case:

• The ‘if’ condition signals that the AI bot should buy the stock when the MACD line crosses above the signal line.
• Once this condition is satisfied, the ‘then’ rule activates.
• Upon receiving the buy signal, the bot evaluates the trading parameters. This includes factors such as a predefined risk or capital allocation.
• The bot sends a buy order to the connected brokerage platform where the stock is traded.
• The order includes details such as the stock ticker, order type, quantity of shares to purchase, and any additional instructions – like a stop-loss or take-profit level, if applicable.
• Once the brokerage platform receives the order, it is queued for execution.

The same steps will happen when the bot detects the ‘if/then’ conditions have been met for a ‘sell order.’ For example, the bot will calculate the risk-reward ratio based on the parameters and generate a sell signal accordingly.

Depending on the bot, adjustments for execution can be made in real-time, unlike traditional trading bots bound by predefined rules.

Moreover, the best AI trading bots can process large volumes of data from various resources and make more accurate predictions. This way, AI trading bots can forecast market trends and help you manage your portfolio accordingly.

How to Choose the best AI Bot for Trading

If you plan to automate your trades, your results will ultimately depend on which bot you use. Choosing the best AI trading bot is no easy feat, especially considering the number of options available in the market.

With this in mind, explore the following factors when selecting a provider.

Available Strategies and Customization 

The most important step is to consider what kind of strategies are offered by the bot. You can then assess its suitability for your trading goals. Some bots offer hundreds of systems to choose from. Whereas others specialize in specific strategies like trend following, scalping, arbitrage, or portfolio rebalancing.

Consider whether the AI trading bot allows for the customization of these strategies. We found that the best AI trading bots allow you to align the bot’s settings with your risk management and investment objectives. This flexibility can further enhance your control over the bot.

Supported Assets and Brokerages

Check out the financial assets compatible with your chosen AI trading bot. Ensure the bot supports the specific markets you wish to trade. For instance, Algobot supports a wide range of financial assets. This includes stocks, forex, indices, crypto and commodities.

On the other hand, AI bots like Shrimpy are compatible only with crypto. Similarly, supported brokers and exchanges are also important factors. The bot should connect with your preferred platform. Otherwise, you’ll need to open additional accounts.

Interface and Navigation 

Needless to say, user experience is critical when using an AI trading bot, whether you are a beginner or a professional. If you’re a complete novice, a complex interface might make it difficult for you to navigate.

It’s always best to opt for bots with intuitive interfaces and robust support resources to help you get started.

Pricing 

Finally, be mindful of the pricing structure, as each bot provider charges different fees. The features accessible, such as trading strategies and supported brokers, can vary depending on the chosen plan.

You should also check whether transaction fees are charged when integrating the bot with your broker. It’s best to know these charges in advance to avoid any issues later.

The best trading bots tick all the right boxes from this checklist. Algobot, for example, supports a diverse range of assets, facilitates customization, and has a win rate of over 81%.

Limitations of AI Trading Bots

Undeniably, AI trading bots come with attractive promises. After all, bots let you trade passively – doing all of the hard work for you. However, even the best AI trading bots come with risks.

In this section, we elaborate on the limitations of AI trading bots, allowing you to make informed decisions about their suitability.

Reliability of Historical Data

As mentioned, AI bots rely heavily on historical data for learning and, consequently, decision-making. While this approach can be effective in stable market conditions, it may struggle during unprecedented events or sudden market shifts that deviate significantly from historical patterns.

• For instance, there could be a sudden corporate announcement from a company or a natural disaster affecting a country’s economy.
• In such cases, AI bots may fail to adapt quickly enough or make accurate predictions, which could lead to unfavorable trading outcomes.

As such, traders should be cautious about depending solely on historical data without taking into account external factors that can influence asset prices.

No Guaranteed Profits

Despite integration with AI, no trading bot can guarantee profits. AI bots are designed to identify potentially profitable trading opportunities based on historical trends. That being said, they cannot predict future market conditions with 100% certainty.

Bear in mind that a market is influenced by a multitude of aspects beyond historical data, including human behavior, sentiment, and external events. These dynamics can lead to outcomes that even the best AI trading bots may not anticipate.

Regulatory Considerations

The use of AI trading bots may also raise regulatory considerations, depending on the jurisdiction and market regulations.

For instance, an AI trading bot designed for the US stock market might not work well for Singapore. It is up to the traders to keep themselves educated about regulations to avoid potential legal issues.

Technical Risks 

As with other online trading tools, AI bots also rely on seamless connectivity to execute trades. If any technical issues arise, it can disrupt the bot’s operations and potentially lead to missed opportunities or erroneous trades.

This is why traders should monitor the API integrations when using AI trading bots. It’s also wise to have contingency plans in place to address any potential technical disruptions as quickly as possible.

Human Oversight and Decision-Making

The main purpose of using AI trading bots is to automate orders and eliminate human error. That said, human oversight is a crucial part of trading. It’s important for traders to actively monitor their portfolios and adjust the bot’s strategies as needed.

This will allow you to intervene when needed and make adjustments if the market takes an unexpected turn. In doing so, you will be able to make the most of human decision-making alongside the benefits of AI trading bots.

Conclusion

The best AI trading bots offer a range of benefits, such as automation and predictive analysis. However, choosing the right bot involves evaluating its features, user experience, and alignment with trading strategies.

Overall, Algobot is the best AI bot for trading multiple assets – including crypto, forex, stocks, indices, and more. It allows you to trade passively 24/7 or switch to semi-automated or manual modes when needed. Additionally, Algobot boasts an impressive win rate of over 81%.

FAQs

Are AI trading bots secure?

The best AI trading bots use cutting-edge security protocols and encrypt the personal data of the clients. Moreover, top AI-powered bots are integrated into leading brokerages, which ensures that the actual trades are executed via trusted platforms.

Can beginners use AI trading bots?

Yes, there are fully automated AI trading bots, such as Algobot, that can be used by beginners without any prior knowledge of the market. All you need to do is to connect the bot to your chosen trading platform and it will trade on your behalf.

Which is the best AI trading bot?

The best AI trading bots in the market come with in-built strategies and facilitate customization. They also offer support for multiple assets and are user-friendly. In this regard, Algobot stands out from the rest, with its 24/7 market monitoring and 81% win rate.

Is it possible to make profits using an AI trading bot?

AI trading bots don’t guarantee profits. While AI bots can automate trading processes, analyze vast amounts of data, and execute trades swiftly, their success depends on other factors, such as market dynamics.