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Kraken is one of the most trusted exchanges in crypto, known for its wide range of digital coins and safe trading experience. Even so, making consistent profits on Kraken can be challenging. This is where automated bots come in; they give you an edge in the dynamic crypto markets with no manual intervention needed. In this guide, we will explain how to set up a Kraken bot to optimize your trades. We also review the best bot providers in the market – helping you find the perfect fit for your trading style.
We’ve summarized the top Kraken bots for 2024 below:List of the Best Kraken Bots for Automated Trading 2024:
Top 10 Kraken Bots of 2024: In-Depth Reviews & Comparisons
We’ll now take a much closer look at the best Kraken bots, with comprehensive reviews on their features, fees, pros, and cons.
1. Algobot – Overall Best Kraken Bot For Fully Automated Trading
Algobot is a powerful yet approachable trading bot designed for crypto exchanges like Kraken. It’s fully autonomous – equipped to handle all facets of trading. It gauges the crypto market using a unique combination of technical indicators and AI. Once a profitable opportunity is spotted, Algobot automatically executes positions.
In other words, Algobot gives you a complete, hands-free trading experience. However, you can also control your positions by specifying your comfortable risk level. Algobot supports conservative, balanced, and aggressive trading styles. It sets the stop-loss and take-profit levels based on your choice.
Additionally, it offers features such as trading signals and exclusive Algobot indicators. This flexibility makes Algobot suitable for newbies and seasoned traders alike. Moreover, Algobot facilitates diversification. It not only supports crypto but also stocks, forex, commodities, and indices. The bot comes with three years of backtesting, generating a win rate of over 81%.
Algobot has a subscription model, with fees starting at $59.99 a month for the Premium plan. This also includes access to the exclusive Algobot indicator. However, you can scale up to the Ultimate plan if you need access to real-time crypto trading signals. This plan costs $109.99 a month.
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2. CryptoHopper – Create Unique Bot Strategies With 130 Technical Indicators
CryptoHopper bots come with an easy setup process. You can create API Kraken keys, connect them to CryptoHopper, and get started in minutes. The platform boasts a range of pre-built strategies – including DCA and signal-based approaches. Plus, users can also create custom trading plans with CryptoHopper’s strategy builder.
It comes with a visual interface and requires no coding. You’ll have a set of over 130 technical indicators and advanced charting tools at your disposal. Additionally, you can monetize your expertise by selling strategies on the CryptoHopper marketplace. On the other hand, if you’re a beginner, you can copy trade strategies developed by experts.
Put simply, there are many ways for you to benefit from CryptoHopper’s automated tools on Kraken. The free Pioneer plan is great for getting started, though it’s limited in features. Paid plans start with the Explorer at $29 per month, offering more trading options. However, you can start with a three-day free trial to test all advanced features.
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3. Bitsgap – Trade Crypto Futures With the DCA Strategy on Kraken
Bitsgap is another solid choice for traders looking to automate their orders on Kraken. It offers several options for preset bot strategies. Bitsgaps’ grid bot is suitable for short-term ranging markets. There are also DCA and BTD bots that automate long-term investments.
If you’re looking for the best crypto futures trading bots, Bitsgap also has you covered. It offers futures DCA bots with up to 10x leverage. All bots can be customized to fit your unique needs. Demo testing is also supported.
Moreover, you can set up smart orders such as trailing up/down, take-profits, and stop-losses for risk management. As for pricing, Bitsgap’s Basic plan starts at $28 a month, and the Advanced package is $65 a month. If you want to unlock the full suite of features, the Pro plan is available at $143 a month. Bitsgap also offers a seven-day free trial to test all the Pro plan features.
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4. AutoView – Automate Kraken Trades With TradingView Scripts
AutoView bridges the gap between TradingView and Kraken. One of AutoView’s key features is its ability to automate TradingView signals. For more advanced users, AutoView offers customizable trading scripts using the Pine Script language. This allows you to create your own strategies for virtually any crypto pair and time frame.
AutoView strategies can be developed using simple commands. The platform offers extensive guides on setting up and implementing strategies. While the platform provides simple commands and detailed setup guides, there’s a slight learning curve for beginners.
Interestingly, AutoView comes with powerful backtesting features. It provides valuable metrics such as net profit/loss, maximum drawdown, profit factor, etc. AutoView is free for some crypto exchanges. However, linking an account to Kraken costs $39.99 a month.
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5. 3Commas – Integrate TradingView Signals With a Kraken Bot
3Commas offers a range of tools for managing crypto portfolios and implementing advanced strategies. It lets you automate Kraken trades using TradingView signals. Its marketplace is a great feature, allowing you to subscribe to signals generated by experienced traders.
You’ll also find bots tailored for grid and DCA strategies. Plus, 3Commas offers robust tools for backtesting and demo trading. It also has a SmartTrade terminal that integrates seamlessly with TradingView charts and signals. 3Commas also equips users with advanced order types for a comprehensive trading experience.
For instance, you can set simultaneous take-profit and stop-loss orders. You can also sell your position incrementally with step-sell orders. 3Commas pricing starts with a free plan. However, access to prebuilt bots requires the Pro plan at $54 a month or the Expert plan at $87 for additional features.
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6. Coinrule – Access a Simple Rule-Based Bot Strategy Builder
Coinrule is ideal for traders who want to create their own strategies without coding knowledge. It supports Kraken bots capable of executing multiple rules at once. This allows you to deconstruct intricate strategies into straightforward, manageable actions.
Moreover, beginners can automate their manual strategies with ease. Coinrule also offers a demo feature, enabling users to test their rules without staking real funds. For more specialized strategies, Coinrule allows you to purchase rules from other traders via its marketplace. You can find templates like the ‘Buy the Dip Bull’ or ‘Optimised Relative Index.’
Each rule lists its win rate, the exchanges and pairs it supports, and how many people are using it. Coinrule’s free Starter plan suits new traders with monthly trading volumes below $3,000. It gives you access to two live bots. Paid plans begin at $39.99 a month, catering to high-volume traders who require more bots.
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7. Gunbot – Community-Made Kraken Bot With Custom Strategies
Gunbot is geared towards privacy-centric traders – who prefer more control over their trading process. This bot can be downloaded and operated directly from your device. This ensures that your data remains secure on your computer instead of a cloud-based service.
For trading strategies, Gunbot has a community-driven approach. It offers a variety of preloaded strategies that cater to different trading styles. Users can immediately customize and implement these strategies for Kraken trading. Alternatively, traders can also use the provided framework to create custom bots.
Users can also leverage the Gunbot AI to create and modify code-based trading strategies. In terms of pricing, Gunbot offers a one-time licensing fee for lifetime access starting from $199. If you don’t want to commit long-term, monthly plans are also available starting from $29.
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8. GoodCrypto – Manage Kraken Bots on a Native Mobile App
GoodCrypto is one of the few Kraken trading bots that’s accessible as an app. Its customizable bots execute trades based on predefined rules. The selection includes DCA, grid, and infinity trailing strategies. GoodCrypto also lets you set trailing stop orders for your positions.
GoodCrypto also has a unique ‘timeout for stop loss’ option. It prevents premature exits during short price fluctuations. Additionally, traders can set up alerts for various market movements, order executions, and portfolio changes.
In addition to Kraken, GoodCrypto integrates with over 24 other exchanges. GoodCrypto’s portfolio management and alerts are free. However, those seeking Kraken bots must opt for the Pro plan, which costs $14.99 a month.
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9. HummingBot – Open-Source Network to Create and Automate Strategies
Hummingbot is an open-source, community-driven platform. It lets traders create and automate their strategies with multiple exchanges, including Kraken. The platform offers a variety of pre-built strategies, but its true power lies in its customization.
Advanced users can leverage Hummingbot’s open-source framework to create bespoke trading algorithms. The platform is loaded with strategy documentation for reference. Moreover, it fosters a collaborative environment where traders and developers can contribute to one other.
Hummingbot also enables users to backtest their bot strategies via Dashboard, a native web-based interface. However, it’s important to note that Hummingbot is primarily designed for advanced users. To fully leverage its capabilities, users must have a solid understanding of coding.
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10. Trality – Create Kraken Trading Bots With Code
Trality supports Python-based strategies, allowing you to develop your Kraken bot from scratch. Here, you’ll find intelligent auto-complete, in-browser debugging, and an optimizer to streamline your development process. Plus, you can backtest your bot directly within the browser, allowing you to estimate its performance before going live.
For those who prefer a more user-friendly approach, Trality also offers a simplified rule-builder. This lets you implement your strategies with a drag-and-drop interface. Trality provides access to hundreds of technical indicators, enabling further customization.
Advanced traders can also use the Trality marketplace to rent and borrow trading bots. The platform offers a free plan that supports one bot and a trading volume of up to €5,000 (about $5,500). Paid plans for larger trading volumes start at €9.99 (approximately $11) a month.
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What is a Kraken Bot?
Kraken is one of the world’s leading crypto exchanges. A Kraken bot automates trading orders on the platform. It can be pre-programmed with different trading strategies and utilize algorithms to scour live crypto market data.
Once it finds a suitable trading opportunity, it executes trades automatically – based on the predefined criteria. How a crypto bot finds trading opportunities and executes them depends on its underlying program.
This is how a Kraken bot typically functions:
- Market Analysis – The bot continuously researches market data – including price activities, trading volume, and other relevant indicators.
- Signal Generation – When the bot detects a favorable market condition that matches its programmed strategy, it generates a trading signal indicating when to buy or sell.
- Order Execution – Once a signal is generated, the bot automatically executes trades on your behalf – based on your preferred position sizing.
The bot also monitors open positions around the clock. It incorporates stop-loss and take-profit orders to exit positions within the chosen risk level. An effective Kraken bot is equipped to handle all facets of trading – offering a completely hands-off experience.
Why Should You Use a Kraken Bot?
Automated bots do the heavy lifting, allowing you to trade without manually placing orders. Let’s explore why using a Kraken bot can be advantageous.
Efficient Market Analysis
No matter the trading experience, you can’t surpass a bot’s ability to analyze market data. They process a vast amount of information in real-time, constantly looking for trends. For example, if a sudden spike in trading volume for a specific coin occurs, a bot can recognize this trend and execute trades.
Crucially, bots can take action before other traders even have a chance to react. Needless to say, this speed and efficiency can significantly improve your trading output.
Save Time
Successful crypto traders typically operate full-time. This won’t be suitable for those who have other life commitments.
But with a Kraken bot, you don’t have to be glued to your computer. The best trading bots function autonomously and never take a break. Meaning, you won’t miss any profitable trades – even while sleeping.
Remove Emotions From Trading
One of the trickiest parts of trading is managing emotions. It’s easy to get caught up in the excitement of a price surge or the panic of a sudden drop. A Kraken bot can help avoid these pitfalls by sticking to a predetermined strategy, regardless of market emotions.
- For example, imagine Bitcoin is experiencing an unexpected dip.
- You see the price falling rapidly, and panic sets in.
- You decide to sell immediately to protect your remaining profits.
- But then, as often happens in crypto, the market quickly rebounds.
- And you realize you’ve sold too early.
With a Kraken bot, this emotional rollercoaster is removed from the equation. Instead of reacting impulsively, the bot follows the original strategy.
Different Strategies for All Trading Levels
As mentioned, most providers offer bots programmed with preset strategies. This makes it easier for beginners to jump into automated trading without extensive market knowledge or technical skills.
However, most bots still offer traders some level of control. For instance, they can set the position sizing, risk levels, price thresholds, and other parameters. This flexibility allows traders to customize their strategies according to the risk tolerance and market outlook.
If you’re a professional, you can create your own bot strategies. Many platforms offer strategy builders to help you design customized trading algorithms aligning with your goals and insights.
Copy trading Kraken bots are another useful feature. This lets beginners replicate expert traders. On the other hand, professionals can also use their strategies to build a following – while earning passive income from profitable trades.
Drawbacks of Kraken Bots
Ultimately, Kraken bots are software with limitations. Before using them, you should be aware of the following drawbacks:
- Learning Curve – Many bots have advanced features that may overwhelm beginners. Understanding how to set up and optimize strategies can take time and effort.
- Monthly Fees – Most trading bots require a subscription fee. While some offer free plans, the more advanced features often come at a cost, which can add up over time.
- Market Volatility – Automated trading bots rely on algorithms that may not adapt quickly to sudden market changes. This can result in unexpected losses during volatile conditions.
- Over-Optimization Risks – Relying too heavily on backtested strategies can lead to over-optimization, where a bot performs well on historical data but fails in live trading scenarios.
- Reliance on API Permissions – Connecting a bot to your Kraken account requires API keys, which have inherent risks. If your keys are compromised, it could lead to unauthorized trading or loss of funds.
- Potential Technical Issues – Another issue is that Kraken trading bots can experience bugs or connectivity issues. Downtime can hinder trading activities, particularly in fast-moving markets.
Put simply, using a Kraken bot doesn’t remove risks entirely. It only makes trading more efficient and systematic.
Choosing the right bot can significantly impact your trading success, so it’s essential to consider several factors before deciding. Here’s a quick guide to help you pick the best Kraken bot: You should also ensure the bot seamlessly integrates with your Kraken account through API keys or third-party integrations.How to Pick the Right Kraken Bot?
How to Optimize a Kraken Bot?
No matter which bot you choose, you must tailor it to your individual needs.
Below, we’ve outlined some different ways to optimize a Kraken bot.
Adjust Strategy Parameters
Most Kraken bots allow you to fine-tune settings like stop-loss limits, take-profit thresholds, trade volume, and risk levels.
Adjusting these based on your market outlook and risk tolerance can help optimize the bot’s performance. For example, you might set tighter stop-loss orders in volatile markets to minimize potential losses.
Trial Run Before Launch
You should use the backtesting features to check your bot’s efficiency. With backtesting, you run the bot against previous market data and assess its performance. Similarly, you should test the bot against live market conditions via demo trading.
In this case, real funds aren’t being risked. Rather, you’ll be using paper money. Essentially, these methods are great for trial runs – perfect for refining your approach before going live.
Leverage Multiple Strategies
Some traders use multiple bots to diversify their strategies. Many providers offer a wide range of preset strategies to choose from. This way, you can diversify into arbitrage, scalping, or grid – without being an expert.
Alternatively, you can combine preset strategies with AI bots like Algobot. These are more intuitive and can adjust to the market. Moreover, AI bots automatically improve their efficacy via machine learning.
Monitor and Adjust
Even after setting up a bot, ongoing optimization is crucial. Markets evolve, and so should your bot’s strategy.
Review its settings regularly and tweak parameters based on current market conditions or emerging trends. This ensures that your bot stays aligned with your trading goals over time.
How do you Connect a Bot to Kraken?
Connecting a bot to the Kraken exchange is simple.
Here’s a simple guide to follow.
Step 1: Log in To Your Kraken Account
Start by logging in to your Kraken account.
Ensure you’ve got sufficient funds before proceeding.
Step 2: Create API Keys on Kraken
Next, you can go to the API section – and create a new key. Go to the API settings and enable permissions.
This includes access to funds, managing positions, and modifying trading orders. Kraken will then generate your API and private keys.
Step 3: Connect Your Bot to Kraken
Go to your trading bot’s interface and choose Kraken as the exchange. Next, copy-paste your API and private keys.
Depending on the bot, you might have to connect via a third-party integration like Cornix. Instead of copy-pasting the API into your bot’s interface, you’ll connect it to the third-party provider.
After completing the setup, verify the account balance within your bot dashboard to test the connection.
Once activated, the bot will automatically execute trades via Kraken based on your strategy. Monitor the bot regularly to optimize it as needed.
Conclusion
A Kraken bot makes the trading experience smoother and potentially more profitable. However, choosing the right bot is crucial. While there are many providers available, Algobot is the best option for beginners seeking a plug-and-play service.
It has a balanced blend of AI, automation, and ease of use. Moreover, you can also set your preferred risk level and diversify across different cryptos. Best of all, Algobot trades 24/7 across any time frame, ensuring constant market participation.
FAQs
Does Kraken allow bot trading?
Yes, Kraken allows bot trading through API integration. This allows users to automate trades via various providers, such as Algobot, CryptoHopper, and 3Commas.
What is the best Kraken bot?
The best Kraken bot depends on your needs. However, Algobot is often considered the top option for its advanced features, backtesting capabilities, and ease of use.
Are Kraken trading bots worth using?
Kraken trading bots can be worth using if you want to automate your trades, save time, and execute strategies more efficiently. However, they come with risks and fees, so ensuring they align with your trading goals is essential.
Can you lose money in bot trading?
Yes, you can lose money in bot trading, especially if market conditions change suddenly or your strategy underperforms. Choosing a bot that automatically deploys risk management orders is imperative.
