Crypto trading bots remove the guesswork. Simply connect a bot to your chosen exchange and allow it to trade for you. The difficult part is knowing which crypto bot to go with.
This guide ranks the 10 best crypto trading bots in the market today. We focus on key factors like supported pairs and markets, past performance, reliability, pricing, and risk.
Listed below are the 10 best crypto trading bots for 2024:List of the Top Crypto Trading Bots for 2024:
Top 10 Best Crypto Trading Bots of 2024: In-Depth Reviews & Comparisons
Let’s take a closer look at the best crypto trading bots listed above. No two bots are the same, so it’s important to review each provider before making a decision.
1. Algobot – The Overall Best Crypto Trading Bot for 2024
If you’re looking for a fully automated crypto trading bot – look no further than Algobot. No matter your prior trading experience, Algobot offers a plug-and-play setup process. It’s compatible with all major crypto exchanges and trading platforms. Simply follow the step-by-step walkthrough provided. Once activated, Algobot will begin buying and selling crypto pairs on your behalf.
This means you can trade crypto 24 hours per day without doing any of the legwork. So how does Algobot work? Thousands of lines of code ensure that Algobot trades autonomously but in a risk-averse way. It leverages technical and economic indicators to predict future price movements.
It can trade any chart time frame, meaning Algobot is suitable for all trading strategies. In addition, Algobot has a proven track record. Since testing began, Algobot’s win rate stands at over 82%. This includes multiple backtesting periods in both bullish and bearish markets. All trades are executed with stop-loss orders, ensuring that losing positions are minimized.
In terms of pricing, Algobot’s ‘Essential’ plan costs £24.99 per month. However, you’ll need the ‘Premium’ plan to benefit from Algobot’s automated trading tools. This costs £39.99 per month, but you can reduce this by 40% by paying annually. Ultimately, Algobot is aimed at those who want to trade crypto without manually researching the markets.
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2. 3Commas – Top Crypto Trading Bot for Dollar-Cost Averaging
Next on this list of the best crypto trading bots is 3Commas. This is a great option for dollar-cost averaging. Instead of manually buying crypto at set intervals, allow the 3Commas bot to do it on your behalf. For a start, this will enable you to constantly buy the market dips. For example, suppose you want to invest in Bitcoin. The bot can enter a buy order whenever BTC/USD drops by 0.5%.
The bot will adjust its order value accordingly. This enables you to take advantage of short-term volatility. Alternatively, you can instruct the bot to make purchases based on other triggers. This includes pricing, volume, and time intervals. For instance, you might want to keep things simple by purchasing Ethereum at the same time every day.
You might want to repeat this for dozens of other cryptocurrencies. Doing this manually would be cumbersome. But by using 3Commas, you can automate everything. 3Commas charges a monthly subscription – several plans are available. The $5 per month plan supports 25 active bots. This increases to 500 bots when opting for the $49 plan.
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3. Pionex – User-Friendly Trading Platform With In-Built Crypto Bots
Pionex is a popular crypto trading platform that supports almost 380 pairs. Aimed at newbies, Pionex offers a simple way to buy and sell crypto. Pionex also offers fully automated trading bots. There are 16 different strategies available. All of which are completely free to use. Users simply need to cover the trading commission, which stands at 0.05% per slide.
That said, you won’t be able to use your trading bot on another platform, which is a major drawback. Nevertheless, Some of the most popular strategies are reverse grid trading, dollar-cost averaging, arbitrage trading, and rebalancing. There are also bots exclusive to specific cryptocurrencies, including Bitcoin and Ethereum.
We also like that Pionex offers futures and leverage trading bots. These are aimed at traders with a higher appetite for risk. The issue with Pionex is that past performance results are not published. This is because traders are required to set their own parameters. Therefore, it’s best to start with the Pionex practice account. Only consider activating a bot with real funds once you’re confident the strategy works.
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4. Cryptohopper – Easily Create a Custom Trading Bot With a Drag-and-Drop System
Cryptohopper is one of the best crypto trading bots for creating custom strategies. No longer do traders need to sit at their devices for hours on end, constantly monitoring the market. On the contrary, traders can automate their preferred strategies 24/7. This streamlines the trading process and ensures that traders never miss an investment opportunity.
Best of all, no coding knowledge is required. Cryptohopper has developed a drag-and-drop system when building bots from the ground up. You’ll first need to choose which crypto pairs you want your bot to trade, such as BTC/USD or ETH/BTC. Next, you’ll need to add custom metrics and triggers. For example, you might want to long XRP/USD if 24-hour volumes increase by 60% from the previous day.
You can also add stop-loss and take-profit metrics to your trading bot. For instance, you might want to cash out if your position increases by 25%. There are virtually no limitations when using Cryptohopper, which is why it makes this list of top-rated bots. That said, you’ll need a premium plan to get the most out of Cryptohopper. This ranges from $29 to $129 per month.
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5. OKX – Thousands of Pre-Built Crypto Bots With a Profit-Sharing Agreement
Next is OKX, which is best known for its exchange trading services. That said, OKX also offers thousands of pre-built crypto trading bots. Users simply need to choose their preferred bot and activate it. The bot will then begin trading on the OKX exchange. There are many strategies to choose from with various risk levels. Some of the most popular strategies include slicing, arbitrage, signal, and grid trading.
Within each strategy, you can find a suitable bot based on past performance, total assets under management, and other key metrics. To offer some insight, the ‘[Silentist] Drawup’ bot has generated an APY of over 626% in the past 30 days. Another top-performing bot is ‘[IntellyBot] BTC’. This has returned over 32% in the past month. OKX bots can be traded on the spot or futures markets.
The latter invites short-selling and leverage opportunities. You can amend your bot settings before activating it, such as the maximum stake and stop-loss percentages. Although OKX bots are free to deploy, you must pay the owner a share of any profits generated. You’ll pay 20% on the most popular bots. In addition, you’ll need to cover trading commissions. Although these amount to just 0.1% on OKX.
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6. Binance – Over 138,000 Crypto Bot Strategies Covering Spot and Futures Trading
Binance is another top-rated crypto exchange that offers trading bots. Similar to OKX, bots must be used on the Binance platform, meaning you can’t connect them with other exchanges. Nonetheless, Binance has one of the largest trading suites in the industry. It covers hundreds of coins and thousands of trading pairs. What’s more, Binance lists more than 138,000 bot strategies.
These are created by third parties, so you’ll need to pay a profit-sharing commission. This varies depending on the bot provider, but expect to pay between 10% and 30%. You’ll also need to meet a minimum investment requirement. That said, this is often just a few dollars, so most budgets are catered for.
In terms of strategies, the core categories are spot, futures, rebalancing, algo, and auto-investment. Binance offers lots of filters to help you find the right bot. For example, you can search for bots based on the return on investment, runtime, or preferred market. Currently, more than $150 million has been allocated to Binance bots. This reaffirms Binance’s position as the leading exchange.
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7. TradeSanta – Access 49 Crypto Trading Bots for Just $25 per Month
TradeSanta is a great option for bot diversification. It offers three pricing plans that determine how many trading bots you can access. First, there’s the $25 per month plan. This offers access to 49 trading bots, including all supported strategies. For $45 and $90 per month, you’ll get 99 or an unlimited number of bots, respectively.
There are many different bot strategies available, including grid and DCA trading. Both long and short positions are supported, ensuring bots can make gains in all market cycles. TradeSanta bots can also trade leveraged futures and custom TradingView signals. However, these features are only available on the $90 per month plan.
Nonetheless, TradeSanta is compatible with the leading crypto exchanges. This includes OKX, Coinbase, Bybit, Kraken, Binance, HTX, and HitBTC. US traders will be pleased to know that Binance.US is also supported. TradeSanta also offers a marketplace, where other users can sell their trading bot creations.
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8. WunderTrading – One of the Top 10 Crypto Trading Bots for Scalping Strategies
WunderTrading is one of the top crypto trading bots for scalping strategies. This proprietary bot scalps the crypto markets around the clock, looking to profit from small price movements. It automatically identifies support and resistance levels within consolidation zones. This is considered a low-risk strategy, as breakouts are protected by stop-loss orders at both ends of the trend.
WunderTrading also supports other bot strategies. This includes grid, spread, and DCA trading. It can also trade based on TradingView signals. The spot and futures markets are supported, ensuring complete flexibility. We found that WunderTrading also offers copy trading tools. This enables you to copy an experienced crypto trader at your preferred stakes.
WunderTrading is compatible with most tier-one exchanges. This includes Binance, Gate.io, Bybit, OKX, Kraken, KuCoin, and Coinbase. There’s also support for MEXC, Deribit, and Bitfinex. In terms of pricing, you’ll pay between $4.95 and $89.95 per month. The most suitable plan will depend on your needs, such as how many active bots you require.
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9. Phemex – Copy Ready-Made Bots and Trade Perpetual Contracts With 100x Leverage
Phemex is a global crypto exchange that offers perpetual futures contracts on multiple pairs. It offers high leverage limits of 100x, so will appeal to high-risk traders. Phemex also supports thousands of ready-made bots, many specializing in leveraged markets. First, traders need to choose their preferred strategy. Popular options include futures grid trading and the Martingale system.
You can then sort trading bots by direction (long or short), run time, and preferred markets. Before activating a bot, Phemex enables you to choose your leverage limits and risk settings. Make sure you select a sensible stop-loss size. Phemex bots trade 24/7, but it’s wise to monitor their performance frequently.
You can do this conveniently on the Phemex app for iOS and Android. Phemex doesn’t charge fees when using bots. Nor is there a commission-share requirement. Instead, users need to cover standard commissions. Phemex charges 0.06% per slide when trading leveraged futures. Spot trading fees are 0.1%. Fees can be reduced when holding PT tokens, which are backed by Phemex.
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10. Gunbot – Auto Trade Cryptocurrencies on Decentralized Exchanges
Gunbot is also one of the best crypto trading bots to consider today. This is a great option if you’re looking to trade cryptocurrencies on decentralized exchanges (DEXs) like Uniswap. New tokens often start out on DEXs before securing centralized listings. This means Gunbot is ideal if you’re searching for the next 100x crypto gem.
Gunbot enables you to customize your DEX bot, so consider what strategy aligns with your goals. For example, the bot could buy newly listed tokens with a market capitalization of between $2 million and $2.5 million. Gunbot also makes it simple when selecting position sizes. You can opt for a dollar amount (e.g. $50) or a percentage of your wallet balance (e.g. 1.5%).
Stop-losses and take-profits are also supported. This ensures that DEX positions are entered with risk management practices in mind. In addition to DEXs, Gunbot is also compatible with legacy exchanges. This includes Binance, KuCoin, and Kraken. Gunbot offers native desktop software for Windows, Mac, and Linux. Monthly plans range from $29 to $59 per month.
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Crypto trading bots, or robots, offer an automated trading experience. While still a nascent market in the crypto space, bots have been used in other financial markets for several decades. In recent years, trading bots have become more accessible to everyday crypto investors. This is ideal for beginners with limited trading experience. For instance, some bots specialize in technical analysis. They scan pricing charts and trends across dozens of pairs, constantly looking for triggers. This could be anything from the 50-day moving average to the RSI. Either way, bots not only streamline the technical analysis process – they increase capabilities. After all, humans can only realistically analyze one pricing chart at a time. Bots, on the other hand, have no limitations. It can analyze Bitcoin, Ethereum, XRP, Litecoin, and many other cryptocurrencies simultaneously. In addition, crypto trading bots can also place orders on your behalf. Once connected to an exchange, it will trade cryptocurrencies based on pre-programmed conditions. Beginners might prefer a ready-made solution, meaning the underlying strategy has already been developed. Users simply need to activate the bot and it will begin trading. Alternatively, you might also consider opting for a custom strategy. You can amend an existing strategy to suit your goals or build one from scratch.What are Crypto Trading Bots and How do They Work?
Key Benefits of Crypto Trading Bots
We’ll now discuss the main benefits that crypto trading bots offer. Just remember – bots aren’t a guaranteed income source, so ensure you do your own research.
Automated Trading
Crypto trading bots offer an automated investing experience. When opting for a pre-built strategy, no prior experience is needed. This is because the bot will determine which cryptocurrencies to buy or sell. It performs analysis behind the scenes, which is usually technical-based. For example, it might analyze crypto trends based on the MACD or Fibonacci retracement levels.
A trading signal is generated when an indicator is triggered. This means the bot will place a suitable order with your preferred exchange. It should also deploy stop-loss and take-profit positions accordingly. Crucially, the best crypto trading bots remove the need to trade manually. This makes the crypto trading markets more inclusive, as they can be intimidating for newbies.
Trade Crypto 24/7
Crypto trading can be a daunting task. It requires unprecedented focus and dedication, meaning traders often suffer from fatigue. Put otherwise, traders can only dedicate a certain number of hours each day before performance levels decline. This often means that traders miss out on the best opportunities. After all, crypto is traded around the world across all time zones.
This is where crypto bots can help. Unlike humans, bots don’t suffer from fatigue, so their performance remains constant. As such, bots can trade the crypto markets 24 hours per day, 7 days a week. This means you’ll be trading even when you’re asleep.
Ideal for Beginners
Although the best crypto trading bots are used by people of all skill sets, they’re particularly suited to beginners. This is because beginners often lose money when trading crypto. It’s a complex and volatile market to navigate, so experience is crucial to succeed. The most successful traders have many years of experience. Not just in spotting opportunities but analyzing and interpreting trends.
If you don’t want to spend years learning how to trade effectively, bots are the ideal solution. You can choose a strategy that appeals to your trading goals, set your parameters, and activate the bot. You won’t need to do anything else. The bot is your virtual assistant that analyzes and trades crypto for you.
Streamlined Research Processes
The best crypto trading bots can also be used solely for researching the markets. This streamlines the process, providing analysts with a much larger range of trading opportunities. Ordinarily, crypto traders can spend several hours each day analyzing charts. As mentioned, traders can only research one chart at a time.
This means traders must niche down to specific pairs. However, by using a bot, traders can analyze as many pairs as they wish. When the bot discovers a potential reading, it will send a notification to the trader. They can then manually check the reading and make a decision accordingly.
Factors to Consider When Choosing Top Crypto Trading Bots
Investors will need to make several considerations when exploring the best crypto trading bots. Let’s take a closer look at the most important factors.
Type of Trading Bot
The first step is to assess what type of trading bot you seek. For example, some bots require you to build a strategy from the ground up. Although coding isn’t mandatory, you’ll need to have a strategy in place.
This option is ideal for intermediate to experienced traders. However, beginners will likely prefer complete automation. No prior experience is needed – simply choose a pre-made strategy.
Performance
If you’re opting for a ready-made bot, make sure you’ve evaluated its past performance. For instance, what’s the return on investment since inception, and how long has the bot been operating?
The ideal combination is above-average returns over a long period of time. Avoid new bots with a limited track record, as performance metrics have limited validity. Also, consider whether the provided results can be verified independently – not all bots are credible.
Compatible Exchanges
Choosing the right crypto trading bot is just one part of the process; you also need to ensure it’s compatible with a suitable exchange. For a start, you’ll need an exchange that offers sufficient liquidity. Otherwise, the bot will struggle to enter positions without constantly losing out to slippage. This means the bot won’t have its orders filled at suitable prices.
In addition, the bot should be connected with an exchange that offers low trading commissions and tight spreads. This is especially important if the bot day trades or scalps crypto, where profit margins are likely wafer-thin. To offer some insight, Algobot is compatible with most leading exchanges, including Binance and Kraken.
Supported Markets
Investors should also explore what markets the bot can trade. Some of the best crypto trading bots specialize in perpetual futures, meaning they can go long and short. Perpetuals also support leverage, meaning the bot can increase exposure without needing additional funds.
In other cases, bots specialize in the spot trading markets. This means the bot is buying and selling actual coins and tokens, rather than speculating on derivatives.
Pricing
Consider how much you’ll need to pay to purchase the bot. Most providers charge a monthly fee, which can usually be canceled at any time. That said, paying annually often results in a much lower price. Just make sure the bot is worth the money being charged.
Some bots charge a one-off fee. This means you get unlimited usage without needing to pay more money. However, you’ll be stuck with the bot if it doesn’t perform as expected.
Most trading bots require an API key to operate. This can be obtained from your preferred crypto exchange. Simply log in to your account settings and look for the API tab. Copy and paste the API into the bot dashboard. This enables the bot to trade on your behalf, but it can’t withdraw money. That said, some bots are directly offered by crypto exchanges. This removes the need to obtain an API. However, this also means you’re forced to trade on that particular exchange, even when there could be better options.How do Trading Bots Connect With Crypto Exchanges?
Conclusion: Choosing the Right Crypto Trading Bot for Your Needs
In summary, crypto trading bots are increasingly becoming popular – especially with beginners. Key benefits include 24/7 trading and a passive investing experience. If you’re looking for a fully automated trading bot, consider Algobot.
Algobot trades the crypto markets around the clock across any time frame. It takes minutes to get started; Algobot is compatible with most exchanges. Simply follow the setup process and enable Algobot to trade crypto on your behalf.
FAQs
How do I choose the best crypto trading bot?
Choosing the right crypto trading bot is crucial. Metrics to consider include supported crypto markets and exchanges, past performance, reliability, and pricing.
Are crypto trading bots legit?
Yes, crypto trading bots are legit. An increasing number of investors are using bots to automate their crypto investments.
Is crypto bot trading really profitable?
While some crypto trading bots make consistent profits, others lose money. Always backtest and demo trade a bot before risking any capital.
Do crypto exchanges allow trading bots?
Yes, the leading crypto exchanges allow trading bots, including Coinbase, Binance, Kraken, and KuCoin. Bots increase trading volumes, meaning more commissions for the exchange.
How to use a crypto trading bot?
After choosing a crypto trading bot, it needs to be connected to your preferred exchange. Simply obtain your unique API key from the exchange and provide it to the bot.