Published: August 31, 2024 at 7:52 am
Updated on October 06, 2024 at 4:47 pm
The cryptocurrency market is known for its high volatility, with the cost of digital coins fluctuating even in a few minutes. Also, cryptocurrency trading is a very dynamic process that requires investors to participate in the cryptocurrency trading process continuously. Collectively, all these aspects prevent traders from effective cryptocurrency trading.
First, in many instances, traders don’t have the opportunity to respond promptly enough to price movement to get successful and profitable trades. The deceleration of exchanges and transactions time militates against this even further. Second, traders don’t have enough time to give due attention to cryptocurrency trading to obtain the best results in it. As to do so, it would be necessary to monitor crypto exchanges 24 hours a day.
Thankfully, a huge number of traders can solve these problems due to automated tools that start trades and execute transactions instead of real traders. One such solution is crypto trading bots. Trading bots provide traders with automated buying and selling cryptocurrency that is based on key technical indicators. Bots are capable of implementing different crypto trading strategies and bringing to traders a high percentage of profitable trades.
This guide enables you to find out more information about algorithmic trading and introduces you to the best crypto trading bots currently available in the Cryptorobotics terminal.
A crypto trading bot is software that interacts directly with crypto exchanges and places buy or sell orders on your behalf based on market data. Bots make these decisions by tracking price movements in the market and reacting according to a set of predefined and preprogrammed rules. Typically, a trading bot analyzes market actions such as volume, orders, price, and time. Moreover, they can be programmed according to your taste and preferences.
Nowadays, a huge number of cryptocurrency trading platforms provide traders with a wide range of crypto trading bots that can ensure an efficient trading process. Let’s take a closer look at the types of bots and their features.
It is worth noting that there is no perfect bot that does everything for you. A deep understanding of the cryptocurrency trading bot’s actions is required and the ability to configure it correctly. Therefore, it is better for you to initially try to trade with the robot in Demo or Test mode on the trading platform in order to understand its functioning and whether it is worth using it.
While cryptocurrency trading bots are very useful for the trading process, they are not suitable for everyone. Some of the disadvantages associated with using these features:
There are many criteria for choosing a crypto bot for trading. Let’s take a look at the main ones:
Today, Cryptorobotics is one of the best crypto trading platforms that provides traders with various tools for the trading process. These tools help traders implement various strategies, increase the chances of making a profit and minimize the risks of losing funds. On the list of the best algorithmic tools of Cryptorobotics is the crypto trading bots. The Cryptorobotics team has developed three types of trading bots: Optimus, Cyberbot, and Crypto Future which are capable of trading 24/7 and instantly making deals on exchanges at the best prices.
Crypto trading bots, which are presented on the CryptoRobotics platform, are designed for algorithmic trading and are able to independently analyze price fluctuations in the market as well as make a decision about entering or exiting a transaction.
Optimus is a cryptocurrency bot created to trade in the flat markets. This bot trades only on positive price fluctuations and exits the transaction according to the established algorithm based on a number of oscillators and indicators.
Cyberbot is a type of crypto trading bot that is designed to trade on positive market trends. This type of crypto bot doesn’t enter the trades against the market trends. Thus, it makes the trading process completely safe and prevents traders from losing huge sums of money.
These 2 types of crypto trading bots are equally configurable, so if you decide to use one of them in your trading, you should follow this instruction.
In the upper left corner, you can choose one of two modes: Testing or Working mode.
In case you do not know whether a particular bot is suitable for your cryptocurrency trading, you can try using the Test mode. The testing mode allows traders to investigate crypto trading with the help of the bot in real-time and using real quotes; this mode does not consider only the volumes in the order books. Signals for entry and exit points are identical to the working mode.
This mode is intended for studying different strategies and settings.
To customize the crypto trading bot, you have to select the Work Mode and press the Settings buttons in the upper right corner.
To configure your account settings for using a cryptocurrency trading bot, you should select the following points:
This function allows the robot to stop on its own if the loss on all trades is equal to or slightly less than you set.
Due to this setting, you can repurchase the same cryptocurrency, in case there are already open orders for it. This function contributes to increasing the number of open orders by the crypto trading bot.
This parameter is based on the algorithm and provides traders with the signal for a sell. The algorithm makes it possible to be in a trade and track changes in indicators that give an exit signal. If the cryptocurrency in which the robot opened a deal is growing, then the bot does not sell this coin. When a signal for a changing trend is received, the crypto trading bot closes the deal for this trading pair.
Stop Loss and Take Profit
These functions are designed to eliminate the risks associated with the loss of funds and increase the chances of making a profit. To enable these features, you just need to configure them.
After completing all the settings, you need to launch your crypto bot. To do this, you need to click the Edit robot and Start button.
The launched crypto bot will be displayed in the list of your bots in green, and the status is launched.
If you want to stop the operation of these crypto trading bots, you need to click the Stop button. After that, a drop-down menu will pop up with a hold of possible options: Stop, Stop buying, and Stop and sell. You should choose one of them as you see fit.
This type of cryptocurrency trading bot appeared in the Cryptorobotics trading terminal quite recently, however, they have become very popular among traders. Crypto Future trading bots are capable of trading cryptocurrency in both long and short positions. Therefore, their advantage lies in the fact that they bring profit both in a growing market and in a falling market, as well as the trader can also choose leverage for trading. There are three types of such crypto trading bots available in the terminal, they differ in risk management. Let’s take a closer look at each of them.
This type of Crypto Future is designed to trade 10 major trading pairs. This automated system trades on futures exchanges and provides signals for long and short positions. Such a bot includes a conservative level of Stop Loss and the percentage of the balance drawdown, which are set by the trader.
This type of Crypto Future trading bot uses 20 major crypto trading pairs for its trading. It includes moderate risk management of Stop Loss and a percentage of the balance drawdown, which is customizable by the platform user.
This type of Crypto Future trading bot uses 30 major cryptocurrency trading pairs to trade. The system includes a risky level of Stop Loss and a percentage of balance drawdown. Just like other types of Crypto Future bots, it also trades on the futures exchanges.
In order to start using one of the Crypto Future bots, you need to follow these steps:
When you have decided on the choice of the Crypto Future trading bot, the settings options will be available to you.
First of all, you need to select one of the two: Test or Work modes.
It is worth noting that if you have not used these types of crypto trading bots in your trading yet, you need to select a Test mode to check how this trading bot functions. In this case, the bot will trade in real-time, considering the order book, but this doesn’t affect your balance. Сrypto Future trading bots are very easy to customize and are intended for professional traders and newbies in this field of action.
To run this crypto trading bot in the working mode, it is necessary to select Settings and configure your Crypto Future trading bot:
It should be mentioned that you have an opportunity to use multiple accounts.
It is advisable not to use large leverages as it can result in additional risks.
In the case of unexpected fluctuations in the market, which can result in a strong drawdown of your deposit, you can specify the percentage of loss to minimize this risk.
Therefore, if you start to lose your funds below the indicated interest rate, you can choose the following points in the Risk management section: stop and sell everything or stop buying.
Next, you need to press the “Save and Start” buttons. You can see all these settings in the Dashboard.
If you want to see all the statistics for a running robot, you should go to the ‘Statistics” section. Here you will have access to the following information:
Crypto trading bots with their algorithms can protect novice traders. At the same time, users who have not worked with bots before can make serious new mistakes. For this reason, it is recommended that you study the selected system better.
By the way, newbies should consider the fact that not all crypto bots will be the best choice for them. For instance, to run some crypto trading bots are required the ability to write scripts and set up them from scratch. These crypto bots will suit experienced market participants who are familiar with the basics of programming.
If traders can figure out how to configure a cryptocurrency trading bot properly, this algorithmic tool can help mitigate some of these risk factors and get a profit. Unlike humans, bots will only make deals based on data and trends. Moreover, emotions are excluded from the decision-making process.
Bots can also work around the clock. Thus, the user can continue trading even when he is sleeping or doing something else. The trading bots have the advantage that they can be faster and more efficient than people who trade manually.
These crypto bots can analyze data and transact across multiple exchanges and cryptocurrencies.
CryptoRobotics is committed to delivering transparent and reliable reporting in alignment with the principles upheld by the Trust Project. Every element within this news piece is meticulously crafted to uphold accuracy and timeliness. However, readers are encouraged to conduct independent fact-checking and seek advice from qualified experts before making any decisions based on the information provided herein. It's important to note that the data, text, and other content presented on this page serve as general market information and should not be construed as personalized investment advice.
Access the full functionality of CryptoRobotics by downloading the trading app. This app allows you to manage and adjust your best directly from your smartphone or tablet.