On the contrary to traditional markets like equities or forex, cryptocurrency markets are open 24/7. And by coupling a market that is anytime with brutal volatility, it becomes very challenging for crypto traders to keep up.
This is precisely the problem that crypto trading bots solve.
By automating a trading strategy with a bot, traders can be sure that their trades execute even while they are not in front of the monitor.
This review compares the best cryptocurrency bots out there, to help you find the one that’s best for you.
|Crypto Trading Bot||Key Feature||Price|
|3Commas||Trailing orders||From $22 / month|
|Cryptohopper||Powerful strategy builder tool||From $19 / month|
|Shrimpy||Supports strategy copying||From $0 / month|
|Gunbot||Built-in strategies||From $200|
|BitRage||Effective arbitrage||Fixed 0.95 BTC cost|
|LiveTrader||Strategies marketplace||From $19 / month|
|CryptoTrader||Detailed backtesting||From $17 / month|
|HaasBot||Countless indicators supported||From $80 / month|
|ProfitTrailer||Very user friendly||From $30 / month|
|Margin||Excellent charting feature||Fixed $129 cost|
Which Is The Best Cryptocurrency Trading Bot?
Rather than using trial and error to find the best automated cryptocurrency trading solution, we have compiled a list of the 10 best crypto trading bots available in our comprehensive crypto trading bot review.
Here, we will break down the most popular crypto trading bots, helping you identify those that best meet your needs as a trader.
Often described as one of the best bitcoin trading bots, 3Commas allows cryptocurrency traders to automate their trades and test new strategies with its paper trading tool.
- Free to use for deposits under $750 and Huobi Global users
- Trailing features included (automatic stop loss and take profits)
- Dead Cat Bounce QFL method support
- Basic plan lacks bot functionality
- Limited charting features
- No portfolio copying option available
3Commas is also one of the only Bitcoin trading bots to support the Dead Cat Bounce QFL method to automatically extract gains in a stable market, while it’s trailing order management feature allows you to maximize profits and minimize losses automatically.
As it stands, the 3Commas Bitcoin trading bot currently supports 13 different exchanges, though only Bittrex and Binance support the crypto trading bot’s full feature-set.
With a minimum monthly cost of $22, 3Commas is one of the cheaper crypto trading bots available. However, only plans of $37/month or more include Bitcoin trading bot features, while the top-end plan at $75/month also includes full portfolio management and support for BitMEX.
3Commas also offers a free crypto trading bot with its Junior plan, though its features are severely restricted.
Billing itself as the ‘most powerful crypto trading bot’, Cryptohopper offers a number of innovative features, including paper (risk-free) trading, shorting and a trailing stop-loss option.
- Extremely powerful strategy builder tool
- Copy the portfolios of other traders with Mirror trading
- Available an Android and iOS mobile app
- Costs $99/month to unlock signals
- Best used by experienced traders
- Cheapest option can only trade 15 coins
Cryptohopper also allows even inexperienced traders to automate their trading by giving them the opportunity to purchase strategies for other experienced traders.
In addition to this, Cryptohopper allows users to build their own trading strategies using over 130 different indicators and candlestick patterns with its simple to use tool.
As it stands, Cryptohopper supports eight different exchanges, including Binance, Bittrex, Coinbase Pro and KuCoin—which is officially partnered with the crypto bot.
In terms of cost, Cryptohopper comes in at the lower end of the scale, with its cheapest membership plan costing just $19/month for a maximum of 80 positions, 15 selected coins, and technical analysis every 10 minutes.
This can climb to as much as $99/month to enable features such as arbitrage and signals for all coins.
However, this cryptocurrency trading bot also offers a 7-day free trial, allowing users to test its functionality before deciding whether to purchase a license.
Unlike most of the other options on the list, Shrimpy has a free to use option, making it ideal for those first getting to grips with crypto trading bots. Shrimpy is also one of the few crypto and bitcoin trading bots with a demo feature, allowing you to test out its features before risking your own money.
- Free to use option available
- One of the cheapest crypto trading bots available
- Earn money as a social leader on the platform
- Limited range of supported exchanges
- Lacks trailing order features
- Less powerful than many other bots
The free crypto trading bot version of Shrimpy isn’t as feature-packed as most of the premium cryptocurrency trading bots.
However, it does offer some useful tools to automate your trading strategies, including automatic portfolio rebalancing, automatic trade execution, portfolio sharing and access to market insights.
The Shrimpy crypto trading bot also offers a premium package for just $8.99 per month, which unlocks additional features, including advanced backtesting tools, follow the leader portfolios (portfolio copying) and IP whitelisting.
Shrimpy currently supports most of the largest exchanges, including Binance, Bittrex, Coinbase and Poloniex, and also some smaller ones, such as Gemini and Bibox.
Arguably one of the most popular crypto trading bots, Gunbot has also been around longer than most, after launching in 2016. Gunbot is developed by Gunthar DeNiro, a relatively well-known developer in the cryptocurrency space.
- Arguably the most feature-packed crypto bot available
- Unlimited supported trading pairs with all plans
- Several built-in presets for beginners
- Many features are optional and cost extra
- Cheapest option only supports one exchange
- No margin trading or DCA on cheapest plan
Widely considered to be one of the best cryptocurrency trading bots, Gunbot offers several advanced features, including support for margin trading, reverse trading and additional price trailing.
Unlike some of the other crypto trading bots discussed, Gunbot does not limit the number of active trading pairs, making it ideal for those looking to trade a diverse range of digital assets.
However, these advanced features do come at a price, since Gunbot is one of the more expensive bots on the market since it does not offer a monthly subscription plan.
The cheapest version of Gunbot comes in at 0.02 BTC, or around $200 as a one-off cost, offering support for a single exchange out of the ten supported platforms, 3 trading strategies and telegram integration.
Advanced features such as cryptosight, margin trading and dollar cost averaging (DCA) are unlocked with more expensive licenses, starting at 0.05 BTC.
From the makers of Gunbot, bitRAGE is an arbitrage bot that automatically buys and sells coin-pairs across multiple different cryptocurrency exchanges to allows users to profit from price discrepancies.
- Automatically detects and executes arbitrage opportunities
- Requires minimal trading knowledge to use
- Unlimited trade pairs and exchanges supported
- Extremely expensive at 0.95 BTC
- Must purchase Gunbot license on top
- Currently in beta
By being solely focused on helping traders identify and capitalize on arbitrage opportunities, bitRage differs from most other bitcoin trading bots.
However, bitRAGE is only available to Gunbot owners, so both licenses will need to be purchased to benefit from automatic arbitrage.
Unlike most of the other Bitcoin trading bots on this list, bitRage is able to genuinely identify and automatically execute profitable trades with very little user input. It also includes safety mechanisms to ensure traded coins have sufficient liquidity before opening any orders.
However, this Bitcoin trading bot comes at no small price, since bitRAGE lifetime licenses currently sell for around 0.95 BTC.
LiveTrader is a well-established crypto trading bot that aims to give cryptocurrency traders the competitive edge when trading by allowing for the 24/7 automatic execution of powerful trading strategies.
- 7-day free trial available
- Purchase and sell strategies on the marketplace
- Prompt customer support
- Limited supported exchanges
- $19/month Starter package offers limited functionality
- No support for margin trading
The cryptocurrency and Bitcoin trading bot features several built-in strategies as well as strategy marketplace, which allows users to buy and backtest custom strategies rather than building their own with the strategy builder tool.
In addition to this, LiveTrader offers a simple to use backtesting tool, allowing you to run your strategies against historical data to see how well they perform before actually using them for real.
LiveTrader currently supports six exchanges, including Poloniex, Kraken, Bitstamp and Binance.
The LiveTrader crypto bot is also available to try free for 7 days, after which the starter package will cost $19 per month with up to 20 bots, 1 strategy, and unlimited positions.
The advanced and professional plans come in at $49 and $99 per month respectively, and unlock significantly more strategies and maximum active bots, as well as real-time market analysis.
CryptoTrader is a cloud-based automated trading solution that looks to empower traders with its live crypto trading bots.
- Automatic email and SMS alerts available
- Useful backtesting feature and strategies marketplace
- Cloud-based, so no installations are required
- Dated user interface
- Very low account equity limit on the cheaper plans
- Priority support not included as standard
Being a more advanced crypto trading bot, CryptoTrader is not the best Bitcoin trading bot for beginners, since some minimal coding knowledge is required for building strategies.
However, CryptoTrader users can rent premium strategies to avoid the need to create custom strategies.
Despite the dated appearance of this crypto trading bot, reviews of CryptoTrader are generally positive with most users appreciating its powerful features and diverse range of supported exchanges.
As it stands, the CryptoTrader crypto bot supports all major exchanges, ranging from OKCoin to Huobi and Bitfinex.
CryptoTrader can be accessed by purchasing a subscription which starts at 0.0017 BTC/month, but increases to as much as 0.202 BTC/month for the top-end plan.
The cheapest plan (Basic+) offers a single trading bot, with a maximum equity of $1,000, backtesting and email alerts, while higher end plans offer additional features, such as increased live trading bots, margin trading, SMS alerts and the ability to trade multiple instruments.
HaasBot differentiates itself from other crypto trading bots by completely removing trading limitations, allowing subscription holders to trade as much or as little as they want regardless of their package.
- Countless supported exchanges
- Several highly advanced trading bots available to choose from
- Large number of indicators available in Beginner version
- No monthly billing or lifetime membership available
- No dynamic stop loss or take profits in Beginner plan
- More expensive than most crypto trading bots
In combination with its Telegram and Discord notification system, HaasBot allows cryptocurrency traders to capitalize on more opportunities than ever before.
Beyond this, HaasBot also offers historical and real-time backtesting, a variety of pre-configured trading strategies and support for custom strategies written in C# or HaasScript.
With support for over 20 different exchange platforms, HaasBot is one of the best crypto trading bots for those looking to automatically manage their trades across a large variety of trading platforms.
HaasBot is one of the most expensive trading bots, with its base ‘Beginner’ package coming in at 0.025 BTC for 3 months.
While HaasBot doesn’t feature a free trial, it does offer a discounted 2-week trial license, offering access to its top-end ‘Advanced’ package for 0.01 BTC, offering unrestricted access to all HaasBot features.
Easily one of the most popular cryptocurrency trading bots on the market, ProfitTrailer has won itself a horde of devoted users thanks to its community-oriented approach to automated cryptocurrency trading.
- Large community for sharing strategies and ideas
- Unique possible buy tool makes identifying opportunities easy
- Extremely user friendly interface
- No customer support on weekends
- Cheapest plan (€25/month) lacks signals and most indicators
- Full-featured option is extremely expensive (€99/month)
Among its many features include numerous built-in buy and sell strategies, dollar cost averaging for bag busting and an innovative possible buy monitor, which allows you to see all the potential trades your crypto bot could make.
ProfitTrailer separates itself from other Bitcoin trading bots with its flexible licensing options, allowing you to either pay a fixed monthly rate or purchase a lifetime membership.
All packages include support for six exchanges, including Binance and BitMEX, multiple built-in buy/sell strategies, all indicators and signals subscriptions.
The more costly packages also include additional features such as additional API key slots, VPS space and advanced statistics, among other things.
According to the team, Margin was built to address an unmet need in the market, and provide a powerful trading terminal and crypto trading bot to help traders make money even while they sleep.
- Possibly the best charting features of any crypto bot
- Useful trading tutorials provided at no additional cost
- Bots are easy to set up and deploy
- Cheapest plan supports just one exchange
- Despite its name, Margin lacks margin trading functionality
- Some advanced order options are missing
Margin features all of your favorite indicators, including Bollinger bands, MACD, EMA etc, and allows you to quickly set up your own automatic cryptocurrency trading bots by incorporating one or more strategies with some simple parameters.
Besides its advanced trading features, Margin is one of the best Bitcoin trading bots for visual traders, thanks to the beautifully rendered charts and intuitive graphical user interface it offers.
Like GunBot and a select few other cryptocurrency trading bots, Margin is purchased with a single upfront payment, giving you permanent access to the bot’s features.
The Starter package comes in at $129, and offers unlimited bots and all technical indicators for a single exchange, while the $259 Standard package offers the same, but extends support to well over a dozen exchanges, including Huobi Pro, Poloniex, Binance, and OKEx.
How trading bots work
For the great majority of cryptocurrency and/or bitcoin trading bots, the software automatically manages trades based on specified parameters through API keys supplied by the user.
Using these keys, the crypto bot will be able to execute, close and modify trades based on the changing market conditions, with the goal being to maximize profits and minimize losses.
Contrary to popular belief, these bots are not necessarily automatic moneymakers, since you will need to enter a whole host of parameters that the bot uses in order to determine which trades to make and when.
Because of this, cryptocurrency trading bots are not recommended for those with no trading experience, since these bots are used to essentially automate trades you would otherwise make yourself.
With that said, many of the best crypto trading bot platforms support the exchange of signals and trading strategies between users and the creators.
Some also allow users to rent or purchase the trading strategies of other well-known traders, essentially allowing even less experienced traders to successfully profit with an automated trading bot.
All in all, crypto trading bots should be used to make trading easier. They do not guarantee a profit and are certainly not 100% fool-proof. Correctly configured bots should be able to successfully execute profitable trades, whereas incorrectly configured bots can easily lead to losses.
How to get and use a crypto trading bot
After purchasing one of the bots listed in this crypto trading bot review or found elsewhere, you will almost certainly need to perform some sort of setup process to get the bot running.
After this, the bot should act automatically, but not autonomously. It will follow the rules and parameters you set when initializing and managing the bot.
How involved this set-up process is, depends on whether you are building your own bot, or using an off-the-shelf solution as above.
Build your own trading bot
If you have read our entire crypto trading bot review and still haven’t found what you are looking for, then there is only one option left—create your own!
Although developing your own cryptocurrency or Bitcoin trading bot can seem daunting at first, it is actually less complicated than it looks, though you will likely need significant programming experience if you intend for your bot to be anything more than rudimentary.
Most of the best crypto trading bots are written in C++, but it is also similarly possible to create powerful Bitcoin trading bots in Python and R, which are often considered easier to pick-up than C++.
Configure a pre-developed trading bot
Besides building your own free crypto trading bot, even the most advanced or best Bitcoin trading bots will need to be configured before they will begin automatically executing trades.
Depending on the crypto trading bot you purchase, you will either need to access the bot through an online interface or install the bot software on your computer or a server. Through the bot GUI (if applicable), you will then need to set the parameters of the bot users to decide which trades to execute.
This can include selecting trading strategies you want to work with, setting the automated order execution thresholds, and choosing any other conditions necessary to ensure the crypto trading bot is sufficiently precise.
Once this is done, you simply leave the bot to automatically execute orders, changing the conditions as and when required based on the changing market circumstances.
How to choose the right cryptocurrency trading bot?
As you already noticed in this crypto trading bot review, there are several different cryptocurrency trading bots out there; all with different characteristics.
There are three main points that you will likely base your decision on about which crypto trading bot is right for you: costs and fees, technical specs, and available exchange integrations
Based on its cost and commissions
Prices of crypto trading bots range widely. Some trading bots are free, yet some others can cost up to several hundred dollars per month or a one-time payment in the thousands.
So when looking for a crypto trading bot, you might want to start by looking which ones fall within your budget.
That said, the cost is not all you need to keep an eye on.
Some crypto trading bots also charge a commission for every trade that you perform. If this commission is too high, you may not be able to execute your trading strategy profitably.
Based on technical specs
When looking into the technical specifications and abilities of a trading bot, here are the key points that you should consider:
- Which technical analysis indicators it can make use of
- Number of trades it can perform per day
- How quickly it can react to a trading signal
When checking this point, you will notice that not every bot supports the same technical analysis indicators and others can only combine a limited number of indicators into a trading strategy.
Also, most bot providers, unfortunately, do not disclose how quickly the bot reacts to a trading signal. Hence, if you are developing a high-frequency trading strategy, you might want to reach out to the bot provider to clarify this point.
Based on available exchange integrations
Trading bots are only able to trade on exchanges that provide an API integration. However, even if a certain exchange does indeed offer API integrations, that does not mean that all crypto trading bot providers support it.
Most crypto trading bots support trading on Binance, Bittrex, BitMEX, and Coinbase. However, if you want to trade a coin that is not on any of the above exchanges, then you should double-check if the bot supports that exchange.
Benefits of cryptocurrency trading bots
Crypto trading bots have become a popular tool for traders because they address several issues that cannot be addressed by a human. Let’s explore some of these key points.
On the contrary to a human trader, a trading bot can trade all around the clock and react to trading signals at absolutely any time.
This significantly increases the trading window of a trader.
Take emotions out of the equation
Human traders may find difficulty making rational trading decisions during times of very high volatility. However, that’s not the case with a trading bot.
Crypto trading bots are programmed with a set of trading instructions that they need to follow no matter what.
Crypto trading bots can react in just milliseconds to a trading signal because they are directly connected to the API of cryptocurrency exchanges.
A trader could take several seconds (or even minutes) until he actually pulls the trigger after a trade signal.
Crypto trading bots have virtually unlimited processing capability. This enables them to combine complex indicators and to execute elaborate mean regression strategies.
A human trader would have to use external software to make these calculations, which makes the whole process a lot more time-consuming.
Multiple simultaneous strategies
While human traders can find it very hard to make use of more than 3-5 trading strategies simultaneously, a trading bot can perform dozens (or even hundreds) of trading strategies at the same time.
This opens the doors for highly elaborate diversification and risk management strategies.
Many of the bots we analyzed in this crypto trading bots review have built-in strategy backtesting capabilities.
This enables traders to test how their strategy would have performed in previous market situations to see if it is profitable, or not.
As you can see in the points above, the benefits of crypto trading bots are mainly connected to the limitations of the human body and psyche.
Risks of using crypto or bitcoin trading bots
Unfortunately, as with most things in trading, there are also risks associated with cryptocurrency trading bots. Let’s analyze some of the most significant ones.
Scams and frauds
There have been many cases of crypto and bitcoin trading bot providers lying about what their bots can do in order to lure in clueless traders and steal their money.
The most obvious red flag in a crypto trading bot is if it’s operators claim that it generates “guaranteed profits”.
Whenever you see someone trying to sell you a bot that supposedly generates profits without any efforts, you need to ask yourself why the individual is selling the profit and not just generating millions with it himself.
Settings becoming obsolete
There is no such thing as a trading strategy that is “profitable forever”. Over time, more traders exploit similar strategies and markets change, which invalidates most existing strategies.
Hence, to avoid losses and conserve your profitability, you will have to constantly update your trading bot to prevent its settings from becoming obsolete.
Strategy can be stolen
Often times, the trading bot provider will be able to see the settings you programmed into your bot.
Hence, if your strategy was very profitable and the trading bot operator notices, he might steal your strategy and use it for his own profit.
Before putting a significant amount of funds in the hands of a trading bot, you should verify that the software indeed works as advertised.
Buggy software or errors in the trade execution could cost you a lot of money.
Bad trading strategies
Most bots enable you to choose from multiple strategies and even to easily develop your own.
Before making use of any of the pre-programmed trading strategies, make sure to backtest if they actually work.
Although most trading bots enable you to create your own strategy where the profitability is up to you, the default strategies of the bot might prove not to be profitable (even if advertised so).
Incorrect stop losses
A stop loss is an order that closes your position once a certain price is reached, in order to cut your losses.
Again, before allocating a significant amount of capital to a bot, make sure that everything works as intended.
If a stop-loss triggers incorrectly or doesn’t trigger at all, you could lose a significant amount of money.
Connectivity issues to exchanges
Since crypto trading bots are linked to exchanges through API connections, connectivity issues could result in significant losses. This risk isn’t really caused by the bot provider, but rather by the crypto exchanges themselves.
To minimize this risk, you should keep an eye on announcements from exchanges about the status of their API.
A good starting point is to follow on Twitter the exchanges your bot is trading on.
Best trading bot strategies
There are countless trading strategies that are perfectly compatible with trading bots.
The following strategies are not necessarily “better” than one another, but may indeed be a good or bad fit for you depending on your risk management approach and trading style.
Arbitrage aims to profit from price discrepancies between different exchanges.
For example: if Bitcoin traded at $10,400 per coin on one exchange, but for $10,650 on another exchange, then the trading bot could buy Bitcoin where it is trading low and sell it where it’s trading high to lock in an immediate profit.
Arbitrage is a trading strategy uniquely suited for bots because it requires constant monitoring of the market and incredibly fast reaction times.
“The trend is your friend” is century-old trading wisdom. Trend following systems makes the assumption that once an asset enters a trend, it will likely continue it for a long while.
Trading bots can identify these bots through the use of technical trading indicators like Moving averages or Ichimoku and then trade accordingly.
Scalping is a strategy which consists of profiting from tiny price moves.
Since scalp trades usually don’t last more than a few seconds or minutes and require a very fast reaction, they are ideal to be exploited with the help of an automated trading bot.
Mean reversion trading strategies assume that, over time, the price will always return to its “mean” or “average”.
In this strategy, the trading bot would automatically calculate the mean and open a long position if the price fell significantly below the mean.
The bot would also open a short position if the price rises significantly above mean.
Market making bots aim to profit from the natural spread of assets.
Very simply put: For example, if Bitcoin was trading at $10,400, a market-making bot would set bids at $10,390 and asks at $10,410.
As the price ping pongs between both levels, a market-making bot is generating a return.
Market making is a strategy perfectly tailored for trading bots because it requires quick reactions and also calculations to identify which price levels are suitable for the strategy.
Event-based trading strategies aim to profit from the subsequent market moves of major news.
A bot focused on this strategy would, for example, monitor media outlets and automatically buy Bitcoin if they announce that the Bitcoin ETF was approved by the SEC.
Are there free crypto trading bots?
Yes, there are a handful of free crypto trading bots out there. However, you need to keep in mind that the trading bots are free for a reason.
If you stumble across a free bitcoin trading bot, you can be sure that it has very limited functionality or that it is just a temporary free trial.
Some examples of free crypto trading bots are Shrimpy and 3Commas, which offer a trial version that doesn’t cost anything.