If you have looked into trading Bitcoin and cryptocurrency, you have likely come across the concept of automated crypto traders. An auto trader software executes all the buying and selling of crypto in your account at with intention to make trade at most optimal time. You program the indicators to your liking, or just take the suggestions from the robots itself and you can sit back and let the system do all your trading.
Trading bots have been around for a long time and the crypto trading bots is just a twist on what was traditionally used in stock, forex, binary trading.
Most popular free and paid crypto robot traders 2021
Zen Bot – Buld for advanced traders (free)
Gekko – Middle of the road for features and usability (free)
CryptoHopper – Premium trading software loaded with features (7 day trial)
Shrimpy – New asset management software includes social copy trading (varies)
Wunderbit – AI powered crypto robot with free trading tools
Quadency – Slick interface with tons of features (Start free)
3Commas – Easy integration with top exchanges and tons of tutorials (Start free)
Kryll – Stay on top of the trades with mobile app notifications (Start free)
Margin – Intermediate to advanced traders enjoy this robust trading platform ($125)
In a hurry and want to see what we use for trading?
Cryptocurrency trading software review
Our team of trading experts used all the best crypto trading bots, both free and paid, and have examined the pros and cons to each software. After researching and reviewing these automated crypto trading bots, we have written a detailed analysis of each one for you to better understand how crypto trading software works and which trading bot will be best for your needs.
What is a crypto trading bot?
A crypto trading bot is software or mobile app you can install on your pc and after properly configured, the bot will login via api to exchange of your choice and buy and sell cryptocurrency at a rate that is designed to perpetually deliver profits.
How does a trading bot work?
With our busy schedules, we can’t always be sitting at a computer ready to make a trade. Using a trading bot software allows you to make trades 24 hours a day when it sees opportunities that aligns with the risk parameters you have set. There are really two goals for this software.
- Limit your risk in the market
- Make you higher returns than if you were to just leave your money in the market.
If done correctly, you can achieve both of these things.
How easy is it to use a crypto trading bot?
Each trading bot functions and operates in different ways. There are some that are highly complex and require extra programming just to use while others are browser or app based that have full video tutorials and can be learned to use by end of day.
Unfortunately most of the free ones require you to be a little bit more tech savvy but we also found some of the free ones to be more robust and fully featured. Just gotta get over that learning curve. But don’t worry because there are plenty of other automated crypto robots that are so user friendly that you will be using it in no time to make all your Bitcoin trades.
Are crypto trading bots legal
A crypto bot is legal and essentially all big financial firms rely on these types of robots to make trades all the time. A trading robot is simply following a set of rules that you gave it but does it faster and without error. Your robot doesn’t take a lunch break and won’t fall asleep because of long hours. It’s just a more efficient means of trading.
What are the best Bitcoin & crypto trading bots?
After years of seeing crypto trading software come and go, I didn’t want to waste your time with companies that are here today and have no plan to be here tomorrow. Below is the a list of what we found to be the best free and paid crypto trading robot software.
Just so you know, the premium options will always be more user friendly and we do not recommend beginners attempt to use the free trading bots unless you have thorough education and feel comfortable working with api codes.
The best crypto trading robots are frequently updated and configured for ease of use therefor you pay for a better experience without having to know how to setup code.
Before we recommend our top trading software, we want to let you know that trading cryptocurrency or engaging in trading in any markets can be risky and we are not recommending or endorsing that you buy Bitcoin and cryptocurrencies, especially if you are not willing to learn how to use these trading platforms and never risk more than you can afford to lose.
While we have seen great success with some of these trading robots, there is still the experience, education and applied principles, along with market conditions and a variety of other indicators that give us signals that it may be time to execute trades in the market. Having a robot just helps you automate what you already know and increases the number of opportunities you get to enter into trades.
Free Crypto Trading Robot Software
There is a lot of different free software (some you should avoid) for automated trading on the internet but you have to be a MIT or Harvard tech grad to operate it in most cases so we had to eliminate 98% of what was out there and just show you what we found to be effective and fully capable of producing profits with the right training and education.
Premium crypto trading robots
For those of you that needs more bells and whistles with a cleaner and more user-friendly interface, you will want to check out our list of paid crypto trading bots that do much more than the average bot trading based on indicators. You can get extra signals and a host of other features to accelerate your trading and profits.
Price: Free | Advanced | Download ZenBot here
Zen Bot is popular but not easy to use in our opinion. Beginner traders should just avoid this one. (Don’t worry, we have easier solutions to use.)
In order to use ZenBot, you need to visit GitHub. GitHub is a site for coders to manage a project, work with teams, allow contributors, and be transparent in a public marketplace so people can see what kind of work is being done.
Navigating through GitHub is one extra hurdle and is why we don’t recommend beginners try to use this software. We have better options below but you are certainly welcome to explore ZenBot if that is your preference.
One reason why people love Zen Bot is because the software is robust and can trade multiple currencies in several markets and popular exchanges like Coinbase and Poloniex.
Using ZenBot requires that you execute trades like command codes, kind of like using MSDOS if you have ever ventured to open that program on your PC.
You are given a line of commands and input them into the bot which then goes out and trades based on the way you directed it with these specific commands. If you aren’t familiar, do yourself a favor and avoid the headache. Check out our recommended crypto trading bot.
If you don’t want to spend money on a trading bot then keep reading to see our next suggestion which is a tad easier to use.
Price: Free | Intermediate | Download Gekko here
Gekko is a free open source trading bot for automating your Bitcoin trading and runs in your web browser. You can use their guidelines for trading or if you are a coder then you can add some script and come up with your own strategy. I know that option is not for everyone but just throwing it out there.
Gekko adjusts realtime in the markets to execute the trades you have assigned and also collects and analyzes data so it can calculate strategies in the future. The program continues to evolve and add new features to help in your automated trading.
For being a free software, Gekko is right in the middle as far as features and usability and interface design. There are some tutorials to get you started but you will need to play around with it to really get a hang of it.
Crypto Hopper is an automated crypto robot on steroids and is full of features to help you maximize your profits. What we like about CH is the marketplace of trading strategies that are not commonly found in the free crypto trading robots.
You can also get signals as part of a membership. This means that not only can you set up your robot to make trades with specific pre-set indicators but you are also notified of additional trading opportunities that you can take advantage of and your robot will do all the work.
Before you play with real money, check out their 7 day trial and use a demo account so you can get a feel for how the platform functions.
Even though Crypto Hopper is much easier to use in our opinion, we still advise you go through the training material and fully understand how to use it before you make any real trades.
Trade multiple assets on a variety of exchanges with automated portfolio management strategies that are designed to maximize your profits. Leverage the social trading program and follow the best traders in the industry.
Shrimpy offers a free education and cryptocurrency academy to learn about the latest disruptive technologies, stay on top of projects and learn the fundamentals of the industry.
Start trading thousands of coins today on your favorite exchanges simultaneously all from one easy-to-use platform that offers secure and seamless integration.
Our most recent discovery and quickly becoming a preferred choice is the Wunderbit trading robot powered by AI.
Wunderbit is a remarkable crypto robot trading system that has been designed by talented and experienced traders to provide you with the best possible results in a very short time.
Wunderbit is easy to use, it’s fully automated, 100% safe and available for free!
Before you play with real money on the robot, make sure you read some tutorials on how to use it. Sign up for free and take advantage of most of the features.
Price: Free to start | Beginner | Download Quadency here
Out of all of the crypto bots here, Quadency has the best interface and design and is extremely user friendly. We are still testing this out but it may very soon move to the top of the list as our crypto trading robot of choice.
All of the most popular crypto exchanges are integrated through the Quadency API and secured with 2FA. You can trade all your currencies and multiple exchanges from one screen you can tell a lot of thought went into the design based on seamless trading experience.
The trading tools are great but the analytics and data you get really helps you make educated decisions.
As always, check out the tutorials and become familiar with the robot before you go out and play with real money. Sign up for free and take advantage of most of the features.
3commas is a new crypto trading bot with a lot of features and it integrates via API with Binance. Other exchanges are expected to be added. Just like with most trading bots, it’s recommended you watch tutorials so you know how to use the back office. You can choose what currency pair you want to trade and then direct it to follow whatever indicators you setup.
You can select from a couple different bots that are each programmed to serve a different purpose. Some bots aim for a certain profit percentage while others bots can short a trade if it expects the price is going down. This is just extra safety features to give you a little more control over your trades so you can squeeze out as much profit as possible.
Price: Start Free | Beginner | Download Kryll here
A fully featured robot trading software that will handle all your Bitcoin trades with some of the most common exchanges. You can download the mobile app and be notified of market activity and how your portfolio is performing.
Kryll also has it’s own crypto called KRL and there are benefits to holding some if you plan on trading. Each transaction requires the fee in KRLs and the higher amount of coins you possess, the lower your fees will be.
You can find tutorials on not only how to use the system but also learn some excellent trading strategies that can be used with or without the automated robots.
Price: Starts at $125 | Intermediate | Download Margin here
Margin is less complex and just as robust as most of the others with the same ability to trade from one screen that is connected to multiple exchanges and currency pairs.
The video tutorials are easy to follow and anyone looking for a crypto robot will find Margin to be useful. The program is a little on the expensive side and they don’t offer trials from what we have seen. You can sign up for a demo account so you can practice without real funds before you decide to pay for it.
You can drag and drop different values and make all changes with a few clicks of the mouse in the margin dashboard. You can review all current and past orders and take advantage of all the popular indicators in one spot.
Margin is a great place for the intermediate to advanced to learn how to use a robot to trade crypto.
Advantages and disadvantages of using a trading bot
There are many advantages to using a trading bot but there are some disadvantages as well that we need to address.
- Never miss a trade – As mentioned above, your robot runs when you tell it to and won’t stop unless you set a schedule or tell it otherwise. If done correctly, your crypto trading robot will make you money in your sleep and while you are spending time with your family.
- Precision – You can easily setup pricing alarms that notify of the market movements but sometimes the market is just to quick for us, even when we are sitting in front of our screen. A good trading robot can help you get into the markets when it’s just too quick for the human touch.
- No emotions – This is a major part of being a successful trader and being able to leave emotions at the door is crucial if you want to continue trading and stay mentally healthy. A robot will make a trade for you and you won’t be phased. This is real peace at mind when trading cryptos.
- Dependable – Most of us have lives and just don’t have time to sit and take every trade. We run other businesses or have a 9-5 and for many of us, trading is another source of income. It allows you to grow your income while you are working on other things that produce an income. It is an important part of creating wealth and having the right crypto trading software can help you achieve this goal much faster.
- Profit – Clearly we are in it for profit and the reality is that most of the machine learning, AI tools and trading robot software is far more advanced and just much better at spotting opportunities to get into the market.
- There are indicators and charts and alerts and it can all be handled if you really know what you are doing but sometimes it’s easier to just rely on software that is built to perform these tasks really well.
Let’s go over some important things to know before using a trading bot.
- Could lose money – There are no guarantees in trading and just because you have a piece of software to help you out, it doesn’t mean you are going to be the next Warren Buffett. You can’t let the machine run your trading for you and you still need to practice responsible trading.
- Improper use – This is the part that gets most people in a bind. They don’t know how to use the software. Make sure that whatever software you choose, you go through the training and educational material so you can get the most benefits from it.
- Security risks – Since your phone or pc will be integrated to trade with an exchange online, you open yourself up to hacking vulnerabilities. Make sure your operating software is up to date and you have some pc virus and malware protection.
- Price – Depending on what trading robot you use, there is going to be a small fee associated with any wins made on your account. Sometimes there are registration or monthly fees and it varies depending on features needed. We will cover that next.
What does it cost to use a trading bot?
The pricing varies across the board and it really comes down to a number of factors. What we have found that determines pricing most often is number of exchanges you can connect to, number of trades you can take, and number of available indicators that dictate your trades.
Can you do arbitrage with a crypto trading bot?
Some of the programs claim that arbitrage is an option but it really comes down to the exchanges themselves and it is becoming more challenging to do as the prices are becoming more synchronized across the exchanges.
In conclusion: Using a trading robot can give you a huge advantage in the marketplace but at the end of the day it should be just another tool in your belt.
Having the knowledge of fundamentals and having real world experience trading is going to make you that much stronger of a trader when you put tradings robots like this to use.
If you are new to trading Bitcoin, we encourage all our readers to check out our 10 commandments to Bitcoin trading. These are free training videos that properly prepare you and set you up to made aware of how to limit your risks and find opportunities to profit.