In today’s fast-paced age of continuous advancements, mankind seeks technology that reduces human endeavour, and makes life easier. For cryptocurrency enthusiasts and traders, a cryptocurrency bot provides for just that. A cryptocurrency trading bot is in essence a software, which trades on exchanges on its own (automatically). These bots are able to implement strategies such as real-time arbitrage, to custom indexing, to trading – the possibilities are endless.
Instead of manually plying your trade, cryptocurrency bots take care of it for you. All you have to do is subscribe to a popular bot, which suffices your needs, and provide it access to your API Public Key, and API Private Key. Once you have done this, the bot is authorized to access your account information. That being said, do cryptocurrency bots actually work? How can you best make use of a bot? Read on to find out, and learn much more.
Are Cryptocurrency Bots Profitable?
To start off with, if you want to make a profit off a cryptocurrency trading bot, you must have an investment of cryptocurrencies available. Once you have a cryptocurrency like Bitcoin deposited on multiple exchanges, you can set up your bot, and grind it out. Yes, you must grind it out, as using cryptocurrency trading bots to make a sound profit needs experience, and skill.
Some traders make use of market inefficiencies to rake in substantial periodic profits. Using a cryptocurrency trading bot like bitcoin revival pro does not guarantee profits – if that was the case, nearly everyone would be a cryptocurrency millionaire. Read up on the different kinds of popular bots, perform your due diligence, and use cryptocurrency bots to serve purposes you really need them for. That being said, here is how you can use a cryptocurrency trading bot effectively.
How to Use a Cryptocurrency Bot
If you are a skilled, and seasoned cryptocurrency trader, there is an endless number of ways you can use a cryptocurrency trading bot, as mentioned before. If you are new to cryptocurrency trading, you must first hone your skills. That being said, you can use cryptocurrency trading bots to serve specific purposes. Let’s say you have invested in Ethereum, and you want to sell your investment, when Bitcoin hits $10,000.
You cannot accurately predict when Bitcoin will hit the $10,000 mark, neither does sitting in front of your laptop when Bitcoin is nearing this mark make sense. The cryptocurrency world is extremely volatile, and each second matters, especially when it comes to making a sound trade. This is when a cryptocurrency trading bot can come into the equation. You can set your bot to perform this task, when Bitcoin hits $10,000.
You can also automate certain processes that you undergo on a daily basis. Instead of performing the same time consuming task regularly, your bot can handle it for you. There are several trading strategies that are way too complex to process manually. Cryptocurrency trading bots can help you out in these kinds of situations. Having explored the possible ways you can use a cryptocurrency bots, which are the most popular cryptocurrency bots in the market, and how much do they cost?
Popular Cryptocurrency Bots
Before investing in a cryptocurrency trading bot, you must perform due research, and figure out which bot best serves the purpose you need one for. There are several bots out there, and you must make a wise choice. That being said, here are a few of the most popular cryptocurrency trading bots –
- Haasbot – Haasbot is among the most popular cryptocurrency trading bots, which allows for automated trading across all the major Bitcoin exchanges. Its monthly subscription package starts from 0.073, and the bot is prevalent amongst experienced traders.
- Gunbot – Gunbot can link you to eight exchanges, including the likes of Binance, Bittrex, and Kraken among others. The cryptocurrency bot comes with eight trading strategies, and has affordable packages ranging from 0.002 Bitcoin (Basic), to 0.15 Bitcoin for the Gunbot Ultimate package, which incidentally includes premium support, and lifetime updates.
- Cryptohopper – True to its name, Cryptohopper is a cloud-based cryptocurrency trading bot, with a package that starts from $19 per month.
- Gekko – Gekko is among the few free cryptocurrency trading bots. While it is free, you must program it precisely to cater to your needs. One wrong command, and things could go downhill.
Conclusion on whether crypto bots can actually work
Yes, cryptocurrency trading bots do work. To reap profits off the many perks a cryptocurrency trading bot provides for though, you must perform your due diligence, have great knowledge of cryptocurrency markets, and above all – experience. It is not easy to earn substantial amounts off a cryptocurrency bot, neither is it impossible.
That being said, there are several ways you can use a cryptocurrency trading bot, if you are a beginner, or simply want to make your life easier. A bot can automate your trading activities, and perform complex tasks, which would be hard to perform manually. There are several popular bots available on the market, and you must choose one which best serves your purpose.