The post Best Crypto Trading Bots of July 2024 by Caden Pok appeared first on Benzinga. Visit Benzinga to get more great content like this.
Don’t have time to monitor the crypto markets 24/7? Explore the benefits of using a crypto trading bot and find the best one for your trading strategy.
Cryptocurrency trading bots have become increasingly popular among investors looking to automate their trading strategies in the fast-paced and volatile world of digital assets. These bots use algorithms to analyze market trends and execute trades on behalf of the user, potentially generating profits without the need for constant monitoring. While they are not a guarantee of success, they can be a valuable tool for those looking to maximize their trading profits and manage their portfolios more efficiently.
Learn more about crypto trading bots and discover the best options available on the market today.
Quick Look: The Best Crypto Trading Bots of 2024
- Best for All Skill Levels: 3Commas
- Best for Advanced Technical Analysis: Learn2Trade
- Best for High-Volume Investors: Pionex
- Best for Businesses Wanting Exposure to Cryptocurrency: Iconomi
- Best for Copy Trading Investors: Cryptohopper
- Best for Low Cost: Coinrule
- Best for Derivatives: Phemex
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What Is a Crypto Trading Bot?
A crypto trading bot is a computer program that buys and sells cryptocurrency based on a predefined set of parameters. This allows you to take a trading strategy you like and automate the time-consuming act of actually opening and closing the trades manually.
Most crypto trading bots allow customization options so you can tailor the trades to your specific investment goals and risk tolerance. Some of the major customization options include stop-loss levels, take-profit levels, maximum amount to invest per trade and which indicators to consider when opening and closing trades.
How Do Crypto Trading Bots Work?
You give access to the bots to trade your funds. This is usually done through an account on a platform that supports bots or has some of its own. This allows the bot to buy and sell tokens for you based on the specific strategy you want to employ.
For example, if you open an account with 3Commas, you can fund the account and allow a bot to trade for you. Say you want to trade a strategy that buys a token when the relative strength index (RSI) is below 30, meaning that it is potentially oversold. Once the RSI goes below 30, the bot will automatically place a buy order for a specified amount of your portfolio, such as 1% of your portfolio. Once the exit parameter is met — the stop-loss or take-profit level — the bot will automatically close the trade.
What Is the Best Crypto Copy Trading Bot?
| Platform | Price | Experience level |
| 3Commas | $37 per month for Pro $59 per month for Expert |
Beginner to Pro |
| Learn2Trade | £39 – £399 per month | Pro |
| Pionex | Free | Beginner |
| Iconomi | Free | Beginner to Pro |
| Cryptohopper | Free for Pioneer $24.16 per month for Explorer $57.50 per month for Adventurer $107.50 per month for Hero |
Beginner to Pro |
| Coinrule | Free for Starter $29.99 for Hobbyist $59.99 for Trader $449.99 for Pro |
Beginner to Pro |
| Phemex | Free | Beginner |
The 7 Best Crypto Trading Bots
Before getting started, it’s important to do your research and figure out which bot is best for crypto trading. There are plenty of options currently on the market. Find a crypto trading bot that aligns with your goals and risk tolerance. Here are our top picks for the best crypto trading bots in 2024.
1. Best for All Skill Levels: 3Commas
get started
securely through 3Commas’s
website
3Commas is a crypto trading platform that offers novices and experts tools to become a profitable crypto trader. Its range of educational resources, dashboard to track your different exchanges and library of bots and algorithms can give you a major edge.
3Commas offers a range of affordably priced plans and an intuitively-designed trading platform so you can set and tweak your trading parameters.
Best For
- All skill levels
- Those who want full access to all exchanges
- Investors looking for customization
- Comprehensive education and learning tools
- Affordable, scalable plans for traders of all levels
- User-friendly dashboard with all the features you need in 1 place
- Access all major crypto exchanges in 1 platform
- Responsive customer service
- Library of bots you can view and copy
- Onboarding process is long and possibly overwhelming for beginners
- May experience some minor lag in the mobile app
3Commas is a crypto trading platform that offers tools for both beginners and experts to become profitable traders. It offers educational resources, a dashboard to track exchanges and a library of bots and algorithms. 3Commas allows you to connect several cryptocurrency exchanges, such as Coinbase and Kraken, to its application programming interface (API), which allows you to view your portfolio and have access to trading bots. This makes it easy for beginners to set up and begin trading. Additionally, it has nearly 3,000 bots to choose from. The platform has affordable plans and an intuitively-designed interface for setting and adjusting trading parameters.
Why We Love It: 3Commas offers a wide selection of bots and customization options, which gives traders the flexibility to tailor their bot to their specific trading needs and preferences. The trading platform also has a user-friendly interface and intuitive design, making it a favorite among traders of all experience levels.
2. Best for Advanced Technical Analysis: Learn2Trade
get started
securely through Learn2Trade’s
website
Learn2Trade is a valuable platform for anyone looking to learn how to trade cryptocurrencies. With its educational resources, trading signals and community support, Learn2Trade can help you navigate the complexities of the crypto market and start making profitable trades. Additionally, Learn2Trade takes into account all market conditions for its advanced crypto trading bot. Using technical analysis and live market sentiment analysis, the algorithm looks for the most profitable trades throughout the day. It also offers signals, copy trading and a variety of other asset classes.
Why We Love It: Learn2Trade offers advanced algorithmic trading, with an impressive 79% success rate. Learn2Trade also has technical indicators, charting tools and daily tips to help traders analyze market trends and make informed decisions.
3. Best for High-Volume Investors: Pionex
get started
securely through Pionex’s
website
Pionex is a cryptocurrency exchange with built-in trading bots. You can access 12 unique trading bots for no additional fee. These bots allow you to automate your investing strategy so you don’t need to constantly monitor the market. Pionex features low trading commissions and a fully fleshed-out mobile app. We believe Pionex would be a great option for high-volume and mobile investors.
Best For
- High-volume investor looking for the lowest fees
- Mobile cryptocurrency investors
- Traders with limited time
- Those looking for a lower risk investment strategy
- 12 free-to-use trading bots
- Low fees on all transactions
- Well-designed mobile offering
- Cannot fund account with fiat currency
Pionex is a cryptocurrency exchange with built-in trading bots. It is one of the most powerful crypto trading platforms available, offering over 15 unique trading bots. These bots allow you to automate your investing strategy so you don’t need to constantly monitor the market. The bots also allow for lots of customization and have low fees for each trade. In addition to trading bots, Pionex also offers a wide range of cryptocurrencies for users to trade, including popular options like Bitcoin, Ethereum, and Litecoin, as well as lesser-known altcoins. The platform also supports a variety of trading pairs, allowing users to easily exchange between different cryptocurrencies.
Why We Love It: With its low fees and competitive pricing, Pionex is a cost-effective option for traders of all levels. Pionex also offers a feature called Smart Trade, which allows users to execute trades at the best possible price across multiple exchanges.
4. Best for Businesses Wanting Exposure to Cryptocurrency: Iconomi
Get started
securely through ICONOMI’s
website
You can get rich by investing in cryptocurrency. However, you can also lose your investment. Crypto assets are highly volatile, and the underlying blockchain technology is complex. Suppose you want to start trading cryptocurrencies like Bitcoin, Ethereum or Dogecoin. In that case, you need a beginner-friendly crypto exchange or trading platform to manage your digital assets better.
ICONOMI is your one-stop shop for crypto investment and management platforms. You can buy and sell leading cryptocurrencies, copy expertly curated Crypto Strategies or create your own Crypto Strategy. In the ICONOMI platform, seasoned strategists handle the daily management of your cryptocurrency portfolio.
This saves time, minimizes investment risks, streamlines decision-making and enhances flexibility and personalization in crypto trading or investment. All you need is to deposit funds, find a suitable strategy based on your risk profile and invest. Benzinga reviews ICONOMI, spotlighting its key features, pricing, customer support and user experience to help you decide whether it’s the right platform to kickstart your investment journey.
Best For
- Beginner crypto traders and investors looking for a user-friendly platform with expertly curated crypto strategies to guide their investment decisions
- Experienced crypto traders and investors seeking to invest in a diversified portfolio of cryptocurrencies and blockchain assets without the complexities of managing multiple wallets and assets
- Busy professionals and crypto enthusiasts with limited time for active crypto trading who prefer a convenient and automated approach to managing their digital assets
- Experienced crypto traders and investors seeking to invest in a diversified portfolio of cryptocurrencies and blockchain assets without the complexities of managing multiple crypto wallets and assets Risk-averse investors seeking a carefully crafted investment strategy tailored to their risk tolerance, providing a more controlled approach to crypto investing
- Powerful and beginner-friendly crypto investments platform with an intuitive interface for seamless navigation
- Consolidates user’s digital assets in one place, saving time and reducing the hassle of managing multiple wallets and accounts
- Offers a range of impressive features such as buy/sell price optimization, recurring buy/sell execution, portfolio rebalancing, algorithmic trading and automation
- Facilitates diversified crypto trading and investment strategies for reduced risk and higher returns
- Diversified copy trading strategies from experts mean little or no education is needed to get started.
- Multiple exchange aggregations enhance liquidity and ensure investors receive competitive pricing for available crypto assets
- Automated investment processes make it convenient for traders with limited time to manage their crypto investments actively
- Robust security protocols and measures protect users against potential threats and vulnerabilities
- Support diverse crypto assets, including major cryptocurrencies like Bitcoin and Ethereum, as well as meme coins like Dogecoin and decentralized finance (DeFi) tokens such as Uniswap
- Round-the-clock trading availability and customer support
- No subscription charges — open account for free
- Some Crypto Strategists may charge high performance and copy fees
- Advanced crypto traders seeking exposure to crypto assets with a high-risk-to-reward-ratio may find available Crypto Strategies unsuitable
Iconomi is a crypto trading platform that offers accounts for both individuals and businesses. It is easy to set up an account, and there are tons of learning resources available on the site. The platform also offers a strong social aspect, allowing users to share trading strategy and get referral bonuses. With its diverse range of assets, expert-managed decentralized autonomous applications (DAAs) and emphasis on security, Iconomi is a great option for those looking to get started in the world of digital assets.
Why We Love It: We love Iconomi because of its social trading features that allow users to follow and copy the trades of successful traders. This can be a great way to learn from experienced traders and improve your own trading skills.
5. Best for Copy Trading Investors: Cryptohopper
get started
securely through Cryptohopper’s
website
Cryptohopper is an all-inclusive trading terminal that aims to make investing in the cryptocurrency market easier and more intuitive. Investors can automate their investing processes, copy professional traders, set signals and alerts through their mobile app and more directly through Cryptohopper. This allows investors to stay on top of the market no matter which coins they trade, which exchanges they use and where they travel.
Although investors will need to invest in a paid platform to use Cryptohopper’s most advanced features, the platform doesn’t charge a per-trade commission. Instead, it bills investors a flat monthly rate proportional to the number of tools they have access to.
Best For
- Investors interested in copy trading
- Investors who already have accounts set up with their brokerages of choice
- Investors looking for advanced analysis tools that don’t require professional coding experience to implement
- Doesn’t charge an additional commission on top of monthly fees
- Provides investors with access to high-level analysis tools
- Comprehensive mobile app includes advanced security features
- No phone customer service options
- Must purchase a monthly plan to access most useful features
Cryptohopper emphasizes technology with its platform. It uses cloud computing to allow its crypto trading bots to run 24/7 and place trades when your device is offline. It also has a Social Trading Platform, which allows users to communicate via an internal chat, receive trading signals and trade bot templates. This can be a great way for novice traders to learn from more experienced traders and potentially improve their trading results.
Why We Love It: Cryptohopper’s marketplace feature allows users to buy and sell trading strategies. This permits users to leverage the expertise of other traders and benefit from proven strategies. Users can choose from a wide range of trading strategies and implement them on their own trading bot.
6. Best for Low Cost: Coinrule
get started
securely through CoinRule’s
website
Meet Coinrule, the next generation in cryptocurrency trading. Coinrule lets you create customizable trading rules, access 150 templates and take advantage of numerous moderately priced trading plans. If you are a new crypto trader, you can do paper trading and backtesting to check your strategies.
Different plans for all levels of traders include the Starter, Hobbyist, Trader and Pro. Each plan helps you build your skills and knowledge to become better at cryptocurrency trading. The platform is one of the best for digital currency trading and learning how to be a consistently successful crypto trader.
Best For
- Advanced cryptocurrency traders
- Outstanding customer service
- Advanced security
- Several pricing plans with promotions
- Advanced trading indicators
- No mobile trading app
Coinrule is a cutting-edge platform that allows users to create automation on their crypto trading strategies. It places an emphasis on its free offerings. Users can backtest strategies, create bots and communicate with others for free. It also has paid plans with a low monthly fee and a small portion of the traded volume. Coinrule’s user-friendly interface makes it accessible to both experienced traders and beginners. The platform provides a range of pre-set templates for those new to algorithmic trading, as well as advanced customization options for more seasoned traders.
Why We Love It: We love Coinrule because of its ability to execute trades across multiple cryptocurrency exchanges simultaneously. This allows traders to take advantage of arbitrage opportunities and access a wider range of trading pairs, increasing their potential for profit. The platform also offers low monthly and trading fees.
7. Best for Derivatives: Phemex
get started
securely through Phemex’s
website
Phemex is a one-stop shop for all the crypto needs of retail investors, catering to those who are relatively new to the crypto sector. Among the menu of services provided, savings accounts for consistent return on stablecoins and advanced-level trading bots stand out. There’s a launchpad where you can view projects early on and an academy that will teach you more about the cryptocurrency industry. Quality customer service and airtight compliance make the platform extremely secure and help to create a comfortable environment in which every investor can trade.
Best For
- Novice investors who want to get into crypto
- Passive investors
- Secure and compliant trading services
- Exemplary client care
- Fewer micro-caps
- Relatively new
Founded in 2019, Phemex offers a variety of trading options for users looking to buy, sell, or trade cryptocurrencies. Phemex has artificial intelligence (AI) bots for trading futures contracts, which allow traders to gain leverage on their trades. It offers over 600,000 bots from nearly 200,000 bot traders. These bots can be sorted by several parameters to find the one that suits you best. All of the bots are free.
Why We Love It: Phemex offers a range of crypto trading bots that can assist with your marketing efforts – and best of all, they’re all free to use. This not only makes it more accessible for users of all experience levels, but it also removes the barrier to entry that often comes with using trading bots on other platforms.
Key Features to Look for in Crypto Trading Bots and Tools
Here are some important factors to consider when choosing a crypto trading bot.
- User-friendly interface: Look for a trading bot that is easy to use and navigate, even for beginners. A user-friendly interface will allow you to set up and customize your trading strategies with ease.
- Backtesting capabilities: Backtesting allows you to test your trading strategies against historical market data to see how they would have performed in the past. This can help you fine-tune your strategies and make more informed decisions in the future.
- Security features: Security is paramount when it comes to trading bots, as they often require access to your exchange account. Look for bots that offer secure encryption, two-factor authentication, and other security measures to protect your funds.
- Customizable trading strategies: Different traders have different trading styles and preferences. Look for a trading bot that allows you to customize and optimize your trading strategies to suit your specific needs and goals.
- Real-time market data: Look for crypto trading bots that offer real-time data feeds, price alerts and market analysis tools to help you stay on top of market trends.
- Risk management tools: Trading bots should offer risk management features to help you minimize potential losses and protect your investment. Look for bots that offer stop-loss orders, position sizing tools, and other risk management features.
- Support and community: Having access to a knowledgeable support team and a community of fellow traders can help you troubleshoot issues, share insights, and stay informed about the latest developments in the market.
Advantages of Using Crypto Trading Bots
- Automated investing: Most traders understand how big of a role emotions play in investing. However, with trading bots, the emotional aspect is completely taken out of the picture and can lead to much better risk management.
- Increased efficiency: Trading can be very time-consuming, as it takes hours each day to comb through the markets and look for opportunities. However, the bots allow you to do other things and let the bot take care of the trading.
- Diversification: Bots can use a variety of strategies and can oftentimes be customized to support different needs. This can help diversify your portfolio and spread out risk.
- More time on the market: Unlike the stock market and the bond market, the cryptocurrency market operates 24/7. Crypto trading bots provide you with additional hours of exposure without requiring you to be actively monitoring your positions.
Disadvantages of Using Crypto Trading Bots
- Prior knowledge: Using bots requires prior knowledge of crypto trading to determine which bots will work best for you. The customization settings can also be very sensitive, which could be an issue for a beginner.
- Constant monitoring: Because the crypto markets are extremely volatile, you have to continually monitor your bot to make sure that it is not losing money quickly.
- Lack of human judgment: While the elimination of human emotion can be a good thing, it also means that bots are unable to interpret the context of a trade, which can lead to poor trading decisions.
Bots for Both Beginners and Advanced Traders
Crypto trading bots provide a unique opportunity for beginners to learn about markets through paper trading and backtesting, as well as a chance for advanced traders to make the most of their knowledge. This new technology is also continually improving, hoping to bring the most profitable bots to traders around the world.
Frequently Asked Questions
Are crypto trading bots successful?
Different crypto trading bots can be successful based on the strategies they use.
Answer Link
Are crypto trading bots free?
Some crypto trading bots are free but not all.
Answer Link
What is the best AI crypto trading bot for beginners?
The best AI crypto trading bot for beginners would be one that is user-friendly, has a good track record of accuracy and profitability and offers features such as demo trading modes and customer support. Some popular options for beginners include 3Commas and Cryptohopper. As recommended by a Reddit user, “to find the best AI crypto trading bots, it’s important to research and compare various options.”
Answer Link
Is crypto bot safe?
The safety of a crypto bot depends on various factors such as the security measures implemented by the bot developers, the user’s own security practices, and the potential risks associated with the specific cryptocurrency market. It is important to thoroughly research and choose a reputable and secure crypto bot provider to minimize the risk of any potential security breaches.
Answer Link
The post Best Crypto Trading Bots of July 2024 by Caden Pok appeared first on Benzinga. Visit Benzinga to get more great content like this.