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Amala is custom content and news editor based in London. She is a former financial journalist based in Singapore with 7 years of experience covering a range of business and financial topics. Now she focuses on crypto and macro-economics. She has also covered feature profiles, tech, business politics and ESG— she was the Environment Editor for the Solutions Newspaper, 2016 and worked in an editorial capacity at both News corp (Dow Jones) and JBN. She also has experience as a content creator, strategist and brand editor for various financial institutions and banks.
Ruby is a seasoned Editor with 5 years of experience working in the cryptocurrency space. She currently works as a Crypto Content Editor for BanklessTimes with a focus on creating informative content that helps our readers navigate cryptocurrency with confidence. Ruby discovered crypto whilst working as a freelance writer at University. She has been passionate about shedding light on crypto and DeFi through valuable content ever since. Before joining the team at BanklessTimes, Ruby worked on a number of established finance sites including The Motley Fool, TradingPlatforms.com, StockApps, ICOBench, and MoneyMagpie.com.
Ruby is a seasoned Editor with 5 years of experience working in the cryptocurrency space. She currently works as a Crypto Content Editor for BanklessTimes with a focus on creating informative content that helps our readers navigate cryptocurrency with confidence. Ruby discovered crypto whilst working as a freelance writer at University. She has been passionate about shedding light on crypto and DeFi through valuable content ever since. Before joining the team at BanklessTimes, Ruby worked on a number of established finance sites including The Motley Fool, TradingPlatforms.com, StockApps, ICOBench, and MoneyMagpie.com.
Bitcoin robots have become one of the most discussed subjects in crypto trading today. They are an increasingly popular way to invest in Bitcoin because they are accessible for beginners and save users time and hassle. Many people even prefer them to traditional trading. However, there are differing opinions on their efficacy and legitimacy.
We have taken the time to review the best Bitcoin robots on the market and have provided relevant information and honest reviews on their profitability, function, usage, pros and cons, and more to help you understand your options. By the end of this article, you will have discovered if Bitcoin bots are legit or scam in addition to which ones might best suit your needs.
Best Bitcoin Robots in 2024
As AI technology and algorithmic systems continue to evolve, new crypto trading robots are introduced to the market almost daily. Below is our updated list of the best trading bots to consider this year, last updated on the 6th of November.
Cryptohopper: One of the largest trading bot marketplaces with no subscription fees.
Coinrule: The best free trading robot that connects to the Binance paper trading suite for backtesting.
Pionex: A popular trading bot that supports over 300 cryptocurrencies, including Bitcoin. Pionex offers a comprehensive range of integrated trading strategies, including grid bots, which allow traders to automate their strategies based on market data.
Phemex: The best Bitcoin robot for futures trading. The platform is free to use an 100% passive.
Coiningy: The best AI portfolio management tool that is built into a cloud-based trading platform. Monitor your portfolio around the clock to stay ontop of market trends.
OKX: One of the world’s largest crypto exchanges with a great range of native trading bots.
Kryll: Passive trading robot with an impressive average yearly return. Kryll offers a pay-as-you-go marketplace for crypto trading models.
OctoBot: One of the best ChatGPT crypto trading tools that can be connected to TradingView.
What Is a Bitcoin Robot?
A crypto robot, or Bitcoin robot, is an automated trading software that uses algorithms to analyze market data and execute trades on behalf of the user.
These bots can operate 24/7, taking advantage of market opportunities that arise at any time, without requiring the user to be actively involved.
By automating the trading process, crypto robots aim to increase efficiency, reduce emotional trading, and enhance profitability.
Although most trading robots are built on the same underlying technology, there are a few different types of robot that you may come across.
Automated trading bots
These are a type of trading tool that handles the entire trading process for you. Passive trading robots analyse the market and execute trades on your behalf, using the funds in your account.
AI portfolio management tools
Portfolio management bots use AI and machine learning to manage your portfolio on your behalf. These tools often provide high levels of customization that allow you to specify your goals, risk appetite and strategy.
Trading signals bots
These Bitcoin robots send trading signals every time that they spot a potential opportunity. You can then choose whether to execute the trade manually or implement automated trading and let the bot handle things for you.
How Do Crypto Trading Bots Work?
Robot trading has been in existence in the forex and stock markets for over a decade but it has gained traction in the cryptocurrency market within the last few years. The profitability of crypto bots largely depends on the user’s configuration and strategy, making it essential to understand how these bots operate. Crypto robots work and operate based on the following elements:
Computer Algorithms
Robo-trading uses sophisticated computer algorithms to analyze market data. APIs could be used to trade a coin strategically.
Market Data Analysis
This module analyzes raw market data from a variety of sources and makes super-fast decisions on the asset’s position based on the smallest of price changes.
Trading Signals
A bot can use a range of technical indicators to provide trading signals. They give an indication of potentially profitable times to buy or sell based on changes in the market.
Artificial Intelligence
Through the advanced technologies in AI and Machine Learning, robots can efficiently learn from the past to improve their performance.
Mathematical Formulas
Bitcoin robots also use formulas from predetermined trading strategies. This takes the emotion out of trading that often causes human errors.
How To Verify The Performance of a Crypto Robot
Using a robot to trade comes with a high level of risk. One way to minimize this is by verifying the performance of the bot before you start using it.
It is impossible to know whether a Bitcoin robot will be successful in the future. However, you can use the following methods to test the platform’s past performance.
Check User Reviews: Reading reviews from other users can provide insights into the bot’s performance and reliability.
Backtesting: Use the bot’s backtesting features to see how it would have performed in historical market conditions.
Live Testing: Start with a small investment to test the bot’s performance in real-time before committing more funds.
Monitor Metrics: Pay attention to key performance indicators (KPIs) such as win rate, average profit per trade, and drawdown.
Benefits of Using Bitcoin Robots
Using Bitcoin robots can bring numerous benefits to traders, including increased efficiency, improved accuracy, and enhanced profitability. By automating trading decisions, Bitcoin robots can help traders make more informed decisions, reduce emotional bias, and capitalize on market opportunities 24/7. Additionally, Bitcoin robots can execute trades at a faster pace than human traders, allowing for quicker reaction times to market fluctuations. With the ability to backtest and optimize trading strategies, Bitcoin robots can also help traders refine their approach and minimize losses.
How To Connect a Bitcoin Robot to an Exchange
Most crypto trading bots are algorithmic systems that must be connected to an exchange in order to access the crypto market.
You can connect a bot to an exchange through an API by following the steps below:
Sign up to a robot: Create an account with the crypto robot platform of your choice or log in to your existing account.
API key generation: Go to your crypto exchange account and generate an API key. This key allows the bot to access your account and execute trades.
Connect the bot: Enter the API key into the bot’s platform to establish a connection between the bot and the exchange.
Set parameters: Configure the bot’s trading parameters according to your strategy.
Start trading: Once everything is set up, activate the bot to begin automated trading.
Setting Up a Bitcoin Robot
Setting up a Bitcoin robot is a relatively straightforward process that requires some basic knowledge of trading and technical analysis. To get started, traders need to choose a reputable trading platform that supports Bitcoin robots, such as 3Commas or Cryptohopper. Next, they need to select a trading strategy that aligns with their investment goals and risk tolerance, such as dollar cost averaging or grid trading. Once the strategy is chosen, traders can configure the robot’s parameters, such as the trading frequency, position sizing, and risk management settings. Finally, traders need to connect their exchange account to the trading platform and fund it with the necessary capital.
Why We Chose The 8 Best Bitcoin Trading Bots
There are hundreds of crypto trading bots available to use. So, why did we pick the above platforms as the best?
Here is an overview of why we like each robot as well as potential drawbacks to be aware of.
1. Cryptohopper – The best crypto robot marketplace with hundreds of different models
Cryptohopper is a versatile trading platform that offers access to hundreds of trading bots through its marketplace. This allows users to customize their trading strategies by purchasing bots and strategies that best suit their trading style.
The platforms stands out as one of the most customizable bots available, catering to both beginner and advanced traders.
The platform offers a free trial which allows you test out the various products including the bot templates, social trading features and paper trading tools.
According to the website, Cryptohopper has over 800,000 users worldwide and is compatible with a number of reputable exchanges including OKX, ByBit, Kraken, and Crypto.com.
Best for: Traders who want to use a diverse range of strategies and tools to take advantage of different market conditions.
2. Coinrule – A feature-rich platform that is free to use
Coinrule is a feature-rich trading platform that offers a variety of trading bot options, including a free planthat provides access to template strategies and customizable parameters. This makes it an excellent choice for both novice and experienced traders.
The platform provides pre-built strategies that can be adjusted to fit your trading preferences. You can easily test the strategies with user-friendly backtesting that is available on both free and paid plans.
We like this robot because it has acquired some great user reviews and provides a lot of transparency on it’s website.
Coinrule isn’t a high-frequency algorithmic trader. Instead, it is a tool that allows you to set up ‘rules’ based on past performance and expert strategies. The bot will then follow these rules to invest in the crypto market on your behalf.
The platform is compatible with 12 reputable exchanges including Binance and Bitpanda.
Best for: Long-term investors who want to use AI to grow wealth over time
3. Pionex – Trade over 300 different cryptocurrencies with advanced robots
Pionex is known for its comprehensive range of integrated trading strategies, offering 16 different options to cater to various trading needs. These include a Grid trading bot, a DCA bot and a rebalancing bot.
This bot is particularly popular due to its low fees starting from 0.05%, and extensive support forover 300 cryptocurrencies.
The bot can handle portfolio rebalancing and other tasks automatically, allowing for a hands-off trading experience.
The website claims a monthly trading volume of $50 billion which is pretty impressive! It also claims to serve traders from 100 countries around the globe.
Best for: Compeltley passive auto trading
4. Phemex – The best crypto robot for futures trading
Phemex stands out from the other Bitcoin robots on our list because it specializes in trading futures contracts. The platform offers over 200 contract pairs that can be traded with up to 100x leverage.
This type of trading is definitely suited to more experienced users so we recommend this bot for readers who already have some bot trading experience.
As well as its copy trading features, Phemex allows users to copy successful traders, enabling them to trade like professionals with minimal effort. Phemex also offers staking with APIs as high as 436%. Users can also generate stable income through crypto savings accounts.
Best for: Experience traders who understand the complexities of futures trading
5. Coiningy – Cloud-based trading platform with AI portfolio monitoring
So far, most of the robots that we have reviewed offer complex trading tools and strategies. However, some traders may prefer to use AI for portfolio management rather than the entire trading process.
Coiningy is a cloud-based crypto trading platform that offers comprehensive portfolio monitoring and the ability to connect to 45 major exchanges.
This makes it an excellent tool for traders who need around-the-clock monitoring and management of their crypto assets.
You can use the platform to trade across multiple exchanges from one account and the AI feature will keep an eye on your account balance whilst you are unable to monitor it yourself.
This robot provides a lot more control over your trading than other options. You decide how and what to trade and the bot makes sure that your portfolio is balanced correctly.
Best for: Experienced traders who have a sound trading strategy that they would like to implement
6. OKX – The best crypto exchange that offers trading robots
You’ve probably already heard of OKX, one of the largest crypto exchanges. But you might not know that the exchange offers a selection of trading robots that are popular among traders for their variety and effectiveness, with options including arbitrage bots, GRID, DCA, and slicing strategies.
OKX’s bots are used by over 330,000 traders and are free to use for those who have an OKX account.
Trading fees are slightly higher than some of the other bots on our list, starting at 0.1%. This means that the platform is more suited to long-term traders who will not be executing high quantities of trades each day.
Best for: Long-term traders who want the comfort of a reputable exchange
7. Kryll – Pay-as-you-go Bitcoin robot with an impressive track record
Kryll is a pay-as-you-go Bitcoin robot marketplace that offers a wide selection of trading models. This platform is known for its robust risk management tools and impressive average annual return.
According to the website, Kryll boasts an average annual return of 144.68%, making it one of the most successful bots available.
Of course, it is important to take this with a pinch of salt and remember that past performance does not guarantee future results.
We like the fact that you can browse different trading models and pay for each one without any subscriptions. This is excellent for traders who want to experiment with different strategiesbefore settling on one.
As well as AI trading tools, Kryll offers a crypto gem detector and a wallet tracker that tracks ‘smart money’ movements.
Best for: Beginners and experienced traders who want to trade less-common cryptos
8. OctoBot – Use ChatGPT to find trading opportunities
OctoBot is one of the first crypto trading bots to incorporate ChatGPT, making it a cutting-edge tool in the world of automated trading. The bot connects with TradingView to send automated signal trades and offers unique features such as the ability to buy baskets of tokens.
Users can buy baskets of tokens, such as ‘Top 5 meme coins,’ and ‘top 20 crypto’ to build a diversified trading strategy,
The ChatGPT bots use aDCA strategy whereby your funds are invested in small amounts on a regular basis to minimize risk.
According to the website, the robots available through Octobot provide promising returns. However, the claimed returns aren’t so high that they seem falsified.
Best for: Traders with a high-risk appetite who want to implement automated DCA trading
Our Rating Method: How We Found the Best Crypto Trading Bots
Our team spent time searching the web for the best Bitcoin robots. To do this, we looked at user reviews and each platform’s official website to understand what each bot has to offer.
We reviewed numerous platforms before selecting our top picks based on the following criteria.
User Reviews and Testimonials
We carefully examined user reviews and testimonials to understand the overall satisfaction of traders who have used these bots. Positive feedback and high ratings were significant factors in our selection process.
Fees
We considered the fee structures of each bot, prioritizing those withlow or no fees, as this can have a significant impact on profitability.
Past Performance
Although past performance doesn’t guarantee future results, we took this into account when picking the best robots.
We chose robots that have strong track records and a good reputation.
Supported Strategies
We looked for bots that offer a variety of trading strategies, allowing users to tailor their approach to their specific trading style and goals.
This is an important factor to consider because your trading needs may change depending on market conditions.
Exchange Compatibility
We looked for robots that are compatible with reputable exchanges. These platforms often provide a layer of protection which minimizes the risks that are involved with auto trading.
Ease of Use
User-friendly interfaces and simple setup processes were key factors, ensuring that the bots are accessible to traders of all experience levels.
Most of the robots that we have reviewed in this guide are suitable for both beginner and experienced traders. However, some bots come with more risk than others.
Customer Support
Reliable customer support is crucial for addressing any issues that may arise, so we selected bots that offer responsive and helpful support services.
The best Bitcoin robots should offer 24/7 support services to all users. This makes it possible to reach out to the team whenever you need to.
Factors to Consider When Selecting a Trading Bot
When selecting a trading bot, there are several factors to consider, including the bot’s trading strategy, risk management features, and compatibility with exchange accounts. Traders should also evaluate the bot’s performance metrics, such as its win-loss ratio, profit factor, and drawdown. Additionally, traders should consider the bot’s user interface, customer support, and pricing plan. It’s also essential to read reviews and testimonials from other traders to get a sense of the bot’s reliability and effectiveness. By carefully evaluating these factors, traders can choose a trading bot that meets their needs and helps them achieve their investment goals.
Overview of Popular Trading Strategies
There are several popular trading strategies that can be used with Bitcoin robots, including trend following, mean reversion, and statistical arbitrage. Trend following strategies involve identifying and following the direction of market trends, while mean reversion strategies involve identifying overbought or oversold conditions and betting on a reversal. Statistical arbitrage strategies involve identifying mispricings in the market and exploiting them for profit. Other popular strategies include grid trading, market making, and dollar cost averaging. By understanding these strategies, traders can choose the one that best fits their investment goals and risk tolerance.
Advantages and Disadvantages of Bitcoin Robots
As with almost everything, there are advantages and disadvantages to Bitcoin Robots.
Although these systems are designed to deliver high levels of accuracy, the cryptocurrency market is volatile and strategies may not always deliver desired results.
Here are some pros and cons to be aware of before you sign up to a platform.
More efficient than humans as they can handle more data and stay online 24/7
No emotions to cloud judgment during trading decisions
Easy to use for people of all experience levels
Much faster than humans to analyze markets and place trades
Can execute multiple trades at the same time to avoid missing opportunities
Some robots charge fees, and most require a significant deposit
Technical knowledge is advised to understand how robots trade and pick the best strategies
Robots always carry a risk of losses
There are many fake companies and scams in this sector
Importance of Risk Management
Risk management is a critical aspect of trading with Bitcoin robots, as it can help traders minimize losses and maximize gains. By setting stop-loss orders, position sizing, and risk-reward ratios, traders can limit their exposure to market volatility and protect their capital. Additionally, traders should regularly monitor their bot’s performance and adjust its parameters as needed to ensure that it remains aligned with their investment goals. By prioritizing risk management, traders can enjoy a more sustainable and profitable trading experience with their Bitcoin robot.
How To Know if a Bitcoin Robot is Legit?
Unfortunately, the cryptocurrency market has attracted several fraudulent companies who aim to steal funds by offering illegitimate ‘bots’ to traders. This has caused Bitcoin robots to accumulate a negative reputation and a lot of people are skeptical of automated trading systems.
However, it is possible to tell the good from the bad.
Here are some things to look out for when determining whether a bot is legit or fake.
Customer support: Legitimate platforms typically offer robust customer support to assist users. You should be able to access this support without creating an account and it should be available 24/7.
Check for transparent information: Legitimate bots will provide clear information about their algorithms, performance, and fees. You can usually find all of the information that you need on the platform’s website.
Read independent reviews: Look for reviews on independent platforms to get unbiased opinions about the bot. If a robot has a lot of negative reviews, it could be a sign to stay away.
Developers and company background: Research the company behind the bot, checking for a credible track record and industry reputation. Cryptohopper is a good example here that has a long history of successful trading.
Test with small investments: Start with a small amount of capital to test the bot’s performance before committing larger sums. it is a bad sign if a platform asks for a huge sum upfront.
What is The Most Successful AI Trading Bot?
During our research, we found Kryll to be one of the most successful AI trading bots, with an average annual return of 144.68%.
However, it is worth noting that we could not find average annual returns for all of the robots that we reviewed so it is difficult to make a clear comparison.
Are Crypto Trading Bots Legal?
Yes, crypto trading bots are legal in most jurisdictions. However, it’s important to comply with local crypto regulations and ensure that the bot is used on licensed and regulated exchanges.
In some countries, crypto CFD trading is banned. For this reason, a lot of high-frequency algorithmic trading tools are unavailable in some countries, including the US. CFDs are used for high-frequency trading because it is possible to enter and exit the trades quickly.
Top Tips for Using a Bitcoin Robot Safely in 2024
Although Bitcoin robots come with risks, they can also be a great tool to have in your collection. When used effectively,crypto trading robots can reduce upfront analysis and help you to take advantage of opportunities around the clock.
Here are some tips for using them safely.
Start small: Begin with a small investment to test the bot’s performance and get comfortable with its features.
Regular monitoring: Even though bots are automated, it’s essential to regularly monitor their performance to ensure they are operating as expected.
Diversify: Avoid putting all your funds into one bot or strategy. Diversification can help mitigate risks.
Stay informed: Keep up with market trends and crypto news, as these can impact the effectiveness of your trading bot.
Use Stop-Loss Orders: Implement stop-loss orders to limit potential losses in case the market moves against your trades.
Final Thoughts
Bitcoin robots can make traders’ lives much easier. However, some are not worth your time and money, and others seem to be scams. In the course of this review, we have highlighted the best Bitcoin robots having put our time, efforts, and resources into creating a comprehensive and unbiased review.
We have explained how Bitcoin robots work, their pros and cons, risks, trade patterns, and how to get started on any of them. Ultimately, it is up to you whether you use a Bitcoin robot and which one. Just make sure you do thorough research and don’t risk money you can’t afford to lose.
FAQs
What is the best trading bot for 2024?
The best trading bots for 2024 include Cryptohopper and CoinRule. However, there are many of other good options out there so we recommend researching different options to find the most suitable one for you.
How much money do you need for a trading bot?
Most trading bots execute multiple trades at one time so you will need to deposit a substantial amount of funds to see returns. However, the exact amount of money that you need will depend on the bot’s minimum deposit requirement.
Can you lose in bot trading?
Yes, crypto bots come with a high level of risk and aren’t recommended for traders who can’t afford to lose the money that they invest.
Amala is custom content and news editor based in London. She is a former financial journalist based in Singapore with 7 years of experience covering a range of business and financial topics. Now she focuses on crypto and macro-economics. She has also covered feature profiles, tech, business politics and ESG— she was the Environment Editor for the Solutions Newspaper, 2016 and worked in an editorial capacity at both News corp (Dow Jones) and JBN. She also has experience as a content creator, strategist and brand editor for various financial institutions and banks.
Amala is custom content and news editor based in London. She is a former financial journalist based in Singapore with 7 years of experience covering a range of business and financial topics. Now she focuses on crypto and macro-economics. She has also covered feature profiles, tech, business politics and ESG— she was the Environment Editor for the Solutions Newspaper, 2016 and worked in an editorial capacity at both News corp (Dow Jones) and JBN. She also has experience as a content creator, strategist and brand editor for various financial institutions and banks.