Best Crypto Trading Bot For Beginners in 2023

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Best Crypto Trading Bot For Beginners in 2023

Years of training were required in the past to become a professional trader. But now that trading bots are available, anybody may use one to trade any asset, even cryptocurrency.

Bots can be used without any technical expertise because there are already established rules you can follow immediately. Because they don’t have access to your money, they are also secure to use.

While some bots are more suitable for beginners, others offer capabilities designed for use by advanced traders. 

Even long-term market investors may find trading in cryptocurrencies to be complicated. Many developments are being made in the market to simplify crypto trading due to the increased popularity of cryptocurrencies and blockchain. 

Trading bots for cryptocurrencies are computer software that performs and oversee deals by the law. Investors can better understand and grasp the crypto market’s algorithms and make sensible investments thanks to efficient automated crypto trading. These bots save time on market monitoring and assist in capturing business possibilities.

The best crypto trading bots that beginners can use in 2023 are listed in this article.

CoinRule

One of the most well-known platforms for automated crypto trading is  Coinrule.

It is also among the easiest for beginners, with a straightforward user interface that anyone can rapidly master. Applying the current trading guidelines, you can start trading as a novice without any technical knowledge.

Before using any strategies or rules you develop in actual trades, you can test them on the platform using a backtesting option. Learning about crypto trading methods and how they operate will help you decrease your risk of losing money.

You can use one of three different sorts of accounts, the first of which is entirely free, has no usage restrictions, and has a good selection of features. When you are more at ease with the bots, you may always stick to that and gain comfort before moving on to premium programs.

Additionally, there is a large selection of exchanges, including Binance, Coinbase Pro, OKEx, and others.

CryptoHopper

A crypto-bot trading platform, Cryptohopper is made to serve both beginner and experienced traders. The platform’s technology ensures that you don’t miss a price pump or get caught in a dip and that it uses all market conditions to your benefit.

A Cryptohopper bot is a vital tool that provides several features to help cryptocurrency traders make wise trading choices. On this platform, bots are referred to as “hoppers,” They can use signals, templates, or techniques to guide users on when to purchase and sell cryptocurrencies.

The Dollar Cost Averaging (DCA) bot, which regularly purchases assets at various prices to offer you a reasonable average buying price, is one of the characteristics that make this possible.

Mirror trading, which allows novices to duplicate the transactions of experts, is another noteworthy feature. In addition to learning how to trade, this enables them to profit if their mentor does.

Although they provide a free Pioneer package that allows for manual trading and portfolio management, you should try their Explore their 7-day free trial if you genuinely want to get a feel for their trading bot. Three subscription packages are available, ranging from $19 to $99.

Pionex

Pionex is a platform that combines a cryptocurrency exchange with a trading bot. Users can trade manually or use trading bots that automatically purchase low and sell high cryptocurrency assets. This is a characteristic that qualifies it for complete novices.

It’s also worth noting that Pionex’s trading bots are entirely free to use. You must pay network fees automatically taken in addition to the flat fee of 0.05% charged for buy/sell orders.

In addition, Pionex has unusual combination bots. The first is a Grid trading bot that automatically places buy and sell orders at predetermined intervals without your involvement.

The second type consists of cryptocurrency arbitrage bots, which profit from price differences on several exchanges. The last is a DCA bot, which purchases at seemingly random prices (but not entirely randomly, mind you!) to determine an overall fair buying price and sways the market in your favor

3Commas

Another user-friendly platform for trading bots for cryptocurrency is 3Commas. You set the buy/sell prices to execute, and the bot automatically takes profit and cancels losing trades. Trades are executed continuously.

Additionally, it offers a copy trading tool that allows users to mimic the deals of more experienced traders, improving their odds of success and providing an opportunity to learn. The free plan is available for testing, and the paid plans are reasonably priced.

In addition to offering Grid, DCA, and Options bots, 3Commas also offers a HODL bot that automatically purchases cryptocurrencies at discount rates and keeps them for the long term, making it simple to stack sats and other assets.

You can test out all of 3Commas’ features during a 3-day free trial of the Pro package. They offer monthly subscription plans for $22, $37, and $75. For a 6-month subscription, there is a 15% discount, and for a 1-year subscription, there is a 25% discount. You must purchase a separate subscription through their Marketplace if you want to get market signals.

Wunderbit

One of the most comprehensive automated trading platforms for beginners is Wunderbit. You can create and modify orders using the platform’s intelligent trading tool.

It is a unique platform since you may adjust the take profits, stop losses, and trailing stops for any order.

To learn trading while lowering their risk of loss and improving their chances of winning, beginner traders can also copy the trades of mentors. On the platform, there are also trading signals providers that can offer beginners signals they can use to trade efficiently.

Once you’re linked to an exchange, you can use the DCA bot and portfolio tracker to keep track of your portfolio while you’re on the go.

Another key feature is the option to constantly manage several accounts and trade using various Application Programming Interfaces (APIs) from an exchange.

Shrimpy.io

Shrimpy is one platform you should consider if you’re a beginner seeking a site where you can do all things about crypto. It is an automated platform for trading cryptocurrencies, and you can connect up to 30 wallets and exchanges through it to manage all of your operations in a single location.

You might first require some direction as a beginner. Shrimpy offers this via its copy trading tool, which enables novice traders to copy the moves of more professional ones.

It is an excellent location to learn about cryptocurrency investing because you can mimic the digital asset holdings of investment funds like Coinbase Ventures, Blockchain Capital, or Binance Labs. Before using new strategies in your trades, you can backtest them.

There are no free accounts, and the Starter Plan subscription costs $15 per month.

Zignaly

Another new trading platform, Zignaly, provides a free trial of its paper trading option. What began as a leading source of cryptocurrency signals has developed into a complete crypto trading platform and toolkit for traders.

Zignaly provides copy trading, trading bots, and a complete crypto terminal within the platform. The team behind the cloud-based software is committed to creating a platform with a low entry barrier that simplifies the entire procedure from beginning to end.

The depth of their signal integrations is one of Zignaly’s best qualities. You can import signals from your preferred signals provider to trade automatically on these indications.

Another trading platform, Zignaly, has teamed up with CoinLedger to offer its users automated tax filing.

TradeSanta

This is a one-stop site for trading everything cryptocurrency, whether done manually or through crypto bots. The platform’s layout enables you to use indicators like RSI, which you can learn to use to place orders from various exchanges.

Grid, DCA, and Futures bots are among the available bots; the latter enables you to trade cryptocurrency futures (which may not be entirely suitable for an absolute beginner). Additionally, you can use the site with practice money in a demo account before making actual orders.

Tradesanta does not provide a free account; however, it might be worthwhile given the simplicity it provides for traders to plan deals from a single platform. Thanks to a mobile app, you may track trades on your mobile device while on the go.

The Features of a Crypto Trading Bot.

Using a crypto trading bot is a great technique to automate your trading strategy and eliminate human error. There are many such products, but not all of them are created equal. Knowing what to search for is essential to identifying great products among the weeds. Several considerations include the following:

Options for Exchange

The number of exchanges the bot has access to should be your first point of investigation. You should make sure you can use your chosen platforms for buying and selling your coins because not all automatic crypto trading bots support all crypto exchanges. If a bot is limited to a few exchanges, it’s usually not as well-liked or frequently used as some of the other options available, so you should probably look elsewhere.

Features 

The features that the bot offers are the next item on the list. Some bots are straightforward, while others offer various customizable features. The most acceptable cryptocurrency trading bot will complement your trading method and have some valuable features. The typical ones are backtesting, strategy implementation, execution, and a task manager.

Backtesting is essential since it enables you to compare the performance of your trades to records. Any plan can be backtested and used with the bot’s assistance. On a side point, a good crypto trading bot that performs must also offer quick execution.

Security

The ideal crypto-bot trading experience requires a high level of security, just like any other online business. The last thing you want is a fraud or criminal party to steal your money or personal data. Strong security precautions like two-factor authentication and encryption are used by every bot worth it’s salt.

Pricing

You should also look into the bot’s reputation and see what other users say about it. It is recommended to avoid using that specific bot if it has many negative reviews.

If you’re trying to make money if you are into crypto trading, affordable solutions are therefore essential. Fortunately, some well-known cryptocurrency trading bots are free to use. Others may require a monthly or one-time payment to utilize their service, but these costs are rarely ridiculously high. Whatever decision you make, read the small print carefully for any additional fees and keep an eye out for discounts or special offers.

Tutorials and Support

Consider looking at the platform’s educational materials while you decide which trading bot to use. Many platforms on this list have created training materials, blogs, and videos for their users to address the expanding market of beginner cryptocurrency traders. 

Also, take into account the assistance provided when things inevitably go wrong. Bugs and changes can be quickly fixed with responsive chat or phone support, allowing you to continue trading without losing time waiting days or weeks for an email response.

Backtesting

By backtesting trading techniques against past data, you may calculate how well your algorithm or trading strategy would have performed in the market. Naturally, you want to be able to use backtesting tools that provide the most accurate simulations, which calls for taking slippage and latency into account.

This means that the backtesting tool’s accuracy is only as accurate as the previous data sources it used. Additionally, you should hunt for an active trading community on community forums that shares backtesting setups.

Conclusion

Use any of the above bot platforms to begin trading cryptocurrencies right away. Furthermore, since the bots function with very no technical knowledge, it is easy to trade like an expert with them.

Using bots also dramatically reduces the impact of your emotions on deals, increasing the likelihood that they will succeed rather than fail. You can quickly try one now because the majority are also free. But keep in mind that utilizing a crypto bot for trading and investing is no different from using any other kind of investment. Profits are not a given, and you still risk losing money.