Top 6 Bitcoin Trading Bots – The Merkle
Trading bots are rather common in the bitcoin world, as very few traders have time to stare at the charts all day. Most people trade bitcoin as a way to generate passive income while working their regular day jobs. With so many people relying on trading bots, the question becomes which one can be trusted and which one should be avoided. Below is a list of known cryptocurrency trading bots, however, your mileage may vary when using them.
NOTE: The Merkle does not condone the use of trading bots. The Merkle is not responsible for any financial losses sustained while using the software mentioned below. The Merkle is not affiliated with any of these trading bots.
One of the very very first automated bitcoin trading bots to ever be created goes by the name of BTC Robot. While it seems to do the job and is fairly effortless to set up, user’s mileage may strenuously vary when using this contraption. Some people seem to be making modest profits, whereas others seem to fight to get it to work decently. There is a 60-day refund policy, which makes it a no-brainer to attempt out regardless.
The Gekko trading bot is an open source software solution hat can be found on the GitHub platform. It was last updated a month ago, which seems to indicate it is still being actively developed. Using this automated trading bot seems rather straightforward, as it even comes with some basic strategies. It is not a high-frequency trading bot by any means, nor will it exploit arbitrage opportunities. With a good list of supported exchanges, Gekko could be worth checking out.
One of the more attractive – yet unknown – solutions goes by the name of CryptoTrader . The service offers cryptocurrency users automated trading bots running on cloud platforms. Not having to install unknown software is a big plus, albeit it remains to be seen if this platform is legitimate. One intriguing feature is how CryptoTrader features a strategies marketplace where anyone can buy or sell their dearest trading strategy.
Another open-source solution for bitcoin traders goes by the name of Zenbot . Albeit this bot has not seen any major updates over the past few months, it is available to download and modify the code if needed. This marks the third iteration of Zenbot, which is still a lightweight and artificially intelligent bitcoin trading bot. It is also one of the very few solutions capable of high-frequency trading and supporting numerous assets at the same time. According to the GitHub page, Zenbot Trio.Five.15 makes a 1.531 ROI in just three months, which is fairly surprising.
Albeit technically not a bot in the traditional sense, Tradewave is a platform permitting users to create automated bitcoin trading strategies. Users can connect most of the major exchanges to enable live trading within a few minutes. Moreover, there are fairly a few trading strategies collective by community members for other users to attempt out. Tradewave is not free to use, tho’, as plans begin at just US$14 per month.
The Haasbot is somewhat popular among cryptocurrency enthusiasts. On paper, Haasbot does all of the trading legwork on behalf of the user, albeit some input is required. Haasbot supports all of the major exchanges and is capable of recognizing candlestick patterns. Considering it costs inbetween 0.12 BTC and 0.32 BTC per three-month period to use this device, one has to be committed to using the software and hopefully make a profit from doing so.
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About The Author
JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world’s leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.