In the cryptocurrency world, there’s a lot of work ahead of each trader who wants to succeed. Creating investment plans, devising trading strategies and keeping track of a plethora of details is quite necessary, but unfortunately takes time. Plenty of it.
That is precisely the reason why crypto trading bots were invented. Such software can automatically trade for you using technical market analysis and tools such as filters and trading signals, saving you precious time. There are two options for users here: the first one is to set up the bot’s behavior by yourself and the second one is to buy ready-made bots in a dedicated marketplace.
Such marketplaces aim to help crypto traders through a mirror trading feature — you can copy other bots that have performed well in the market and use them as your own. This is a pretty neat option, so in this article we’ll take a look at five of the most reliable and helpful trading bot marketplaces to set you on the right path. Let’s begin!
How do crypto trading bots work?
In order to set up a working trading bot, you must first implement a strategy that the trading algorithm will follow. In a nutshell, this amounts to optimizing the trading parameters and technical indicators which tell the bot what to do.
So, for example, you may want the bot to purchase a certain amount of cryptocurrency once its value reaches a certain level or at a specified time. Or vice versa, you may want for it to sell then instead. You can employ long and short trading strategies at the same time, allowing for additional flexibility needed to cover the asset’s price.
Apart from this basic way of using a crypto trading bot, there are also advanced features for more proficient users to utilize, including trailing take profit stop loss, and trading stop loss. We won’t be getting into the details about each feature now. Suffice it to say, when using good trading bots, experienced traders are equipped with all the tools necessary to successfully automate their trading processes. And in most cases, it is essential to rely on these advanced features to make a more complex strategy and increase your chances of profiting.
Who are trading bot marketplaces aimed at?
As you might have guessed by now, setting up a trading bot generally requires a proficient crypto trader. To use it properly and gain earnings, you will need to know exactly what you are doing. This has been the source of trouble for many beginner traders who have used a crypto trading bot, lured by the promise of passive income, only to realize that it is actually not a magic wand that will get them rich in no time and with no effort. Learning how to avoid the common mistakes that newbies often make is a good way to start.
With the emergence of crypto trading bot marketplaces, however, such beginners will finally be able to gain profit with a trading bot in a significantly more consistent way. In a trading bot marketplace, this is just the kind of helpful bots you can find – those built by advanced users and designed to match specific trading needs.
Top 5 crypto bot marketplaces
And now, here’s finally the list of the top 5 most popular trading bot marketplaces. Truth be told, you won’t find substantial differences between each. They all offer the sellers’ custom bots and trading signals at varying prices, which are determined by the seller himself. Signals include MACD, RSI, TradingView or Bollinger signals, and other kinds. You can also trade with leverage using these bots on spot and futures markets. Furthermore, all five marketplaces support trading on the largest crypto exchanges, such as Binance, Huobi, Coinbase, etc.
- Cryptohopper Marketplace was created by the developers of one of the best trading bots on the market, as this Cryptohopper bot review confirms.
- Kryll offers many well-performing bots to choose from.
- TradeSanta marketplace has only been available for a short time, but has already gained the reputation of a well-stocked marketplace for trading bots.
- Trality Marketplace is another one associated with one of the leading trading bots, Trality, giving it a solid reputation from the start.
- Shrimpy is another marketplace providing a sizable selection of crypto trading bots for a variety of needs.
The best course of action, therefore, is to not limit yourself to just one marketplace. Instead, examine the trading bot selection offered by each one and increase your chances of finding the bot that’s just right for your needs.
