Best Crypto Trading Bots

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Contributor, Benzinga
Updated: July 11, 2022

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Trading bots allow crypto investors to automate buying and selling of positions based on key technical indicators. Bots implement specific trading strategies, competing to attain the highest "win rate", or percentage of profitable trades. There are plenty of different strategies that trade off of a variety of indicators, and if you already trade based off of indicators a trading bot may help streamline this process.

Our guide for beginners will help you learn more about crypto trading bots and introduce you to a few of our favorite trading bots currently available. 

Best Crypto Trading Bots Right Now

Before getting started with a cryptocurrency trading bot, figure out which platform fits your needs best. There are plenty of options currently on the markets, so you can find a trading bot that fits your needs best. It's also a good idea to start a free trial, if possible, before subscribing to a trading bot. This will give you a good idea of whether or not the automated trading software is right for you. Without further adieu, let's get into the best crypto trading bots.

1. Pionex

  • Pionex
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    Best For
    High-volume Investors
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Pionex is a cryptocurrency exchange with built-in trading bots. You can access 18 unique trading bots, and it’s free to register. 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.

Though Pionex supports manual trading using crypto-to-crypto conversions, its primary product is its trading bot selection. A cryptocurrency trading bot is an automated program that executes buy and sell orders with no manual input when specific, pre-defined market conditions are met.

The trading bot selection includes:

  • Grid Trading Bot allows users to buy low and sell high in a specific price range.
  • Leveraged Grid Bot provides up to 5x leverage.
  • Spot-Futures Arbitrage bot helps retail investors to make passive income with low risk. The estimated return for this strategy is 15~50% APR.
  • Martingale bot performs DCA buy, one-time sell to capture fluctuation profit.
  • Rebalancing bot helps you to hodl the coins.
  • Dollar-Cost Averaging (DCA) Bot Sets repeated purchasing at regular intervals to offset the effects of volatility.

Plus, the Smart Trade terminal allows traders to set up stop-loss, take profit, trailing in one trade.

Pionex uses a maker-taker fee schedule, which means that you’ll pay a fee when you place trades that “make” liquidity on the market and that “take” liquidity away from the market. If you place a trade that isn’t immediately matched by an outstanding order on the books, you’ll pay the maker fee of 0.05%. If you place a trade order that is matched immediately with an outstanding order, you’ll pay the taker fee of 0.05%.

It is important to note that US investors must use Pionex US. This is because U.S. residents are restricted from trading in Leveraged and Margin Tokens because of the jurisdiction of U.S. Law. However, you can still trade all tokens in the spot market with Pionex US.

2. Coinrule

  • Coinrule
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    Free - $449.99/month
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When it comes to providing the widest range of preset trading strategies, it’s hard to beat Coinrule’s wide selection. The crypto trading bot currently allows users to customize investing with more than 150 trading templates automatically executed when market conditions meet predefined parameters. From accumulation to long-term holding strategies and stop-loss settings, Coinrule constantly introduces new templates to its platform.

Though the number of templates that you’ll have access to will vary depending on the plan you choose, Coinrule offers a free package with 7 complimentary template strategies, 1 connected exchange and up to $3,000 in monthly trading volume. Additional paid packages include features like advanced charting options, unlimited template usage and even one-on-one trading tutorials and lessons. 

3. Shrimpy.io

  • Shrimpy
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    Novice Crypto Investors
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When you use Shrimpy.io, you can connect to any of 20 exchanges to manage your portfolio. Connecting to several exchanges is possible, and you can add as many wallets as you need.

Choose the account style you prefer, be it Starter, Professional or Enterprise. With low prices, you can easily keep up with Shrimpy and allow the bot to maintain your investments when you don’t have the time. Moreover, Shrimpy offers the unique opportunity for traders to backtest strategies. Use Shrimpy's comprehensive set of precise market data to construct the most successful strategy profiles in the market.

Use a demo account to test your investment options. Use social trading to copy an expert. This is a simple platform that allows you to consolidate your investments when you might have spread your money across several different exchanges.

4. Cryptohopper

  • CryptoHopper
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    Free - $99/mo
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    Depends on asset
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The cryptocurrency market is constantly moving — even short periods of down time can result in missed profits when you rely on a cryptocurrency trading bot. Experience fast automated trading, and portfolio management for Bitcoin, Ethereum, Solana and 100+ other cryptocurrencies on the world's top crypto exchanges.

Cryptohopper is a 24/7 trading bot that hosts its services entirely using cloud storage. This means that the bot experiences no downtime and updates are served without interrupting your trading or putting a halt on your account. Even when your network is offline, your Cryptohopper account will continue working.

Cryptohopper also offers an easy and intuitive setup process, with no credit card information required to join. Simply sign up for your account and get started investing — no platform installation required. The bot also integrates social sentiments with other investors, which can further enhance your trading and help you refine your strategy.

What is a Crypto Trading Bot?

A cryptocurrency trading bot is a computer program or application that trades cryptocurrency for you based on predefined conditions. Most crypto trading applications work in a straightforward manner — you authorize the bot to buy or sell an asset if and when it reaches a specific price point or indicator. Your bot then takes care of placing and executing your order so you don’t need to monitor your platform all day to see when these price movements are reached.

You can customize your crypto bot to execute orders according to your unique trading strategy. For example, you might instruct your bot to sell a lot of coins at a price of $10 and buy them back if the price falls back to $9. Most cryptocurrency bot providers charge a monthly or annual fee in exchange for using the bot’s services. The supported cryptocurrencies, exchanges and account options available through your trading bot will vary depending on the provider you choose. 

Do Crypto Bots Actually Work?

Many crypto trading bots purport a high level of successful trades. However, remember that the cryptocurrency market constantly changes and price trends always fluctuate. If you plan to take a completely hands-off role when it comes to investing, you may not see the same type of results that you would actively managing and reprogramming your trading bot based on market conditions. 

Are Crypto Trading Bots Profitable?

Crypto trading bots can help you make more educated trades and remove some of the emotions that might lead to increased losses. However, it’s important to remember that crypto trading bots are simply pieces of software. They cannot guarantee a profit for any investor and they may quickly become less useful during periods of high market volatility. 

Advantages of Crypto Bots

If you’re the type of trader who tends to make market movements driven more by your emotions than your trading strategy, a crypto trading bot might be able to help you enhance your trades. Some of the advantages that come with using a crypto trading bot include:

  • Automated investing options: From panic selling to fear-of-missing-out buying, there are a countless reasons why a person might choose to execute a trade that causes them to lose money. When you rely on an automated investing bot, none of these factors will come into play.
  • Faster speeds and more efficiency: It can take an individual trader minutes or even hours to fully scan the entire cryptocurrency market searching for opportunities. By the time you spot a potential opportunity, the market could shift in the opposite direction.

Crypto trading bots offer more efficiency, scanning entire sections of the cryptocurrency market in as little as a fraction of a second. Your crypto bot can also enter and execute orders faster than you can enter the same orders manually. If you’re looking to add another layer of speed and efficiency to your trading, employing a crypto trading bot might be the right move for you.

  • More time on the market: Unlike the stock market and the forex market, the cryptocurrency market operates 24 hours a day, 7 days a week. It’s not feasible for investors to spend 24 hours trading. Crypto trading bots provide you with additional hours of exposure without requiring you to be actively monitoring your positions. 

Disadvantages of Crypto Bots

Cryptocurrency trading bots aren’t for everyone. Some of the disadvantages that come with using these features include:

  • Prior knowledge: Though many cryptocurrency trading bots come with predefined settings and templates, you’ll need to know how to set these templates and when each template will be executed. If this is your first time trading cryptocurrencies, changing the settings on your trading bot can result in fast losses.
  • Requires monitoring: Trading bots aren’t a “set-it-and-forget-it” solution to cryptocurrency trading. The cryptocurrency market is volatile, and trading bots can result in losses during periods of high volatility. If you don’t have the skills or knowledge to monitor the market, a trading bot may not be the best choice for you.
  • No promise of profit: Crypto trading bots often cost money, but they offer no guarantee of profitability. Instead, you need to decide if the trading indicators the bot uses will be profitable and then use the bot to automate your process.

Invest in a Crypto Trading Bot

If you aren’t sure cryptocurrency trading is right for you, you might want to take some time to learn more about the market by monitoring how prices change. Tracking how some of the largest cryptocurrencies move and practicing different strategies with a paper trading account can help you enter the market more effectively. A trade bot, then, allows you to dip your toes in the market while providing excellent guidance.

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