Best Bitcoin and Cryptocurrency Trading Bots, Reviewed for 2024

In this beginner’s guide, you will discover what bitcoin trading bots are, how they work and which ones you should consider using in 2022.

What Are Bitcoin Trading Bots?

A cryptocurrency trading bot is a software that executes buy and sell trades as set out by pre-defined settings based on the user’s trading strategies.

Cryptocurrency markets differ from the traditional financial markets because they run 24/7 and never close. That means that even when you sleep, trading continues.

Cryptocurrency trading bots have gained popularity among traders as they enable traders to run their trading strategies round the clock, even when they are asleep. Besides, a bot that is well defined is more effective and is able to execute trades much faster than a trader would manually.

While the crypto market has become flooded with trading bots, they are all different and vary in terms of usability, quality, and profitability.

In this guide, you will find a list of the most popular cryptocurrency trading bots currently available in the market.

Best Bitcoin Trading Bots

Cryptohopper

Cryptohopper is a cloud-based cryptocurrency bot that trades digital currencies 24 hours a day whether the trader’s computer is on or off. Cryptohopper provides experienced users with multiple technical indicators that they can manually configure and includes integrated external signals that send buy signals for amateur traders.

The Cryptohopper bitcoin trading bot allows end-users to backtest, trade using multiple exchanges and a trailing stop loss feature. Users receive a one-month free trading trial when they register and, thereafter, can subscribe to the bot’s different subscription packages that vary between $19 to $99 per month.

CryptoTrader

The CryptoTrader trading bot is another cloud-based platform that lets users create their own cryptocurrency trading bots that are hosted on the platform. It has a strategies marketplace that users can use to buy the trading strategies they like or sell the ones that they have created themselves. Most of the major exchanges are supported on CryptoTrader for live trading and backtesting.

CryptoTrader comes with varied monthly subscription prices that range from 0.0013 BTC to 0.016 BTC. Users have the flexibility of paying for their subscription using bitcoin or litecoin.

Gekko

Gekko is an open-source trading bot that is suitable for users interested in bitcoin trading bots. The platform is free and available on GitHub and supports 18 different bitcoin exchanges.

Gekko provides comprehensive live price data, evaluates indicators, executes live orders and replicates live markets from past price data for backtesting trading strategies. However, Gekko is a low-frequency trading bot that has some limitations when compared to other cryptocurrency trading bots.

Gunbot

Gunbot is a cryptocurrency trading bot that allows individual users to use their own customisable strategies that suit their own trading style. The bitcoin trading bot operates on major exchanges such as Bitfinex, Binance, Bittrex, CEX.io, Cryptopia, Coinbase Pro, Kraken and Poloniex.

Gunbot has different licenses with prices ranging from 0.1 BTC to 0.3 BTC.

Haasbot

The Haasbot allows users to customise their dashboards and create their own suitable crypto trading strategies. Haasbot supports major cryptocurrency exchanges and allows users to fully customise when the bot should make the trades. It has stop-loss limits that allow users to protect their investments and a ton of other valuable features.

Haasbot has three different packages that can be paid for quarterly, bi-annually or annually starting from 0.028 BTC for a three-month beginner license to 0.208 BTC for an advanced 12-month license.

Zenbot

Zenbot is also an open-source cryptocurrency trading bot similar to Gekko and is available on GitHub. However, unlike Gekko, Zenbot is a high-frequency trading bot that supports multiple cryptocurrencies besides bitcoin.

Users can download Zenbot and customise the code to their liking. It is, however, reportedly not as effective and efficient as other cryptocurrency trading bots on this list and users should exercise caution when using it.

Risks Associated with Cryptocurrency Trading Bots

Financial investments come with a degree of risk. It is no different with crypto trading bots. Depending on the quality of the trading bot a user settles for and how long it has been operational, the risks will vary. Risks associated with cryptocurrency trading bots includes flash crashes, faulty software, and scams.

Users can prevent flash crashes by setting stop-loss limit when trading. Because of how volatile the cryptocurrency market is, flash crashes are a common occurrence and can leave investors with huge losses in a matter of seconds.

Another potential risk linked to cryptocurrency trading bots is faulty software. A trading bot that is poorly coded can result in huge losses. When looking for a cryptocurrency trading bot, ensure to read through user reviews and comments before settling for one.

Cryptocurrency trading bots are also not immune from scams. Investors should do their own due diligence on the selected trading bot before deploying it live in the markets.

Besides the risks associated with crypto trading bots, users should not treat trading bots as a plug-and-play passive income-generating black box that runs on autopilot. Any trading bot that claims that is guaranteed to be a scam. Instead, bitcoin trading bots are designed to allow traders to test and execute trading strategies on pre-determined settings in an automated fashion.

Setting the right measures, investing a small amount of money, utilising the right strategies and constantly monitoring your trading bots are all important factors to consider when using trading bots to generate income.

To learn more about Bitcoin, download the Bitcoin Beginner’s Handbook for free.