What Is the Best Automated Trading Solution for Crypto?
If you are looking for the best-automated trading platform for cryptocurrencies, make sure to consider only reliable, time-tested services. Let’s talk about several of them.
What Is the Best Automated Trading Platform?
When searching for the best automated trading bot, you should always keep in mind several factors including user experience, design, reliability, and flexibility. Additionally, an important aspect of any service is its price. Overpaying for an underwhelming service is a sure way to a fast financial downfall.
The industry of automation in financial markets is a relatively new domain where finding reliable companies that survived the harsh realities of natural selection in a free market is quite challenging. Many brands are not old enough to have a large number of disappointed customers venting their frustrations online. On the other hand, many companies that do have experience in automated trading often get lost in the sea of options presented to average investors.
Choosing the right company to work with is never an easy task. Novice traders who do not have sufficient technical know-how lack the required expertise to gauge the quality of any given platform appropriately. They make mistakes when evaluating the potential efficiency of a platform they want to use. We decided to make a short list of several good platforms that will allow you to improve your trading strategy.
How do we analyze companies?
Our method of evaluating services is based on comparing several key aspects of numerous services to each other and finding platforms that excel in several of them. Here are some of the aspects we scrutinize:
- Convenience. Users must be able to use a platform efficiently without being overwhelmed by cluttered interfaces and complicated navigation. The best automated trading platform is the one that you can master easily and quickly. If you have to spend hours understanding which button to press to save a preset, you will lose many opportunities to make money and also won’t create a truly efficient strategy around these bots.
- Visual design. While many believe that design is a secondary quality that does not affect your trading results, we have a strong opposite opinion. Visual design often defines how well information is presented to users and whether it is comprehensive. Understanding the data generated by the market is hugely important! We chose companies that have many interesting graphical tools to display crucial data for analysis.
- Diversity of products. Having a rich choice of tools is helpful when building an efficient strategy involving multiple ways of offsetting potential losses and managing risks properly. The best automated trading software for crypto will give you enough flexibility to adapt to various market circumstances. Use DCA buying to slowly accumulate assets and use intraday trading techniques to create reliable GRID bots.
- Pricing. It is important to pay for something that you will use to the fullest extent. The price of a service is especially important for newcomers who did not figure out whether they need automation in the first place. Using services that either have free plans or extensive trials is a good way to try something before you commit to paying.
- Integration with external services. While automation products are excellent tools in the arsenal of any trader, they must be integrated with analytical platforms like TradingView and multiple exchanges. If you buy a robot that only works on several exchanges and does not have direct integration with time-tested technical indicators, you will most likely not reach your fullest potential.
Our top 3 best automated day trading software providers
We decided to pick three platforms that work well for people interested in intraday trading where technical analysis is the only viable way to make reliable market forecasts. Day trading requires intense analysis, swift decision-making, and tireless performance — aspects in which automated solutions excel.
WunderTrading
This company is certainly among the best in the market. The interface is very informative and the section dedicated to market analysis is full of graphs and charts that make analysis much easier. The platform has back-testing options meaning that you can check the efficiency of any given strategy using the history of the price.
WunderTrading features a number of critical interfaces with other platforms. The TradingView interface allows you to study the market using a variety of specialized indicators and send commands to several exchanges at the same time. Binance, Coinbase, FTX, Bittrex, and other important platforms are linked to the service.
What is automated trading in the case of WunderTrading? It is a flexible service that comes at a low price and can be acquired for free using their free plan. Try it out before paying.
3Commas
One of the best choices for social trading, 3Commas is also a versatile platform with many interesting tools to choose from. In terms of integrations, this platform is a great place to work if you have accounts at multiple exchanges and want to utilize complex strategies. The selection of preset solutions is somewhat limited, but the company is working on expanding the list.
If you are interested in working with a crowd favorite, make sure to check out 3Commas. It is a reliable company that will impress you with its capabilities.
Algotrade
While not among the leaders of the industry, it is a platform that offers a wide range of preset bots. If you want to use plug-n-play style robots in your trading strategy, come to AlgoTrade. However, you should remember that such strategies inherently involve uncontrollable risks.
Customizing your solutions is not a tall task, but the flexibility of this platform may feel lacking to people who have experience with the industry and tried really good automation solutions.
Does automated trading work?
The efficiency of any automated solution depends wholly on your personal experience with trading and your risk management. Traders who understand risks and can abstain from aggressive strategies usually achieve great results. If you want to get accustomed to this style of investing, make sure to use a platform like WunderTrading to utilize back-testing and free bots to try new strategies.
Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.
OhNoEthereum via https://www.ohnocrypto.com/ @Carolyn Coley, @Khareem Sudlow