Are crypto trading bots safe

These features are extremely popular since on Kucoin there have been almost 3. You can also simply choose from existing trading bots and mimic those. However, be aware of falling for the trap of seeing a bot that made thousands of percent in one month. For those of you who do not use Kucoin, or want to learn more about it, I would recommend heading to the Coin Bureau YouTube channel and watch the video where Guy offers a guide on how to use Kucoin.

Shrimpy Shrimpy is a social trading platform that offers a variety of unique features like backtesting, automated trading, tracking, and much more. Image via Shrimpy This is done by the features of automated trading and portfolio tracking.

You can set up Shrimpy to automatically rebalance your portfolio along with dollar-cost averaging into a certain crypto. This is something that many long-term investors do and in crypto, it can be quite time-consuming to rebalance your portfolio when altcoins can soar hundreds of percent in one week. The good thing with this tool is that it allows you to have most of your coins in cold storage. Instead of keeping all of your portfolio on the exchange you can keep smaller amounts since that will be enough to rebalance your portfolio.

Another tool that Shrimpy offers which can work great for the lazy investor is copy trading. Shrimpy has a socials page where you can track both people and popular funds. You can even set it up so that you automatically copy the trades they do. This allows you to kick back and relax while others do the work. This is what Shrimpy has to say about their Social Trading tool.

Image via Shrimpy. When it comes to pricing Shrimpy offers three different plans. This includes everything I mentioned earlier, and paying for the higher plan will be unnecessary for many. Coinrule Coinrule has been in the game since and it was founded by a group of crypto and trading enthusiasts. The platform is suitable for those who trade according to well-known plans.

This is because Coinrule offers trading based on your selection from over trading rules. However, I would recommend you start with the free plan and see whether you can turn your trading strategy into a comfortable profit. Cryptohopper I would argue that Cryptohopper is one of the most comprehensive platforms out there.

First of all, they support almost all reputable exchanges excluding FTX. This makes it a perfect tool for more experienced traders too since you will find valuable tools here. Perhaps the most used feature on Cryptohopper is automated trading. Most of these are perfect for traders using technical analysis. You can also set up multiple indicators to be tracked at once to further improve your strategy.

Also, to test out strategies Cryptohopper offers both back-testing and paper trading so make sure to give those a try before heading into the market. A look at Cryptohopper and all its features. Image via Cryptohopper Other extremely popular features on Cryptohopper include the trailing features. This includes trailing stop-loss, trailing stop-buy, and trailing stop-short.

The most used here is trailing stop-loss. When using this it will automatically change your stop-loss level so that it follows the upwards movement of the market. Luckily though, there is a free 7-day trial that I recommend you to use before making up your mind. In the article, 3commas was chosen because of their good platform for paper trading, which I strongly suggest for those wanting to try out their strategies. Therefore, for many of you, it might simply be more of a personal preference on which one you want to use.

However, if you ask me, I would personally trust 3Commas a bit more. This has to do with a few things. Thirdly, their supported exchanges list is a bit longer than what Cryptohopper has. And finally, there is one especially useful strategy they have that is suitable for my own portfolio management. This means that the bot will automatically sell a certain percentage of the coins when certain prices are met.

I like this because it allows me to take profits while still being in the market if the bull market continues. I would also argue that this is one of the best ways to exit a crypto position since exiting all at once might leave you without those last hundreds of percent. When it comes to paid plans 3Commas has a similar structure as Cryptohopper. However, the free plan on 3Commas does allow you to have one of each of their different bots, which gives you the perfect opportunity to try out the platform before paying.

I again would recommend starting from the cheapest one and then deciding what you truly need. Luckily, 3Commas also has a 3 day free trial for their most expensive plan, the pro plan, so make sure to use that too. Image via 3Commas. These crypto bot companies are suitable for those looking to create a trading bot regardless of skill level.

Alternatively, if you already have a trading strategy that you would like to automate, you could look to hire a coder from a site like Fiverr, Upwork, freelancer. There are also programming services for hire which can be found at sites like quantmotion. Bots work great for simple dollar-cost average buying and selling strategies and portfolio rebalancing. Where trading bots tend to fall apart is when they are created to try and follow a highly complex trading strategy, or if an inexperienced trader does not know when to deploy a bot during adequate market conditions.

Markets change and fluctuate, a skilled human trader knows when to deploy, or not deploy certain trading strategies, as no single trading strategy can work in all market conditions. Trading bots are unable to do this and will try and deploy the coded trading strategy regardless of if markets are going up, down, trending significantly, or consolidating which can seriously damage a trading account.

Trading bots can be a powerful tool for experienced traders, but dangerous in the hands of beginner traders. Is Automated Trading Legal? As long as you are adequately filing taxes, trading bots are treated the same as manual traders in the eyes of the law. Though many trading brokerages do not allow the use of automated trading systems. What is Crypto Automation?

They offer a wealth of features including backtesting, social trading, and portfolio rebalancing. Shrimpy has a great community as well as social trading features built in. You can tap into the community through Reddit, Telegram, or Discord to learn more about how other users are leveraging the tool and making profits. Shrimpy has also partnered up with CoinLedger to offer a simple solution for tax reporting to its users.

If you become a shrimpy user, you can sleep easy knowing that your tax reporting can be automated with this partnership. Pricing Getting started building out your automated portfolio is free. They also offer enterprise pricing for businesses and crypto companies looking to leverage their software for trading.

Exchanges Bibox, Binance, Binance. With beautiful UI and an expansive tutorial section written with simple terminology, this platform was designed with beginners in mind. In the spirit of the name Coinrule, trade orders are referred to as Rules.

Coinrule does not have any tax reporting partnerships as some of the other options on this list. Prices Coinrule has a free trial that lets you try out the product with 1 exchange and up to 2 rules. For paid options they have 3 packages for a monthly or yearly subscription.

Exchanges 4. Higher tiers get access to a greater depth of features and tools. Exchanges 5. This platform especially stands out for their trailing stop tool. This means that you can take advantage of a sudden price rally because the trailing stop will keep your position open for as long as the price increases. As soon as the price reverses, your position will automatically be closed. Another great feature of 3Commas is that they offer multiple currency support.

Beginners can start with their paper trading feature to test out their strategies. Advanced traders will get value out of their SmartTrading tool which allows trading from multiple exchanges and pairs from within their streamlined interface. Prices 3Commas offers a 3-day free trial for the Pro package, which lets you try out all of their features. If you want to access marketplace signals that is an additional subscription through their Marketplace. CryptoHopper CryptoHopper is one of the most popular trading bots on the market, and it offers many of the features that a beginner should be looking for: paper trading, backtesting, trailing stop-loss and a strategy designer tool that makes it easy to customize your trading strategy with the help of over indicators.

CryptoHopper has a robust tutorial section for beginners as well as the option of purchasing the best strategies and templates from expert traders. CryptoHopper is cloud-based and supports up to 12 exchanges, and they are always adding more.

For advanced traders, CryptoHopper has a marketplace of free and paid signals which you can combine with technical indicators to customize your own strategy. Prices CryptoHopper has a free Pioneer package that enables manual trading and portfolio management, but if you really want to get a sense for their trading bot you should try their 7-day free trial of the Explorer package.

Exchanges 7. Trade Santa TradeSanta is another cloud-based platform that offers both a great free plan as well as a 5-day trial of their basic plan. Their free plan lets you trade with up to 2 bots, and the basic plan up to 49 bots. The TradeSanta website really excels at making automated trading feel simple. You can build your strategy using their Long or Short templates or customize your own from scratch. They currently support 9 exchanges including Coinbase Pro and Kraken.

They have one more plan as part of a special partnership with. You get unlimited trading pairs and exchanges on each plan.

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Cryptohopper Account Signup Creating an account on Cryptohopper is a very straightforward process. From here you can simply follow the wizard as it will help you to quickly configure your Cryptohopper. The process is very straightforward and there are links to tutorials and additional useful information on each step.

From here you can immediately start using your hopper, and once you have used the wizard and set up your account, you will be able to access a host of features from the dashboard. You can subscribe to signals, configure templates, and begin back testing your bot, as well as set up two factor authentication on your account. Guy Approved! Image via 3Commas. First, users can set market or limit orders, and even set a price conditional that must be met before a market or limit order is subsequently triggered.

Users can also set trailing buy or sell orders, which allow them to repeatedly purchase or sell an asset pair once a specific price condition is triggered. Out of the three main bots designed by the platform, two are primarily centred around dollar cost averaging, or DCA in short. The Gordon bot is a largely pre-made bot that users can program to run in just a few seconds. All one needs to do is decide how much capital to deploy to the bot, which exchange to run it on and select the desired strategy between conservative, moderate or aggressive.

A conservative strategy, instead, will wait longer for additional price drops before executing a trade, whereas a more aggressive strategy will enter trades at the first sign of a price bottom. Furthermore, it is important to note that the Gordon bot, by default, runs on all asset pairs available on the exchange it is connected to.

In addition to the Gordon bot, 3Commas offers an Advanced bot that is a more customisable dollar cost averaging DCA trading robot. The Advanced bot allows traders to choose from a variety of trading strategies, including QFL and scalping, or connect a TradingView account to interface personalised trading signals.

With the Advanced bot, users can also decide whether to make it a simple, one asset pair bot or a composite bot monitoring multiple asset pairs at once. For instance, if users decide to set up the bot manually, they can decide the price levels of the maximum and minimum slices and the price range covered by each slice. Overall, the GRID bot has proven to be particularly useful for stablecoins, which typically trade in a sideways range since they are meant to keep a roughly constant value relative to another currency.

If you have a separate TradingView account and create custom trading signals through that platform, you can also import them to 3Commas with an Advanced plan. Of course, you can try out 3Commas before committing to the platform with a three-day trial of the Pro plan with no credit card required. Gunbot Gunbot is yet another popular crypto trading robot that allows users to perform automated trading of a large selection of asset pairs across the cryptocurrency market.

Image via Gunbot. The interface is optimised for mobile devices, supports two factor authentication 2-FA and can be served via https. Just like with Cryptohopper and 3Commas, traders using Gunbot can create their own trading strategies or leverage any of the ready-made ones available through the platform. These one-time plans can be purchased with Bitcoin, various sets of altcoins, stablecoins and even through PayPal.

The process of using Gunbot is rather straightforward and entails: Selecting your desired plan. What is the API key? An API key is a secret token used by one software program to communicate with another. Your API key is a single identifier that identifies you and allows you to interact with crypto bots. Since you are giving another organization or person access to your accounts, you should be careful about the level of access you allow them.

Why is it necessary for commercial bots to be able to access your API? Source: academy. The software will need to log in to those accounts to do so, which means they will need your API keys. APIs are a must, but you will have no problems with security if you manage everything correctly. Is it possible to be deceived when using trading bots? Possibly, but if you do some research, the risk is much lower. If you want to make sure that the trade is secure, here are some steps to take to reduce the risk of crypto theft when using bot trading software.

Do not use a bot service that asks for an API key that allows withdrawals! Research providers before purchasing their software Verify their safety precautions before trusting them with money Try with a small amount of crypto before committing to high prices and exchanges Use a different email and password each crypto account and wallet Use 2-factor authentication for all accounts Feel free to share API keys with others?

Source: napbots. In the account statement, you will find various API keys. One needs to know what to do if they want to use them safely. Keys that only allow a trusted bot from the provider should request trading. Avoid any third-party service provider requesting an API key that assists the withdrawal. Using the API key for trading only, on the other hand, is secure, and most exchange platforms must have protections available to help in keeping your account secure. You should also authorize specific wallet addresses in your account statement.

In case of a mistake, this will prevent users from withdrawing money from illegal crypto addresses that you do not control. Everyone, including merchants, should use 2-factor authentication to protect their accounts from unauthorized access. The unscrupulous software provider may trust you to register with the same email and password as your exchange records, allowing them to steal into the account.

Do not trust anyone when it comes to trading bots When you do the work, do not just trust the people as instructed. This is a new market, and ingenuity is needed. Do not trust anyone with your private keys, API keys, or any other sensitive information in commercial areas. Accounts can be hacked even with the latest security features. Conclusion Source: influencive.