Self-service Business Intelligence Tools For Automating Cryptocurrency Trading – Although there are many trading bots on the market, how do you choose the best one? Here’s your crash course — plus the TOP 5 Crypto Trading Platforms in 2023!
Choosing the best automated trading software is not an easy task. Here’s a guide to your rescue. Use it to learn about crypto trading bots and their many pros and cons. Choose the best trading software from the top 5 that works for you!
Self-service Business Intelligence Tools For Automating Cryptocurrency Trading
For new investors, the learning curve of cryptography is much steeper and the possibility of losses is higher due to various factors. Some of these include the monstrous variety of assets and the highly unpredictable nature of the crypto market. However, successful investing often comes down to timing, analysis and strategy.
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Fortunately, there are many tools that can help you tame the market, improve your skills, and achieve better trading results. In fact, many traders already rely heavily on crypto trading algorithms and automated trading platforms because they make their lives so much easier. You can do it too!
👉 Automated trading systems can help you develop and improve trading strategies, manage risk and make more money. And all this works around the clock, even when the computer is turned off.
In this article, we will provide an overview of the many available algorithmic trading platforms and examine the features to look for when choosing the best trading software for your needs. Finally, we offer the top five crypto trading bots so you don’t have to shop around and choose the best of the best.
Automated trading platforms are software that trades on your behalf. To use algorithmic trading software, you need to register with the platform, decide on your trading plan, connect to a crypto exchange and finally choose the automated trading tool you want to use to achieve your trading goals.
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Once you set up your trading bot, it will buy and sell cryptocurrency on your behalf, following a specific trading strategy based on defined rules and parameters.
👉 Most automated trading platforms work via API, which means they connect the trading bot to various exchanges through encrypted API keys with limited access to funds and data.
However, there are also new blockchain-based trading systems called “tokenized crypto trading”. Instead of using an API, these systems use smart contracts on the blockchain. However, for the purposes of this part, we’ll stick to API-based systems.
Everything has its pros and cons, and it’s important to recognize both. Here is a list of pros and cons associated with automated trading software.
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It is almost impossible to spend 24 hours in front of a computer. If you attempt such a feat, you will find it very difficult to remain alert and aware of price movements. As a result, you will tend to make bad or irrational decisions.
Automated trading software keeps time and emotions in check. Working 24/7, bots always monitor market conditions and make trades at the most favorable opportunities. By letting the bot trade, you’ll have a better chance of sticking to your original trading strategy, maintaining discipline, and keeping your emotions in check.
Backtesting is a fantastic tool that allows you to evaluate the potential of a trading strategy by testing it against past data. Many automated trading systems offer backtesting features that help you test your trading strategy before taking action and risking your capital.
With backtesting, you can assess the viability of your current strategy and adjust it to achieve better results. Again, testing historical data is extremely difficult if done manually.
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Because the bots immediately respond to conditions that meet pre-defined trading criteria, you have a better chance of significantly improving your trading results. Cryptocurrency markets can move so fast that it becomes almost impossible to answer manually. Automated trading systems eliminate the most demoralizing element of trading – not having the right opportunity to exit or enter.
Finally, crypto trading bots allow you to trade multiple exchanges and assets while using different trading strategies. This diversification is good for several reasons — it spreads risk across different instruments and improves trading efficiency.
Although automated trading systems can be very sophisticated, they are not flawless. For example, a bot may send a purchase request, but it will not reach the server due to a connection or system error. Therefore, it is important to remember that mistakes can and do happen.
Although automated trading systems are designed to operate independently, they still require supervision and control. This is due to their inherent complexity and the possibility of mechanical failures mentioned above. However, if you constantly monitor the system, many of these errors can be avoided or corrected in time.
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While not just automated systems, traders who use backtesting can develop systems that work great in simulation but perform poorly in reality. Over-optimization occurs when you over-optimize a strategy in an attempt to make it more profitable. So, by fiddling with the parameters, you can create an “almost perfect” plan that, however, completely falls apart when put into practice in the real market.
There are several factors you should consider before settling on an automated trading solution. Below are some suggestions to get you started.
When looking for an automated trading platform, keep in mind that if something sounds too good to be true, it probably is. There are many scams that promise high returns at a relatively low price. However, if you do your research before you buy, you can easily avoid them.
Before you automate, ask yourself a very simple question: Do you really need to invest in a platform or are you better off trading manually? There are certainly opportunities to increase your income, but it may take more time and investment than you think.
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You also need to be able to understand the market and the intricacies of the system before you can benefit from it. Are you willing to invest time in learning the platform and its features? These are a few questions you need to answer before you buy.
It is very important to find out whether the automated trading platform is safe enough. First, you need to study user reviews and see if anyone is reporting issues with the platform and its security. Second, you need to find out what security measures the platform has in place to protect your funds and personal data.
For example, it is particularly proud of its security features and is not shy to point out the measures the company has taken to make the platform one of the most secure online trading systems. Has the company you are currently considering taking similar measures?
Customizable trading strategies are an important feature of good automated trading software. why? Because customization allows you to tailor different trading approaches to suit your individual requirements and risk tolerance. So, see if there are options to use the default strategies, customize existing ones, or develop your own. Suffice it to say that Take Profit and Stop Loss are a must, while various smart order types and trailing features are highly desirable.
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Many automated trading platforms include sophisticated technical analysis tools, but many do not. And it’s important to find out if your chosen platform offers tools like charting tools and indicators. Technical analysis is critical because it allows you to identify potential trading opportunities and market trends.
If you want to diversify your portfolio and increase your chances of profit, it is better to look for opportunities on different exchanges. However, if you have multiple exchange accounts, it becomes increasingly difficult to keep track of all of them. An automated trading platform is one of the best solutions to the problem. When it supports multiple exchanges, it automatically makes trading much easier as it eliminates the hassle of logging in and out of different accounts.
Finally, a good automated trading platform should offer good customer service. This is especially true if you are new to cryptography and need help setting up and using the bot. Email and live chat, among other channels, should be part of a company’s 24/7 customer support.
👉 The company’s website and help center should also provide extensive self-help information, including FAQs, technical documentation, and troubleshooting tips. 5 Best Crypto Trading Bots in 2023: Best Automated Trading Software
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Since its founding in 2016, it has become one of the largest crypto aggregators with more than 15 connected exchanges, more than 100 team members and a large community of more than 500 thousand traders.
The flagship product is a cloud-based automated crypto trading platform that provides users with a full suite of manual and automated trading tools. is particularly proud of its trading bots — DCA and GRID — which have shown fantastic returns on the crypto market and have attracted a large following.
TradeSanta is a cloud-based automated trading platform that helps traders automate trading on eight major exchanges. The platform’s most interesting feature is perhaps its social trading marketplace, where users can copy the strategies and setups of experienced traders. Finally, you can test TradeSanta for free by signing up for a free plan.
Kryll is a cloud-based automated trading system that lets you rent strategies from experienced traders
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