Top Crypto Bots in 2024: Are They Still Worth It?

For quite some time now, humans have been ultimately dedicated to the pursuit of automation in all of its various, dynamic forms. In fact, from the ancient Sumerian invention of the wheel to Leonardo da Vinci’s proto-helicopter model, the human species has always been deeply inspired and thoroughly fascinated by the mechanics of technological advancement and automation. Traders are no different in their pursuit of automation, scouring for the top crypto trading bots.

Two of the most pertinent examples showcasing this sentiment of chasing automation are the First and Second Industrial Revolutions. Both of these historical époques were fundamentally characterised by a sustained level of mechanical development, enhanced engineering structures and true innovation, all in the name of progress and industry.

To some extent, the same thought process can be applied to our current, blockchain-enabled digital asset economy. Indeed, it is compelling to analyse the parallels that have been drawn between the financial revolution spearheaded by Bitcoin and Ethereum and the forthcoming, somewhat inevitable 4th Industrial Revolution.

Blockchain, in fact, has long been defined as the pillar of the new digital, financial and, with NFTs, even artistic layer in societal economies. Its innovative distributed ledger technology (DLT) allows for the creation of intricate monetary paradigms that inherently go well above the established economic frameworks of the traditional financial system. Furthermore, the digital asset sphere has come such a long way since its inception, progressively architecting new models and conceptualising some of the most electrifying value propositions and FinTech designs.

Consequently, in a similar fashion to the way the Industrial Revolution sought to automate manual labour with mechanical, automated processes, crypto has also integrated a technological framework that enables traders and investors to automate much of their on-chain operations. This aforementioned system primarily relies on robots, commonly referred to as bots, or in crypto, crypto trading bots, to execute transactions, trades, as well as buy and sell orders in a completely hands-free manner.

The implementation of crypto trading robots, is by no means a structure native to the crypto economy. In fact, a variety of platforms have reported that 70-80% or more of shares traded on U.S. stock exchanges come from automatic trading systems. This is primarily due to the fact that traders and investors can turn precise entry, exit and money management rules into automated, robo-driven trading systems that allow computers to execute and monitor trades.

The trade entry and exit rules can be based on simple conditions such as moving average (MA) crossovers, oversold-overbought Relative Strength Index (RSI) levels, volume-weighted average price (VWAP) or MACD indicators, or they can implement more complex strategies that require a comprehensive understanding of the programming language specific to the trading platform used by the trader.

Thus, while automatic trading systems first made their appearance in the more traditional FX and Stock markets, the demand for crypto trading bots in the incredibly fast-paced cryptocurrency market has skyrocketed over the course of the years. This should indeed come as no surprise as crypto market structures primarily thrive on assets that are by their very nature hyper-volatile, meaning that traders can leverage the pre-established set of rules ingrained into a robot to maximise trade execution in the most efficient way possible.

Best Crypto Trading Bots: Summary

While there is no one-size fits all, the crypto trading bots in this article have proven themselves to be highly valuable assistance for experienced traders and those looking to automate portions, or all of their trading strategy. It is important to note that crypto trading bots are not "money making machines" as they are best used in the hands of traders who understand the correct market conditions to deploy the bots, and understand when and when not to run them.

 Crypto Trading Bots Pros and Cons

Alright, without further ado, whether you are looking for a Bitcoin trading bot, or altcoin trading bot, let’s dive into the top, most widely adopted and best crypto trading bot on the market.

Cryptohopper

Cryptohopper is a crypto trading bot that aims to simplify the overall process of crypto asset trading and helps users of all experience levels to make the most out of different trading opportunities in the market. In parallel with a few other crypto trading robots, Cryptohopper seeks to empower traders by providing them with a user-friendly, fully featured service that allows its users to seamlessly execute trades on multiple crypto asset pairs while removing the bottlenecks of human intervention.

Cryptohopper Pros and Cons

The primary focus of this cryptocurrency trading bot is to facilitate the process of investing in the dynamic crypto space and benefit from the most profitable trades and market plays, both long and short-term.

The Cryptohopper platform in itself is rather intuitive and allows investors to automate their investing processes, copy professional traders, set signals and alerts through their mobile app or more directly through the Cryptohopper platform. These features essentially enable investors to stay on top of the market no matter which coins they trade, which exchanges they use and where they travel.

According to the Cryptohopper website, the proprietary crypto trading robot was developed by two brothers, Ruud Feltkamp and Pim Feltkamp, who decided to merge their expertise, skills and passion for the crypto space to create a bot that trades automatically for the user, operates on a 24/7 basis, implements a variety of token pairs, while also being compatible with a number of digital asset exchanges via an in-house Application Programming Interface (API).

In fact, Cryptohopper recently partnered with 15 major crypto exchanges including Binance, Coinbase, HTX (previously Huobi) and Kraken, and offers compatibility with more than 100 tradable assets, making this suitable for those looking for altcoin trading bots.

The official site houses a semi-automated cryptocurrency trading bot that allows traders to remove human tendencies and emotions from the trading process and rely instead on purely technical based trading algorithms and programmed trading approaches.

Cryptohopper Features 

Cryptohopper offers a wide array of trading features on its platform, including:

• Automatic Trading
• Exchange Arbitrage
• Market Making Bot
• Mirror Trading

The Automatic Trading feature, specifically, is perhaps the most sought-after application on the platform, as it allows traders to either leverage some of the ready-made automated trading strategies built in the bot or even deploy their own personal trading strategies by programming them into the robot. This automated trading methodology has mostly proven to be rather beneficial for those investors who either don’t have the time to stare at charts all day waiting for the perfect entry or simply aren’t experienced enough to execute trades on their own accord.

In terms of pure functionality, Cryptohopper operates as a web-based solution and features an easy to use User Interface (UI) that includes a wide range of functions. Users can configure the bot to trade automatically 24/7 and make use of both algorithmic and social trading, for instance.

Trading strategies can be derived via various technical indicators or by following the actions of third party trading experts. Furthermore, the platform provides a good range of trading tools and incorporates features such as a bot backtesting tool, configurable and saveable templates, trailing stops, and customisable technical indicators. Users can also rely on popular TA indicators such as Stochastic, RSI, Bollinger Bands and MACD.

For instance, if the bot is operating in a potential bull market, traders can use the trailing stop loss and take profit features to secure profits and protect themselves against any losses. In essence, this allows traders to exit the market when an eventual correction takes place or exit the market when a specific price target is hit, enabling them to automatically incorporate a risk management strategy into their trading activities.

If, on the other hand, the markets decide to take a turn for the worse, Cryptohopper users can instruct and pre-program their robot to fully prepare by exiting a trade at the first glimpse of a downtrend. Alternatively, depending on the exchange used, traders can also instruct their bot to engage in short selling.

In addition, the Cryptohopper platform incorporates a support team that is available to deal with any issues users may encounter when utilising the crypto trading bot. Users can contact the team by submitting a support ticket in the Support Section and they may also get in touch with them directly via Twitter, Facebook or Telegram. The Cryptohopper website also contains a number of FAQs in the Support Section, as well as a number of Tutorials that help users to navigate the platform.

Programming the Cryptohopper Crypto Trading Bot

As with the majority of crypto trading robots, bots can only be as good as the individuals programming them. This means that, because the bot is pre-programmed to follow specific rules in pre-determined conditions, a weak crypto trading strategy will almost certainly cause losses. In terms of design, the way these crypto trading robots work is actually pretty similar to the ‘IF-THEN’ function found in Microsoft Excel. The ‘IF’ component of the equation is the market trigger, whereas the ‘THEN’ is what the automated bot should do when the trigger is activated.

For instance, let’s assume that the market trigger is Bitcoin breaking 50k. To be certain that the pricing target is broken convincingly, a user could set the market trigger at $50,100, which would activate the ‘IF’ element of the equation. A trader would then need to pre-program the bot to execute a specific trade at this level, representing the ‘THEN’ component of the equation. This not only enables traders to better gauge the potential direction of the market but it actually gives them an extra layer of confidence and security. This is because, quite frankly, no one really wants to end up like this guy here below!

At this stage, a trader could instruct the automated bot to engage in a trailing stop loss whereby the bot purchases say $500 of BTC every time it increases in value by 5%. At the same time, the bot can be programmed to adjust stop loss orders autonomously, so that when the price of BTC decreases by 5% at any given time, the bot can close the trade immediately.

Cryptohopper Marketplace

Another valuable feature offered by Cryptohopper is its marketplace, which is an area containing a variety of different automated trading strategies pre-designed and pre-built by other traders.

While many of the pre-programmed crypto trading strategies can be obtained for free, some come at either a monthly or one-time-fee cost.

As with any crypto trading bot, however, it is important to note that even if the bot has demonstrated an extensive winning streak of trades, users should always exercise caution and some form of due diligence before even thinking about purchasing one. In fact, bots can be an incredibly powerful tool but there is nevertheless no guarantee that you’ll be able to profit when using one.

Now, let’s briefly discuss how the Sign-up process works for Cryptohopper.

Cryptohopper Account Signup

Creating an account on Cryptohopper is a very straightforward process.

But before you do, just to let you know we have a Cryptohopper sign-up deal that gets you a 7-day free trial, which is worth trying out before committing.

Now, the main thing that you’ll need to do is :

• Head over to Cryptohopper.com
• Enter a name, email address, user name and password to register.

• You can then confirm your email account by clicking the activation link in the email sent, and gain access to the dashboard.
• From here you can simply follow the wizard as it will help you to quickly configure your Cryptohopper. You just need to select an exchange and configure the bot via your preferred exchange’s API keys and also set up basic hopper configurations. 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.
• And you’re all set!

If you want to explore Cryptohopper in more detail, feel free to check out our dedicated Cryptohopper Trading Bot review.

Bitsgap

Bitsgap is a comprehensive auto-trading and crypto bot platform that offers a range of features to help traders automate their trading and manage their portfolios. The platform provides access to trade signals, Smart Orders, and more. 

Bitsgap’s high-performing crypto bots are its most popular products and can be easily integrated with over 15 exchanges, including Coinbase, Binance, Kraken, Bitfinex, OKX, KuCoin, Bybit and others. Traders interested in utilizing trading bots have found Bitsgap to be a popular hub, with over 500,000 traders utilizing Bitsgap's intuitive features. 

Bitsgap Pros and Cons

Bitsgap Smart Orders

Many crypto exchanges lack the advanced trading features that traders need, such as trailing stop losses and order splitting. Bitsgap is a platform that can help with this. It allows manual traders to have more control over their risk exposure and use more sophisticated trading strategies.

What’s even more convenient is that traders who use multiple exchanges can access all their trading activity across those exchanges from the Bitsgap dashboard. Smart Orders is an advanced feature of Bitsgap that provides a range of functions, including:

• Stop losses
• Take profits
• Trailing stop losses
• Trailing take profits 
• OCO

While also supporting limit, market, stop, stop limit, TWAP and scaled orders.

Smart Orders is a valuable tool for manual traders as it can help support trading and risk management strategies that have been shown to increase profitability and lower risk.

Trading Terminal

Bitsgap uses the TradingView charting application, which is widely regarded as the gold standard for professional traders. TradingView has made Bitsgap an ideal platform for traders of all levels and styles, including those who are passionate about technical analysis.

If you want to learn more about technical analysis, feel free to check out our Guide to Technical Analysis article.

Dollar Cost Averaging (DCA) Bots

As you might have guessed, the main attraction of Bitsgap is the platform’s cryptocurrency trading bots. Out of the main bots designed by the platform, two are primarily centred around dollar cost averaging, or DCA in short.

Dollar-Cost Averaging (DCA) is a popular strategy used by both investors and traders. It allows investors to buy into assets at multiple levels, buying at lower prices to “smooth out” the overall entry price over time and therefore lowering the average purchasing price. Traders can use a similar strategy to go long or short, getting a better average entry price on their trade, lowering the range that price needs to travel before it can be closed out in profit.

The DCA bot on the Bitsgap platform can be used to automatically buy and sell cryptocurrencies at optimal times using technical analysis and smart automation.

Available DCA bots include MACD + RSI, Stochastic + Channel, Pure DCA, Custom DCA

Bitsgap Grid Bot

Grid bots are a valuable tool for traders looking to generate profit from small price fluctuations in the market. These bots are particularly useful in sideways markets, which are also known as a market’s consolidation phase, or you may hear the terms “ranging” or “flat.” These terms are used to describe when the price is neither trending upward nor downward, but instead staying flat or “sideways.”

The Grid Bot opens and closes positions automatically as price fluctuates between price points predetermined by traders. The types of Grid Bots available on Bitsgap are Buy the Dip, Flat, and Custom Grid.

Futures Bot

Bitsgap also offers Futures trading bots, for traders looking to go long or short on futures with profits paid in USDT.

These bots can be deployed to trade during sideways, uptrending, or downtrending markets, and can be set to trade with leverage from 1x to 10x.

Warning⚠️ Trading with leverage is extremely risky and results in considerable losses for over 90% of traders. Be sure to understand the full risks of leverage and understand that it is a powerful tool best used in moderation by experienced traders.

Bitsgap Pricing

All bitsgap subscriptions come with a free 7-day trial with no credit card required. After the free trial, traders can choose one of the following three pricing plans:

• Basic- $20 per month. Offers 2 active Grid bots, 10 active DCA bots and unlimited smart orders
• Advanced- $47 per month. Offers 5 active Grid bots, 50 active DCA bots, unlimited smart orders, Futures bots, Trailing orders for bots.
• Pro- $103 per month. Offers 24 active grid bots, 250 active DCA bots, unlimited smart orders, Futures bots, Trailing orders for bots, Take profit for bots.

Note that the above prices are the yearly subscription price, which saves 20% off the monthly subscription price.

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.

Gunbot pros and cons

Gunbot comes with a built-in browser interface, and users can safely access the interface on their local machines or open up access from the web. The interface is optimised for mobile devices, supports two factor authentication (2-FA) and can be served via https. Additionally, Gunbot is compatible with Mac, Windows, ARM and Linux, essentially allowing traders to run it on pretty much any device.

Just like with Cryptohopper and Bitsgap, traders using Gunbot can create their own trading strategies or leverage any of the ready-made ones available through the platform. However, Gunbot differs from the two mentioned above in that it doesn’t operate on a monthly-fee-based subscription model but it allows users to purchase its automated crypto trading services with a one-time fee.

In fact, all plans are life time with no recurring costs, a major advantage for those users looking to utilise the platform long-term. 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.
• Downloading the software and launching it.
• Choosing your log-in details.
• Setting up your API Keys for the exchanges which you want Gunbot to operate on.
• Setting up your crypto trading strategy by either choosing a preset or customising parameters to your liking.
• Picking the trading pairs which you want to trade.
• Allowing Gunbot to begin trading based on those specifications on a 24/7 basis.

Gunbot Features and Trading Strategies

Gunbot supports some of the most popular digital asset exchanges, including Binance, Binance Futures, Bitmex, Bybit, Coinbase Pro and Kraken, and many more. When it comes to trading, Gunbot strategies can be assigned to one or more trading pairs. Moreover, the platform comes with a variety of free trading presets, which are ready to be used after making some minor adjustments, such as regulating and configuring how much the trading bot is allowed to spend for trade, for instance.

Users can create an unlimited amount of custom strategies, including ones specially adapted to both spot and futures trading. On futures, for instance, users can choose between mean reversion or trend following variants of individual strategies, and they may also incorporate trailing strategies to maximise profit from any given position. Every strategy can use a number of protections, such as setting custom gain and stop limit values, limiting the number of sell orders before trading is halted and preventing buy orders above the last sell rate to protect against buying in a surging market.

Confirming Technical Indicators

To refine a specific trading strategy, users can configure confirming indicators to activate buy and sell orders exclusively when pre-determined conditions are met. For example, traders can configure their bot to execute a buy order when the Relative Strength Index (RSI) crosses below the 30 zone and execute a sell order whenever it crosses above 70.

For its set of confirming indicators, Gunbot implements:

• ADX
• EMAs
• EMA Spread
• RSI
• MFI
• Stochastic
• Stoch RSI
• Additional Indicator combinations via AutoConfig.

Back Testing Add-On

Another valuable feature offered by Gunbot is the ability to back test strategies on the popular trading/charting platform TradingView. The back testing add-on allows for back testing of almost all strategy parameters available in Gunbot. It can also be used to send alerts based on Gunbot strategies to be executed by the bot with the TradingView add-on.

Strategy back testing takes place directly on TradingView.com, which offers a powerful engine to back test and visualise tested trading performance. As long as TradingView.com supports the exchange a user is trading on, historical data for back testing is available for almost every available asset pair on the exchange.

Overall, Gunbot offers all the bells and whistles that you would expect from a crypto trading bot. It offers an excellent user experience as well as a suite of tools to develop and execute automated trading strategies. Whether you’re a beginner or an advanced trader, you could add Gunbot to your trading arsenal and use it to efficiently implement your favourite trading strategies.

And that brings us to the end of our top crypto bot article, but we still haven't answered the question:

Are crypto trading bots worth it?

You bet! as long as you have realistic expectations and understand the bots limitations, bots can be invaluable trading tools, especially for advanced traders, saving you countless hours and scouring more charts than any human trader can do. Trading bots are perfect for traders who want to take their emotions out of trading and stick to disciplined, rules-based trading strategies.

However, if you are looking for something you can just flip on, walk away, and make money, then I am sorry to tell you that it doesn't exist. If it did, nobody would be working jobs anymore.

Top Crypto Bots in 2024: Conclusion

Over the course of the last few decades, traders have consistently been on the lookout for the most profitable, most performant trading strategies enhanced by automated technologies.

Emerging first in the more traditional Stock and FX markets, and progressively moving into the more dynamic digital asset space, automated trading systems, commonly referred to as bots, have firmly established themselves as the go-to solution for many retail and institutional traders alike.

This should indeed come as no surprise as crypto market structures primarily thrive on assets that are by their very nature hyper-volatile, meaning that crypto traders can leverage the pre-established set of rules ingrained into a robot to maximise trade execution in the most efficient way possible, and gain access to some of the most sniper-like market entries and exits.

The robots analysed in this piece all present users with top-notch applications, cutting-edge functionalities and highly desirable use cases, allowing traders to increase their profit potential as well as their trading sophistication.

Ultimately, the introduction of automated trading systems in the incredibly fast-paced digital asset sphere constitutes a fascinating development and it has thus far proven to be a massive success. While there are most definitely advantages that come with using crypto trading robots, it is however of utmost importance to emphasise the fact that, firstly, profits from bots are NOT 100% guaranteed and, secondly, that sustained levels of risk management and protection measures are required regardless of the bot’s historical performance.

If you are still on the fence about whether or not Crypto bots are right for you, we explore that topic further in our article: Crypto Bots- Worth it?