Some people don’t have either the time, knowledge, or inclination to keep tabs on their crypto portfolios every day.
If you’re one of those people, perhaps you should consider using a crypto trading bot. Several different types exist—some are ideal for passive investing, some focus on arbitrage opportunities, and others let you take advantage of market spreads.
Curious? Keep reading to learn about the seven best crypto trading bots you can use.
Hodlbot is one of the most well-known crypto trading bots. It is aimed at passive investors—i.e., those people who want exposure to the crypto markets and who have long-term investment timeframes.
The portfolio automation bot comes with four built-in index funds for you to choose from (the Coinbase Index, and Hodlbot’s own top 10, top 20, and 30 indexes). Alternatively, you can create your own automated portfolio based on either market cap or a specific sub-set of coins.
Some of Hodlbot’s best features include customizable rebalancing periods, a backtesting tool, and coin blacklists.
You need to have a minimum account balance of $200 in either Binance or Kraken to sign up. Accounts worth more than $500 are charged $10 per month.
Hodlbot’s most similar competitor is Shrimpy. The tool has many of the same features as Hodlbot, including customizable rebalancing periods, strategy backtesting, and index-based automated portfolios.
If you don’t use either Binance or Kraken (and thus can’t use Hodlbot), Shrimpy might be the answer. It supports 14 different exchanges, including KuCoin, Bittrex, Coinbase Pro, Binance, Kraken, Poloniex, Huobi, Gemini, Bibox, BitMart, Huobi Global, HitBTC, OKEX, and Bitstamp.
Shrimpy also has an extensive community. Top traders can create profiles within the app and other users can follow them to see their portfolios and performance.
There’s a free plan and an $8.99 paid plan. The paid plan is required for features such as threshold rebalancing, the ability to see other users’ allocations, and backtesting.
People who have more knowledge of the markets should check out Cryptohopper. It’s a crypto trading bot that’s based on technical indicators.
You can set up the tool so it either trades based on your own indicators or by copying the indicator profiles that other traders use. In total, there are more than 130 different technical indicators that you can deploy in your strategy. You can even buy and sell trading signals and strategies from approved traders.
Needless to say, Cryptohopper is much more focused on active investment strategies rather than a passive approach. If you want to adopt a buy-and-hold tactic, it might not be right for you.
Finally, Cryptohopper offers a paper trading tool. It’s not based on live exchanges like some of the other best crypto paper trading apps, but it’s still a solid way to learn the ropes.
The entry-level plan is $19 per month. Plans go up to $99 per month.
Blackbird is an open source crypto arbitrage bot. It’s only available from GitHub; there’s no official website. That means a) installation is complex for non-tech savvy users, and b) you won’t have a support team to contact in the event something goes wrong.
The tool works by automating long and short arbitrage opportunities between different crypto exchanges. Remember, because it’s an arbitrage bot, it doesn’t matter whether the market is going up or down—the actual performance of coins doesn’t affect the strategy.
Importantly, Blackbird doesn’t need to transfer money between different exchanges in order to function. That’s a vital feature—it means you won’t miss out on an arbitrage opportunity (or worse, lose money on one) because of transfer latency.
At 0.066 BTC per year for the beginner plan (around $800 USD, depending on the exchange rate), HaasBot is one of the most expensive crypto trading bots on the web. However, it’s also one of the most full-featured.
You can use HaasBot to run several crypto trading algorithms at the same time across a number of different exchanges. The bots can be used to take advantage of spreads, arbitrage, or for plain old automated investing. The beginner plan allows 10 simultaneous bots.
If you don’t fancy making your own bot, you can use one of HaasBot’s 16 pre-configured options (though only eight of them are available on the beginner plan).
The beginner plan also has access to more than 20 indicators, 10 “safeties”, and 11 “insurances”. The safeties and insurances are proprietary tools that help to keep your investments secure.
If you want to remove various restrictions, you’ll need to be prepared to pay a hefty sum. The top plan is 0.187 BTC (approx. $2,000 USD) per year.
Russian app 3Commas is a crypto trading terminal that offers both automated bots and portfolio management.
13 different exchanges are supported. They are Binance, CEX.io, Coinbase Pro, Bittrex, BitMEX, Poloniex, YoBit.net, KuCoin, Bitfinex, OKEX, HitBTC, Huobi Global, and Bitstamp.
The tool integrates with TradingView (which is one of the best charting apps for crypto traders) to provide dozens of signals and indictors that you can use in your algorithms. There are also QFL bots, composite bots, and more.
Three plans are available. The entry-level option is free and available to users with less than $750 in their portfolios. Four bots are available on the free plan. If you want access to the Smart Trading terminal along with more bots, you’ll need to upgrade to the $22 per month Starter plan.
Our last crypto trading bot—Tribeca—is another open source GitHub project. It solely specializes in automated market making to take advantage of spreads.
In simple terms, it works by making a market order at the buy price and a market order at the sell price for the same amount. When the order is filled, you will earn the spread (the difference between the two prices).
Tribeca has customizable quotes and dozens of currency pairs, but you’ll need to manually clone the repo and set up your environment to get it working. Again, for non-tech savvy users, it might be a bridge too far.
Learn More About Trading Crypto
Using crypto trading bots is just one part of an effective strategy—don’t assume that you’re guaranteed to make a profit by relying on them.
Disclaimer: This is not investment advice. Bitcoin and other cryptocurrencies are highly speculative. Nothing is guaranteed in cryptocurrency. Always perform your own research before investing and never commit more money than you are comfortable losing.