Trading cryptocurrencies is time consuming. While traditional exchanges would shut down each day to let people go home and live their lives, crypto exchanges never close for business. Trading digital assets is 24/7. There are no days off, no vacations, and no sick days. Every second of every day the market continues to hum along. So how do crypto investors stay on top of their game in 2022?
At first crypto trading is exciting. Each morning feels like a new adventure. The volatility of the market only compounds the feeling of wonder.
Eventually though, everything changes. Managing every aspect of a crypto portfolio becomes life consuming. Soon we find ourselves wide-eyed at 3am trying to perfectly time the exact moment to enter our next position before we head off to bed. It’s at that moment that it hits us – we have a problem. But there is a simple solution - crypto trading bots.
Crypto trading bots can save you hours of stress and worry. They help us simplify the way we manage our portfolio, execute the trades we want automatically, and keep our portfolio in check while we sleep. The following crypto trading bots are the top portfolio management and automated trading services in the market - in our humble opinion!
Let’s jump right into our list of the best crypto trading bots to automate your portfolio.
Shrimpy is the culmination of everything you want in a portfolio management solution. Unlike many other services available in the market, they found their niche as the perfect long-term automation tool.
Rather than promoting features like signals, arbitrage trading, or algorithmic strategies, Shrimpy offers a complete set of portfolio strategies. Instead of focusing on the short term, they offer a simplified way to engage in the market over longer time horizons.
Shrimpy provides features for precisely managing your funds across exchanges. By plugging all your exchanges into their unified dashboard, you can systematically segment, track, and monitor your entire portfolio across a wide range of popular exchanges.
Tracking isn’t everything they do. Automation was where Shrimpy originated. They pride themselves as the leading portfolio rebalancing, dollar-cost averaging, and index fund building service in the market. There isn’t anything comparable in the market today.
Once you get settled into the application, you will notice several other game-changing features. Social portfolios is one of these features. It’s a new way to interact with other cryptocurrency traders by viewing their portfolio, copying their allocations or strategy, and automatically tracking portfolios over time. It’s a completely new way to think about social trading.
Finally, no trading service would be complete without backtesting. Shrimpy offers a robust backtesting tool which evaluates the market using precise order book data that is used to simulate historical performance.
If that’s not enough, Shrimpy also supports the Universal Crypto Trading APIs. These are trading APIs which connect to every major exchange and allow developers to build their own trading bots by taking advantage of the Shrimpy infrastructure. They are perfect for rapidly building complete trading services.
Shrimpy is the most highly regarded automated trading service in the market. Try them today by signing up here.
3Commas is perfect for professional traders. Unlike portfolio management solutions like Shrimpy, you would never hear the words “simple” or “easy” used in the same sentence as 3Commas. This trading service is complex, to say the least.
With enough time and effort, 3Commas can provide extremely detailed control over the way you execute your trading strategy across exchanges.
While 3Commas provides an extensive list of features, it’s not for everyone. It’s recommended for traders who are ready to commit the time necessary for learning everything about this trading service. Understanding how this trading bot works is a feat.
Once you understand 3Commas, the work isn’t done. 3Commas focuses on short term trading strategies. Rather than “Set it and forget it”, signal based strategies will require more intervention as the market changes over time. That means the strategy you use will need to be adjusted. Taking time out of your day to keep up you’re your trading bot.
3Commas is one of the most complete resources for professional crypto traders.
Haasbot is somewhat different than other trading services in today’s day and age. Unlike most other services which are now managed in the cloud, Haasbot has remained as one of the only trading bots which still runs from a personal computer.
Running a trading bot from your personal computer has both advantages and disadvantages. On one front, it could feel safer because your API keys never leave your computer. On the other hand, running a trading bot from your own computer means you need to be online 24/7. When your computer shuts off, so does your bot.
Additionally, when there are issues with Haasonline, that means it could be a while before the problem is resolved. Not only do they need to update the source code, but everyone needs to download and update their software to the latest version. Cloud-base trading bots can typically be updated quicker and changes can be propagated to users in near real-time.
Regardless of the difficulties with a desktop application, Haasbot has a complete user experience. Everything from signals, complex algorithmic trading, and arbitrage is supported in this application. Even recently, they launched their visual editor which allows traders to build strategies using drag and drop blocks. While you still need to understand the logic behind your strategy using the visual editor, it becomes easier to conceptualize the decision-making process for your trading bot.
Hummingbot targets a different user than other bots which we’ve discussed here. Hummingbot is really designed for building and deploying institutional strategies.
Unlike portfolio management or signal based strategies, you can automate things like arbitrage, market making, and liquidity cloning with Hummingbot.
While these features are not in any way designed for the average trader or investor, institutions and exchanges would find these automation features useful for maintaining their own liquidity.
In addition to the differences in functionality, this service is also open source. That allows anyone to view the source code and download the software to their personal computer for editing based on your own personal requirements.
If you’re an institution looking for market making, check out Hummingbot.
Trality is a powerful crypto trading bot utilizing Python API - meaning any crypto investors who know Python can further develop bots.
This isn't to say only Python developers can use Trality. Investors of all experience, whether they're looking for an entry into automated trading or they're a Python guru, will find Trality useful.
The rule builder function lets you automate trading without ever writing code. Investors can pick from more than 100 technical indicators and use boolean logic to develop their strategy.
Trality works with some of the biggest crypto exchanges around including Binance, Kraken, CoinBase and BitPanda.
Cryptohopper is a solid all-round trading bot. You can connect to all major exchanges and work with more than 100 tokens.
The site also has a huge range of educational content to help those new to crypto trading automation get to grips with just how helpful these bots can be.
You can copy other traders or develop your own strategies. Cryptohopper's algorithm intelligence feature automatically backtests all your strategies for you and selects the best strategy for the current market.
Cryptohero is a great option for those new to automated crypto trading bots, as well as those on a budget or short on time. It takes minutes to create, test and run a bot thanks to advanced AI.
Crypto hero also offers a simulated paper trading feature so you can test your bots before you run them. You can also use the backtesting feature to test it on your own trades before deploying your bot. It integrates with multiple large crypto exchanges with no coding skills required.
Supported technical indicators include Bollinger bands, exponential moving average, relative strength index and stochastic RSI.
TokenSets is an asset management tool, specializing in the DeFi space. Manage your sets with advanced trading tools, with a wide range of DeFi services like Aave and Compound supported.
This bot is ideal for both experienced DeFi investors short on time, as well as novice investors looking to enter the DeFi space. Developers can create their own sets directly and customize it with any ERC20 asset and a bespoke strategy.
For novice investors, there are a huge range of established sets available with impressive yield returns.
Coinrule offers more than 150 trading templates to pick from. Even the free package comes with 7 trading templates supporting up to $3,000 monthly trading volume. While paid packages feature more advanced trading strategies as well as 1-on-1 tutorials.
There's no coding required for this bot and the huge range of trading templates make it ideal for novice investors. You can create your own automated trading rules to run 24/7 to ensure you'll never miss an investment opportunity again. The bot also has a backtesting feature so you can trial bots against historical data before deploying.
TradeSanta lets investors automate their trading with proven strategies and signals. The bot connects to most major exchanges including Coinbase, Huobi and Binance.
Simply pick the pair you want to trade and set up a trading bot in minutes. Customize your bot for a long or short term trading strategy, reduce risk using stop loss and choose from a huge range of signals and technical indicators to suit your needs.
TradeSanta is ideal for those new to automated crypto trading and on a budget with extremely affordable monthly plans.
Automate your crypto taxes with Koinly
Automating your cryptocurrency portfolio strategy can be a huge time saver. Keeping up with the 24/7 markets is draining and will eventually lead to burnout. Explore how each of these trading bots can help you take back control of your time. Since they are all unique, it may take some time to understand how each trading bot can be effectively leveraged for your portfolio.
Remember, crypto trading is just part of the picture. You also need to report your crypto income and gains accurately to your local tax office - you can do this easily with cryptocurrency tax software like Koinly. Just sync the wallets and exchanges you use and Koinly will import your trades and calculate your crypto taxes for you.