Do Trading Bots Even Work?
There are many different types of trading bots that are available. One of which are arbitrage bots that try to take advantage of price differences from exchange to exchange. The issues become do they work and what are the risks involved.
To make any type of profit from bots, you will need some crypto coins to work with. Let say you are looking at using a BTC arbitrage bot, then in order to do so you will need BTC at a few different exchanges that are connected via API.
This is a pretty advanced trading method that should only be performed by more advanced traders and does come with high risk.
Some different projects are out there that use bots that algorithmically trade via AI learning. We have yet to use these kinds and prove profitability and would not recommend them. From what we have seen these types of bots are not safe.
Machine learning bots could have huge potential but we are a ways away from that at this point.
The most popular type of crypto bots that are out there that we know of are:
- Hashbot– this allows for automated trading across exchanges. Prices start at .073 BTC
- Profit Trailer- this allows averaging down your buys. Plans start at 35 bucks per month.
- Cryptohopper– cloud based trading bot that starts at 19 per month.
- Gekko- free and open source bot
- Cryptotrader-needs to be programed and starts at .0048 btc.
There are many other bots out there but are not worth mentioning. IF you are thinking it is simple to just throw up a bot and you will profit that is most definitely not the case. If you opt to use these bots you must be willing to lose some crypto. We would only recommend these methods for advanced traders looking to grow their profit already.
Bot or Not?
The best bots are the ones you will not hear about very often as they are kept secrets. We recommend testing these with pure skepticism. We would love to hear your results if you decide to test trading bots hit us up and let us know how it goes.