There is a significant influence of the current pandemic to make people invest using different tools, platforms, or instruments. The use of the platform which has capabilities to trade on your behalf is not new anymore. However, there aren’t many reliable tools available in the market to automate your trade.
Where is it Forex, stocks, or crypto a large portion of these trades is being carried out by trading bots managed by top tech or financial institutional, or day traders?
The era of these high-frequency trading tools or techniques have changed the soil of fintech, and traders and companies alike are continually brawling to maintain their corners. With the explosion of the crypto market majorly Bitcoin in late 2017, this mind blowing technology and method of trading have grown rapidly and been adopted by various cryptocurrency exchanges and the majority of the community too.
The best part about this combination (Autobot Trading and Cryptocurrency exchanges) is that they work 24X&. Yes, Crypto exchanges are dynamic, plentiful, and rarely goes offline as compared to their traditional stock or forex exchanges.
The new generation must learn and adapt to this advanced form of trading fast. Everyone, including individual, companies, organizations, funds, etc. keep looking new effective, creative ways to improve their profit margins and efficiency in the trading system.
There is plenty of software, tools, or services available in the market that are capable of performing this for you. At some you need to signup, choose your trading strategy, deposit your fund or connect your exchange using APIs and start making profits (Please not the investment to any asset either Mutual Funds, Forex, Stocks, Crypto, etc.; are a subject to market risk. Do Choose your platform to perform trading or auto trading wisely)
Although the old way of doing this automating manual trading has a proven history of being profitable, of understanding this better, let elaborate this in simpler words, the platforms used for most crypto trading bots or Bitcoin Trading Bots allow a user to configure the settings that are predefined in the tool or script. These are thresholds of various values that have been generated by 100s of technical analysis and indicators.
There are several other features like copy trading, external signals, charting, etc. can be found in more advanced tools like Signal, 3commas, Bitcoin Loophole, Bitcoin Revolution, Gekko, and many more.
If you were planning to stop into choosing your first BTC trading bot, then consider the following before finalizing:
4) Overall experience
5) Ease of Use
Advantages of Bitcoin Trading Bots
- Improved Efficiency
- Increased Speed
Disadvantages of Bitcoin Trading Bots
- Not Suitable for Novice Traders
- Requires Human Monitoring
- Security Problems