Hey there! Have you heard of crypto trading bots but not sure where to get started in leveraging automation for better profits? As a veteran crypto trader, I have evaluated dozens of these platforms over the years and shortlisted the top 16 options worth considering today based on features, security, pricing and ease of use.
In this comprehensive guide, I will explain how these bots work, their upsides and downsides, share key metrics and data you need to know before choosing any platform. My goal is to help you pick the right bot matched to your skill level and risk appetite.
So let‘s get started!
What Are Crypto Trading Bots?
Cryptocurrency trading bots are software programs that automate the execution of buy and sell orders based on pre-defined trading strategies and market signals. They connect to crypto exchanges via API keys and have permissions to place trades on your behalf.
Once configured by a trader, these bots can monitor price charts, volumes, technical indicators 24/7 to identify opportunities. When their trading criteria are met, they will instantly place sell or buy orders just like a human trader would do – only much faster and emotionless.
Some key advantages you get by deploying well-configured crypto trading bots include:
- Making profits 24×7: The crypto markets never sleep! Bots trade around the clock.
- React faster than humans: Bots can place orders in milliseconds reacting to opportunities.
- Stick to proven strategies: Code complex logics beyond manual trading capabilities.
- No emotion driven FOMO trades: Follow rules, not gut trades.
But it‘s not all sunshine and rainbows! There are some downsides to using crypto bots as well:
- Security risks of exchange API keys: Keys sometimes lead to hacked accounts if not stored safely. Big risk!
- Software failures cause unintended trades: Bugs happen leading to trading errors and losses.
- Monitor strategies for changing markets: Set and forget is not wise in volatile crypto.
- Existing templates may not suit your risk: One bot setting may not fit all trader profiles.
Now that you know the pros and cons, let‘s evaluate some top contenders:
Top 16 Crypto Trading Bots in 2023
(Click any link below to jump directly to any bot review)
3Commas | Pionex | Bitsgap | WunderTrading | CryptoHero | Gunbot | TradeSanta | Trality | Streak | Shrimpy | Kryll | Cryptohopper | Margin | Zignaly | Cap.Club | SnapEx
1. 3Commas
3Commas has rapidly emerged as one of the most popular retail focused crypto trading bots used by over 250,000 traders globally. It makes automated trading accessible without needing any coding skills.
I particularly like 3Commas for its balance between being easy to use yet offering advanced functionality. Based on my experience, it‘s one of the best crypto bots for beginners starting out.
Some key capabilities you get access to:
- Premade templates: Long/short bots using grids, DCA, momentum and other strats ready to use. Nice!
- Paper trading: Backtest strategies risk-free with virtual currency balances. Smart!
- Trading tools: Trailing stop loss, take profit capture and bot chaining simplify automation.
- Portfolio rebalancing: Auto asset allocation helps manage risk-return tradeoff.
- Marketplace access: Sell or rent out your custom successful bots to others! Sweet.
Given many premade templates and desk-friendly configuration, 3Commas strikes a good balance between ease of use and functionality for crypto traders starting out with bots.
Best for: All skill levels, especially beginners.
Supported exchanges: Binance, Coinbase Pro, KuCoin, FTX, Bitfinex, HitBTC + 30 others!
2. Pionex
Pionex offers 12 different trading bots for free without needing any monthly subscription fee. This makes it quite attractive for users not yet ready to commit financially.
Strategies offered focus on grid trading for range bound markets, TWAP bots for large order execution, and passive investment bots using dollar cost averaging.
Here are some noteworthy aspects:
- Mobile app: Track automated trades and customize bots via mobile alerts. Slick!
- Zero coding needed: UIs and wizards simplify bot setup without programming. Sweet!
- Portfolio management: Auto rebalancing across desired crypto assets holdings.
- Backtesting tool: Estimate bot performance across past price data. Insightful!
For high volume traders focused on execution automation rather than advanced customization, Pionex is a neat option to evaluate further. The free bot access offer makes it easy to test as well.
Best for: High volume traders who value automation over customization.
Supported exchanges: Binance, Huobi Global
3. Bitsgap
Bitsgap manages over $250 million in automated trading volume for its clients. One of the most trusted names in retail algo-trading.
I like how Bitsgap combines automated trading with portfolio analytics and management tools together into one powerful platform.
Some useful functionality highlights:
- Arbitrage bots: Identify and capitalize on profit opportunities across exchanges. Interesting!
- Long/short bots: Using grids, DCA and custom technical indicators. Essential!
- Risk management: Tools for take profit limits, stop losses and bot chaining. Like it!
- Unified dashboard: Trade and track performance across multiple exchanges from one screen. Handy!
For traders looking to gain unified insights into their performance metrics across exchanges while automating profitable legacy trading strategies, Bitsgap hits the sweet spot.
Best for: Retail traders who love metrics and automation together!
Supported exchanges: Binance, OKX, HitBTC, KuCoin, Bitfinex, Bybit, Huobi + 10 others!
4. WunderTrading
While most crypto trading bots focus on simplifying automated trading, WunderTrading targets advanced coders looking to customize strategies. Alongside, it also serves as a marketplace connecting top performing traders with subscribers who copy their portfolios.
Some unique aspects about WunderTrading:
- Coding environments: Python and PineScript for devs to code their own algos. Cool!
- Position scaling: Tools to size trades across accounts for better risk management. Useful!
- Simulated backtesting: Test strategy performance across historical data before real money commitment.
- Profit sharing model: Earn revenues when other users subscribe to copy your portfolio! Next level stuff.
With its high skill orientation, WunderTrading sits on the complex end of the crypto trading bot spectrum. But unlocks tremendous monetization potential from automated crypto trading strategies. Worth checking out for coding experts!
Best for: Developers and expert traders able to build advanced algorithms.
Supported exchanges: Binance, OKX, Bybit, Kucoin, Huobi + 5 others!
5. CryptoHero
CryptoHero positions itself as an easy to use crypto trading bot for beginners to understand automated trading. I love how it offers templatized bots for grids, DCA, momentum, mean reversion etc to get traders started quickly.
Some reasons why it stands out from the crowded space:
- Simplicity first design: Clean interfaces, mobile app monitoring. Refreshing!
- Virtual trading: Test strategies with demo accounts spanning years. Safe!
- Newbie friendly: Starter guides, videos explain concepts for anyone new to algo trading. Much needed!
- Reasonable pricing: Packages starting from as low as $15/month suit first timers.
For folks just exploring automated trading and overwhelmed by technology complexity, CryptoHero makes the perfect gentle starting point before evolving to advanced platforms.
Best for: First-time retail crypto traders valuing simplicity.
Supported exchanges: Binance, Kraken Kucoin
6. Gunbot
GunBot is one of the oldest players in crypto trading bots – founded way back in 2016. It focuses on advanced technical analysis tools for discretionary trading by experienced retail traders.
Some aspects that make Gunbot stand out include:
- 1000+ strategies: Tuned indicators and premade templates for discretionary trading. Impressive!
- Simulator: Backtest strategies across 5 years of historical data. Smart!
- Trading community: 45,000+ Gunbot members share best practices. Valuable!
- Marketplace: Buying and selling pre-configured money-making strategies. Sweet!
While Gunbot has a steeper learning curve, it unlocks sophisticated programmatic trading functionality for heavily automated crypto trading by discretionary traders. Impressive product!
Best for: Traders adept at technical analysis looking for automation.
Supported exchanges: Binance, Coinbase Pro, Bittrex, Poloniex, HitBTC, Huobi + 100+ others!
7. TradeSanta
TradeSanta takes a unique approach focusing on core functionality that just works rather than chasing bleeding edge features. What I like is how it delivers reliably over the long term without surprises that cause trading failures or losses.
Some reasons why you can depend on TradeSanta:
- Cloud based: Bots run on the cloud removing possibility of local systems failures. Reliable!
- Military grade security: Encryption, DDoS protection give peace of mind against threats.
- No coding: Visually configure strategies without programming skills. Neat!
- Reasonable pricing: Packages start from $14/month suiting first-timers.
For traders seeking no-nonsense access to basic automated trading tools that just work, TradeSanta delivers on its promise.
Best for: Those who value reliability and security over features.
Supported exchanges: HitBTC, Bitfinex, Bittrex, BitMEX, Huobi
8. Trality
Trality focuses specifically on developers in the crypto trading space looking to build sophisticated bots in Python. I love how they nurture a community of coders helping each other become better programmers and traders.
Some aspects that appeal about Trality:
- Advanced functionality: Tools for machine learning, NLP and other models. Cutting edge!
- 100K+ lines of reusable code: Bootstrap your next algorithms. Sweet!
- Revenue sharing model: Earn when community members copy your published code. Smart!
- 25K+ member community: Active forums to engage with enthusiasts globally. Valuable!
While Trality mandates coding skills, it opens up tremendous potential for developers to monetize their trading strategies at scale leveraging automation.
Best for: Crypto developers keen to build advanced trading algorithms.
Supported exchanges: Binance, Coinbase Pro, Kraken
9. Streak
Streak is a neat platform marketed towards everyday crypto traders not having advanced programming skills. It focuses on essential functionality over complex features.
Why Streak stands out:
- Intuitive configuration: Visually build bots without coding skills. Beginner friendly!
- Virtual trading: Test strategies with demo balances to estimate actual results. Safe starting point!
- Entry level pricing: $15/month basic plan suits first-timers hesitant to commit higher initially.
- Portfolio automation: Rebalance assets across exchanges from a single platform. Convenient!
For traders feeling overwhelmed navigating technically complex crypto trading bot platforms, Streak does a great job demystifying automated trading for retail traders. Worth checking out!
Best for: Starters who value simplicity for building basic crypto trading bots.
Supported exchanges: Binance, Okex, Huobi Global
The remaining trading bots on our list cater to demanding users with complex, advanced functionality across spot, margin and derivatives trading:
10. Shrimpy
Shrimpy stands out with its portfolio automation and rebalancing tools spanning user accounts across multiple exchanges. Also offers social trading features.
11. Kryll
Kryll allows crafting advanced trading strategies with its graphical workflow designer. Can automate complex logics.
12. Cryptohopper
Cryptohopper is a cloud platform enabling triggers across 150+ indicators and templates to build automatic trading plans.
13. Margin
Margin focuses specifically on automatic trading in crypto derivatives, margin and futures contracts across exchanges.
14. Zignaly
Zignaly offers copy trading alongside position management scaling from manual trading service providers.
15. Cap.Club
Cap.Club is building the rails for investors to allocate across crypto fund managers who design advanced trading strategies.
16. SnapEx
SnapEx enables automated trading across 5,000+ assets from stocks, crypto, forex and derivatives using visual strategy builders.
Hope these crypto trading bot reviews provide a good perspective into key players in the ecosystem catering to varying trader skillsets and use case priorities!
But before picking any solution, please do consider:
5 Key Tips for Picking The Right Crypto Trading Bot
While researching through various options, here are 5 aspects I would advise you to evaluate carefully during vendor selection:
Skill Level Match
Determine your comfort with technology before opting for coding centric platforms like WunderTrading or Trality. Else, choose newbie friendly tools like Streak or CryptoHero to start. Eventually you can switch over.
Exchange Support
Ensure your preferred crypto exchange is already integrated to avoid complications later. For instance, PrimeXBT is only currently available on Cryptohopper.
Price Sensitivity
Subscription fees, minimum balance needs and transaction charges vary greatly across platforms. Pick one suiting your activity levels. New traders can benefit from free tiers on Pionex or Streak.
Security & Reliability
From API key permissions to encryption standards – vet how your data and money is safeguarded by the bot platform. I cannot emphasize this enough in crypto space rife with hacks!
Take Demo Runs
Take advantage of paper trading or free trial periods offered by vendors to experience actual performance before fully committing real capital.
And when you do start trading through an automated bot, please avoid these common mistakes:
- Never running bots without monitoring – intervene if markets shift!
- Not backtesting strategies with historical data before activation
- Forgoing basic risk management best practices
- Assuming bots preclude need for any manual trading
Instead focus on:
- Starting small to objectively evaluate real performance
- Using guard rails like stop losses and position sizes
- Reviewing metrics daily for adjustements
- Overriding bots manually during major events
The right crypto trading bot tailored to your skillset minimizes hassle while maximizing returns from market volatility.
I hope mapping key players across beginner friendly, intermediate and advanced functionality gives you a framework to pick the ideal automation partner for your needs! Feel free to drop any other questions. Happy to help fellow traders.
Yours truely,
Nick
Independent Crypto Trader
