Automated trading is becoming a popular approach to make money in the forex, cryptocurrency, and stock market. In fact, some of the best hedge fund managers are those who use the automated approach. In this article, we will compare some of the best cryptocurrency trading bots and identify some of their features, pros, and cons.
Immediate Edge
Immediate Edge is a trading robot that was developed with Bitcoin and other cryptocurrencies in mind. The robot is widely used by traders from around the world who love it for its spectacular performance and the fact that it is offered for free.
Using the Immediate Edge robot is a relatively easy process. All you need to do is to visit its website and sign up by entering your some of your basic information like name, email address, and phone number. After doing this, you will need to verify your account by clicking a link that is sent to you.
The next step is to complete the registration process in the trading software that you will receive. This is also a simple process that takes just a few minutes to complete.
While you can go ahead and start trading instantly, it is always recommended that you use the demo account offered by the company. A demo account simply allows you to trade in the real market but using fake money.
The benefit of using this account is that it allows you to see whether Immediate Edge works or not. If it does, then you can deposit as little as $250 to let the robot work.
There are several benefits of using Immediate Edge. First, there are many Immediate edge reviews out here that claim that the robot works well. This is a good sign that you are not dealing with a robot scam.
Second, the bot is free to use since the developers are paid by the broker. This means that you will not need to pay an upfront fee or a monthly subscription. Further, Immediate Edge allows multiple cash and withdrawal methods, which is a good thing.
Some of the popular cons when using the robot is that it does not work well in leading exchanges like Binance and Coinbase and that it is hard to know who built it and how to get in touch with them.
CryptoHopper
CryptoHopper is another popular cryptocurrency trading robot that is well known among traders. The bot comes with some of the best features that a robot should come with. For example, it allows automated trading, meaning that it can automatically open and close trades. It also uses the concept of exchange arbitrage, which is a process that takes advantage of the pricing offered by various exchanges. Other features are trailing stops, strategy designer, backtesting, and algorithm intelligence.
Unlike Immediate Edge, CryptoHopper uses a freemium model where its most basic package comes for free. The other paid options start from $19 to $99 per month. Some of its benefits are that it has a good reputation, it works with most cryptocurrency exchanges, and it has advanced artificial intelligence features. The main challenge is that its most advanced option tends to be highly expensive.
TradeSanta
TradeSanta is another cryptocurrency robot that is used widely globally. The robot is built to support most exchanges through APIs. After registering your account, the next page will let you select some of the most popular bots in the ecosystem. Alternatively, you can even use the available templates to build your bot.
TradeSanta uses a subscription package that does not have a free option. If you select the yearly package, it will charge you a minimum of $15 per month, with its most advanced package going for $35 per month. The features available in the most advanced option are trailing take profit and Binance Futures. Most people find using the basic option being adequate.
Some of the benefits of using TradeSanta are that it has a free trial that lets you test its robots. It also has a good customer service that responds to queries faster. Further, it has excellent reviews from both its users and professionals. Also, it has a large collection of bot templates.
On the other hand, the robot has some cons. For example, the $15 monthly rises to $25 when you are not paying on an annual basis. The most advanced package goes for $70 per month, which is a bit expensive.
Summary
Trading robots are useful tools that can help you become a better trader. In this article, we have looked at some of the most popular trading bots in the world and assessed how they work. Also, we have looked at some of their most important pros and cons. We recommend that you always spend time in a demo account and then start trading with a limited amount of cash.
