Cryptcoin trading bots: what they are and how to use them

Comprar y vender criptomonedas
4 min read

Who would like to have a robot that cooks for them every day? Or a robot that takes out the garbage when we don’t feel like it? Although it is still a little way to go, automation is already a reality in several sectors and has also come to stay in the world of crypto traders.

It is impossible and unhealthy to be sitting everyday 24/7 in front of a screen trying to understand the movements of the market to buy and sell crypto currencies at the right time (maybe at 4.30 at night because it was a Chinese man who decided to buy 500 bitcoins while he was having breakfast). To avoid this, it is time for you to find out what they are and how to use a crypto trading bot

What are crypto currency trading bots?

In a nutshell, a trading bot is a program or software designed to automated trading by buying and selling crypto currencies by his own, making specific decisions according to certain previously configured parameters.

While a trading bot can have different functions ranging from rebalancing your investments, creating indices or diversifying your portfolio, the most widespread use of them is to try to generate profits by buying cheap and selling expensive.

How to use a crypto currency trading bot?

To start enjoying the benefits of a trading bot you must follow the following steps:

1- First you must acquire an automatic trading bot, which can be paid or totally free depending on the functions it performs or the reliability of the company behind the bot.

2- Connect your exchange with the purchased bot and make sure that both are compatible. In some cases, you can activate the bots directly from your broker or multiple exchanges used.

3- Finally you must download the program from the bot’s website and place the trading strategies you have previously programmed in your exchange.

How to choose a trading bot?

 

If you thought I was going to talk to you here about how easy it is to choose a trading bot, I’m sorry to disappoint you. There are a lot of trading bot options, and half of them are scammers trying to steal your crypto currencies, so open your eyes wide and do a lot of research. To use a cryptocurrency trading bot, you have to be very clear that they will have access to your funds, so you have to analyze which projects and which teams you are going to trust with your crypts.

Here we save you some steps and refer you to 3 recommended bots to buy and sell crypto currencies in Spain and any crypto market:

CryptoHopper

It has 11 associated crypto exchanges and you can make a free trial for 7 days.

TradeSanta

It has 7 associated crypto exchanges and the possibility of making a free trial for 5 days.

Gunbot

It has 15 associated crypto exchanges and the possibility of logging in with a permanent demo account.

I hope you now understand a little more about what it is to trade cryptosystems with a bot. So just start small, buy some crypts, choose the best bot possible and start sleeping easy knowing that you are not missing any opportunity to grow your portfolio.

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