Trading bots are programs, either run from your computer or the cloud, which you authorize to access your exchange account(s). The bot continually analyze the market and based on several proven trading algorithms, called indicators, makes trades on your behalf.
We recently evaluated the current crop of bots available and have come up our top 3 list. Check back often as Crypto Pros will continue to update the list as new options and features become available.
In order of our recommendation:
#1 Simple Trade Bot
Simple Trade Bot is a windows based bot that is by far the most configurable of all the bots that offer multiple indicators (the parameters that trigger a trade), and comes with a handy stop loss feature as well. In our testing, the bot was profitable straight out of the box with the default settings, and even more so after we configured the indicators to our style of trading.
Simple Trade Bot works with:
• BTC-e (all currencies / markets)
• Bitstamp
• CampBX
• Cryptsy
• BTC China
• Mt. Gox will be available in the next release
We recently contacted the developers to give them our complements, and they informed us of their upcoming release of a new cloud based solution (great to hear for Mac and Linux based traders), we are excited by the news and looking forward to reviewing it once it goes live.
The current indicators available in the bot are:
• Price Change
• High/Low
• RSI
• MACD
• MACD-MA
• ROC
• Stochastic
• PPO
Each one of the indicators is modifiable to your preference, a powerful feature. When using the bot on BTC-e, you have the ability to direct it to trade any of the markets available (using Litecoin as an example: LTC/USD, LTC/BTC, LTC/RUR, LTC/EUR).
We have been very pleased with the performance of this bot and how configurable it is. The interface is easy to understand, it is simple to use, and best of all it proved to be the most profitable of all the bots we tested. Of course your results may vary (that part was to please our lawyers).
The bot is available at www.haasbot.com.
To see how to configure this bot go here.
#2Crypto Trader
Crypto Trader is a cloud based bot that has some great features, it comes loaded with a few standard strategies for you to pick from, each strategy is customizable.
This bot is a strong #2 on our list, but in its current version, it does not match the abilities of the Simple Trade Bot.
The strategy customization is not very user-friendly, and it is an all of nothing bot, meaning it will trade your entire balance in your exchange account, where as you have the choice to trade a portion of your portfolio with Simple Trade Bot. To get to the same functionality you will need to open a separate account and fund it with the amount you are willing to let the bot trade, we find this to be a hassle. We spoke with the developer on this and he let us know the feature to limit trade funds is in development, although no ETA was given. We look forward to the limit feature becoming live, it will greatly increase the value of the bot.
Visit the bot’s website at https://cryptotrader.org/?r=3
#3 Butter Bot
Butter Bot is a Chrome plugin that boast 3464% profit over the last two year (we have no verification of this claim, and based on our testing results view it suspiciously, your results may vary…hopefully). Unfortunately we have not been very impressed with this bot to date. One of the nice features of the bot is a backtesting section, we have tried many strategies and none seem to be profitable in today’s volatile market. The bot does trade with Mt.Gox and BTC-e on an EMA indicator, and you can limit the amount you want to trade from your account, and the trade time increment, all good features.
Overall, our current position is that the bot is not worth the price, between $89.96 for 3 months to $143.87 for a year’s subscription at the time of this writing, due to the lack of features as compared to other options, and the fact that we have not been able to make the bot profitable.
We do support all efforts to bring bots to the crypto markets and look forward to reviewing Butter-Bot’s again in the near future.
Visit the bot’s website at https://butter-bot.com/
If you have any comments or questions on any of the bots listed here, or would like us to review a different bot, please post your comments below.
If you have any comments or questions on any of the bots listed here, or would like us to review a different bot, please post your comments below.
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