Automating your trading strategy can be a great way to minimize risk and increase your bottom line when done correctly. As a beginner, it is important to fully understand the tool you are working with so you can configure it to trade exactly how you would like and minimize risk. We’ve put together a quick overview of the most reliable and powerful tools for you to get started with automated crypto trading.
HaasBot
HaasBot is one of the most powerful and mature automated crypto trading tools still in active development. By default, HaasBot comes with 15 pre-built strategies and supports over 50 technical indicators for you to customize and backtest against historical market data. Each of those strategies also allow you to define multiple safety triggers to protect you from unexpected market conditions.
HaasBot Pros:
- 20 Supported Exchanges
- 51 Customizable Technical Indicators
- 19 Supported Exchanges
- Frequent Updates
- Excellent Support Team
HaasBot Cons:
- Desktop (Or VPS) Install Required
Cryptohopper
Cryptohopper is one of the first crypto trading bots based completely in the cloud, which means there is no need to deal with any installation process or worry about connection issues. This tool is built with multiple automated trading strategies, detailed reporting, and a complete backtester to help you optimize your strategy to yield the most profit.
Cryptohopper Pros:
- Cloud Based (100% Up-Time)
- Excellent Learning Resources
- Detailed Profit & Loss Reporting
- Easy Strategy Configuration
- Frequent Development Updates
Cryptohopper Cons:
- Lack of Detailed Reporting On Backtester
Gunbot
Gunbot is the other mature and well known automated trading tool currently on the market. It comes with over 30 automated trading strategies that can be customized and ran across multiple exchanges. Gunbot also has an advanced charting tool that integrates with TradingView to give you live profit updates.
Gunbot Pros:
- Over 20 Pre-Built Trading Strategies
- TradingView Integration
- Live Profit & Loss Reporting
- Simple Strategy Configuration
- Frequent Updates
Gunbot Cons:
- Desktop (Or VPS) Install Required
If you are just getting started with automated trading, using an open source trading bot is a great way to get familiar with backtesting and learning how bots behave against live trading conditions. Check out our review on the three most popular open source crypto trading bots.
Originally published at www.cryptotrader.tax.