Crypto trading bots allow investors to analyze marketing big data and collect information from it. They increase cryptocurrency trading efficiency and make it easier to manage your crypto wallet.
What should you know about trading bots before you get into automated crypto investments?
Why should I use a crypto trading bot?
It’s not a shame to admit that trading currency is quite challenging so it makes sense to use tools that make it easier and more effective. Crypto trading bots increase trading efficency and protect investors against common human errors. When you do all of your operations manually you’re doomed to make some minor mistakes from time to time. Bots, on the other hand, do exactly what they are programmed to. They don’t get tired, bored or drunk.
Bots not only boost your trading speed but they also turn crypto volatility into one of your strengths. When you try to control your coins on your own, you run the risk of missing price changes. But trading bots can detect them automatically and trade your assets whenever it’s profitable.
How do crypto trading bots work?
All you need to care about is the information from marketing big data. The task of a bot is to capture signals from it and use them to your advantage. What’s curious is that these data don’t come solely from a real-time analysis but also from archives. It means that bots have a very useful skill: learning from history. It’s worth mentioning that information gathered by bots comes from multiple sources so it allows you to save plenty of time.
Are trading bots legal?
Is using bots legal? Many investors are not sure about their legal status, so they choose not to use it. But there is no reason to be afraid. Buying a trading bot is just a part of a common crypto strategy. It’s not only legal but also recommended by experts.
How much does a crypto bot cost?
A crypto trading bot seems to be a great tool, so it must cost a lot, right? Actually, there are bots that you can use for free, such as Zignaly, but you have to pay for signals from marketing bit data. Good news is that you can sell these signals later so you can save a lot if you play your cards right.
One of the most frequently recommended tools is Shrimpy.io. The starter pack costs only $15 per month but it doesn’t offer all of the useful options. That’s why seasoned investors prefer to pay more for the premium version.
Of course, before you decide to buy a specific bot, consider the price-quality ratio and read reviews. The reality may slightly differ from what the producer promises to you.