Have you ever dreamed of setting up a computer program that makes money for you? That is exactly what a cryptocurrency trading bot is. It’s a program designed to trade for you and generate passive income over time.
Sounds pretty appealing, right? However the truth is that many of these cryptocurrency trading bots lose you money, or break even.
Here are three that actually work:
Cryptohopper is the best trading bot available right now. It’s also the most user friendly. The interface is very intuitive, even a novice could grasp it very quickly.
It also has a variety of signals and settings you can use to trade.
For those that are unclear what a signal is, it’s basically a service you can sign up for that trades for you. Once you sign up for one of these services, whenever you get a signal from it, it’ll buy a particular cryptocurrency. Hence, signals.
I really like Cryptohopper for its ease of use and the fact you don’t have to do any coding to change things.
It’s also cloud based, which is a blessing and a curse. Being cloud based means it’ll always be up, however it also means when the network gets congested your trades slow down.
If you decide to use Cryptohopper, be very careful when tracking your results that you don’t use the Cryptohopper interface. There are a variety of bugs that prevent Cryptohopper from accurately showing your results.
For example, it doesn’t factor trading fee costs into your profit results. This can mean that Cryptohopper claims you earn 20% profit when in fact you earned nothing due to fees!
The signals section is also completely wrong. Most signals on Cryptohopper will lose you money. Period. I only found one signal that was actually profitable, and fees ate up the profit so it broke even.
Finally, I’d say you want a starting amount of at least $1,000 or so for this to be worth it – that’s because a full subscription (which you’ll want) is $100 a month.
Overall, if you want to get your feet wet with bot trading and try to make it profitable right this moment, I’d recommend trying Cryptohopper. Just realize you’ll have to fiddle with the settings a lot before you start making money each day.
Wolfpack Bot hasn’t been released yet, but is being developed by a team that worked on settings for Cryptohopper. They claim their bot outperforms Cryptohopper by over 500%. If true, this will be huge.
Wolfpack Bot is a very exciting project, I’ve gotta say. If they make good on their promises they could revolutionize the trading bot scene. I also like that they’re diversifying their efforts, having an ICO, mining operation etc.
It’s also great that their mission is to give a portion of their profits to charity as they grow.
However it’s important to note that right now all this is conjecture. We have no proven stats from testing the bot ourselves, as it is still in development.
Additionally, it’s unfortunate that the bot isn’t cloud based, although I understand the reasons why. You have faster trades by not making the bot cloud based, but it comes at the cost of no longer having 100% uptime.
Finally, the developers say that the user interface will be amazing, and I hope that’s the case. But I haven’t seen or used it yet. I know from gaming and programming myself how obnoxious it is to design a good user interface.
Overall, I’d look at Wolfpack Bot with a “time will tell” attitude. The beta will be coming in a month or two, results will be posted after that. If it’s making people huge amounts of money I’m sure someone will make a YouTube video or blog post about it!
Finally, we have Gunbot. This is the most expensive trading bot. Is it worth it?
Gunbot is for those that are ready to dive deep and commit to trading bots. At $640 you have to be very serious to even consider this bot. Will you make enough extra profit to justify the additional cost?
One thing to note is that over the course of a year or two Gunbot is actually cheaper than Cryptohopper because Cryptohopper is a monthly subscription, while Gunbot is a lifetime license.
So the question is, again, are you ready to commit for a year or two to a trading bot? If you are, Gunbot may be your go-to.
Personally, I’m uncomfortable with such a large initial investment. I’d want absolute proof it was making 2%+ per day before I considered putting down that kind of money.
Also, it’s important to note you have to adjust this bot regularly. It’s not passive. You have to turn it off when the markets get too volatile. This means you have to be monitoring the crypto market regularly.
Overall, Gunbot may be great, but it’s the one I recommend the least out of the three. The initial investment is steep.
You absolutely could make your money back, but I feel uncomfortable recommending to people they drop almost a thousand dollars on anything without testing it themselves first.
Will Salisbury is the co-founder of Blockchain Decrypted and full-time cryptocurrency trader. He also hosts the Blockchain Decrypted podcast, and when he's not talking or writing about blockchain technology and cryptos, he likes to play games and relax in his home state of Michigan.
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