It is possible to make money with cryptocurrency trading bots. But, there is always a "but" even for bots. Cryptocurrencies are an asset class that has seen a sharp rise in value in recent years. Yes, cryptocurrency trading bots are profitable.
The amount of profit can vary depending on the bot and how you program it, but it is very possible to make a profit using one. You can also go through the free cryptocurrency trading bot services given by any cryptocurrency trading bot platform and compare with the paid ones. Ideally, the bots should actually generate a profit, and ideally that profit should be higher, in risk-adjusted terms, than if you had simply bought the same coins and held them for the entire time. The supported cryptocurrencies, exchanges and account options available through your trading bot will vary depending on the provider you choose.
A bot will continue to monitor the market and place orders in your absence, so you will never have to stop trading. Make a list of the different exchanges you want your cryptocurrency trading bot to work with, and then create accounts on each of the exchanges. There are many different options available, so it is important to choose a trading bot that suits your trading style. Investors, in many cases, are unable to react quickly enough to changes in price to get the optimal trades.
Cryptohopper also offers an easy and intuitive setup process, with no credit card information required to join. Most cryptocurrency trading apps work simply: you authorise the bot to buy or sell an asset as long as it reaches a specific price point or indicator. However, it is possible to automate trading by connecting a third-party trading bot to your Coinbase account with API keys. Although Pionex supports manual trading via crypto-to-crypto conversions, its main product is its selection of trading bots.
Therefore, you should be very conservative if you plan to get involved with cryptocurrencies; the risks are quite large. Since cryptocurrency trading bots don't have the ability to do so, that's one area where you should trust your instincts. Before choosing an automated cryptocurrency trading bot, you should take the time to research the different options. Quadency is a digital asset management application that provides an automated trading solution for institutional and retail traders.