One of the best ways to increase your crypto portfolio is to utilize a automated bitcoin trading bot to actively trade a portion of your holdings.
Altcoin and Bitcoin 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 altcoin and bitcoin trading bots available and have come up our top 4 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 Advanced Trade Bot – Altcoin/Bitcoin Trading Bot
The Advanced Trade Bot is a full featured, multi currency, multi exchange trading bot which allows you to set up an unlimited amount of trade bots on these supported exchanges:
In this latest edition they went with a server/client approach to add more flexibility to the platform. The interface is now HTML based and the server runs in the background. This enables your bots to trade regardless if you have the interface open or not, a useful upgrade over their past offerings.
Another new feature or note is the ability to setup your bot on a local server while accessing it from a web page on your local network. One of our main issues with the old bot was having to uninstall and reinstall every time there was an update. To address this, Haasbot has added an integrated autoupdate feature that will make sure you always have the latest and greatest version!
If you are a current Simple Trade Bot user, Haasbot has made it easy and inexpensive to upgrade by offering a massive discount for existing users.
The new bot comes with additional indicators and a clean way to configuring them. Once the bots are setup, you are able to view trade logs on each individual bot along with detailed indicator and pricing charts.
- Price High/Low
- Price Change
- Price Percentage Change
- Stochastic Oscillator
- Relative Strength Index (RSI)
- Stochastic Relative Strength Index (StochRSI)
- Simple Moving Average (MA)
- Moving Average Convergence/Divergence (MACD)
- Moving Average Convergence/Divergence (MACD-Histogram)
- Percentage Price Oscillator (PPO)
- Rate Of Change (ROC)
- Percentage Of Change (POC)
You are able to assign securities/safeties to your trade bots that act as functions to make sure your coins remain safe. This new feature lends confidence when setting up and running your bots.
- Static Drop-loss
- Dynamic Drop-loss
- Static Roof-out
- Dynamic Roof-out
- Moving average drop-loss
- Overcome fee costs
- Minimum price change
- Minimum percentage of price change
- Avoid buy/sell walls
Overall Haasbot has taken a great product, their Simple Trade Bot (#2 on our list) and improved it beyond our expectations. The crew of Crypto Pros give the Advanced Trade Bot from Haasbot a big thumbs up and highly recommends it to any and all looking for a full function, easy to configure, multi currency, multi exchange trading bot.
To purchase this bot Click Here.
#2 Simple Trade Bot – Altcoin/Bitcoin Trading Bot
Simple Trade Bot also by Haasbot is a windows based bot that is configurable with 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)
• BTC China
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
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.
The bot is available at www.haasbot.com.
To see how to configure this bot go here.
#3 Crypto Trader Altcoin/Bitcoin Trading Bot
Crypto Trader is a cloud based altcoin and Bitcoin Trading 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
#4 Butter Bot – Bitcoin Trading 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.