Bitcoin Forum

Hi Everyone!

I hope you're having a great week. I wanted to start a discussion on the most useful crypto trading bots. I recently wrote up an article about 5 of the most useful trading bots in the market. I would love to hear you thoughts on which ones have worked for you, what other trading bots you would recommend, and any other tips you would give to new cryptocurrency traders!

The Most Useful Crypto Trading Bots in 2020
(https://blog.shrimpy.io/blog/the-most-useful-crypto-trading-bots)

I'm looking forward to chatting with everyone!

The only trading bot I'm familiar with in the list are Gunbot to be honest and I'm pretty sure that majority of us here has used Gunbot one time or another in their trading activity.

As for trading bots is not for everyone, yes I totally agree with that statement. I mean if you're a newbie and haven't trade at all or you're not that experience yet, using a trading bot will be overwhelming because of the parameters or setting that you have to make in order to make money. So if you're not familiar with it, I'm sure that you will be loss along the line and you could end up losing money, just saying.

I'm not a bot user, but sometimes I'm curious about the results of using a bot, can you show a history of your trading results when using the bot, and why all the bots that you recommend are not free, or at least get a free trial for 1 week or 1 month.

I run bots, but also run a set of semi-automated tools that aren't quite bots, but make my life much easier. For instance, suppose I want to execute a limit order without paying the taker fee. Like many others, I have a program that will dynamically reprice my order to ensure it's at the top of the book. Just using this has saved me thousands, both in taker fees and being on the good side of the spread. That program is not a bot intrinsically, but is a potentially fundamental part of any bot. Every toolkit starts somewhere.

Among the list, I'm just familiar with the Gunbot since I saw someone who is selling discounted Gunbot subscriptions here in the Bitcointalk forum.
Speaking of trading bots, since it is automated trading. How you guys think the pros and cons of those trading bots.
Like, do they really 100% surely guaranteed profits as long as we go subscribe to their services? Just like for a 1-month subscription, how much around the estimated percentage(%) returns expected.

Come on..... Guaranteed profits do not exist. If a service/reseller claims that you can make guaranteed profits it's an outright scam.

You shouldn't have ANY expectations of profit just because it's a bot and does the work for you. It could wipe out your entire balance just as easily as it could bring you profit. Bots are programmed by humans, and when humans have a "guaranteed" profit strategy, do you seriously believe they would allow you to tap into that success for a tiny subscription fee? Definitely not.

I saw a wall street documentary on TV where the main subject was how bots took over the market in the last decade. One of the most successful trading division of a financial institution had a losing streak of 3 weeks! If the pros with their multi million setups and research/knowledge can't even guarantee profits, how will some retail bot do so?

Gunbot, being a decently reputable trading bot service(as far as I know, at least), doesn't even advertise their bot as "100% guaranteed profits" since guaranteed profit doesn't really exist. Those "100% guaranteed profits" trading bots are either false advertisements, or just outright scams(99.9% of the time).

Bots are really just tools being used by traders themselves to automate some of the things they're doing in the first place. It's not some run-once-and-profit-forever thing.

1Referee already explained it well but I just want to show you an example. There was this user who was very confident in his trading bot and claims that it has never lost. There were even long and heated arguments with other members here questioning his bot's win rate. Finally, a reputable member here volunteered to try the trading bot. Follow his updates on this thread https://bitcointalk.org/index.php?topic=5206137.0
It looks like the experiment didn't end well  :D

Gunbot is one of the oldest and successful bot since a long time. There is no way for any of the bots to predict 100% sure profits. Most of the bots I've went through use this as their promotion slogan. This is not what the traders actually want. Each of the trader knows how riskier it is to make profits in the markets by using the human brain and here, how could computer(trading bot) predict a 100% fixed profits?

Human brain is way more advanced and capable than any of the bots the only fact is that we do not use maximum of our brain. Trading bots usually save our time by speculating the markets and executing approximate buy and sell orders with the percentage of ROI we set.

I've tried both Haasbot and Gunbot in the past, and the one I ended up sticking with ever since was Gunbot since I preferred Gunbot's UI more and I'm not a fan of a subscription plan like what Haasbot offers for their trading bot, because the most important thing at the end of the day is really just the strategies you come up with that you let the bot run. Some of the preset strategies that bots like Haasbot and Gunbot offer can be decent places to start learning how to customize strategies the way you want too. You're better off not buying a bot if you're not willing to put the time and practice in to develop your own strategies.

I tried gunbot before and it works well to me, I just stop using it since the market is too risky for trading before but now that the market is getting better, I think I have to use gunbot platform again as a busy trader. Bot in trading works, just input everything he needs and he will perform to you very well.

Well, the one that is mostly used i think is the Gunbot. although i am not a fan of using bot in trading digital assets but most people do. Haven't said that in case you decided to settle with one ensure you do a due diligence

Thanks and I agree. This should be kept in mind of those subscribers in every trading bots or even paid signals groups. As I saw some successful traders there, they are not mentioning any tradings bots. Although there are some people still using those kinds of trading bots.
But trading bots for me is not really advisable for the newbies or those people is starting to trade, learning from the scratch first is much better before using some automated tools.

There have been a number of trading bots which were been introduced in the late 2019 or the start of 2020. This makes the markets highly flooded by these trading bots are traders usually have huge lot of options in front of them to choose a better and profitable trading bot with minimum pricing, 100% uptime, etc.

I personally like to use trading bots which are easier to understand. There are a number of bots which actually are much complex to use and there needs to be some study about such bots in order to use them to execute the trades. This would be time consuming for me and hence I decide to move onto a simplier bot. Also there are few telegram bots which are been much useful in order to execute our trades instantly. One of those telegram bots is cornix bot. (https://cornix.io/)

The oldest bot I have known there is Gunbot trading bot, I didn't see 3commas.io there and I think that is also a good trading bot so far.
I agree with the conclusion of the article, "There are a variety of trading bots that each have a specific purpose. Take care when selecting which trading bot is best for you". Bot has created with different programs and it is programmed for scalping and sharing with Application Programming Interface (API).

If you are going to ask me, I wouldn't be recommended to use a trading bot for the newbie. It could be lead in a hacking incident, there are too many hacking cases that had happened when someone trying different trading to use trading bots. If you trusted anew launched trading bot and give them all trading rights probably didn't a profitable thing to do, I guess. (Unlike those who have been proven for a long time and already known like GunBot)

I have only used gunbot amongts all of these, haasbot was something we had in our hands at the time to disect and check how it works as well, never used shrimpy but I can say their blogs are the best out there :D. For gunbot all I can say is that, it is both not as complex as some of the other bots out there, but it is also not as simple neither, it depends on customers needs and you can make it a simple ping pong setup that buys at x price and sells at Y price, or you can make it like "if bollinger band hits x and macd is at y and gain is at z, buy it" type of complex stuff as well.

However one thing is for sure that whenever markets were crashing, NO bot that I know made it out alive, as far as I know, all the ones we were competing was losing money, not only "not making profit" but actually losing money. So bots are awesome on bull runs, not so much on bear runs.

I have never trusted such services, or rather, the only kind of bots that I trust are those bots that help speed up operations on the exchange, but all decisions are made by the person himself.
All other bots are not reliable enough. I prefer myself to be responsible for making my decisions in trading than I hope that some bot has finally appeared that will help me earn a lot of money.
That its creators are so generous that they decided to share a similar tool because of their spiritual kindness and a desire to help people for a small fee.

Bots is really just for automation but most people specially noobs do really treat it differently which they do believe that these things can generate income or profit on them.
Sooner or later they would realize that those expectations are wrong when they do already tried it out.Manual trading is preferable but there are circumstances that you would
really be far away from keyboard (afk) and this is the time where bots do work.They do execute orders according on what the user had set out.
One example is https://www.gunbot.com/ pretty common bot used by people.

I wrote many times to do not trade with bots. Because in my opinion it's too much risky to trade with bot. I always prefer new trader to stay way from bot or pump/dump group. Cause those thing gave you just couple of benefit at first but end of the day there is very much chance to lose your asset. So i'll never recommend any kinda bot for trade.



I never heard any of those bots besides Gunbot and Shrimpy. And i guess in this forum many people know about Gunbot too. Cause i saw many people promoted Gunbot from couple of last years.

But, if you look at how bitcoin market is working, you will be having bullish markets for only one complete year in every four year cycle. If a bot is not good in bear conditions then I am not sure what I need to do for almost for three years in between my profit periods. I mean, in 2017 we had a stronger bullish market and after that we had bearish market in 2018 completely and in 2019 we had bullish from March to May month after that again entered into bearish markets.

A bot should be versatile for all types of markets otherwise you may not see consistent results. If you plan for using bots only on bullish markets then you will be trapped as you cannot predict when bulls will their control.

I tried to use that bot before but it doesn't have good effect in my trading portfolio. I already stopped using it and I will only rely on my own decisions. The reason why I decide to use trading bots before is because of my poor time management where I only allocating few hours everyday in trading. But now my focus is trading and that is why it is better if I will decide on my own than to use trading bots.

I believe that for a professional trailer that devotes all its time to trading, the use of trading bots is inappropriate, since the results will be worse in any case than with personal activities.  But I believe that a trading bot is very useful for a beginner, since beginners do not have experience in trading, and most importantly, this is the correct analysis of the right coin and the market in general.  And the trading bot has in its software all the necessary knowledge that a beginner does not have.

Hi! I do not use earning bots (but 3commas probably is a good one)

Personally I highly recommend a risk monitor and stats reporting assistant. This is the only app I use and it helped me to increase my profit a lot.
It controls risks at several accounts (not like a stop loss, it has more options) and makes advanced reports.

Here it is  - https://www.bitinsure.com/


Looks like this:

https://i.postimg.cc/zBMSJTWK/Bitinsure-1502.png (https://postimg.cc/PpW8ypS5)

In my own point of view, using trading bots is not really that appropriate. The use of trading bots is not that accurate when it comes for making your trades successful because it is only a guide for beginners on how they will start to trade, that is why trading manually is still the best solution when it comes for making your trades successful pr profitable.

Tradebots aren't really well suited as of the moment even if many people suggest they're really good for bullish markets. I've used GunBot once and it didn't work for me well. So it's really based on how you strategize your investment, if you use a powerful bot but at the same time is not inclined towards your investment stratedy you wouldn't get that much profits as compared to just trading using your own manpower. Bots still need supervision and unlike risk monitors most of them don't know what to do when there's a dump. It would still depend on you entirely if you wanted to use bots for trading but as much as you can refrain from using them.

I could say trading bots can be helpful but not all the time. If we still have time to be in trading, better do it manually instead of letting bots work on us. A lot of trading bots that can be found online, some are legit and some also are totally shit. But if you have a trusted person that owns trading bots, you may have to try it but if there's no one...better not to do it.

Some trusted members here are already using trading bots and some also are selling by then. But as I said, a better to look someone can be trusted otherwise, you might waste your time for this and end up being scammed or have your trades alone.

Trading bots are good for high volatility markets. The background of the trading bots is the most important part. Even a shady trading bot might not affect you financially because trading bots usually work on the API keys and it depends on us whether we want to allow the authorized trading bot to perform withdrawals or no. There are some really reliable bots which are been working since years and there is no harm in buying their subscription and start using them. Those would make our works easier.

Manual trading is really good but it might not always be possible for us to manage our trades and hence trading bots are been introduced to make our work easier.

Even the strategies trading bots would use depends on our input. We have to adjust few details before we could set the trading bot onto our exchange which might include setting up stop-loss, take-profit, trailing configuration, etc which might even make the bot earn profits in the bearish markets as well. Trading bots would only work the way we program them.

There needs some knowledge and TA before we could set the trading bots. I can see many people are just programming their bots and leaving everything onto those bots. In this situation, you would have to land up in loss. That bot is not god which can work on it's own without giving any inputs.

Being a trader, using a trading bots is not really credible. In my own perspective, if we manually manage our trades in trading platform we can 100% assured that our assets are safe during trading, but if we use trading bots we can't handle our assets because the bots are just holding it and it has a ability to access our assets without knowing it. Some trading bots are just pretending that they are good to the clients but it has a hidden agenda to hacked or scammed your account

It would be nice if there's a coded bot that runs whenever you click it to run and does not need to set some parameters. Yes, indeed they're splendid programs and convenient but only if you know the correct parameters and settings. Sometimes its pretty much hard to follow or use this bots. So i've tried creating one on my own but it was not that suprising cause the algorithm is simple. In the end, i went back on manual trading.

I agree with that, newbies should focus more on the manual trading to practice not relying on those trading bot. The only importance of trading bot is to let you trade even when you're working with your job. You will just monitor it when you have a free time and let your trading bot manage your account. Also, you need to know the pros and cons of using crypto trading bot because the consequences of using it will reflect on the results and you are accountable for that. That's why most of the traders are recommending you to practice manual trading to completely and easily manipulate your money and your account.

Automated trading bots is really not a good practice in trading because you are being dependent and i guarantee that you won't be able to have a successful trade. The only good side of using a trading bots is helping you to manage your time and money at the same time while you're away, but it is not profitable as you think it is, that is why as long you are a newbie you should already practicing yourself in manual trading.