Key features comparison
Trading bots: what do they stand for?
Timing is everything when it comes to making money on the incredibly unpredictable cryptocurrency market, along with having access to reliable trading methods and technical research. The learning curve for inexperienced crypto traders is substantially steeper, and the possibility for losses is frequently much bigger because of the hundreds of assets to pick from and the fact that markets are open 24/7.
Here come automation and insights, two of artificial intelligence’s (AI) fundamental capabilities essential to AI cryptocurrency trading. Investors in cryptocurrencies are already using trading bots to automatically handle the buying and selling of positions based on important technical indicators, much like they do with conventional AI stock trading.
Trading cryptocurrencies presents some significant difficulties. To avoid missing out on a deal, traders must continually watch the charts because the markets are open 24/7. This is one of the main causes for the rise in popularity of AI crypto trading bots over time.
AI trading bots perform better and save users time by not requiring them to spend a lot of effort learning various trading techniques, technical indicators, and trading tools. Crypto trading bots are also a fantastic choice for individuals who want to start trading cryptocurrencies since they make it possible for amateur traders to use lucrative tactics and already-proven trading strategies.
Due to their popularity, there has been an increase in the availability of AI crypto trading bots and not all of them perform the same. The following article will compare Coinrule and Cryptohopper, two interesting choices when it comes to automating your trading strategies.
Can trading bots adapt to your trading strategies?
When it comes to automated trading bots, there are a lot of choices offered by websites like Coinrule or Cryptohopper. What is interesting about these trading bots is that you can alter the specifications these sites use to create trading bots, making them work with whatever trading technique you have. You can even test your ideas using paper trading to make sure they work. Cryptocurrency trading bots are great because they can trade continually, which is something no human can do. You may set them up to execute transactions at various times during the day or night, depending on how the market reacts.
In addition to what we stated above, platforms such as these allow you to use already-proven trading strategies that spare you the hustle of testing and proving that your strategies are working. You can use predefined rules based on historically successful data, allowing you to earn money passively without much effort.
What are the important features to look for in a trading bot?
There are some important features to focus on when looking for an adequate trading bot. The following section of the article will help you learn what these aspects are and what is the importance of each one of them:
Market analytics and features
Robust portfolio analytics are characteristics of strong and safe crypto trading automation tools, that allow you to efficiently monitor and analyze all of your crypto assets. Good platforms provide tools such as asset distribution, breakdown of current and past performance, or profit and loss reports to assess the effectiveness of their automated bots tactics.Investors in digital assets may be able to reduce portfolio risk, execute automated procedures, and have access to higher data quality when portfolio analytics are accessible. Naturally, this makes it simpler to assess the potential, growth, and profitability of your holdings using different strategies such as arbitrage trading, dollar cost averaging, grid trading bot, leverage trading, or simply copy trading.
High security features
Crypto trading bots should provide institutional-grade and enterprise-grade digital security to the investor’s funds. Trading automation platforms are relied upon by investors to offer cutting-edge security measures, such as:
- Offering automated trading bots that encrypt your data to secure your private and financial information.
- Enabling confirmations of the most recent transactions, which are essential for automatically following your investing behavior.
Backtesting is an important feature of automated trading platforms, allowing you to test your trading techniques against historical data and determining how well your algorithm or trading strategy would have done in the actual market. Naturally, you want to be able to use backtesting tools that provide the most accurate simulations, which calls for taking slippage and latency into consideration.This implies that the backtesting tool’s accuracy is only as accurate as the historical data sources it uses. Additionally, you should hunt for an active trading community on community forums, that shares backtesting setups.
Coinrule’s trading bot focuses on opening up trading strategy design to as many people as possible. This platform was made with inexperienced traders in mind, with an attractive user interface and a big lesson section with straightforward language.
Trade orders are referred to as Rules, explaining the name choice, Coinrule. Using IFFTT logic, you may create these tactics under the Rule Page section using (If-This-Then-That). The Rule Page interface makes it incredibly easy to establish Conditions and Actions for your trades without having any prior coding or trading experience. Coinrule review will help you learn more about this platform.
Cryptohopper is one of the most well-known trading bots available, and it includes many of the features a beginner should be looking for, including paper trading, backtesting, trailing stop-loss, and a strategy designer tool that makes it simple to customize your trading strategy using more than 130 indicators.
In addition to offering a comprehensive training area for new users, Cryptohopper’s trading bot also allows users to buy the top trading methods and templates directly from professional traders. The platform interface makes it simple to subscribe to several outside traders. Cryptohopper review will help you learn more about this platform.
Minimum deposit required
Neither of the two platforms requires a minimal deposit, allowing you to start your automated trading strategies with as low as $1.
There are many different trading platforms available. But when it comes to collaborations, only a few have forged solid ties with big players in the cryptocurrency market. A deep network of partners, including the best cryptocurrency exchanges and wallets, is something to look for. This will help you set up your trading bot in fewer steps, allowing you to directly connect the bot with the exchange of your choice and start trading with it using its smart trading terminal.
- Coinbase Pro
- Coinbase Pro
As we can see from the comparison we just did between the two platforms, Coinrule and Cryptohopper are very similar in many aspects. They both allow you to create and personalize your cryptocurrency trading bot and connect it to multiple exchanges, with Cryptohopper providing more choices when it comes to this aspect. Regarding pricing, Cryptohopper provides better deals than Coinrule and is suitable for advanced traders thanks to its manual trading option. They both provide many trading tools and trading signals for customizing your strategies, with Coinrule being simpler to use thanks to its smoother and simpler interface.
To conclude, we would say that the best crypto trading bot for you depends on what you are looking for, but Cryptohopper provides the best offers for both beginners and advanced traders. Cryptohopper is cheaper than Coinrule and provides powerful possibilities thanks to its large set of trading features, free and paid signals, and its social trading possibility that allows you to copy other successful traders.
Trading bots are a powerful tool available to crypto traders, as it gives them the possibility to monitor the market 24/7, something no human can do. They open the door for more profits thanks to their accuracy and 24/7 market monitoring, of course, if the trading strategies they follow are tested and proven.
Coinrule provides powerful trading bots that are very customizable in intuitive ways, allowing even the least experienced traders to create their own trading bots and test them with demo accounts without risking their funds.
Cryptohopper’s bots are powerful and can be set to follow specific rules or copy trade other crypto traders. The platform provides a multitude of tools, allowing for great customization of their bots.
If you are looking for an easy bot to get hold of, Coinrule is the crypto trading bot for you thanks to its intuitive bot builder that follows an (If-This-Then-That) logic, helping you build a powerful bot in minutes with no prior trading skills. On the other hand, Cryptohopper’s bots are also very interesting for both beginner and advanced traders thanks to the platform’s social trading and the many trading tools.