How to Choose a Crypto Trading Bot?
Cryptocurrency trading brings real opportunities if you want to boost your income. It is crucial to know how it all works before you can make the right decisions. If you don’t gain this knowledge, you could lose out.
One of the easiest and most effective ways to maximize the probability of success is to try out crypto trading bots.
It is an advanced form of software developed to perform in-depth data analysis. Crypto trading bots help you generate income from the cryptocurrency market. You can customize them to suit your personal trading preferences, and they will automatically trade for you even when you sleep.
There are currently a huge number of platforms that offer traders such solutions as crypto trading bots. One of these platforms is Cryptorobotics, which has developed three types of crypto trading bots. These robots for cryptocurrency trading are considered one of the best on the market. They have a very wide list of features that prevent traders from risks and increase earnings. These two types of bots are designed for entirely different purposes. Let's figure out the differences between these crypto trading bots and which one you should choose.
Types of Cryptorobotics trading bots
As we have already mentioned above, the Cryptorobotics platform created three types of trading bots:
- Optimus
These types of bots are created to trade on low price volatility. The bot starts to trade at positive price fluctuations and closes them according to certain oscillators and indicators set by the algorithm.
- Cyberbot
The Cyberbot is intended for trading on positive trends' movements of the cryptocurrency market. He does not enter into trades against the trend. Due to this, it protects traders from risks and increases the opportunity to make a profit.
- Crypto Future
Besides Optimus and Cyberbot, the Cryptorobotics team created a new type of crypto trading bots, which are called Crypto Futures. These bots are intended for opening short and long strategies. Therefore, Crypto Futures are able to trade in both declining and growing markets. These crypto trading bots are divided into three types and differ by the level of risk during trading and the number of basic trading crypto pairs. Let's take a closer look at them.
Differences of Crypto Futures trading bots
How to set up the Crypto Future trading bots?
If you want to customize one of these types of trading bots, it is necessary to do the following actions:
- Select “My robots”.
- Click “Manage”.
- Choose one of the modes: Test or Work Mode. If you never use Crypto Futures robots, it is recommended to choose Test or Demo Mode.
To start a Crypto Futures robot, you should choose Work Mode and go to the Settings, and set up the following features:
- Exchange
- Main coin
- Total balance
- Trading lot size
- Leverage
- Risk management
It is worth mentioning that the process of setting up a Crypto Futures bot is quite simple for both beginners and experienced traders.
Setting up the Cryptorobotics trading bots: Optimus and Cyberbot
First of all, you need to register to choose one of these trading bots for yourself. After you have signed up, you should follow these steps:
1). Open the Algotrading tab.
2). Select “Trading Robots.”
3). Select “My robots”.
4). Go to Manage, and you will get into the robot control panel.
5). In the upper left corner, you should choose one of two modes: Test or Work Mode.
The Test Mode reflects real trading in real-time on real quotes, not including the volumes in the order book. Signals for entry and exit points are identical to the Work Mode.
This mode is intended for testing various strategies and settings.
If you want to go to the robot's settings, you need to click on the Work Mode and Settings buttons in the upper right corner.
It is worth noting that you can also view in this dashboard the current and general statics and statistics for a certain period of trading.
Besides, you have an opportunity to filter statistics for a certain exchange and trading pair.
Account settings for the Optimus and Cyberbot trading robots
For robots to work, you can set the following settings:
- Select an exchange for trading.
- If you have several accounts of the same exchange connected, then you can select the API key from which the robot will purchase and sell the cryptocurrency.
- Select the cryptocurrency in which you will trade (BTC, ETH, USDT).
- Choose the cryptocurrency pairs for trading.
- Choose a timeframe.
- The total trading amount of your funds that you allow the robot to trade.
- Set the amount for one trading session.
Additional settings
There is also a set of additional settings that can help traders improve the trading process, such as:
Risk management — This function allows the robot to stop on its own if the loss on all trades is equal to or slightly less than you set.
Minimum profit for a sell signal — Due to the algorithm that was developed by the Cryptorobotics team, it is possible to be in a trade and track the change in indicators that give an exit signal. If the cryptocurrency in which the robot opened trade is growing, then the robot does not sell this coin. When the robot receives a signal of a trend change, it closes the trade for this trading pair.
Re-buy coins if it has open orders — This function will help to increase the number of orders opened by the robot.
In addition, you can set up such features as “Take Profit”, “Trailing Take Profit”, “Stop-loss” that help traders reduce all risks and make a profit.
How to launch and stop the crypto trading bot?
After you have configured your bot for cryptocurrency trading, you need to launch it. To do this, press the "Edit robot and Start" button, after which the robot will be launched.
If you want to stop the robot, you need to click the Stop button. You will have to choose one of three options: Stop, Stop buying or Stop and sell.
Conclusion
The world of cryptocurrency trading is quite unpredictable and requires a safe and reliable trading strategy. Unlike the stock market, cryptocurrency trading makes it difficult for traders to track market fluctuations, diversify risks, eliminate errors, and maintain the trading process 24 hours a day, seven days a week, 365 days a year. Thus, Cryptorobotics trading bots are an ideal option for traders. These cryptocurrency bots can solve many problems associated with cryptocurrency trading, greatly simplify the whole process of trading cryptocurrency and help traders generate high returns. All the traders need to do is choose one of two types of crypto trading bots and set up this bot according to the crypto market demands.