Wondering If Crypto Bots Work?

If cryptocurrencies have caught your attention, then you probably might be wondering if the cryptocurrency trading robots actually work and if so how do these bots work such that it returns great profits. Continue reading this post to know more about crypto bots.

How do trading bots work?

Trading bots are a multi-faceted technology-based system. Trading bots operate by seizing every market opportunity by gathering data that is needed to execute a trade. They operate exponentially based on a moving average from the starting poring of any market analysis. Once the bots track the market prices, they are programmed to move in a certain fashion so as to achieve a particular threshold value.

Therefore, crypto bots basically operate by profiting from the small lags or delays that occur in prices, which normally takes time for it to be updated across the different exchange systems.

What are the different bots available?

Some of the most popular and commonly referred to crypto bots that are available in the market include:

  1. Gunbot – This crypto bots have the ability to link to eight different exchanges at a time including Binance, Bittrex, and Kraken. In addition, it is the sole bearer of eight unique trading strategies.
  2. Haasbot – These bots allow automated trading in most of the high profile exchanges.
  3. Profit Trailer – The bots go by the name that allows its traders to average out the coins that are used in buying the bots. However, there is no guarantee that you this will trail to profits.
  4. Cryptohopper – These bots are based on cloud trading.
  5. Gekko – This is an open and free bot source, which needs to be told what needs to be done. Thus, profit-making lies solely in your hands.
  6. Cryptotrader – Similar to the Gekko, even this particular bot needs to be manually programmed.

Are bots really profitable?

The answer is yes bots are profitable else it would not have been as popular as it is now. However, in order to start profiting from bots, you need to possess a fair share of cryptocurrencies such as bitcoins or ethereum that are deposited in multiple exchanges connected the bot. Once you have your bots set in place, then you are ready to profit from it.

The benefits of working with a crypto bot are that it is constantly interacting with the different exchanges without any emotional factor involved. However, incorrect trading strategies will result in poor market decisions that are not profitable.

Bottom line: Always trade with only what you can afford to lose and not what you expect you could win.

 

This entry was posted in Post. Bookmark the permalink. Both comments and trackbacks are currently closed.