Crypto Trading Bots - Easy Money Or Tipping Off The Money? [Guide 2020]
Crypto trading bot is a programmed system that analyzes a cryptocurrency market and makes crypto deals for you - just give it all the necessary information.
8 Best Crypto Trading Bots 2020:
If you are reading this article, you probably tried to use the Telegram crypto bot or googled a lot “What is the best trading bot?”.
Right?
You read a lot of beautiful articles about a huge amount of money which appears from nowhere - just pay for the bot’s subscription and you will get billions automatically!
No.
Anyway, today I’m gonna tell you the real tips which will help you to get permanent earnings trading with crypto bots like Haasonline (Haas Bot) or Cryptohopper trading bot.
Why Are Crypto Trading Bots So Popular?
Hype.
Your crypto-friends are excited:
“I spend one hour per day just setting up my Telegram trading bot!”
“It’s easy money, bro!”
According to our research, 126 out of 209 traders use crypto bots for trading.
But it’s not only about users - you can find a lot of different unknown crypto bots on the Internet.
According to awesomeopensource.com there are 70 bots with open source, so let’s imagine how many of them are in general!
But what is special about them? Why are the best Telegram crypto bots so popular?
Let’s see.
You know, when you trade just with the help of signals and exchange, you spend a lot of time.
But with top trading bots crypto trading is simple - you need just to give them all the details of a deal.
They are like washing machines!
People are not bots.
You can’t trade 24/7 every day.
But the best crypto robot can!
Of course, it is not about every Telegram crypto trading bot. Some of them have a very difficult interface - not for beginners.
Also, you can check every crypto trading bot github (if you are familiar with IT).
But still a lot of newcomers think that they can trade with a bot without any experience in crypto.
You know that situation when you see that that coin is decreasing in value.
You start to think:
“Oh no, I need to sell it right now. Otherwise, I will lose everything I have invested.”
Emotions.
And cryptocurrency and stock trading bots don't think like that because they are machines!
It will use only set parameters.
How Profitable Are Trading Bots?
According to TradeSanta.com, a cryptocurrency trading software, in inefficient crypto markets, automation can still be a silver bullet if you're an individual trader.
Bots are just like soldiers that fight on your behalf 24/7, giving you an advantage of time, volume and price.
On the other hand, you should take full responsibility for everything your bots do on the crypto battlefields.
They never give you a 100% guarantee of an extra income, unless these are scam bots.
Basically, this is just a software that helps you implement your own strategies, knowledge and trading experience.
Advantages of Crypto Trading Bots
Every time you want to try a new thing, you want to know about its advantages and disadvantages.
Is Telegram trading bot worth the money?
Let’s check.
Every person needs to eat, to sleep, to take a small break for tea or coffee, to spend some time with the family.
But it’s not about bots.
People sometimes want to avoid risks, but bots - don’t.
Robots make all the steps while trading faster.
Are you able to track the price of every existing coin?
Nah…
Cryptocurrency trading bots can analyze monster-size information!
Again, emotions.
Bots for cryptocurrency only listen to humans, their strategies and replicate their intelligence.
No pressure.
No fear.
Simple!
A person can miscalculate parameters or analyze charts or strategies without attention.
This leads to huge losses.
Bots, as machines, are much more accurate.
Disadvantages of Crypto Trading Bots
You should think about every scenario before trading with a crypto bot Telegram.
Not all the bots are good and legit.
Remember, that not every auto crypto bot is a scam!
It just means that it’s going to contain some developer errors etc.
So what is gonna happen if you choose a bad trade bot?
Now you know that cryptocurrency trading bot is made with the help of humans.
So they can contain developer errors.
Setting up a bot is a very complicated process, so mistakes can be anywhere - even at the best crypto bot.
And the result of such mistakes will definitely lead to trader’s losses.
One of the main drawbacks of trading with a crypto trading bot Telegram is how often transactions are carried out.
So, commissions for opening or closing positions can exceed the amount of your revenue.
Of course, if you choose a good and professional bot, those parameters should be adjusted.
Oooh, what a nightmare!
Yes, unfortunately, there are a lot of scam cryptocurrency Binance trading bots.
How to distinguish a scam bot among all of them?
We are going to talk about this a bit later.
Is It Possible To Earn Money With The Help Of Crypto Trading Bot?
Did some tell you that you will definitely earn something while trading with a bot?
Don’t believe it!
Why?
The reasons are quite simple.
As we already pointed out in pros & cons - robots are machines only.
But some of the bots for cryptocurrency can show you their accuracy.
They provide you results and losses they have made.
The best and safest if we talk about trading with a bot is using a complex - the best trading bot and a crypto provider - a professional trader that provides profitable crypto signals.
At Safetrading you can find such providers.
Do Bots Scam People?
Hell yeah!
Scam crypto trading bots are made only to steal users’ funds.
Pim from Gunbot team shared his opinion about crypto trading bots in general and gave some advice on how not to be scammed by a trading bot:
Imagine:
Unprofessional users get a subscription and give the bot full access to their investments.
If you don’t know how to choose the best crypto trading bot 2020 among all the existing ones and decide to trade with doubtful bot...
Your assets are going to be stolen.
Crypto Robot 365.
Bitcoin Loophole.
Bitcoin Code.
Crypto Edge.
BTC Robot.
Bitcoin Trader.
Bitcoin Revolution.
The accuracy and profitability of those bots are doubtful.
But they are not the only ones, unfortunately.
What Should You Remember Before Trading?
I promised you some tips on how not to lose everything you invested.
But I’m gonna give you more!
Are you ready for tips that will help you to gain profit while trading?
Please, keep it in a safe place.
Don’t take a screenshot, don’t put it in “Notes”. Store it offline and your assets will be safe.
Remember we were talking about scam crypto bots?
So… You should be the only creature in this world who can withdraw the assets.
Even the best crypto bot can lose money, because the cryptocurrency market sometimes is very unpredictable.
To be sure you are not going to lose all the money you have on your account, use stop loss.
But don’t be scared. It’s okay to make mistakes - even for a bot.
Bull market. Bear market.
The strategies are different for different markets, so switch your strategy every time the market changes.
To set your best crypto bot 2020 you need to understand what you are doing.
If you don’t know how to use the crypto trading bot, it will be very hard to control it and to gain profit.
Don’t forget that you pay fees for every trading (not with every bot, but still).
So you should make enough profit to cover your fees.
This is the best decision!
Just find a good and trusted crypto provider and use his signals to trade with the bot Telegram crypto.
Don’t do something if you don’t know what it is for.
Write to the support or google your question.
Don’t waste your time and money trying to trade with unknown bots.
There are a lot of reviews on cryptocurrency trading bots, which are not going to steal your money.
Alex from LiveTrader has the following opinion about the situation with bots-scammers:
Conclusion
Starting to trade with a crypto trading bot you should remember, that it still needs you and the parameters you give it to trade.
“Hey, use my crypto bot and earn $1000 on the first day of trading!”
Don’t believe it.
Everything successful needs some time, effort and patience.
Do crypto and stock trading bots really work?
It is definitely possible to earn with crypto trading bots. They will save you a lot of time!
But if you are a newcomer, take your time, read a lot of articles and start to trade slowly.
And you will be a successful trader!