With the fast development of blockchain technology and cryptocurrencies, many investors and traders started to see cryptocurrencies as good assets to trade with. But there is one problem, which is complexity. When dealing with traditional assets, such as forex and stocks, it’s relatively easy to analyze the market and predict upcoming price movements. But cryptocurrencies are not traditional assets and there are big uncertainties behind their price movement. One crypto might be worth $50 and the next day it could be $10 with no defined reason behind it. Because of it, many new traders who are joining crypto trading, find it hard to trade, and usually, they suffer losses.
But this does not mean that they should not trade with crypto, as there are ways to get accustomed to this market. Some newcomers look for different educational materials in order to learn as much as possible about this asset, while others use automated trading bots, in order to remove the possibility of human and inexperienced errors. These trading bots are great for minimizing the risks of making losses, and they can also be used by those who don’t have enough time to keep up with a market, no matter if they are experienced or inexperienced crypto traders.
When it comes to trading platforms, not many come close to Coinbase. Being the largest crypto exchange in the US and playing second fiddle to Binance in the rest of the world, this is a great exchange with good trading tools and possibilities. Because of it, today we will be taking a look at the best automated crypto trading bots for Coinbase.
When it comes to the best trading bots for any crypto exchange, Bitsgap is probably the best option available out there. Bitsgap is more of a trading platform than a single trading bot. While using this platform, traders can manage multiple portfolios, receive signals, access multiple trading bots, and many more. Another advantage of Bitsgap is that it can be easily used by both experienced and inexperienced traders.
Simplicity is not what makes Bitsgap so special, its rich features are what make this platform stand out from the rest. When using Bitsgap, traders can use an arbitrage trading strategy, by connecting their trading bots to Coinbase and other crypto exchanges. When doing so, they also receive access to a trading terminal, where they can monitor every trading bot, across all platforms. There is also a possibility to configure bots, so they can trade with futures contracts, and this is something that not many other trading bots have.
When it comes to actual trading bots, traders can configure them themselves, or they can access already pre-programmed ones with many different strategies. With this feature, traders are not required to know how to program bots, which makes this whole experience even more simple.
As we said before, Bitsgap has many different trading bots, and the most popular among them has to be the GRID trading bot. This has to be the most simple and effective trading bot that can run 24/7. When using the GRID trading bot, Coinbase traders can indicate the prices at which they wish to trade and the rest is done by the bot. GRID bot automatically opens positions if the price of an asset falls in the price range indicated by the trader. When it opens positions, it automatically places a sell order, slightly above the market price. Once this sell order gets executed, the GRID bot opens another position and repeats the same process, until the price remains in the indicated range.
But there is one downside to Bitsgap, which is its price. While most trading bots come in both free and paid versions, Bitsgap does not have a free one and if you want to use it, you have to pay monthly subscription fees. These prices range from $26/mo to $149/mo, but you can save some money if you make a 12-month subscription. If you are not sure, if Bitsgap is worth paying money for, they offer a free 7-day trial, where you can test out bots for free before making a final decision.
The second trading bot on our list is Cryptohopper, which is not too far away from Bitsgap, and for some, it might even be better. What makes this bot so special is that it supports more than 100 cryptos, and it can be connected to Coinbase and 14 other crypto exchanges. This is a great option for both newbies and experienced traders.
If you are an inexperienced trader, using Cryptohopper should not cause any problems. They provide many different templates, and educational material in order to learn how to use crypto trading bots. And the best part is that you don’t need to know any coding or programming language in order to set these bots up.
On top of offering automated trading bots, Cryptohopper users can also take advantage of social trading offered by the platform. If you don’t know what social trading is, it’s when traders follow professional traders and execute the same trades as them. So if you are not confident in your abilities, or simply don’t have enough time to trade actively, you can follow professional traders of your choosing and Cryptohopper will automatically execute the same order as the trader you are following.
Experienced traders, who don’t need this social trading feature and simple bots, can also benefit from using Cryptohopper. This platform allows traders to design specific and complex trading strategies in a fast and simple manner. And once this strategy is created, traders can use the backtesting feature offered by Cryptohopper to see if their strategy works properly and if it needs any adjustments.
When it comes to prices, Cryptohopper offers both free and paid versions of their bots. When using a free version, traders can open up to 20 positions and have access to portfolio management. Paid versions of the bot start from $19/mo and go up to $99/mo where traders can open up to 500 positions, specific coin signals, arbitrage trading feature,s and more. If you want to test out their paid version, you can use the 7-day free trial offered by Cryptohopper.
When it comes to crypto trading bots, Gunbot is on the more complex end of the spectrum, but if you don’t mind some learning, this bot will give traders rich features, to maximize their trading profits. This is a software trading bot, which means you have to download the software and can’t use this bot straight from the web.
When it comes to features, there are quite a few, and we will take a look at some of the most useful ones. The first thing we need to mention is the accumulation bot. Using this bot, traders can set up an automated system, where they purchase certain assets during the dip, in order to re-sell them later for a profit, or accumulate certain assets for long-term holding. Gunbot also provides a great exit manager for those who prefere manual trading. When a trader purchases an asset, he can set up an automated exit strategy using Gunbot, in order to not miss on profits or don’t go into big losses. Gunbot also has fully automated trading bots that can operate 24/7 without any human interaction. When connected to Coinbase, these bots can trade on the spot market, but not with futures. Lastly, Gunbot can be used with TradingView, and by doing so, bot can automatically receive email alerts from TradingView and act accordingly.
Gunbot does not offer free trading bots, but pricing of their starter bot is reasonably cheap at $9.99/mo. When it comes to other paid versions, things here get pricey as you have to pay with Bitcoin in order to get the subscription. Their prices start at 0.014 BTC and go all the way to 0.04 BTC.
Best trading bot for Coinbase, in our opinion, is Bitsgap. Despite not offering free versions of the bot, prices are not that expensive and in return, you receive trading features that are guaranteed to make you good profits.
When you create your Coinbase account, you have to go to your profile and search for API. Here you have to create your own API key and using that key you can simply connect any supported trading bot to Coinbase from API key settings.
Pionex is one of the best automated trading bots out there, but you cannot use it with Coinbase. But this might change soon, as more and more people are asking to allow Pionex bots to be connected to Coinbase.