The crypto trading environment has evolved significantly over the past decade. Gone are the days when simple platforms acted as escrow service for people to buy and sell cryptos for fiat. Today, there are several full-fledged crypto exchanges that provide all the tools and methods that traditional markets (Forex, stocks, securities, etc.) do.
Nevertheless, with each new day, more innovations enter the crypto trading markets. A bleeding edge industry, it is not easy to create a disruptive service in a market that is already dubbed as the most technologically and financially disruptive in itself.
Yet, this is happening right now. For some time, a new breed of trading bots have propelled traders to new profit making activities.
Ladies and gentlemen, the future of the cryptocurrency trading market is not a future anymore.
Crypto Trading Bots
In any industry, automation is one of the most efficient and profit inducing activities. This also holds true for crypto trading.
One of the easiest methods to automate trades is to use the advanced buying and selling orders available on any decent crypto exchange. Orders such as Take Profit, Stop Loss, Trail and others can help traders set up complex trading orders that are executed only when the specific requirements such as market conditions and asking price are met.
However, these are still very basic in nature and while a single order can be automated, these lack sequential trading to be automated.
The rise of bots has helped change this a lot. Using advanced trading bots that can remotely connect to the exchange servers (through APIs), power traders can set up complex tandem and sequential orders that can automatically execute, allowing users to capture crypto volatility (both up and down) and convert it either into profits or increase their crypto holdings.
Yet, these also fall short of being truly automated as the conditions are entered manually and the bots only place the orders. In short, they cannot account for the larger market conditions outside their parameters.
AI Trading Bots: The Future of Cryptocurrency Trading
Today, several platforms have realised the power and role artificial intelligence can play in cryptocurrency trading. Advancements in machine learning and AI have allowed programmers to condition and train bots to make most of the decisions independent of the user.
Overtime, the AI trading programs have matured to a level where they are far superior to their human counterparts. Nothing but lines of pure code that can analyse the markets better, they offer several advantages.
The first is the speed, both of analysis and order execution. With so much crypto information (technical and fundamental) available to traders, it can take some time to absorb all of it and make the right decision. AI powered bots can process these at a much faster rate and come to the most profitable conclusion in a fraction of the time. With the faster decision comes faster order placement. This means that these AI bots can capture market volatility at a much quicker pace.
Secondly, these bots can help not only experienced traders, but with their independent analysis and standalone feature that requires little to no intervention, even the most novice traders can take advantage and multiply their profits many folds.
How To Determine the Best AI Trading Bot for Yourself
The futuristic crypto trading bots are not only a reality, but are now widely available as well. Bots such as Bitcode Method are known to be not only practical, but also feasible at the same time for an average person.
To know which bot is best for you, you should look over some statistics and features of each:
- Profitability Ratio: While losses and wins are a part and parcel of crypto trading, the bot should have a high profitability ratio. After all, you are going to depend on the bot to make decisions for you.
- Speed: The faster an AI powered bot can analyse the market, the chances are it is going to capitalise better on crypto price movements.
- Starting Capital: Some bots can be very costly to run and are designed for instructional level investors. Individuals on the other hand, can use bots such as Bitcode Method, as it requires extremely low initial funding.
- Strategies: Any AI trading bot will require information to determine the best course of action suited for the user. Modern bots also need input, but only a minimum. Check to see if the strategies that you can set are easy to maintain and fine tune.
While you will find bold claims on these (and other decision making) factors, the best advice we can give to you is to check out user reviews before committing to any AI crypto trading bot. Get a feel of the users and see if they are happy with it. Happier users means that the bot is doing what the developers have claimed.