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Best 10 trading platforms for bot trading in 2024
#cryptohopper#trading bot#Automated trading+2 more tags

Best 10 trading platforms for bot trading in 2024

Explore the top 10 trading platforms that are highly suitable for bot trading. We provide an overview of the pros and cons of each trading platform and explain how to automate trading.

What will you learn about trading platforms in this blog?

  • What are trading platforms?

  • How do I choose the right trading platform?

  • What is the best crypto exchange?

    • Binance

    • Coinbase

    • Bitvavo

    • Crypto.com

    • KuCoin

    • Kraken

    • Bybit

    • OKX

    • Binance US

    • One Trading

  • What are trading bots?

    • How do I automatically buy cryptocurrencies?

    • How do I automatically sell cryptocurrencies?

  • What should I consider when choosing a trading bot?

  • What are the advantages of trading bots?

  • What are the disadvantages of trading bots?

  • How do I start bot trading on a trading platform?

  • What is the best automatic trading bot for cryptocurrency exchanges?

What are trading platforms?

There are many different types of trading platforms for forex, commodities, and currencies. Examples of trading platforms include crypto exchanges where you can buy and sell various cryptocurrencies like Bitcoin and Ethereum at current market prices.

The price you pay for a cryptocurrency depends on the supply and demand for the specific currency you're interested in.

The difference between the purchase price and the selling price is the profit you make. Most traders trade with USD, a stablecoin with a value comparable to USD, or a currency like Euro or GBP.

You can only buy cryptocurrencies after depositing money into the chosen crypto exchange. Below, we will provide an overview of the various trading platforms you can use.

How do I choose the right trading platform?

It is essential to know what to consider when choosing a trading platform. Here is an overview of crucial factors:

  • Regulation: Does the crypto exchange comply with local regulations?

  • Available cryptocurrencies: Does the trading platform offer the cryptocurrencies you want to trade? The number of cryptocurrencies you can trade on a crypto exchange varies.

  • Trading fees: What are the transaction costs for each trade?

  • Liquidity: Is there enough trading volume to ensure you always get the best price? Read more about what liquidity entails.

  • Support: Is the website and customer service available in your language?

What is the best crypto exchange?

We have compiled a list of the best crypto exchanges for trading cryptocurrencies. These trading platforms are suitable for automating trading, also known as bot trading or automated trading.

Binance

Binance is the most well-known and largest crypto exchange globally, offering its services almost everywhere.

Read more about how to easily start bot trading on Binance.

Coinbase

Coinbase is known for complying with regulations in many different countries and is one of the most reliable platforms to trade on.

Read more about how to easily start bot trading on Coinbase.

Bitvavo

Bitvavo is a Dutch crypto exchange with a significant presence in Europe. The trading platform is available in many European languages and is known for its user-friendly experience.

Read more about how to easily start bot trading on Bitvavo.

Crypto.com

Crypto.com has over 80 million users and is an established crypto exchange with substantial liquidity.

Read more about how to easily start bot trading on Crypto.com.

KuCoin

One in four cryptocurrency traders has a KuCoin account. This exchange is available in almost all countries.

Read more about how to easily start bot trading on KuCoin.

Kraken

Kraken is one of the oldest crypto exchanges, known for low deposit and withdrawal fees. An ideal trading platform to get acquainted with trading cryptocurrencies.

Read more about how to easily start bot trading on Kraken.

Bybit

Trade as fast as Max Verstappen in Formula 1 on Bybit. Bybit has recently experienced rapid growth and is known for its fast trade matching engine.

Read more about how to easily start bot trading on Bybit.

OKX

OKX, previously known as OKEx, has a significant presence in Asia and South America and is known for a comfortable-looking user interface.

Read more about how to easily start bot trading on OKX.

Binance US

Binance US has the best API for automated bot trading for users in North America.

Read more about how to easily start bot trading on Binance US.

One Trading

One Trading, previously known as Bitpanda Pro, focuses on offering licensed trading services for institutional traders in Europe in different languages.

  • Trading fees: Starting at 0.25% for Maker and Taker fee.

  • Number of trading pairs: 31

  • Click here for available jurisdictions.

  • Additional services: Spot trading.

Read more about how to easily start bot trading on One Trading.

What are trading bots?

Trading bots are programs that allow you to automate cryptocurrency trading in a user-friendly interface without the need for programming knowledge. As a trader, you can decide when the trading bot should buy or sell a currency.

How do I automatically buy cryptocurrencies?

There are different ways to place automatic buy orders, depending on how you want to trade. For example:

  • Manual: Manually place buy orders that are sold according to automatic selling settings.

  • Signals: Subscribe to trading signals from professional traders and decide when to sell positions.

  • Strategy Designer: Create your own trading strategies that buy (or sell) when certain technical indicators or candle patterns give a buy signal. Technical indicators may sound complicated, but if you understand how different types of technical indicators work, you only need to provide parameters.

  • AI Strategy Designer: Create an AI strategy that evaluates different trading strategies and chooses the best strategy for each trading pair in bull and bear markets.

  • radingView Alerts: Use TradingView Alerts to open positions.

  • Copy Bots: Subscribe to Copy Bots to fully copy a professional trader with hands-off trading.

How do I automatically sell cryptocurrencies?

There are also different ways to place automatic sell orders for cryptocurrencies, considering risk management to prevent losses and maximize profits. For example:

  • Take profit: Set a take profit to sell a position when this profit percentage is reached.

  • Trailing stop-loss: Determine from which profit percentage the trading bot should keep an eye on a position, taking the price up but selling when the price drops by your set percentage with Trailing stop-loss. Ideal for maximizing profits.

  • Dollar Cost Averaging: Buy more of a losing position so that the entire position can be sold with profit more quickly. Use DCA only for currencies you believe will inevitably rise in price.

  • Stop-loss: Limit losses by automatically selling when your set Stop-loss percentage is reached.

  • Sell based on strategy: Automatically sell positions when your strategy gives a sell signal.

  • TradingView Alerts: Sell automatically when your TradingView strategy gives a sell signal.

What should I consider when choosing a trading bot?

There are many different things to consider when choosing a bot trading platform. We have listed a few points:

What are the advantages of trading bots?

Automatic trading bots have many different advantages:

  • Trading bots can buy and sell when the market is very volatile, while you sleep, work, or do other important things when your trading strategy should be executed.

  • You don't have to stare at price charts all day.

  • You can automatically turn trading bots on or off at significant events in the crypto market with Triggers.

  • You still have the option to sell positions manually.

  • You can trade on more markets simultaneously and diversify your portfolio.

  • You can monitor buy and sell settings and positions anywhere with an iOS or Android app.

What are the disadvantages of trading bots?

  • Basic knowledge of how to use cryptocurrency exchanges is required.

  • It takes some time to fully understand a trading bot.

  • To help you get started more quickly, trading platforms often provide documentation, YouTube videos, or a Trading Academy.

  • Monthly fees are often charged for the use of trading bots.

  • Like regular trading, there is also a risk of loss.

How do I start bot trading on a trading platform?

  1. Create an exchange account and deposit funds to trade.

  2. Connect your exchange account to the trading platform.

  3. Configure the bot settings.

What is the best automatic trading bot for cryptocurrency exchanges?

Cryptohopper is one of the oldest automatic bot trading platforms in the crypto market and has consistently evolved. It was one of the first platforms where you could subscribe to trading signals from professional traders and has generated tens of billions in trading volume.

With over 750,000 created accounts, it is one of the most well-known and reliable platforms, offering access to more than 18 exchanges for automated trading. You can even connect all your exchange accounts for free, making it easy to manage your entire crypto portfolio across different cryptocurrency exchanges in one place.

Enjoy real-time updates on your positions, charts, and order books and start trading today!

Will I get rich immediately from automated trading?

The achieved results always depend on the bot settings in the market. Be extra cautious with platforms that guarantee profits. Past performance does not guarantee future results.

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Disclaimer: Cryptohopper is not a regulated entity. Cryptocurrency bot trading involves substantial risks, and past performance is not indicative of future results. The profits shown in product screenshots are for illustrative purposes and may be exaggerated. Only engage in bot trading if you possess sufficient knowledge or seek guidance from a qualified financial advisor. Under no circumstances shall Cryptohopper accept any liability to any person or entity for (a) any loss or damage, in whole or in part, caused by, arising out of, or in connection with transactions involving our software or (b) any direct, indirect, special, consequential, or incidental damages. Please note that the content available on the Cryptohopper social trading platform is generated by members of the Cryptohopper community and does not constitute advice or recommendations from Cryptohopper or on its behalf. Profits shown on the Markteplace are not indicative of future results. By using Cryptohopper's services, you acknowledge and accept the inherent risks involved in cryptocurrency trading and agree to hold Cryptohopper harmless from any liabilities or losses incurred. It is essential to review and understand our Terms of Service and Risk Disclosure Policy before using our software or engaging in any trading activities. Please consult legal and financial professionals for personalized advice based on your specific circumstances.

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