Trading and investing in cryptocurrencies can be overwhelming for new investors as well as investors coming from traditional markets. One option for investors is using an automated crypotcurrency trading bot that will execute trades based on your investment goals and risk levels. There are many different cryptocurrency trading bots available online for purchase or a monthly rental fee, but most come with a steep learning curve that will confuse many new investors and require some coding knowledge.
For investors that are not comfortable setting up a cryptocurrency trading bot, there is a solution in the cloud. Cloud based cryptocurrency trading bots are a growing tool used daily by novice investors to maximize profits and still taking the hands off approach. With cloud based cryptocurrency bots, investors can use multiple strategies tailored to their personal investment goals without the need of setting up a server using a cloud based platform. Coinformant.com uses Cryptotrader.org’s cloud based cryptocurrency bot platform daily and have seen great returns on investments.
First of all, What is Cryptotrader?
Cryptotrader is an algorithmic trading platform for cryptocurrencies that allows to automate your trading strategies via flexible built-in scripting language based on Coffeescript.
Cryptotrader is a cloud based solution that allows traders to create or rent trading strategies that trade on most major exchanges without having to install software or purchase additional servers. Investors can rent a trading strategy from built in marketplace or create their own custom strategy, and connect to an exchange using simple API credentials. These strategies are able to be backtested on the platform before trading live to ensure the trading bot is set correctly without the risk of losing money or making bad trades.
Cryptocurrency Trading Bot Platform Pricing
Cryptotrader uses a subscription based plan for use of their platform. Users can choose from 5 different subscription levels depending on their investment needs such as margin trading or the use of multiple trading bots using a single account. Coinformant recommends the Pro based account as this allows margin trading as well as a $20000 trading account equity limit. Keep in mind, this is a monthly fee to use the platform. If you are planning on creating your own trading strategies, this will be the only monthly fee you will pay. If you are planning on using a pre-built trading strategy from the strategy market, there will be an additional monthly fee for renting the strategy as detailed below.
Choose Your Cryptocurrency Trading Strategy In The Market
After signing up for a Cryptotrader.org account, users have the option of renting premium proven cryptocurrency trading strategies or bots from professional traders for a monthly fee in the Strategy Marketplace. This is what makes Cryptotrader.org so amazing and easy to use. Users can choose from a growing list of trading strategies from top traders in just a few simple clicks. Strategies can vary based on supported exchanges, cryptocurrency pairs, and time frames.
After selecting a strategy you are interested in, it is time to do some research. Most premium cryptocurrency trading bots have a live instance where you can see the bot in action and how it is preforming before making a purchase as well as the ability to backtest the strategy before purchasing. When viewing the live instance, you are able to see the bot logs as well as the settings being used. Below is an example of a live trading called the Margin Slayer.
MAKE SURE TO BACKTEST ANY TRADING STRATEGY BEFORE GOING LIVE.
After doing your research and finding the cryptocurrency trading bot your are happy with, you just need to purchase access to the bot and input your API settings from your exchange of choice and deploy the bot with your desired settings. Your bot will then start trading cryptocurrency for you 24/7 or until you decide to turn it off.
Should You Use A Cryptocurrency Trading Bot?
Overall this a personal choice. The team at Coinformant.com uses both manual trading strategies as well as the automated options at Cryptotrader.org. Keep in mind that these are robots and will trade based on the information and settings you give them. With the right strategy you can be profitable from day #1 using the Cryptotrader.org platform.
If you are interested in using a cryptocurrency trading bot, we fully recommend the cloud platform provided by Cryptotrader.org for ease of use, pricing, and return on investment.