The prevalence of automation in contemporary trading is more than just apparent. Now, you can go on the internet and find hundreds of vendors offering their services to retail traders. Some of them are certainly better than others. It seems that just a decade ago, a free trading bot was a dream that will never come true.
There are two leading developing technologies in the market:
- Free AI trading software is still miles away, but some advances in the field of artificial intelligence show promise for financial applications. We do not have yet to get a good AI product right now, but it will appear sooner or later.
- Crypto algo trading or automated trading systems (ATS) are solutions that help automate repetitive actions and reduce time waste while increasing reaction speed. It is a great approach to trading if you have a reliable technical analysis strategy that delivers results consistently.
Obviously, such valuable instruments do not come without a price tag, but you can get some really good free crypto trading bots and build strategies using them. We will discuss which of the offerings in the market are worth your time and money.
Finding the Best Free Crypto Trading Platform for Automation
Most companies that offer automation services charge for using their platforms, but many also have special promotional trial periods or free plans. It is hard to say definitively which platform is the best. However, some aspects of their services may put them ahead of the competition.
- Excellent user interface. Working with platforms that have clunky interfaces and complicated navigation is an indescribable pain. You should choose only those websites and applications that have good layouts of controls and feature compact navigation with everything accessible with a single click of a mouse.
- Versatile product lineups. Regardless of your preferences and experiences, you will want to tinker and experiment. If a platform that you work with does not provide enough freedom for you to do so, you will feel limited and won’t reach your full potential.
- The availability of a basic plan that you don’t have to pay for. Testing before buying is the main motto of contemporary e-Commerce and it is only natural that the best companies in the crypto industry offer free bots for trading so that users can experience the efficiency of these tools and start paying for upgraded plans.
- Multiple integrations with other platforms. A typical bot will need a source of market data and signals (usually, TradingView is the first choice) and integrations with CEX platforms. Search for vendors that have seamless connections to these platforms and won’t force you to spend hours trying to set up a simple trading system.
While many companies tick some of these boxes, only a handful tick every single one and then some. For example, WunderTrading is a great choice for beginners and veterans thanks to its huge selection of preset solutions, advanced scriptwriting, and many integrations with exchanges and TradingView.
Where to Get the Best Free Trading Bots
We strongly recommend using platforms that offer multiple bots at once. For example, CryptoHopper allows users to open up to 20 market positions for free, but on a single exchange. WunderTrading offers up to five free bots that can run simultaneously on multiple exchanges.
Let’s talk about how you can get started with automation using WunderTrading as an example:
- Go to the official website of this automation vendor and create a new account. The registration process takes just a minute. You will only need to provide some basic personal information.
- When you are logged in, you will be prompted to connect an exchange account by the dashboard. Having a connected CEX account is necessary to start working on the platform.
- Go to the dashboard and search for the menu item called “My Bots”. Clicking it will open a new window with information about currently active bots.
- Click “Create a Bot” and select a preset or start from scratch. Adjust settings as you see fit and launch the bot. It will start working immediately.
Note that you are limited to only five bots when using the basic plan. For many newcomers, this number is more than enough to test some strategies and even make money with automation. It is one of the most versatile free cryptocurrency trading bots!
Does a free Bitcoin trading bot Make Money?
The profitability of these tools depends wholly on your strategy and its consistency. Bots are not designed to make independent decisions. We are still years away from a truly independent trading solution that can outperform humans.
These bots eliminate time waste from any trading system allowing users to be faster and more agile than those retail traders who prefer doing everything manually. Below are some examples of processes that can be automated:
- Analyzing the market and finding good moments to enter a market position.
- Creating an order on an exchange with exact settings and stop-loss orders.
- Waiting for the exchange to execute your orders.
Many factors make these factors detrimental to an average retail trader. Everything from your natural reaction time and cognitive abilities to the speed of your internet connection and even the performance of hardware will somehow mess with the final result.
If you are using the best free Bitcoin trading bot, you will be able to reduce any time waste and be the first one to capitalize on a sudden market fluctuation. BTC is an asset famous for its huge trading volumes, volatility, and popularity. Trading it without any automation is close to impossible if you want to speculate on the price in the short term.
Can you make money with automation?
The market performance of any automation product depends on how well you can integrate it into your portfolio and which strategy you choose to automate. Even the best free crypto trading bot won’t make you any money if your trading patterns are not working, or if you don’t control risks in general and fail to diversify your portfolio.
However, a freebie is a freebie. If you don’t spend any money on paying for the automation platform, you can save up to several hundred US dollars per month depending on which provider you choose. Several free bots are a great value proposition that you should not decline without giving it at least a chance. Test your technical strategy and decide whether you need automation based on the results of your trial period.
Just control your risks and do not invest more than you can afford to lose! It is an essential rule of investing!