Cryptocurrency Trading Bots – A multi-part series to investigate which trading bots are worth their mettle.
Automated Digital Currency Trading
A multi-part series to investigate which crypto trading bots are worth their mettle.
If you are generally interested into cryptocurrency trading, then you will most likely be found of the idea of machines making (hopefully profitable) trades for you!
Well, to begin with, if you haven’t heard of CryptoTrader.org before today, then you need to get over there, sign up for an account and get familiar with it if you are going to follow along with this multi-part series/adventure in automated trading bots strategies. Visit our Cryptotrader Review to get an account set-up. Don’t worry, it’s free to sign up and play with the crypto bots on their platform.
This is going to be a multi-part series, where we will attempt to inform readers on which automatic trading bots are the best to use on cryptotrader.org; and in future on more platforms. For those that do not know, Crypto Trader is a platform that allows you to use their web interface to run automated trading bots (scripts) that buy and sell currencies on cryptocurrency exchanges.
In this first part of the series, we will go over Crypto Trader and run through the steps of how to get signed up, how to choose a membership level and then how to choose the best trading bots strategy. We will also discuss the exchanges and currency pairs that are preferable, as well as how to spot an opportunity when they come around. So, with no further ado, let’s begin.
Welcome to Digital Currency Trading Heaven
Crypto Trader is nothing more than a huge playground for those who have an interest in trading digital currencies. They provide automated cryptocurrency trading bots in a scalable cloud environment, along with hosting a marketplace where anyone who wants to take a stab at writing their own automated trading script can offer it for free or even for sale to other Crypto Trader members. They offer the opportunity to back test, (Play with) any of the trading bots that are offered on the marketplace, free of charge and they provide instant notifications of activity or other user defined events. As stated above, heaven for anyone who is into trading and trading bots.
Crypto Trader is a cloud based VPS, which gives users 24/7 access to the exchanges via their bot engines. A bot is called a ‘Strategy’, a strategy is nothing more than an algorithm, which when executed will perform the buying and selling on a currency exchange site. Along with regular buy and sell orders, the trading bots will do just about anything that they are programmed to do and that is allowed by the exchange’s API’s. There is no way to deposit money or funds of any kind into your Crypto Trader account: They do not hold any of your funds, rather, they provide an interface for you to interact with the exchange site that you trade on. 24/7 automated trading activity means less work for you and more profits in the bank.
Getting set-up on Crypto Trader
Getting your account set-up on Crypto Trader is simple. They do not need any of your personal information since they do not hold any funds and you will not be executing financial transactions directly with them. A simple email address and password will suffice for getting you into the account. The account itself is free, but to take advantage of their cloud services, you will have to get a membership. Memberships do cost money, since they are providing you with the computing power, hosting, etc.… for you to be able to run your trading bots. They offer 5 levels of membership, other than Free, with different features. See the table below for the feature comparison.
Crypto Trader membership level feature comparison
Once you choose your membership, it is time to get a strategy loaded up and go trade. How you do this depends on your preferences. If you have your own code to run, simply paste it in and off you go, if you are going to rent trading bots or use free ones, then you will have to head to the marketplace and find the one that works for you.
The Marketplace on Crypto Trader
The marketplace is pretty straightforward. The trading bots being offered tells you the name, the cost, if any, the exchange websites that it works with and then the popularity of the trading bots. Clicking on the trading bots individual listing will open the details page, where you will find the information that provided by the individual who developed the strategy and who is offering it. It has to be noted that Crypto Trader does not offer these trading bots, nor can they provide support for the strategies themselves. The developer is listed for each one.
The strategy detail page offers an in-depth look at he strategy and explains how the strategy works, instructions for setting it up and implementing your preferences and also information on return numbers. This information is supplied by the developer, so make sure you do your own testing with it before you purchase it. Most of the developers have their email address listed for any questions or technical difficulties that may arise.
At the bottom of the page, there is a tabbed section, with a breakdown of the major information that you will need to execute this bot on Crypto Trader. The markets that the trading bots will run on are listed first, followed by the strategy’s source code, if it is not protected. Protected source code is usually not given with trading bots that require you to pay for them. The free trading bots, however, usually do post the source code and give explicit permission for anyone to use and modify the code as they see fit. The next tab allows you to view the most recent back tests and even run your own backtests, and the final tab is the live trading tab where you will go after you implement the strategy on your account and want to begin trading with it.
All Set to Trade on Autopilot via Crypto Trader
Once you have made it this far, the only thing left to do is to get into your exchange account, make sure your API keys and secrets are active and enabled, and then hit the start button.
If you are going to follow along with our trading bots and strategies, as well as our moves and plays, you will want to be using Poloniex, as that is the exchange that the trading bots will be tested on in this seriesor. To get set up on Poloniex, if you are not already a user, click HERE.
That’s it, you are ready to go and so are we. The next installment of the series will feature picking trading bots, setting the parameters and then launching the live trading bots on Crypto Trader. From there on out, the performance of the trading bots and updates on how it is going will be added to ensure that no information is left as unknown. So, check back soon to get started with Coinstaker, as we take trading bots from Crypto Trader, 2 Bitcoins and push the Auto Trade button!
Tested (automatically) trading crypto bots:
Blade Runner by Thanasis
The first strategy that we wanted to test was Blade Runner. It was completely disappointing – here you can read more about the Blade Runner CryptoTrader Strategy.
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