It has never been easier to buy crypto in this current age. The common misconception people have is that buying cryptocurrency is a complicated process. We will debunk the myths. You will get the clarity that you require in the process of buying crypto.
In this brief but comprehensive and simple guide, you will see how to easily own and exchange crypto. We have summarized options on how to buy crypto using bots and strategies.
Cryptocurrency trading may be getting attention now but it is not that easy to genuinely and truly implement as a part of your daily operations. There is basic knowledge you need to acquire. You need to study the market. Further, it is best to have the right tools and the knowledge of what to do as you approach this highly volatile sector.
Did you know that the ability to predict opportunities and the ability to minimize risk in trading takes time to master?
In some cases, you can spend hours trying to monitor the market analysis. Moreover, you need what is akin to hawk eyes to catch if any crypto price has gone up or down. But not anymore!! With the type of bots, you will now know, that you can avoid all this.
What Are Crypto Trading Bots?
These bots are automated and are used to control trades and carry out the transaction process on behalf of the users. They have been around for quite a few years now and have helped out many to streamline their operations.
At the same time, it is essential to note that these automated tools are not fully intelligent and they require human setup and parameters. They will act in accordance with your input.
This is to say that you will be involved but will not have to be there a moment to moment, watching the screen.
Let us take a look at the advantages of these tools and why you would want to go ahead and start to incorporate them into your regular processes.
The Advantage of Using Crypto Bots to Buy Crypto
Crypto bots can be used not only to trade coins but also to buy coins at a better price.
- These bots collect market data
- Calculate the risk and profit
- Buy/sell crypto according to the market
- It minimizes the time you waste monitoring, exchanging, and trading
What is the Strategy to Buy Crypto with Bots?
There are many strategies you can use to buy crypto with bots. We will look at the best strategy you can use. It doesn’t matter if you’re a beginner or an expert. This strategy can come in handy.
The best strategy you can use to buy cryptocurrency is the DCA trading strategy. It allows you to average the cost of the crypto.
The DCA trading strategy
DCA stands for Dollar-cost averaging. It means that you can invest a certain amount of money in smaller gains at a regular time interval.
Let’s use an example
You want to invest in a cryptocurrency such as Bitcoin. If you’re a beginner, you may find it hard to predict the perfect time to invest in.
The DCA strategy will help you invest without going all in. You can decide the amount of money. But the money is divided into smaller equal installments. By using the installment plan you can invest over a certain period.
It is also called a constant dollar plan. It’s an investment strategy that can help you avoid high risks. Cryptocurrency trading fluctuates a lot and is often affected by the market rate.
So your chances to make a profit should be a priority.
The main idea of this investment strategy is to decrease the number of money people lose when investing. And increase the overall profit they get from their small investments over some time.
So we have listed four crypto bots you can try. Imagine a scenario where you don’t have to worry about being extensively involved on a daily basis because of the various aspects present in these tools. You now have your representative which is your bot. You can give commands and the bot will do its job.
Best Bots to Buy Cryptocurrency with DCA Strategy
Now that we know what a DCA strategy is, we will see how these bots are using it. We have listed the reviews for the four best bots to buy cryptocurrency with the DCA strategy.
Bitsgap
As Bitsgap defines itself, “All-in-one automation platform for Bitcoin and other cryptocurrencies.” It was released in 2018 and has constantly added great features since then.
The company has launched 3.7 million bots since 2017. Along with 500,000 traders worldwide, the trading volume has reached $300B.
Bitsgap is well suited with 25 well-known and creditable crypto exchanges in the marketplace.
What it can do
If you want to track and control all of your cryptocurrency assets in one place, Bitsgap is your choice.
With an average of 4.5-star reviews, Bitsgap has managed to serve its customers well. They have a great team. They also provide clients with sufficient detail and make sure the customer understands it.
The company is known for its support when its customers face an issue. One of their customers mentioned them replying in a few minutes.
DCA bot strategy of Bitsgap
Bitsgap has introduced its DCA bot recently. The newly launched DCA bot supports traders regardless of their experience.
Bitsgap is well suited with 25 well-known and creditable crypto exchanges in the marketplace. This makes it much easier for the new DCA bot to give the all-in-one experience.
The company has revealed that it will add more new features to the DCA bot.
What can the DCA bot strategy of Bitsgap do?
If you want to track and control all of your cryptocurrency assets in one place, Bitsgap is your choice.
As the company states on its website, you can buy cheaper by using DCA bots. It has introduced four types of bots that are available for beginners to advanced users.
MACD+RSI (For beginners)
This strategy follows the trend. It lets you trade with one click. This strategy notices a trend and tracks it till it finds a signal from a similar sign.
Stochastic+Channel (For beginners)
This strategy gives you a stochastic oscillator for the sideways market. A stochastic oscillator is an indicator that compares the price range and the closing price of an asset over a certain period of time.
This bot trades by the signal continuously and HODL. HODL means to hold on for dear life.
It uses Trailing Stop to limit the losses and lock in profits when the trade goes well.
Pure DCA (Advanced)
This DCA-only strategy follows a simple routine. It analyzes the market and sets a limit in order to buy assets cheaper and make a profit.
This bot strategy may take time and it works best for the long term.
Custom DCA (Advanced)
This is a type of DCA bot strategy that lets you create your own trading strategy. You can utilize the available signal sources provided. There are different tools that you can use like risk management tools.
This bot is for advanced users. This is preferred by traders who like to be creative and like to do calculations.
Free and Premium services
The company offers a free 7-day trial for all Bitsgap subscriptions.
There are common features included in all plans. These are;
- A fully automatic profile is included
- You can try out the demo practice mode on all plans
- It has both Desktop and Mobile versions
- They offer Live-chat and Email support
Let’s see the three plans
Basic
Two Active Grid bots, 10 Active DCA bots, and unlimited smart orders are included.
The monthly subscription fee is $29/month and the 6-month subscription is $24/month.
Advanced
Five Active Grid bots, 10 Active DCA bots, and unlimited smart orders are included.
In addition, futures bots are provided.
The monthly subscription fee is $69/month and the 6-month subscription is $57/month.
Pro
Twenty Active Grid bots, 10 Active DCA bots, and unlimited smart orders are given. In addition, futures bots and take profit for bots are included in the pro plan.
The monthly subscription fee is $149/month and the 6-month subscription is $123/month.
3Commas
It was officially released in 2017. And this platform offers both manual and automatic trading.
3Commas has over 100,000 users worldwide. It has gained a trading volume of over $20B in 2020.
Let’s specifically look at the options for DCA.
DCA bot strategy of 3Commas
3Commas gives you two options when you want to use the DCA bot strategy. You can use the Gordon bot or use the advanced option.
The Gordon bot
The Gordon bot is a ready-made bot. Depending on your subscription, you can use this. 3Commas doesn’t support all the exchanges. So you need to know which exchanges are available on the Gordon bot.
You can choose the currency for the transactions. After that, you can decide the amount and choose a strategy.
The strategies are called Conservative, Moderate, and Aggressive. The conservative strategy waits for the right time to start a new deal. The moderate strategy unlocks a new deal at a regular rate. The aggressive strategy unlocks a new deal at a faster pace for rapid and small profits.
You can modify or edit the settings in your Gordon bot if you would like.
The Advanced bot
This strategy is for traders who like to build bots from scratch. This advanced option lets you customize your bot. You can even name your bot. You can also choose your bot type. There are two types. Single-pair and Multi-pair bot.
The Single pair bot gives you only one trading pair. The Multi-pair bot allows you to have many trading pairs by using the same setting.
Then, let us look at their plans.
3Commas offers four different packages for its users. These packages differ in subscription and features.
Free Plan
- Nothing is paid for the free plan. This plan is made for new users. It helps them navigate through the bot.
- You can access your portfolio dashboard
- The ability to access the mobile app and receive notifications through Email or Telegram
Starter Plan
- It gives full access to customers who want to trade manually
- You can get notifications through the browser in addition to the mobile app.
- You get only one DCA, Grid bot, and Options
- You can pay $29/month if you choose the monthly subscription. Or you can pay $14.50 for the annual subscription.
Advanced Plan
- You receive unlimited DCA bots
- Paper Trading is available
- Only one Grid bot and Option bot are given
- $49/month for a monthly subscription and $24.50/month for an annual subscription
Pro Plan
As the name states, you will be granted access to everything 3Commas has to offer.
- Grid bots are unlimited
- Option bots are also unlimited
- Limitless DCA bots are given
- Paper Trading is also available
- The monthly subscription fee is $99/month and the annual subscription is $49.50/month
Cryptohopper
This trading bot was launched in 2017. As of 2022, the Cryptohopper bot has helped more than 140,000 people. Let us take a look at their DCA options.
Manual DCA
There are two ways you can use the manual DCA order option. The first one gives you an option to take bulk action. The second one lets you view a position and choose DCA.
After you enable the DCA option, it lets you set a couple of things. You place the order type, the maximum amount of DCA retries, and the DCA after x time open. This means that you decide the timeframe for it to buy automatically.
DCA max retries
You place the number which you want to be the number of times it retries. This number gets reset whenever there is a successful sale.
DCA buy immediately
This means that it will buy when the built percentage loss is reached. This is not a recommended option as it may be bought at poor timing.
DCA set percentage
First, you set up a percentage. This gives the DCA feature to place a new order.
Let’s assume you set a percentage of 5%, then when the price is under this percentage a DCA order will be placed for the loss position.
Now, let us take a look at the plans.
Free and Premium services
As 3Commas, Cryptohopper also has four packages. Let’s see their differences.
Pioneer
- It is the first package and nothing is paid
- Although it’s a free package, portfolio management is included
- You can trade manually on all available Cryptohopper exchange
- It has only 20 open positions
Explorer
- You can manage your portfolio
- It gives a manual trading option to its customers
- Automatic Trading is also available
- $19/month for monthly subscriptions and $16.58 for yearly subscriptions.
Adventurer
- Includes all the features the explorer has to offer and more
- It offers a trader plus package
- It has an open position of 200
- For a monthly subscription $49/month and yearly subscription $41.58/month
Hero
- It offers a pro trader package
- It provides 500 open positions.
- It includes all the features of the Adventurer packages and much more
- Premium strategy indicators are also included in this package
- For people who prefer monthly subscriptions $99/month and $83.25 for a yearly subscription.
Pionex
Pionex was launched in 2019 in Singapore. It offered built-in crypto trading bots. This feature makes it easier for beginner traders. Let us look at their DCA bot options.
The DCA bot can be found on the right side of Pionex’s website. There are things you need to fill out when configuring your DCA bot.
You first have to choose the type of coin you will be using. It can be Ethereum, Bitcoin, or some other coin. Secondly, you choose the time intervals. The time intervals range from 10 Min up to 1 Month. And finally, you decide the amount of investment on each purchase.
Now, let us take a look at their services.
Free and Premium services
The Pionex has a major difference over the other bots. Pionex’s crypto trading bots are completely free.
It does not request monthly or yearly subscription fees. Pionex makes money through transaction fees.
Pionex has four fee models you can use
Maker-taker fee model
As part of this model, some transactions take or make liquidity of the market. The fees are charged according to it.
Competitive fee
This model uses the process of selecting the best fees based on the current market.
Fee deduction
When the transaction is done, a charge is removed from the spare amount that was placed into your account.
Market maker program
This program is for pro-level customers. To use this program there are certain requirements. A minimum deposit of USDT of $300,000.
Not only have $300,000, but you also have to maintain the $300,000 to continue in the program.
Which Bot is Better for Buying Crypto?
The first thing you should check is if it supports different exchanges. The second thing would have to be trying it out. Since all of the above-mentioned bots give a free trial, you should start with that.
After going through the features and available exchanges, you can choose the bot that fits your budget.
Find out what works for you and then move forward with that option. It takes a little bit of time and a little bit of patience but it is certainly worth it in your speculation journey.
We have been able to comprehensively cover these fantastic options and now you should be well on your way to getting to where you need to be in regard to earning more.