The world of cryptocurrency is interesting to navigate as it is. But it gets all the more challenging when you delve into the branch of automated trading. With that being said, it is not impossible to make your way through this beneficial trading mechanism.
In fact, one of the most effective ways to simplify automated cryptocurrency trading is the usage of the right tools. When you turn to an easy to use bot, your crypto journey can become a walk in the park. This is especially true when you are just starting out in the field of digital assets.
But that brings about the question: How exactly do you find the easiest trading bot to use?
How to Choose the Easiest Bot?
When you are on the lookout for the easiest bot, the first thing you should notice is the availability of a few essential features.
This helps you tell the good apart from the bad, and makes it simpler for you to find the perfect crypto bot from a plethora of available choices.
To make your cryptocurrency trading nothing short of a breeze, ensure that you are checking for the following features before selecting an automated tool.
Perhaps the most important feature that you can find in an easy to use bot solution is a graphical user interface (GUI).
An intuitive GUI doesn’t require much time for users to be familiar with it. Instead of being operated through a string of manual code on the front-end, a bot with GUI is a simple point-and-click software that operates like any other regular application.
Due to its ease of use, a GUI is a top requirement for new and old cryptocurrency traders alike. It’s because having a friendly GUI ensures that you do not have to jump hoops to get started, use advanced features, or make your trades with your new crypto trading bot. With the right GUI, you can do all of this and more just through a few well-placed clicks.
This is why, you should steer clear of cryptocurrency bots that lack the means to click and point. As an added tip, make sure that you are going with a GUI that is modern, clean and free of any clunky features. This ensures that your trading experience is as smooth as possible while also being efficient.
Another thing that makes a crypto bot easier to use is the availability of pre-made strategies.
A lack of existing strategies doesn’t only take more time for you to start using your bot solution, but it also leaves more room for error by leaving you to build your strategies from the ground up.
On the other hand, pre-made strategies – which have a short description attached to them – make sure that you are able to start your trading endeavors right away.
This way, you are never in the dark about what kind of results to expect, while also being able to mix and match different strategies according to market conditions and your own trading style.
Nowadays, almost all bots come with pre-made strategies as an essential feature. But some tools go the extra mile and ensure that you can also save your existing strategies for future use.
That’s not all, since a few platforms also allow you to copy custom strategies from other successful users of the program, giving you access to more trading mechanisms and potential profits.
Asset trading is basically a game of numbers. But these numbers can be pretty overwhelming when they are presented in a way that’s difficult to understand. In cryptocurrency where numbers change by the minute, this feature is more essential than ever before.
That’s why, it is important that your chosen bot has data visualization features in it. This ensures that you are able to decipher general market statistics as well as your own trading details at a glance. It saves you time, while also reducing the room for error in making sense of plain numbers.
Even the most basic crypto bots now offer some sort of data visualization in terms of charts and graphs. But some solutions go the extra mile and have extensive data visualization tools at hand.
Many automated bots actually put a great emphasis on their data visualization features, which makes it easier for you to spot those programs which put this point front and center. Ensure that you compare these features among each bot along other functionalities, since it goes a long way in making your trading easier.
Traditional trading bots often require you to either setup a separate virtual private server (VPS) or dedicate your own computer to run the program 24/7. This doesn’t only add more steps in the setup, but also makes it difficult for you to keep running your automated algorithm. The many maintenance expenses that it brings forth only add more complexity to the process.
That’s why, an easier to run cryptocurrency bot often sports the capability to run right through the cloud. These tools are web-based, and do not require you to keep running your computer throughout the clock. This ensures that your trading is not going to stop abruptly in case you are not around your computer when it runs into an issue or power failure. With it, it also cuts back your expenses and reliability on additional equipment.
With the growth of the bot industry, an increased number of programs are now being built in the cloud. These services do not need to be installed on your computer and can easily be run from anywhere using a web browser. This gives you a kind of flexibility that remains unmatched by traditional bots, and makes it significantly easier to run your own bot.
But when you are going with a web-based tool, make sure you are paying attention to the promised preventability of downtime as well as the actual reliability of the provider. This helps you steer clear of any future issues with ease.
Support for Popular Exchanges
What use is an automated bot when the setup knocks the living breath of you? Not much? That’s exactly what new and old cryptocurrency traders think about this aspect.
If you want to use your tool with the cryptocurrency exchange where you already operate an account, then it’s not an out of the ordinary requirement. In fact, this holds true in many cases where traders trust their existing cryptocurrency exchange and want to make the most out of the markets that it offers.
In other cases, you may already have an account at one popular exchange that excels in security, but may want to establish your presence at another credible platform that is known for its extensive markets.
That is why, it is essential that you find a solution which can work with various popular exchanges. This prevents you from investing in a separate bot for each exchange, and future proofs your trading activities in case you want to switch exchanges down the line.
Keeping These Points in Mind Helps You Find the Perfect Trading Bot
Many cryptocurrency bots carry a world of features with them, but their ease of use leaves a lot to be desired. Whereas, other bots lack in features but have simplicity woven throughout the program.
On the other hand, some crypto bots strike the perfect balance between both worlds, and give you optimal support for extensive features while also being as easy to use as possible. These tools are an essential part of an ideal trading experience, and can be found easily when you look for these crucial requirements within them.