A cryptocurrency trading bot refers to software that is able to interact with cryptocurrency markets directly. The software makes orders of buying or selling for its customer based on the interpretation of market data. Cryptocurrency bots decide on their actions on the trends in market price based on pre-programmed rules. Cryptocurrency bots analyze market actions such as time, price, orders, volumes, but you can program them as per your needs. There is a wide range of cryptocurrency bots and choice of the best depends on the needs a user has. Below is a list of guidelines you can use in order to choose the most suitable cryptocurrency bots.
First of all, consider the cost. How affordable a cryptocurrency bots are can be the sole reason you decide to use it. You need to ask various cryptocurrency bots providers if the cost they display is the overall cost to avoid picking bots because you perceive its affordability only to get surprised on learning of additional costs when it is too late. Comparing the real prices will help you to choose a bot you can afford. Nevertheless, too cheap bots could be an implication that you should not expect much from it. See page to learn about 3Commas who will guide you on how to get started as a beginner
Secondly, choose cryptocurrency bots that are tried and tested. Cryptocurrency bots that have been tried and tested are not likely to frustrate. On the other hand, bots that have just entered the market may not have gone through debugging and can pose threats to your investment. You can inquire from those around you of the bots they have not had issues with in terms of pricing, function ability, features, and more. You can also check online to see how bots are rated then choose the one you find more appealing depending on your needs.
Another aspect is the ability to develop cryptocurrency bots. Technology changes at a very faster rate and bots can get redundant after some time. Good bots should be made with changes in technology in mind hence incorporating features that enable a user to upgrade it easily. In addition, good cryptocurrency bots should allow the user a control of editing their features by removing useless features and adding useful ones. This ensures you are always updated on cryptocurrency trade.
Finally, consider cryptocurrency bots that give notifications prior to any change. You do not want to be surprised that your bots changed unexpectedly. Good crypto trading bot should send notifications to users before making any alterations. The notification should explain how long their services will be interrupted, how the changes will affect the user, and how to get back on track.
Read more here: https://en.wikipedia.org/wiki/Cryptocurrency_exchange.