At the other end of the spectrum, Bitcoin trading bots are also ideal for inexperienced newbies. Firstly, novice traders that wish to utilize an automated bot can purchase a pre-programmed strategy, meaning that no experience is required to put the bot into action. Secondly, newbie traders now have the option of building a bot from the ground-up – even if they have no experience or knowledge in the field. The reasons for this are two-fold. This is because a number of third-party bot platforms have created a user-friendly drag. The novice trader can then configure the pre-programmed strategy to their individual requirements, such as the amount of money that the bot trades per order, or the specific exchange platform(s) that the bot operates on.

Crypto Trading Terminal

While trading at more than one exchange at any given time is not beyond the realms of possibility per-say, it’s unlikely that you can monitor the markets as effectively in comparison to using a single trading platform. For example, while the price of Bitcoin might be $10,500 at Binance, it could be $10,460 at Bittrex. If you’re wondering why anybody would need to trade on multiple exchanges anyway, this is because there will always be a slight disparity in the exact price of Bitcoin from exchange-to-exchange. In this example, the disparity in pricing is minute.

Before we go – Get Source – any further, let’s take a look at a quick example to make sure we understand how a trading bot might operate. As you can see from the above example, your bot performed a buy order based on the pre-programmed specifics that you installed in advance. This is what we mean when we say that the bot cannot ‘think’. In theory, the bot did not do anything special per-say, as it merely followed your instructions.

At a ‘Beta Plan’ price of just $15.99, this offers tremendous value. For this, you will be able to integrate your Bitcoin trading bot at five leading exchanges, which includes Binance, Bittrex, BitMEX, KuCoin, and Poloniex – with the team noting that more exchanges are to be added soon. It is also worth noting that Zignaly runs on the cloud, so there is no requirement to integrate your bot with your hardware device. Moreover, your $15.99 per month will afford you an unlimited number of coin pairs, and an unlimited number of positions.

By this, we mean that inexperienced investors now have the chance to obtain a bot from a third-party company, with a full range of automated, pre-build trading strategies to choose from. If you think that an automated bot is exactly what you need to excel in the cryptocurrency trading arena, be sure to read our comprehensive Crypto Trading Bots Review. Within it, we’ll tell you everything that you need to know – such as what a Bitcoin trading bot actually is, how they work, who they are suitable for, what costs you need to make considerations for, and more. We’ll also discuss some of the leading Bitcoin trading bots currently active in the market, and whether or not they fit with your long-term investment goals.