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. So now that you have a basic understanding of what a Bitcoin trading bot actually is, in the next section we are going to outline some of the main benefits that a bot can offer. As we will discuss in more detail further in our guide, Bitcoin trading bots can do so much more than just place pre-programmed buy orders when certain percentage targets are met. In theory, the bot did not do anything special per-say, as it merely followed your instructions. This is what we mean when we say that the bot cannot ‘think’. On the flip side, it is also important to note that the above example is extremely basic.

You can read our in-depth Cryptohopper review here.

This is crucial, as it allows you to test and adjust your Bitcoin trading bot before it is released into the wild. This will cost you $19, $49, and $99 per month for the Explorer Hopper, Adventure Hopper, and Hero Hopper plan, respectively. You can read our in-depth Cryptohopper review here. As is the case with 3Commas, Cryptohopper also comes with a number of pricing plans, albeit, there isn’t a free plan on offer. In terms of the fundamentals, Cryptohopper is supported by nine exchange platforms, and you have the option of trading up to 75 different pairs. Once again, each plan comes with certain limitations on the amount of coins, strategies, and volumes that you can trade.

The only way that you would be able to do this without the aid of a bot would be to sit at your computer for long periods of time. One order could instruct the bot to exit the trade if Bitcoin goes down by 1.5%, and the other could repeat the original order by cashing out half of your gains if Bitcoin goes up by another 5%. This can be repeated indefinitely until the -1.5% exit point is realized. Dollar-cost averaging has been utilized in the traditional stock market arena for decades on-end. On the contrary, you could instruct your bot to leave half of your gains open, and proceed to make two additional orders.

When it comes to pricing, 3Commas offers four packages in total. As such, the free plan is probably best suited for those that want to test the platform out first before committing financially. Each plan comes with its own benefits and limitations, so the one that you go for will depend on your individual goals. Outside of the free plan, the Starter Plan, Advanced Plan and Pro Plan will cost you $22, $37, and $75 per month, respectively. However, you will be capped at $750 worth of trades per month. The free plan gives you access to the vast majority of strategies, as well as the marketplace.