Last Updated on January 17, 2023
Everyone asks me whether trading bots can guarantee profit. Of course, they can’t. Trading bots don’t do anything miraculous, they just respond to our settings and ensure consistency. That is to say, bots can help us synchronize our trading rhythm with the wild crypto market that never sleeps. So, on the cryptocurrency “planet,” robots are our friends.
The relationship between cryptocurrency and trading bots has always been sleek. Automated trades are amazingly popular in the crypto industry, and you can find plenty of software solutions that enable automatic execution of your trades.
But are all trading bots the same?
While crypto trading bots perform a similar role, they differ in how they execute automated trades. Fortunately, you don’t need a tech background to understand the basic strategies and trading options they offer. Just stay tuned. I’ll go through the best crypto bot systems available in the Australian market.
1. Bybit – Best Overall – FREE Bot
- All-in-one platform for trading and portfolio management;
- Free and adjustable bot system;
- No KYC required;
- Prompt order execution.
- A limited number of trading pairs on the spot market;
- Not available in the territory of the USA;
- Loose regulatory framework.
I’m usually skeptical about free offers, but the ByBit bot is a real thing. ByBit is a crypto exchange that offers an impressive set of activities for professional traders. It provides a rich spot market, supports nearly every type of derivatives contract, and comes with tons of extra-functionalities to provide a better user experience. I guess the trading bot is one of their strongest links.
ByBit delivers a grid and DCA bot system for fully automated trades that enables you to enhance the efficiency of your buy-and-sell operations 24/7 without human participation. The ByBit trading bot has taken the leading position on the market because of the possibility to set modifications through the ByBit platform.
Apart from the two basic modes, you can also set the bot in a so-called reverse Buy the Dip mode. This option can be handy for active traders in a situation when the market heads down in the correction phase.
Regardless of the mode, the ByBit bot will offer effective algorithms to catch the optimal timing for placing grid orders and price trail-ups. In addition to orders typical for automated trades (Stop-Loss and Trailing-Stop-Loss), you can also opt for Trailing-Take-Profit, which isn’t the case with most bot systems.
Finally, the ByBit integrated bot is my favorite because of the risk-control mechanism known as Draw Down Limit. It reduces the risk, based either on the initial investment volume (relative mode) or maximum equity (absolute mode).
2. Pionex – 16 FREE Trading Bots
- Wide choice of available cryptocurrencies;
- Excellent free deal for 16 bots;
- Highly responsive customer support;
- Low trading fees.
- No option for a demo account;
- Fiat payments aren’t supported.
My second favorite, Pionex, also comes within a crypto trading platform. Yes, Pionex is a highly-sophisticated exchange with a strong focus on bot trading. Or, I’d better say that Pionex is a full-fledged crypto-management system that offers a trading arena, portfolio tracker, and grid trading bot with 16 free bots.
The 16-bot set provides a perfect environment for automatization, and the entire process runs smoothly because of the direct exchange integration. I like the Pionex robot design because it allows you to set different parameters for each of the 16 grids without mutual interference. Plus, the interface is exceptionally intuitive – you don’t need much experience to set these parameters. Even so, I have the feeling that they aim at beginner-level audiences.
Don’t take me wrong, Pionex is still a cutting-edge solution where you can find plenty of highly-advanced strategies, including Dollar-Cost Averaging (DCA) and Smart Trade, which enables you to set up different order types simultaneously.
Last but not least, the Pionex bot opens with a 30-day backtesting period and gives you a recommended time interval ranging from 30 to 50 days.
- User-friendly design;
- Outstanding advanced features for professional traders;
- Highly functional mobile app.
- No live customer support;
- No options for day trading.
You’ve probably heard of KuCoin as a top-performing crypto exchange. KuCoin defines itself as a people’s exchange and adjusts its services to the skill sets of all types of users.
Similar to ByBit, KuCoin offers an abundance of functionalities, but it doesn’t target professional traders only. Instead, KuCoin provides an equally good design for both simple buy-and-sell activities, margin trading, and futures trading.
You can expect the same with the integrated bot software, which supports multiple automated trading strategies such as Spot Grid, Infinity Grid, Futures Grid, and DCA. I can tell that the Spot Grid is the most popular strategy on KuCoin, and it’s used to automate buy-low and sell-high transactions in specific price and time ranges. I was glad to see that KuCoin allows copy-trading — you can use the parameters of KuCoin’s top performers and implement them in your trading strategy.
Most importantly, the KuCoin bot is free — all registered users are welcome to automate their trades without any additional charge apart from the applicable trading fees.
4. Trality – Best for Creating a Bot
- Equally functional tools for both coders and non-coders ;
- High-security standards and end-to-end encryption;
- Dynamic, graphic-based interface.
- Some of the market-dominant exchanges are missing;
- Lack of a mobile app version.
Founded in 2018, Trality is an advanced software solution that delivers a unique bot system. It works as a cloud-based app so there is no need for special software equipment or downloads.
Trality features a user-friendly design that allows newcomers to activate the desired bot strategies by dragging and dropping adjustable template indicators. You can find this option under the name Rule Builder.
However, Trality is best known among the ultimate traders for the advanced Code Editor mode. It’s one of the very few bot systems that enables you to build custom algorithms and personalized trading strategies using Python. So, you craft a trading bot with all the traits you need in the same drag-and-drop interactive interface.
In addition, the Trality platform is often described as a community-driven environment and praised for its robust backtest capacity. Trality algorithms will not only recreate your performance under the current market conditions but also show you how your trading strategies would have ended up in the past.
You can start Trality with a free plan, but in that case, you can use only one created and one rented bot. To get the full package, you need to choose one of the paid, chess-inspired plans (Knight, Rook, or Queen).
- Intuitive platform and smooth navigation;
- Wide selection of automatic strategies based on the If-This-Then-That model;
- High speed of 500 ms to reach the crypto market.
- Advanced trading indicators aren’t available for all supported exchanges;
- Accessible as a web platform only.
Coinrule is another superb solution suitable for beginners and pro-traders alike. The platform was released in 2018 as an all-in-one bot system that offers over 150 trading templates.
I like that Coinrule provides easily-adjustable parameters based on the If/Then principle. You’ll feel comfortable on the platform no matter how complex your trading strategies are. After creating an account, you’ll have to connect to your crypto exchange to take the API keys from your exchange account.
Then, you’ll have to submit the required API information on the Coinrule dashboard. The entire process is well-guided, so I don’t believe you can get stuck at any stage. Coinrule supports a decent range of popular exchanges (Binance, Bittrex, Huobi, HitBTC, Bitfinex, CoinbasePro, Kraken, Poloniex, etc.), but the number of crypto exchanges you can use, together with the number of templates and the amount of trading volume depends on the payment plan.
On Coinrule, there are 4 different accounts, and similarly to Trality, the free plan restricts you to a single exchange connection. The next 3 thresholds felt a bit overpriced, given the fact the version I picked cost nearly 500 USD a month.
- A wide variety of easy-to-use preconfigured bot solutions;
- A large number of supported crypto exchanges compared to its direct competitors;
- Competitive prices for the paid versions.
- Extra charge for integrating market signals;
- The free version has a limited number of functionalities.
CryptoHopper is a trading bot platform that gives a professional touch to your trades across various exchanges. The platform supports around 15 crypto exchanges through sleek API integration.
I enjoyed my stay on CryptoHopper because they skilfully establish grounds for social trading, allowing both novices and experienced traders to benefit from automated trades. Beginners can use some of the best-proven strategies, either for free or purchase the strategy on the CryptoHopper Marketplace. At the same time, professional users can go for the supreme Strategy Designer, where they can find over 130 indicators and other analytic patterns to create their own strategies. This interaction runs smoothly on a neatly organized dashboard.
Apart from the Automatic Trading and the Strategy Designer section, you will also find a backtest option (CryptoHopper calls it Paper Trading) and a set of three Trailing-Stop orders (Loss, Buy, and Short).
As for pricing, CryptoHopper gives you a 14-day free trial version, after which you need to switch to a paid plan ranging between $29 and $99 per month. The highest tier is a handsome deal with a limit to 500 positions.
- Superb demo version that allows you to try out all of the platform’s features;
- Great discounts for annual pre-payment;
- Available for futures trading with high leverage.
- The trial version expires fast;
- A limited number of integrated exchanges.
TradeSanta is a cloud-based bot system that “conquered” the crypto community with its simplicity. It enables you to connect with 7 major exchanges and makes automated trading as easy as a one-click task.
TradeSanta comes with the standard set of Grid and DCA bots, but it also offers Extra Orders and simultaneous use of Long&Short Strategies. I like that once the bot starts executing, it calculates your profit-taking level in real-time. Also, with the Long&Short option, you can rest sure that it’ll automatically adjust the profit level-taking depending on your input percentage. In a way, this guarantees that you always get the coin on your wish list at a lower price.
Apart from the standard ready-to-go and customizable templates, based on the buy-and-sell strategy, you can look for some advanced trading tools to enhance your chances for profit. For example, I was impressed to go through the built-in technical indicators that TradeSanta employs. You can choose between Daily Filter, Volume Filter, or Bollinger Signal or use all three filters simultaneously.
Finally, the TradeSanta paid package is pretty fair against their offer. The highest Pro tier will cost you $35, with the option for an unlimited number of activated bots.
- Enhanced security because of the platform’s non-custodial nature;
- Smooth integration with multiple crypto exchanges;
- Possibility for creating limitless strategies.
- Not suitable for less experienced traders;
- No option for a free version.
HaasOnline has been one of the earliest tools for automated trades in the crypto world. This trading bot system has been operating since 2014 as an elegant solution for ultimately professional traders. To date, I don’t recommend HaasOnline to freshers looking for a simple interface and easy-to-consume functionalities.
This software package comes in the form of a desktop app available for download on Windows, Mac, and Linux. After properly installing the app, you can choose plenty of preset strategies for prompt day-to-day market responses. Still, HaasOnline puts its focus on advanced settings. For me, their most distinctive feature is the possibility of utilizing inter-exchange arbitrage in your trades, playing on prices across different exchanges. HaasOnline supports multiple marketplaces such as Binance, Bitstamp, Kraken, OKEX, BitMEX, etc.
In addition, you can backtest all your orders and make use of both real-time and historical settings. HaasOnline is a treasury of advanced technical analytics tools, but as I said, you may find them overwhelming to read without fluency in Bollinger signals.
HaasOnline is one of the few crypto bot solutions that actually accepts Bitcoin (BTC) payments. Like other software packages of this caliber, the app comes with tier-based paid plans starting from 0.025 BTC. Once you buy the bot, your paid membership will last for 3 months.
- Convenient framework for using in-platform bots;
- Guaranteed decentralized liquidity aggregated by DeCommas;
- Best-in-class mobile support for both iOS and Android users.
- No option for integrating third-party signal indicators;
- The backtest doesn’t provide historical records;
- Lacks a feature for profit review.
If you ask me to describe 3Commas in a word, I’d say comprehensive. 3Commas has been present on the global scene since 2017 with a clearly-defined goal to help newcomers automate their trades for better efficiency in the market.
3Commas runs as a web platform and smoothly connects with an impressive number of exchanges and devices. It also features one of the best mobile apps (iOS and Android) in the crypto-bot realm. Since it’s geared toward the general public, the best equipment comes in the form of pre-determined strategy sets where you can easily insert parameters of your choice. Most importantly, they’re displayed in a format that everyone can read.
I also noticed that 3Commas put much effort into social and copy trading. You can follow the portfolios of advanced fellow traders and implement their strategies and movements in real-time.
3Commas caters to the needs of advanced traders, and if you belong to this group, I recommend you head to Manual Trading, where you can get sleek TradingView integration, multiple sell targets, and a possibility for concurrent Stop-Loss and Take-Profit orders. Another option for placing automated orders that aren’t supported on your native trading platform is Smart Trading. Here you can activate Take-Profit, Trailing-Take-Profit, and different ways of Take-Profit-Targets.
- Highly functional portfolio management system with an option for rebalance;
- Exceptional ease of use;
- One of the best platforms for social trading.
- Doesn’t offer market signals and bot scripting;
- Lacks a mobile app for real-time alerts;
- No terminal for direct trading within the platform.
My last top-pick delivers a bit of a different concept than all other bot solutions on the list. The Shrimpy bot operates as a part of a portfolio management service that enables individual and corporate investors to monitor their total balances across different exchanges. The best thing is that with Shrimpy, you don’t have to log in to each crypto platform separately for buy-and-sell activities.
This portfolio tracking system allows you to allocate everything from your portfolio using easy-to-read visualization such as snapshots, charts, and plain statistics. You can automate the process based on market movements by adjusting the allocation percentage. Your total allocation equals 100% — and this percentage will be distributed among all crypto assets in the proportion of your choice.
After setting the allocation percentage, you’ll have to activate the Rebalance Now option. Shrimpy will automatically execute all necessary trades to achieve your set numbers. The best thing is that this automated allocation can be applied to different types of portfolios, consisting of different altcoins and tokens, each using a different trading strategy.
Disclaimer: Digital currencies and cryptocurrencies are volatile and can involve a lot of risk. Their prices and performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.
What Is a Crypto Trading Robot?
Crypto trading robots or crypto bots are software programs that automate the crypto trading process. For the most part, the trading process consists of analyzing market trends, selecting the right crypto, and the most favorable time for opening a position. Crypto bots use algorithms to automate this analysis and interpret the statistics. Based on the gathered data, they calculate the risk level and execute the purchase or sale of the selected crypto on your behalf.
It’s a clear-cut establishment — you set the rules (assets type, investment amount, time intervals, and other parameters) and hire a virtual expert to do the job for you. For instance, you can set the bot to sell the selected amount of BTC when its price goes up by 5%. So, I’d say that bots are suitable for all types of traders regardless of their crypto experience.
Benefits of Cryptocurrency Trading Bots
Cryptocurrencies are an astoundingly volatile business. Their prices drastically fluctuate in a matter of minutes without taking a break – the crypto market recognizes no business hours and holiday seasons.
This boundless frame can negatively impact user effectiveness in the long haul. It’s impossible to be present in the crypto market all the time. So, the main advantage of trading bots is that they can be coherent in the trading scene and never let you miss a great chance. In addition, bots are beneficial for the overall user performance because they:
Once you set the parameters, the bot processes your order automatically without possibly modifying the settings. When the bot is activated, there is no room for human sentiments. On the other hand, if you trade on your own, sudden market shifts and external factors can easily change your decision. This happens even to the most professional traders.
Bots’ algorithms generate results based on your input and allow you to test the results without investing actual money. The demo stage can minimize hidden risks and potential mistakes. In addition, you’ll have a deeper insight into the estimated returns under the current market circumstances.
When it comes to crypto, consistency is always a workable strategy. Since crypto bots are code-triggered, they execute the transaction only when the pre-set conditions are met. Nothing can better ensure consistency than automated trades.
Diversify Your Portfolio Easily
Without bots, I would never have built my portfolio the way it is. It’s impossible to open and close positions across various exchanges and experiment with new coins without simultaneous positions. Multitasking is what bots do for a living – most bot solutions nowadays enable you to initiate as many automated trades as you want.
Risks of Using Crypto Trading Bots
Certainly, bots aren’t ideal. As I mentioned at the beginning, they don’t guarantee success. Automated solutions fix many bugs in day-to-day trading, but they also come with occasional technical failures. For example, even if your bot’s algorithm is performing well on the market, a simple internet malfunction can lead to an operational failure.
Also, many newcomers think that you don’t need to monitor the bot’s performance at all, which is wrong. To avoid such mechanical failures, you need to check the bot status continuously.
Finally, I’ve seen how users over-optimize the bot system, which usually takes place immediately after the backset phase. As I mentioned before, the backtest shows you possible scenarios in real time. So, users sometimes may get encouraged by the backtest results but in the real-life arena, the outcome turns out to be different because circumstances have changed in the meantime.
How to Choose the Best Bitcoin Trading Bot in Australia
Trading bots usually operate with a global scope. They serve as management tools rather than money transmitters, so no worries. You’ll be able to download a bot app or access a bot platform from a browser without any restrictions. Still, if the bot comes as a built-in feature of a centralized exchange, you must double-check its local availability.
My point is that there is no bound for Australian traders to approach all top-performing bot solutions. However, this doesn’t make the selection process easier for us. Even though the idea of automated crypto trades sounds rather streamlined, bots’ work is very specific. That’s why I’d like to discuss all factors you need to consider when picking the best fit.
I’ll be honest with you — the success rate is the first criterion we all “zoom in” in the hunt for a trading bot. This happens regardless of whether we’re trying to automate our crypto or Forex portfolio. The thing is that many expert-level traders claim that the success rate is an undependable variable because it’s not constant.
The success rate needs time to be calculated, and it can be affected by many external factors such as trading volume and settings. I’m not saying that numbers like 87% success rate are just a marketing trick but the proportion of profitable trades is definitely the only reliable indicator for a well-performing bot.
When it comes to pricing, it’s unbelievable to what extent paid bot packages can differ. Professional bot systems are never free or low-fee, but you can find equally good free solutions within a cryptocurrency exchange. The catch is that in-platform bot systems don’t support cross-exchange synchronization but look at ByBit, for example. Its spot market is rich enough to satisfy the needs of ultimately professional traders.
However, some users prefer cross-exchange trading, and they’re aware that in most cases — the more integrable the system, the more expensive the deal. Other factors determining the bot price are the number of open bots, the complexity of analytic tools, and the number of adjustable functionalities.
We need to tick a few boxes before calling a trading bot system secure. Do the exchange APIs allow access to your trade? What steps do you need to pass to get access to the API key? In some way, the API permits the bot to initiate a trade on your behalf. That’s why you need to double-check their configuration before connecting to the bot.
I know that bots look harmless at first sight as they don’t directly store assets (again, if the bot operates outside the trading platform). Still, bots collect valuable information about our transactions and balances and run virtually, so we must take into account the security standards that your bot system applies before submitting a sensitive piece of data.
It’s still a popular opinion that bots are reserved only for professional crypto traders who play with huge amounts. As you can see, many of the bots I listed are typical beginner-friendly solutions with simple parameters and comprehensive tools — suitable for casual and small-scale investments. In general, you won’t stumble upon a minimum investment account. On the other hand, some bots impose a minimum deposit and you should also pay proper attention to any possible restriction of this type.
Deposit and Withdrawal Methods
Similar to the previous section, AUD deposits and withdrawals (if any) depend on the type of bot you’re using. Those that enable all-in-one service usually support multiple payment methods such as wire transfers, credit cards, debit cards, crypto, etc. On the other hand, with some bots, you need to fund the exchange accounts to which they’re connected.
Transparency is the key ingredient for an effective crypto bot. Make sure that the bot you’ve chosen makes all transactions appear clear and well distributed as much as it’s possible. Also, examine whether the bot has an open-source dev process and responsive customer support.
Ease of Use
I’ve noticed that users tend to identify the ease of use with the visual complexity of a particular bot, which is wrong. Even the most Bollinger-fluent traders need an intuitive interface, clear instructions for API integration, and meaningfully-arranged analytic tools.
Popular Crypto Trading Bot Strategies
There is an entire science behind bot strategies. As I mentioned several times throughout this guide, you don’t always need profound trading knowledge to activate a crypto bot. However, it can be useful to recognize the most frequently used bot strategies.
Let’s start with the key use of crypto trading bots. We define the difference between the buying and selling price under the term spread, an inconsistent variable that depends on both the exchange liquidity and the current supply-vs-demand waves. As such, you can’t always monitor these spread movements manually. With the market-making strategy, you can buy and sell high volumes of coins and earn a sort of passive income from the spread.
I came across the Arbitrage strategy in my early Forex-trading stages, long before crypto was a thing. Given the lack of price unification in the cryptocurrency market, I wasn’t surprised to find Arbitrage a popular practice for automated trades.
The thing is that crypto prices aren’t determined by a central institution with a unified rate. Very often, you can see that the same coin has one buying price on one and another buying price on another crypto exchange. While this price disconnection leaves room for making a profit, it’s almost impossible to follow the movement of a particular crypto asset across different exchanges on your own.
And, this is where Arbitrage comes along. For instance, if Binance sells Ethereum (ETH) at $2130 and Coinbase Pro at $2135, the bot will buy ETH on Binance and sell it on Coinbase at the same time. It’s simple math — $5 profit per coin.
Mean Reversion (Trading Range)
The Mean Reversion strategy is based on a price-pattern phenomenon, which somehow always turns out correct. Experts claim that the asset price reaches an average value periodically after multiple ups and downs. With Mean Reversion, you only need to determine the range of what you consider an average value. The bot will make an automated purchase or sale every time your asset’s price enters that range.
Trend Trading is another well-established strategy that efficiently captures gains through monitoring the coin momentum in a particular direction. For example, the bot “notices” a relatively-stable upward trend of your selected coin and initiates a long position (purchase), and vice versa. It sells the coin when its price continues moving down.
Frequently Asked Questions (FAQs)
What is the best Bitcoin robot in Australia?
While all crypto trading bots that made it on our top-10 list provide a trustworthy environment for automated trading, I’d single out the ByBit free bot as the best solution so far. This built-in tool offers multiple trading strategies and top-notch analysis tools under the same roof with a coin-rich spot market.
How do you auto trade Bitcoin?
For starters, you need to pick the most suitable crypto trading bot platform or app against your price range and trading needs. After connecting with the program, you need to select a strategy and insert all other parameters. The bot will automatically respond to your settings and buy/sell BTC in the given point or time frame.
Do crypto bots actually work?
They do. Bots don’t guarantee success because nobody can guarantee that the BTC price won’t fall or rise tomorrow. However, crypto bots can monitor the market 24/7 and execute trades in intervals that can’t be otherwise handled. As such, the use of crypto bots results in more efficient performance on the scene and hence, better results.
How do cryptocurrency trading bots work?
All existing crypto trading bots have a single purpose — to execute a crypto trade automatically under the settings you’ve entered. However, each crypto bot system comes with its own feature set, including available trading strategies, integrated exchanges, performance power, adjustability of tools, etc. That’s why there is no single how-to-use pattern in this diversity of software solutions.
What is the most successful crypto trading bot?
For the most part, the measurement unit for the bot performance is what we call a success rate. As I already said, the success rate not always gives us the real picture as it depends on external factors and the bot’s integral capacities. But, if we talk numbers, the Bybit bot has reported a 99.99% success rate with no downtimes.
What is the safest crypto exchange in Australia?
With the latest AML/KYC policies, all crypto exchanges that operate across Australia need to be AUSTRAC-registered companies. This means that Australian-native and overseas exchanges aren’t closely associated with scams anymore. In addition, exchanges implement plenty of security features by default for maximum user and account safety (2FA, cold storage, etc.). If I had to choose one, it’d definitely be Swyftx.
Are crypto trading bots profitable?
They can be. Crypto bots can be an excellent choice for making passive profit but at the end of the day, they respond to your commands. In a word, trading bots will be as profitable as your trading strategy.
How much can a crypto trading bot make?
It depends on market circumstances, chosen strategy, and algorithm type. For example, a single bot will be able to make a 3.5% return, but after changing the market direction, your day profit can fall to a negative number.