Best 11 Crypto Trading Bots for April 2024

Alex Miles
ByAlex MilesReviewed byZac McClure, MBAUpdated on April 1, 2024 · minute read
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  • Our crypto tax professionals have identified Cryptohopper, Shrimpy, and TradeSanta as three of the best available trading bots today, with features like social trading that are useful for a wide range of crypto users.

  • Crypto trading bots take emotion out of crypto trading through automation, allowing crypto holders to step back from the markets and leverage various strategies to meet their goals automatically. Always do your own research and understand the risks involved before undertaking any activity in crypto.

Find the best crypto trading bot

Crypto trading bots are valuable for savvy traders who want to capitalize on algorithmic trading and data-driven automation and enhance profits while reducing risk and limiting losses. These bots are online programs that can execute tasks quickly and efficiently, far beyond human capabilities.

It is estimated that more than half of traffic on the Internet consists of bots that engage with websites and users, conduct content scans, and perform various tasks, including executing cryptocurrency trades on behalf of their owners.

Cryptohopper

Cryptohopper

Best crypto trading bot overall

Coinrule

Coinrule

Best bot for no-code trading rules

TradeSanta

TradeSanta

Best bot for beginning traders

Pionex

Pionex

Best exchange-built bots

Shrimpy

Shrimpy

Best social trading bot

Cryptohopper

Best crypto trading bot overall

Cryptohopper is a top choice for those getting started with crypto trading bots, and our choice for the best crypto trading bot overall. This platform has a lot going for it: it works with 100+ tokens on 15 exchanges and has more than half a million users. As such, its packages (ranging from $0 - $99/mo) offer something for everyone.

Gunbot

Best bot for advanced traders (runs locally)

Best for technically competent traders interested in a feature-rich and community-driven crypto trading bot with a high degree of control, Gunbot can also be a solid choice for beginners with its three-step setup and pre-configured strategies. Monthly subscriptions make it even more accessible for newcomers.

HaasOnline

Best bot for day traders (cloud)

Best for technically competent day traders interested in developing and optimizing their own crypto trading bot. HaasOnline's TradeServer has long been a solid but pricey choice for traders who write their own scripts and want to run a trading bot locally.

Trality

Best bot for Python users

Best for those familiar with Python interested in writing code for their own trader bot. What sets Trality apart is its powerful Python API, which lets traders use this familiar language and libraries to develop bots. Its in-browser coding features include intelligent autocomplete and backtesting, debugging, and soon, rebalancing.

3Commas

Best bot for advanced traders

Best for advanced trader bot users interested in more sophisticated bot trading, including programmatic options strategies. 3Commas offers sophisticated trading options in a user-friendly, surprisingly affordable package, making it a good choice for independent traders looking to adopt more complicated strategies with a feature rich terminal operating on 17+ major exchanges.

Coinrule

Best bot for no-code trading rules

Best for journeyman traders looking for no-code training rules. Coinrule is a safe and easy-to-use platform to create automated trading instructions for top exchanges, including Binance, Coinbase Pro, and Kraken.

TradeSanta

Best bot for beginning traders

Best for novice traders interested in learning about crypto trading bots and an all-in-one crypto trading platform. TradeSanta markets itself as great for novices, and so it is, with affordable pricing, approachable mobile and desktop interfaces, risk management tools, and pre-built templates.

Pionex

Best exchange-built bots

Best for those interested in free built-in trading bots on a popular exchange. Pionex is a cryptocurrency exchange that gives users access to 16 free, built-in trading bots, including grid, DCA, and arbitrage bots.

Ichibot

Best free trading bot for highly technical users

Best for those comfortable with the command line and typescript who want a trading bot they can code and control. Ichibot is more of a tool than a bot, run completely through the command line interface.

Shrimpy

Best social trading bot

Best for those seeking a comprehensive way to manage their crypto portfolio long-term, with social trading. Shrimpy is focused on total, long-term portfolio management with social trading. In addition to enabling automatic trading, portfolio rebalancing, and cross exchange performance monitoring, Shrimpy also connects users with a unique social feature.

Stoic

Best for long-term portfolio strategy

Best for Binance users looking for long-term portfolio strategy options, including multi-cycle, swing, and long only. Stoic AI is a long-term bot that works like a hedge fund. Linked with a user’s Binance account, this crypto trading bot serves as a crypto-quant hedge fund that manages your crypto portfolio using trading algorithms developed by the Cindicator team.

What are crypto trading bots?

Cryptocurrency trading bots are computer programs that create and submit buy and sell orders to exchanges based on the rules of a pre-defined trading strategy. For example, a very simple trading bot might be programmed to sell Bitcoin when its price reaches a certain threshold.

In short, crypto trading bots enable trading based on data, trends, and price range—not on emotional impulse. Ultimately, this usually grows their profits, minimizes their risks, and limits their losses across exchanges. Furthermore, bots can produce passive income 24 hours a day. Whether you’re sleeping, biking, giving a presentation, whatever: you could also be earning from automated trades.

Automated trading is supported by a growing number of platforms, but we’ve done the research and presented our favorites below.

Features to look for in crypto trading bots and tools

When assessing crypto trading bots and tools, you’ll want to look at some key features to determine which is the best crypto trading bot for you. These include:

  • Code or no-code: does the bot require knowledge of a programming language?

  • Pricing: is access to the trader bot free, require a monthly or annual subscription, and/or is there a trading fee for use?

  • Support: does the bot provider offer support, and if so, at what level? Beginner traders may want one-on-one phone or chat support.

  • Exchange integration: what exchanges can a given trader bot be used on? Is the bot built-in to an exchange (e.g. Pionex’s bots)?

  • Mobile app: will you be able to monitor your bot with a mobile application on the go?

  • Social integration: does the bot support copy trading, so you can benefit from successful traders’ strategies and track records?

  • Simulated trades: does the bot platform offer backtesting and paper trading so you can simulate a given trader bot’s performance before deploying it?

  • Bot types and strategies: what types of bots and strategies does a given platform offer? Which currency pairs are available? We’ll look at some common strategies further in this article.

How much does a crypto bot cost?

The price of crypto bots for a trading account ranges from free, to a small monthly or annual fee, up to thousands of dollars in annual deposit fees.

Some crypto bots are charged a small percentage trading fee, as with Pionex’s .05% trading fee on each grid trading transaction. Many crypto trading bot platforms offer very limited free bot trading trials for users.

Pros and cons of crypto trading bots

Perhaps the number one advantage to crypto trading bots is they remove the emotion from trading cryptocurrencies. Crypto is notably volatile, and trading manually can lead users to panic, become overconfident, and make emotional rather than rational decisions. A crypto executes trades based purely on data, without attachment to funds or sentimentality about market conditions.

Crypto bots are not perfect. With a bot working for you, you might be tempted to step away from crypto entirely and assume the bot has things handled. This can lead to complacency, and it’s important to check in with your bot periodically to ensure it’s functioning and working toward your goals.

There are also security concerns. Crypto trading bots typically conduct trades via APIs and so require no ongoing manual input. Bad actors might target bots or exchanges, so you should take extra steps to secure yourself. Deactivate automatic withdrawals and take extra precaution with your API keys and passwords.

Crypto tax software and your trading bot

A crypto trading bot will in many cases execute more trades than a human could or would. This can lead to confusion during tax season, as you might feel the need to pour over every transaction and do complex calculations around fees, gains, etc.

TokenTax can take the headache out of tax season after a year of successful crypto bot trading with the best crypto bot you’ve found for your goals. Our platform integrates with dozens of the world’s most popular exchanges, so you can import your crypto bot trades in minutes, greatly simplifying your annual crypto tax preparations.

We are both crypto tax calculation software and a full-service crypto tax accounting firm, so whether you want to prepare your crypto taxes yourself with our software or need some extra assistance, we’re able to help you accurately file even the most complicated crypto taxes. 

How do you file taxes for crypto bot trading?

You’ve selected your best crypto bot, programmed its strategies, and watched its results. Now, how do you file taxes on these transactions?

Put simply, crypto bots trade on exchanges on your behalf. So when it comes time to report cryptocurrency on your taxes, you just need to import your trades from these exchanges into cryptocurrency tax software. It’s the same process you’d use for trades you make yourself.  

When choosing a bot trading strategy, be aware of how many trades the bot will be making. High frequency trading bots making dozens or hundreds of trades a day can result in tens—or even hundreds—of thousands of transactions that must be reported.

This increases the complexity of tax calculations, even if you're using a crypto tax calculator. However, if you determine high frequency passive crypto trading is the right strategy for you, TokenTax can handle such trading with the appropriate crypto tax plan.

Try these crypto bot strategies

Are cryptocurrency trading bots profitable? They can be if used properly. Here are a few of the best crypto trading bot strategies to help you discover the right crypto trading bot for your situation and goals.

Arbitrage bots

A crypto arbitrage bot is a computer program that compares coin prices across exchanges in order to make automated trades that take advantage of price discrepancies, identifying arbitrage opportunities.

For example, a BTC arbitrage bot might identify that Bitcoin is trading for $200 more per token on Kraken than it is on bitFlyer. It would then buy BTC on bitFlyer and quickly sell it on Kraken in order to make a small profit.

Grid bots

A grid bot is simple and good for beginners. You simply set multiple “grids” of upper and lower cost limits for a certain cryptocurrency. The bot then makes a series of interchangeable trades and incrementally accumulates profit. Let’s say you had the following parameters for COMP:

  • Lower limit: $100

  • Upper limit: $200

  • Grid quantity: 10

If the price of COMP is at $150 when you program the bot, you will have 4 open orders for sell and 5 open orders for buy. If the price increases to $16, the bot will automatically place two paired orders: sell at $160 and buy at $150. The $10 profit is added to your balance. 

Sandwich bots

Sandwich bots detect when a trader is placing a bid on a token. They then place a higher bid on the same token, betting that the trader will still want the token. If the bot wins the token, it will immediately try to sell it to the original bidder at a higher price.

Best crypto trading bot FAQs

Here are some common questions about bot trading, automated crypto trading, and crypto trading bots.

What is the best crypto to bot trade?

Generally speaking, you’ll want your crypto trading bot to work with blue chip cryptocurrencies like Bitcoin or Ethereum, as these have the most liquidity. Liquidity as it pertains to bot trading simply means there aren’t discounts or premiums attached to a given asset when buying or selling, so it’s easier for your bot to execute buys and sells when needed.

How successful is a trading bot?

Crypto trading bots can have a high rate of success when used properly, and bots are used broadly across capital markets. According to a 2020 report from the SEC, 78% of market trades were performed by trading centers depending on automation and algorithms. If trader bots didn’t work, institutions wouldn’t use them. It’s estimated the volume of stock trades coming from bots is 60% to 70%. Some analysts estimate that up to 86% of crypto volume occurs from bot trading.

Let’s be real, can you get rich from trading bots?

Nobody can answer this question. A crypto trading bot will almost certainly not secure a 100x moonshot on a risky meme coin, for example. But if you have a solid amount of crypto and want to make steady returns, secure gains on long-term holds, and take the emotion out of your crypto trading, automated crypto trading might work for you. 

Over time, if you find the best crypto trading bot for your strategy and manage to compound your gains, you will likely do better than manual traders, who are subject to market volatility and their own emotions.

What types of cryptocurrencies are suitable for trading with bots?

In general, using your crypto trading bot with established cryptocurrencies such as Bitcoin or Ethereum, often referred to as "blue chip" cryptocurrencies, is recommended. These coins tend to have the highest liquidity, which means that there are minimal price variations or premiums when buying or selling.

High liquidity makes it easier for your bot to execute trades promptly and efficiently. Always do your own research and understand the risks involved before undertaking any activity in crypto.

Which bot is best for cryptocurrency?

The best cryptocurrency trading bot varies based on individual preferences, strategies, and goals. Notable options include Cryptohopper, Gunbot, HaasOnline, Trality, and 3Commas. Each bot caters to specific needs, such as overall performance, technical day trading, cloud-based day trading, Python user-friendliness, and suitability for beginner or more advanced traders.

Do crypto trading bots actually work?

Yes, crypto trading bots can be effective when used properly. They operate based on pre-defined trading strategies and execute trades automatically, removing emotional impulses from decision-making.

Institutional use of trading bots is prevalent, with estimates suggesting that automated systems perform a significant percentage of market trades both in traditional finance and crypto.

What is the best AI trading bot for crypto?

The best AI trading bot for crypto will always depend on individual requirements. Some well-regarded options include Cryptohopper, Gunbot, HaasOnline, Trality, and 3Commas. These bots utilize algorithms and automation to enhance trading efficiency, minimize risks, and potentially increase profits.

What is the success rate of crypto trading bots?

The success rate of crypto trading bots varies based on factors such as the chosen bot, the trading strategy employed, and market conditions. When used properly, with careful strategy selection and periodic monitoring, trading bots can have a high success rate. Institutional use of trading bots in financial markets speaks to their effectiveness if used properly.

Can I trust crypto trading bots with my investments?

Trust in crypto trading bots depends on various factors, including the bot's reputation, transparency, and security measures. It's crucial to conduct thorough research before entrusting your investments to any trading bot. Look for reviews, testimonials, and independent analyses to gauge the reliability of a particular bot.

Consider starting with small investments and monitoring the bot's performance closely before committing significant funds. Always do your own research and know the risks involved before undertaking any activity in crypto.

Are there risks involved in using crypto trading bots?

Yes, there are risks associated with using crypto trading bots. These include technical failures, programming errors, market volatility, and security breaches. Since bots operate based on predefined algorithms, they may not always adapt quickly to sudden market changes or unforeseen events.

Moreover, using bots typically involves granting them access to your exchange accounts, which poses a security risk if proper precautions aren't taken. It's essential to understand these risks and implement appropriate risk management strategies when using trading bots.

How can I optimize the performance of my crypto trading bot?

Optimizing the performance of a crypto trading bot involves several steps. Firstly, carefully select or customize trading strategies that align with your investment goals and risk tolerance. Regularly monitor and adjust these strategies based on market conditions and performance metrics.

Additionally, stay informed about developments in the cryptocurrency market and technological advancements in trading bot software. Continuously evaluate and refine your bot's parameters, settings, and execution logic to enhance its effectiveness over time. Lastly, diversify your bot's portfolio and avoid over-reliance on a single strategy or asset to mitigate risks and maximize returns.

To stay up to date on the latest, follow TokenTax on Twitter @tokentax.

TokenTax reviews take an unbiased approach to our recommendations. When you use our links to buy products, we may earn a commission but that in no way affects our editorial independence.

Alex Miles
Alex MilesCo-Founder at TokenTax
Prior to TokenTax, Alex worked as a Product Designer at Dropbox and before that Readmill (acquired by Dropbox). He holds a BS in Digital Information Design - Interactive Media from Winthrop University.
Zac McClure
Reviewed byZac McClureCo-Founder & CEO at TokenTax
Zac co-founded TokenTax after his career in international finance and accounting at JPMorgan, Imprint Capital and Bain. He has worked in more than half-dozen countries and received his MBA from the UPenn Wharton School.

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