Grid trading is a rather well-known algorithm, so it is not surprising that most traders want to automate it. Therefore, we will take a look at several bots, to select the best grid trading bot, for this and tell you what to pay attention to when choosing them.
The basic principles of the grid method
Before we start to tell you about bots, let’s look at the approach they take.
The Crypto grid trading strategy is to put orders above and below the current value range. The orders should be placed in equal steps.
How does it work?
As soon as the price of the cryptocurrency increases or decreases, the trader will make a buy or sell deal based on which way the price moves. This method is especially useful in crypto exchanges with high asset volatility. Its essence is to execute as many orders as possible when the price of crypto changes very quickly.
What is a grid trading bot?
Reminder: a trading bot is a software to make the work of any trader much easier. The job of such software is to place orders according to the grid principle, and when the value of crypto crosses the grid line, it makes the deal.
The choice of grid trading bots is huge. We looked at the most popular and the best of them to make it easier for you to choose the best grid bot crypto.
Let’s start our review from the popular platform for trading – WunderTrading.
It is a multifunctional platform for algorithmic trading at many top exchanges. In addition, it has a trading terminal where you can trade with all connected the most popular exchanges in a single user-friendly interface.
Configuring such a bot on WunderTrading is not difficult. First, you have to define the trading space of orders. Then you should define the entry point, the trading volume of the first order, and the step of orders.
These settings will be enough to start trading. The software will automatically place orders in your price range and open the deal as soon as the price of your chosen crypto-asset crosses the grid line.
WunderTrading also has a large knowledge base where you can find answers to most questions. For example, if you want to find the best crypto for grid bot, WunderTrading will help you do that.
WunderTrading gives the ability to use the grid trading bot even on a start plan – it is absolutely free. The disadvantage is that WunderTrading still does not have its own mobile app.
The Pionex platform is well-known for its set of automated crypto bots. The platform offers 17 bots, each of which can be configured manually or started in a few clicks according to already preset strategies. Among this variety is a bot, which implements trading on the grid algorithm.
There are two interfaces for each bot: basic and advanced. The basic mode allows you to quickly set the general settings of the deal and immediately launch the bot. In advanced mode, you can set the parameters such as trigger price, stop loss, allowable price slippage, grid setting parameters, and so on.
With automatic and manual modes, this platform is suitable for both skilled and novice traders. The disadvantages include the impossibility to deposit your Pionex account via bank card.
Bitsgap is a cryptocurrency management platform that provides a range of services to traders of digital assets. Among its offerings are signals, portfolio management, demo mode and trading robots. Thousands of traders with various experiences and skills use it daily to maximize potential profits by automating trading.
The trading grid robot is based on transparent and efficient logic. The service allows you to choose a ready-made strategy, which is based on previous results. However, you can customize the strategy yourself and choose the most preferable parameters.
Users also have access to a test lab with historical charts, where they can analyze the bot’s deals. Bitsgap is perfect for beginner algo traders: no programming skills are needed to configure its bots, including grid bots. There are also many professionals among Bitsgap users – they choose the platform because of its user-friendly interface, variety of trading tools and rates.
The demo mode that exists on Bitsgap is great for understanding what to expect from trading. It makes it possible to evaluate the algorithms chosen by the trader and make sure that they are profitable.
The disadvantages of the platform include the lack of free rates. Only a trial period of 7 days is given to the trader. However, grid bots are already included in the basic package.
Using trading bots help traders continuously interact with the market, in addition, they do not know fatigue. We have considered the most common and most popular trading robots for grid trading. Each has its own advantages and disadvantages, so study them again to choose the best grid trading bot that suits your strategy.