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Best Crypto Trading Bots In Nigeria 2022: Do They Work?

Wikipedia defines a trading bot as a software program that interacts directly with financial exchanges (often using APIs to obtain and interpret relevant information) and places buy or sell orders on behalf of a person depending on the interpretation of the market data.

This simply means that a trading bot is an online bot that performs trades on your behalf with algorithms. The main reason why people make use of Crypto trading bots is that it helps them perform the trade and make money in the Crypto market without them wasting their time doing the trade themselves.

There are many Crypto trading bots online; some are free while some are paid for and really expensive. Contrary to what many people think, using a Crypto trading Bot may not be allowed on some crypto trading platforms, but it is considered legal in the crypto market.

Below are the top 3 reasons why people prefer crypto trading bots;

  1. They trade with efficiency
  2. They perform trades faster than a normal human being
  3. They trade for 24 hours daily

Do Crypto Trading Bots Work?

For beginners in crypto trading, crypto trading bots can be of reasonable assistance. It trades on your behalf and also makes the process faster. However, don’t think it’s a get-money quick platform; you also have to do some work for it to be effective.

You will have to choose trades and transactions on which the trading bot wants to focus. If you make the wrong choices, you will most certainly lose your money. Investing the least minimal amount you can when using a crypto trading bot is advisable. Why is this?

It is simply because many Crypto trading bots promise many benefits and rewards. Still, the truth is that you are taking a financial risk by using a crypto trading bot because they are not humans that you can interact directly with. They are computer programs and can develop faults and crash at any time.

As with every other online activity, there are some genuine crypto trading bots, while there are many scam ones on the internet, especially the free ones.

Below are some of the best crypto trading bots;

1. Gekko

Gekko is a free and open-source application that integrates with significant Bitcoin exchanges for those interested in trading Bitcoin TA and performing backtests. It uses javascript and nodejs for its development and operation. 

You can either develop your own trading strategy from scratch or use one of the pre-existing techniques as a jumping-off point. Gekko can automatically execute your strategy in several ways once you have it. 

Gekko can monitor the markets in real-time, automatically putting your strategies into action and evaluating their efficacy. Gekko will record all market data it encounters throughout this time, allowing traders to test hypothetical trading methods on actual market conditions in the past.

2. 3Commas

With a feature-rich terminal and tested automated bots that work on 18+ major exchanges, 3Commas assists consumers in growing their cryptocurrency assets. 

There is a trading method that can make money from every market situation. Because 3Commas bots are so effective at lowering average acquisition costs, each trade you make will result in higher profit margins. 

3Commas use only API keys for interacting with exchanges. The bots don’t have access to your credentials and cannot start withdrawals. Therefore your money is safe.

The dashboards from 3Commas provide you with real-time information about your trades’ performance so you can decide when to optimize and let them run.

3. Cryptohopper

Cryptohopper, a cryptocurrency trading robot, aims to simplify cryptocurrency trading for traders of all experience levels so they can take advantage of trading opportunities, increase their profits, and minimize their risk of losing money. 

Cryptohopper wants to give traders more power by giving them a service that is easy to use and has all the features they need to trade multiple cryptocurrencies without having to worry about human error.

The semi-automated bot helps traders make more intelligent decisions based on algorithmic trading tactics and external indications; it does not guarantee earnings.

4. Autonio

Autonio is a decentralized AI-powered trading bot that uses Wall Street’s HFT knowledge. It analyzes bitcoin trends to produce buy/sell alerts and trades. Autonio’s easy-to-use GUI allows people without coding skills to profit from crypto-volatility.

Users can lease/share AI optimizations using NIO currency backed by smart contracts. Most profitable AI optimizations are presented on a leaderboard, providing a competitive environment where newcomers learn from experts. 

Autonio wants to bring the crypto trading community together, connecting professionals to newbies and allowing people from varied backgrounds to share their experiences.

However, before you use any of these platforms, make sure you enquire about them and know how they operate.

Bottom Line

In conclusion, it can be agreed that crypto trading bots are rewarding tools that trade on your behalf and can yield income. Still, the truth is Crypto trading bots have done more good than harm to the cryptocurrency market because there are more scam bots than genuine ones on the internet.

The question, “Do they work?” can be simply answered with “Fewworks while many do not.” If I should speak for the majority, I would say it is better for you to do your trading yourself than using a Crypto trading bot but if you want to use one, make sure you research correctly and trade carefully.