As the crypto market has expanded, so has the use of advanced trading tools. One particular tool that has revolutionised the investment process for millions worldwide is trading bots. Crypto trading bots work by automating the execution of trades on cryptocurrency exchanges. Through bot trading, you can remove any emotional influences, increase efficiency, and add convenience when buying and selling crypto assets.
But, seeing how advanced and useful trading bots can be, they’re definitely not free, right? In most cases, trading bots are purchased through a subscription, with many platforms offering multiple tiers with varying features. However, there’s still a free alternative for traders who are on a tight budget. In this article, we will discuss what to consider before using a free trading bot. We’ll then reveal to you our top recommended free trading bots of 2023. Let’s dive in!
Source: Unsplash
Can I Use a Crypto Trading Bot for Free?
So, the reason you’re here today is to find out whether or not trading bots are free. The answer to this question depends on several factors. If you:
- Want advanced trading features;
- Are after top-tier security measures;
- Need exclusive customer support.
Then, you’re better off using a paid trading bot. Paid bots offer many more features and are typically more secure. But, of course, you’ll have to pay for them. Some premium trading bots can cost upwards of €500! Understandably, this can be out of many traders’ budgets. On the other hand, if you:
- Have a limited trading budget;
- Want a cost-effective solution;
- Are willing to compromise on advanced features.
Then there’s definitely a suitable free trading bot for you! Free trading bots are the ideal entry-level option for traders who want to explore automated trading without a financial commitment. Although they lack certain features, they can still help you trade and make a profit through the crypto markets.
What To Consider Before Using a Free Crypto Trading Bot
Let’s take a look at some key factors to consider before you begin using a free cryptocurrency trading bot:
Security
Free trading bots may not have the same security measures as their paid counterparts. When it comes to managing your crypto assets, using robust platforms is vital. Before using a trading bot, be sure that it has implemented all the necessary protective measures. This can include SSL encryption, 2FA, and secure API (Application Programming Interface) connections.
Features
Similarly, free trading bots may lack certain functionality and additional features. Of course, when using a bot, you won’t need every feature. However, this can depend on how many assets you want to manage and which trading strategy you want to implement. Head to the ‘pricing’ section on the website of a bot you want to use to see exactly which features are included in their free tier.
Reviews
A great way to find out if a bot is worth using is by checking out user reviews. You can do this through social media, online forums, or certain review sites. This will give you insight into the user experience of the bot so you know what to expect when using it yourself. Those with minimal or negative reviews should usually be avoided.
Ease of Use
You should also consider the user interface of any trading bot, free or not, before using it. Some bots are beginner-friendly, whilst others require significant knowledge or experience. Using a bot that’s too complicated can result in mistakes leading to losses, so always take your time reviewing potential options. Sometimes, you can even head to YouTube to watch videos of others using a specific bot. This will let you know how user-friendly a trading bot really is.
Support
Beginners, in particular, may run into various issues when using a trading bot. If this happens, you’ll obviously want easy access to a knowledgeable support team. Some trading bot platforms have live chat features and knowledge bases to help out their users. However, with some free tiers, platforms do not offer the same level of support as their paid tiers.
Hidden Fees
Last but not least, you should be aware of whether a bot you want to use is actually free or not. Some trading bots claim to be completely free for users but actually include various hidden costs. So, in some cases, using a bot can be free, but you’d need to pay a small percentage of any profit you may make. Other platforms may also charge withdrawal or deposit fees. To avoid any surprises, we recommend reading the terms and conditions of any platform before trying out their free trading bots.
The Top Free Cryptocurrency Trading Bots
After considering the above criteria, we have pinpointed the best free trading bots that you can use to enhance your trading. These choices all offer free tiers for their bots, so you can enjoy all the benefits of automated trading without paying anything. Without further ado, let’s check out the best crypto trading bots you can try for free:
Coinrule is a highly reputable trading bot platform that provides a beginner-friendly experience to its users. This platform has four available subscription tiers, with the ‘starter’ one being completely free.
In this free tier, you’ll have 2 live rules, 2 demo rules, 7 template strategies, and 1 connected exchange. Coinrule also provides you with 3 conditions, 30 rule executions, and up to €3000 trade volume per month. This tier is ideal for traders who want to execute both simple and complex trading strategies through an automated process. Although there aren’t as many features at the ‘hobbyist’, ‘trader’, and ‘pro’ tiers, it’s still more than enough to get you started.
With the free tier, you’ll also have access to Coinrule’s fantastic customer support team via chat and email. If you’re looking for priority support or one-to-one trading sessions, then you’ll have to splash out for one of the premium tiers. Additionally, all four tiers have easy-to-set-up trading bots and aim to streamline the investment process. You can receive notifications of your bot’s progress through Telegram notifications, and the available template strategies will save you even more time when configuring your bot.
One of the most trusted crypto bot trading platforms, which also happens to offer a free tier, is Cryptohopper. This platform has been around since 2017 and strives to provide an unparalleled trading experience for new and experienced traders alike.
With the free ‘pioneer’ tier, you’ll get unlimited copy bots, 20 open positions, portfolio management, and manual trading on all exchanges. For additional features, such as backtesting, trading signals, strategy interval checks, and event-based triggers, you’ll need to upgrade to the premium ‘explorer’, ‘adventurer’, or ‘hero’ tier.
After joining the free tier, you’ll also have access to both personal and global statistics as well as pre-configured strategy templates. This will save you plenty of time when setting up your trading bot. Additionally, with Cryptohopper, you’ll have access to the helpful customer support team through email and chat. With this platform, there’s no priority support, so you’ll receive the same assistance as you would with the paid tiers. Overall, Cryptohopper is a highly accessible and full-featured platform for automated crypto trading.
A slightly different option for accessing a trading bot at no extra cost is joining a crypto brokerage. Crypto brokerages (or brokers) are there to help their users execute trading strategies, enhance their skills, and improve their confidence. After all, simply practising and attempting to learn from your mistakes alone isn’t always the best option. Many beginners end up giving up altogether rather than seeking professional help.
Brokers are designed to reduce the gap between beginner and expert traders. With a well-rounded broker on your side, you can reach new heights in your crypto trading career. To help out their users, brokers provide specialised tools and resources. One tool that many brokerages offer is, you guessed it, trading bots. Through trading bots, brokers will help their users capitalise on automated trading strategies.
Although you’ll have to pay to use a crypto brokerage, a trading bot will typically come as a free addition to their services. This, combined with plenty of other features, will make using a broker highly cost-effective. To find the perfect broker for your needs, we suggest joining a brokerage-matching platform such as Bit GPT.
Recap
To recap, crypto trading bots are ideal for users who want to automate their trading strategies without parting with their hard-earned cash. Although free bots can lack some quality-of-life features, they’re still a great no-commitment option to try out. Just remember to consider the key criteria that we outlined before joining a trading bot platform. If you’re unsure which to choose, then you can check out the three terrific options we’ve listed!
