The cryptocurrency market, which was once largely unknown to most investors and a place they wouldn’t even touch, has become one of the more lucrative markets, especially among young and tech-savvy investors who are looking for huge gains and often aim to “the moon” from its spontaneous price fluctuations.
This volatile market makes it difficult for investors who are new to the industry to make logical decisions about their trades. The combination of this level of emotionality and the fact that crypto-trading is available 24/7 can cause investors to suffer from poor mental health as well as poor trading results.
This is just one of many reasons that the recent surge of Trading Bots has been so beneficial for traders. They not only make trading less stressful because of the above reasons, but also offer other benefits. These bots are able to trade at night because cryptocurrency is always active. This ensures that you never miss an opportunity. The bots can also be very useful because they are able to time their trades perfectly. This can be difficult when currencies drop by 10% within an hour.
Trading cryptocurrency can be a full-time occupation, particularly during bull markets. It can be a full-time job, especially during a bull market. This is why we created this guide to help you compare the four main trading bots and determine which suits your requirements best.
3Commas.io, a Russian-made trading software, is first on our list. 3Commas was built in 2017 and is considered to be one of the most advanced crypto trading programs available. The software boasts a wide range of features that allow you to maximize your trading potential. You can use APIs that are extremely useful and other features you may not see very often. For example, “trailing”, which is an option that allows you to maximize your profit when the price increases.
3Commas allows you to use a variety of exchanges. These include Binance, Binance US and Bittrex.
3Commas has a variety of trading plans that are competitively priced, starting with a “free” version and going all the way to their “pro”, which costs $49.50/month.
In April 2018, the company was founded. Quadency Inc., located in New York, released a smooth and modern trading terminal. This software allows users to analyze the data and facts across different exchanges. Quadency offers a variety of trading bots across these exchanges to help you maximize your profits.
Quadency’s security and ease of use for users has improved greatly. Quadency has been pushing to include a wide range of local currencies to help make it easier for people who don’t use the Euro or the US Dollar. They have some interesting security features. The first is the 2FA security system, which effectively blocks hackers from your account and keeps it safe. The TLS (Transport Layer System) system is used to protect your coins.
Quadency’s free edition has a trading cap of $10,000, which is a generous amount for a free trial. The account comes with a free trading bot, and they are very accommodating. There are 3 levels of service. The Pro is the next tier, which costs $49/month. This increases your trading limits to $100,000. You can also use 10 trading bots. The “institutional plan” is for those who have extremely large accounts. The account has few restrictions, and the price can only be obtained by contacting Quadency.
Cryptohopper, unlike the Estonian theme for cryptocurrency institutions, was created by two brothers in Amsterdam in July 2017. They wanted to build a trading platform which would allow traders to use semi-automated bots to trade on the crypto markets. Cryptohopper, a fantastic trading platform which has integrated with a variety of exchanges to support a wide range of currencies and trading options.
Cryptohopper, too, is a cloud service that offers a number of features. Backtesting is a feature that helps you test out your strategy. Cryptohopper is unique in offering this feature. You should also be aware of their large number of available indicators, which offers over 130 for traders.
Cryptohopper offers a variety of pricing plans with comical names, from “Pioneer”, which is available for free to the Hero at $83.25 a month.
TradeSanta was founded in 2018 and is a fully automated cloud-based trading bot. It allows users to trade across a variety of popular exchanges. It is simple to use and understand, allowing you to trade cryptocurrency efficiently and effectively.
Tradesanta offers a variety of settings and features that traders can use to maximize their profits on this profitable market. The software allows traders to set targets and use different trading strategies for both short and long term. It is a powerful trading tool when combined with its extensive range of technical tools, such as daily filters, Bollinger filters and volume. TradeSanta is also available as an app on Apple or Google Play. This is another great feature that makes it stand out.
TradeSanta has two free plans, one for 5 days and another lasting a full month. After this there are a variety of paid options that range from $14 per month to up to $70.00.
Compare TradeSanta with Cryptohopper
Due to Cryptohopper’s immense size and capabilities, there are a few things that it manages to do better than its competitor TradeSanta. The first notable difference here is that TradeSanta is much simpler than Cryptohopper in terms of its capabilities. Although this can be helpful to newer traders as they don’t get confused and overwhelmed as easily, it does limit most traders by offering less tools at their disposal. One of these features missing would be Cryptohopper’s Arbitrage functionalities.
Cryptohopper’s support for a wide range of exchanges is another feature that sets it apart. Cryptohopper, for example, offers trades on popular exchanges KuCoin, and Kraken. These exchanges, however, are not offered on TradeSanta. It can limit users who trade on these popular exchanges. It is worth mentioning that TradeSanta, although it’s a minor problem, isn’t an open-source system like Cryptohopper.
It would be false, however, to claim that TradeSanta did not also possess some advantages over Cryptohopper. TradeSanta, unlike Cryptohopper, has a great deal of activity in Telegram. Telegram is the hub for cryptocurrency trading. TradeSanta also offers a cheaper plan and a longer free trial, which helps to justify the lesser features of its service compared with Cryptohopper.
Cryptohopper is the clear winner between these two platforms. Although TradeSanta has its benefits, they can’t compete with Cryptohopper because of their wide variety of features and exchanges.
Compare 3Commas with Quadency
Due to Quadency’s push to create an all-in-one platform, it has managed to establish a few advantages over 3Commas simply due to its extensive range of features and options it provides to its users. The first major difference is its very simple interface. Due to 3Commas being quite overwhelming visually, in particular for new traders, it can be hard for them to find their feet on the platform, whereas Quadency is able to offer a much easier learning experience to new traders.
Quadency has an interesting feature that can upgrade your account to a premium one over time. This is a way to reward users who are loyal to their platform. 3Commas, and most other trading platforms, do not have this feature.
It is difficult to choose between the two as Quadency offers more features, more ease-of-use for novice traders and better loyalty rewards.
Compare 3Commas with Cryptohopper
Both platforms offer a great service to their users so here we are going to try and break them down and establish who does what the best. The first intriguing feature that sets them apart is how much more indicators and advanced trading tools Cryptohopper has over 3Commas. 3Commas lacks a range of indicators such as RSI, EMA and CCI which can be very helpful to traders in a bull market, which is arguably the most important time in trading.
3Commas, on the other hand, uses Dollar Cost Averaging by utilizing data from the TradingView algorithm, which is extremely helpful when entering the market during a favorable moment. You can also trade with a variety of coins and funds instead of being limited to just one. It makes trading more convenient and flexible for those who want to trade quickly and do not wish to be limited.
Both services allow you to build your own automated trading bots to be used on the respective exchanges. 3Commas makes the process of creating and using bots easier with their simple templates. However, you can argue that this simplicity may result in lower profits for traders.
Both services have unique features and provide excellent services.
Conclusion – TradeSanta vs 3commas vs Cryptohopper vs Quadency
The cryptocurrency space is growing massively in terms of value, innovation, opportunities and more and it is fair to say that the introduction of trading bots into the market is another piece of an ever-growing puzzle of an industry. All of the bots mentioned on this list will help to make trading much easier and more profitable for traders and end the many sleepless nights that traders sometimes go through when trying to earn a fortune in such a volatile market.
All bots have their unique features that can change the game, but also some weaknesses and drawbacks. All the bots and services, when they are used properly and according to their strengths, can bring great profit for traders.