How and where to find free crypto trading bots
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Many of the best known crypto bots come with a fee, however it is possible to find profitable ones for free. Find out how to find a free automated trading bot and how to make sure you pick a one that’s legit.
Where to find free crypto bots
There are a couple of routes you can go down to find a free trading bot. If you have the coding knowledge, you can create your own bot for nothing, other than the time it takes to develop it. A more common route is to scour the internet to find people who are offering their services up for free.
Below we have expanded on your options in more detail, to explain where to find free crypto bots and how you can go about setting up your own.
Social trading networks
Social trading networks are one of the easiest ways to find free bots. Firms like eToro and ZuluTrade have led the way in social trading and offer a place that connect experts with beginners. Experts link their trading accounts to the network, and other users can copy the trades automatically into their own accounts.
One of the key benefits of using these networks is that you can see and analyse any other user’s historical performance before using automated software to copy trades. You can also customise the software to fit your requirements, such as setting the level of risk you’re willing to accept. There are lots of crypto traders sharing their trades which makes it easy to build your own bot trading portfolio.
Most people head to websites like Google when searching for something and it’s one of the best places to find free robots. A quick search of the phrase ‘free crypto automated trading bots’ throws up nearly 2 million results. This doesn’t mean there are nearly 2 million free trading bots out there, but there are plenty available to choose from.
While a search engine is a quick and easy way to find an answer, there are some drawbacks which you need to consider. Lots of automated software providers advertise as being free, but turn out to be either scams or require payments. You may end up sifting through lots of results before finding a good robot. which can be a very time consuming experience.
You can use online reviews to research and find the best free crypto trading bots. Online reviews give you an easy to understand breakdown of how a robot works, its benefits, and if it is truly free or not. One thing to take note of is that some online reviews are not impartial and only promote services that pay them.
Here on Invezz we have lots of independent reviews covering a wide range of cryptocurrency robots. Some of the bots we’ve reviewed come with a one off charge, although we have many that are free and can be used by beginners and experienced traders alike.
If you have some technical knowledge then you can use many of the open source crypto robots that are freely available. Open source software is a popular way for developers to share and collaborate while building technology solutions. Many crypto bots are released using open source software and can be customised to fit your requirements.
Open source robots like Zenbot and Gekko can be quickly installed and customised. To get the best use out of them you’ll need to have some coding skills although many of these bots have active online communities where you can share ideas with other users. Open source bots can be built and developed anyway you wish and are completely free.
What to look for in a free crypto automated trading bot?
The first feature to look out for is profitability. There is little point in using a robot because it is free if it is unable to generate profits. Other things to consider can include ease of use and connectivity with exchange and brokerage platforms. Below are five factors to look for when selecting a free crypto automated trading bot.
- Profits. Robots can perform any number of functions and for most of them, their main objective is to generate profits. Before you start using a bot you’ll need to make sure that it can do what its developers claim. If you use a social trading network you can check historical performance yourself. Other robots can usually be backtested.
- Trading platforms. The cryptocurrency market is diverse and there are multiple exchanges you can use to make trades. Each exchange is different and bots don’t work on them all, so you’ll need to check beforehand. The same is true for brokerage platforms. It can be useful to stick to popular platforms like MT4 for free crypto bots.
- Support. The best free robots will come with helpful support instructions as well as online communities. If you’ve never used one before you will need guidance on how to set up and use a cryptocurrency robot. Some bots, like those using open source software often have support on apps like discord or github.
- Type of bot. As previously mentioned, bots are designed for specific tasks or to automate specific strategies. There are a range of different types of crypto bots and depending on your requirements some may be more suitable than others. You should find a free bot that can meet your needs and perform tasks that are important to you.
- Reliability. The easiest way to check if a bot is reliable or not is to use it for yourself. If you don’t want to risk your money testing a bot out then it’s a good idea to use a demo trading account, where you can test it in live market conditions without using live funds. Online reviews are also another easy way to discover reliability issues.
What should I do now?
If you’re ready to start using a free crypto automated trading bot then you can use some of the helpful tips we’ve provided in this guide to find one for yourself. You can also learn more about the cryptocurrency market in general, or robots in particular by visiting the dedicated crypto section on our website where we have lots of guides and free information.
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