The cryptocurrency trading market has gained more traction in the past few years, attracting more investors as it found more relevance and use cases. Traders are also looking for new ways to make their trading journey more manageable. The need led to the invention of crypto trading bots.
Research claims that 38% of users employ bots, and about 86% of the trading by these smart machines is helping traders make a profit. Although anybody can trade cryptocurrency, not everyone can keep up with the market. In such scenarios, these bots have proved to be quite useful.
However, before we dive deeper, let’s get the basics right. You may already know how volatile digital coins are as their prices change due to various factors, including economic activities.
Moreover, in a few cases, some key players control the pricing of coins as cryptocurrency is not regulated. Sometimes, all a coin needs to lose value is for a group to pull out all its funds. So, anyone can rally individuals to affect the prices of cryptocurrencies, placing investors at either risk or a loss.
Long story short, the crypto economy can be complicated for new investors and therefore requires time to navigate before you can master it. However, not everybody can afford the luxury and time. And that’s where technology like bots comes into the picture. These trading Telegram bots can up your trading game.
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What are Crypto Trading Telegram Bots?
A crypto trading Telegram bot is software that, once connected with your trading account, can make trades on your behalf with the sole aim of raking in moolah. It works through an application programming interface, an intermediary that allows two applications to communicate.
In relatively simpler terms, a crypto trading bot helps you navigate the market and make trades even when you are unavailable. If you want to salvage the benefits of a trading bot entirely, it’s ideal to use it to connect to a crypto signals Telegram group.
What are Crypto Trading Signals?
Crypto signals are basically buy or sell calls provided by experienced traders who analyze the charts and other factors before sharing information with other traders. These signals help reduce the amount of time you spend trying to analyze and predict the performance of a coin. Plus, it’s always better to get help from experts who have been in the market for an extended period.
When you join the crypto signals Telegram group, they will present the signals in the following ways:
- Chart analysis: Crypto signal providers will often provide chart analysis of the cryptocurrencies they are monitoring, indicating potential entry and exit points for traders.
- Price predictions: Crypto signal providers may also provide price predictions for certain coins or tokens based on their own analysis and technical indicators.
- Technical indicators: Crypto signal providers may use a variety of technical indicators, such as MACD, RSI, Bollinger Bands, Fibonacci Retracement, and Moving Averages, to determine when to enter and exit a trade.
- News alerts: Crypto signal providers may also provide news alerts, such as when a new coin is listed on an exchange or when a particular coin is experiencing a major price movement.
- Portfolio management: Some signal providers may also offer portfolio management services, helping traders adjust their portfolios to take advantage of market conditions.
Using a trading bot and signal group to trade will make more passive income as you don’t have to be readily available for placing the bets. Additionally, placing trades manually can lead to errors like setting the wrong entry and exit points. So if you need trading accuracy with ease, Telegram bots are one of your best options.
Best Crypto Trading Bots on Telegram
Now that you know what crypto trading bots are and how capable they are, let’s look at some of the best ones readily available on Telegram. However, it’s crucial that you only use a bot that you can trust. Even if crypto trading bots are popular, you shouldn’t feel pressured to enter the market with their help, as they could place riskier bets without your knowledge.
Here are nine of the best crypto trading Telegram bots.
Cornix allows users to monitor and analyze their crypto trading portfolios, including profit and risk ratios. The crypto trading bot enables users to get up-to-date information from various Telegram signal groups while also keeping track of other activities on the messaging platform. Additionally, you can customize trading configurations on the software, which means you can decide what trading strategies you want your bot to use.
Coinmatics enables users to leverage copy trading. The trading bot automatically replicates the actions of expert cryptocurrency traders on the user’s Binance account. One of the advantages of copy trading is that you can make profits even with little knowledge of crypto.
Coinrule is a crypto trading bot that supports users’ choice of trading strategy on their exchange account. Users of this software can personalize their trading portfolios so that they can view their gains and losses in a fun theme.
Additionally, you can choose your own trading strategy, which is advantageous for those who are more familiar with the cryptocurrency market.
TradeSanta is one of those trading bots that allow you to leverage the price fluctuations of the crypto market. It is a Telegram bot that enables you to trade using long and short strategies.
In addition, the bot offers technical indicators so you can watch how the market moves. You can launch the bot using pre-set strategies or create yours from scratch.
Compared to other trading Telegram bots, Trality performs higher as it offers traders a community for learning and allows them to take advantage of the computational and analytical features of cryptocurrency trading. Through the creation of algorithms, users can design their own strategies. Users can programme their bots using a graphical interface provided by the bots by dragging and dropping indicators next to strategies.
CryptoHopper is a cloud-based trading Telegram bot that requires no installation. This software offers Telegram bots, which operate somewhat similarly to chatbots. They enable users to automate transactions and quickly obtain signals.
Quadency carries out automated trades and manages users’ portfolios. It comes with in-built strategies, which can come in handy for beginners who have no idea what strategies to use. Some of its additional features include chart analysis and a market screener, which helps users easily diversify their portfolios. The bot has two categories – simple and advanced. The simple version is easier to configure, but the advanced bot functions on trading strategies and offers more personalization.
Python Crypto Bot, also known as PyCryptoBot is an open-source crypto bot. It’s free to use and offers numerous features. The crypto trading bot can also function as a chatbot to help users deliver messages to Telegram’s desktop and mobile versions. Also, you can add and save various commands to the bot for easy access. Additionally, the bot shows you the margin for close and open trades and market stats.
CoinCodeCap is a crypto bot that offers crypto signals. Its Telegram channel boasts above 10k members. Additionally, the bot assures you of 20% profit upon your referred friend’s subscription every month by being an affiliate member of the platform.
How to Make a Crypto Bot on Telegram
You may easily establish buy and sell orders, monitor the market, and carry out trades with a crypto bot. Here are 5 quick steps for building a Telegram crypto bot:
1. Download Telegram:
To get started, you’ll need to download the Telegram app onto your device from either App Store or Google Play store.
2. Create a Bot:
Once you’ve downloaded the app, you’ll need to create a bot by opening BotFather in the Telegram app and selecting the “Create a new bot” option.
3. Connect Your Bot to Your Crypto Exchange:
Next, you’ll need to connect your bot to your crypto exchange account. You’ll need to provide your API credentials, which you can obtain from your crypto exchange.
4. Program Your Bot:
Now that your bot is connected to your crypto exchange, you can program it to perform a variety of tasks. This includes setting buy and sell orders, tracking the market, and executing trades.
5. Test and Deploy Your Bot:
Before you deploy your bot, you’ll need to test it to ensure that it’s working properly. Once you’re satisfied with the results, you can deploy your bot and start trading.
NOTE: Before you start the bot creation process, you need to have programming knowledge. Since the process involves coding, it may be difficult for folks who aren’t tech experts. So, if you experience issues, you can reach out to us at Blockwiz for further information and assistance.
With the inclusion of new trading bots, Telegram cryptocurrency trading bots seek to increase the profitability of trading cryptocurrencies. Telegram bots can be set up to provide the best trading experience.
At Blockwiz, our team is committed to producing useful content that will aid traders in their exploration of cryptocurrencies. We offer cryptocurrency project marketing solutions and market-success strategies. Get in touch with us if you want to learn more about cryptocurrencies, NFTs, or the metaverse.