Trading bots were earlier designed for making trading simpler. Now they have evolved and their applications are many. Beginners, as well as professional traders, might end up using trading bots like Crypto Code at some point in their trading journey. With the wide variety of bots available in the market, how exactly do you know that you have picked the best crypto trading bot?
- Ensure that it is not a scam
This should be your first concern given that there are so many scams in the name of trading bots. Do not stick with the information you find on the website alone or a single source online. Refer to as many websites and as many discussions as possible to fully make sure that the bot is not a scam and to make sure that it does offer all the promised features.
- What are the supported exchanges
It is always good to pick a trading bot that comes with the support for multiple exchanges. When there is a restriction on the exchange it reduces the number of options you have in picking a cryptocurrency as well. This feature also has another benefit- when one of the exchanges seems to be facing a downtrend then you could check the options in the other exchanges.
- Testing methods
Some of the bots in the market rely on backtesting alone. Find a bot that comes with both real-time testing and backtesting. So every strategy that the bot uses would be adjusted based on historical data as well as real-time market data.
- A wide variety of indicators
A simple trading bot might come with a strict set of indicators and might only use a few of them. Look for trading bots that use a large number of technical indicators. If the bot has features selection option – where the bot would keep altering the set of parameters it uses in order to get the best results, then it is a good thing.
- Terms and conditions
Find a bot that has its terms clearly laid out. Before you start using the bot you should be aware of the process involved, the places where there are fees attached. Stay away from those that are reviewed to be containing a lot of hidden fees.
Finally, along with all these features, the bot provider should also be equipped with a responsive customer care team.