Despite low prices and two market crashes in 2018, there are still investors who were not chased away from the crypto world by the bear market. However, trading has become a bit difficult, and those who are making money through crypto trading had to find an alternative way to come out on top. Because of this, arbitrage bots became increasingly popular, as they allow traders to automate the process and continue making money even if they are not able to continually keep track of the change in crypto value.
Arbitrage bots are programs that allow users to set up different trading-related parameters and influence the bot's behavior. Then, bots can establish a presence on crypto exchanges that support them, and trade on traders' behalf. They can make instant decisions whenever the price moves in a way that is profitable for the trader,
However, not every bot is equally as good, which is why choosing the right one can make a big difference. Due to their popularity, there are many arbitrage bots out on the market, with some of them being free, others that are cheap, and even those that can have higher prices. Here are the four bots deemed best by the crypto trading community.
Gimmer is an automated trading bot that currently also supports different arbitrage opportunities. It works on numerous exchanges, including Kraken, Binance, BitMEX, Bitfinex, Huobi, and many others. Apart from trading on behalf of the user, this bot can also offer the possibility to test different trading strategies. Users can also opt to rent them out if they choose to do so. The bot's development team is always working on adding new features which will improve the trading and user experience, in general.
2) Crypto Arbitrage
Despite not being a bot with an impressive name, Crypto Arbitrage is still able to fulfill its users' needs perfectly. It currently focuses on triangular and direct exchange arbitrage possibilities. As mentioned, it works by placing an order on behalf of the user whenever it detects a chance of making a profit, and it is capable of earning more than $40 per day, according to its developer. It is currently supported by five different exchanges — Bitfinex, Bittrex, Gate, Bitstamp, and Kraken.
Next, there is HaasOnline, which was created by the company of the same name. The bot uses different strategies for trading, and it provides users with varying options of personalization. It is also more expensive than others. Many of its users claim that it is still very much worth its price, however, which does not make its high cost a bad thing.
The bot also has a continually growing list of different trading features, which allow it to trade different currencies among different exchanges. It supports several of them, including Binance, Coinbase Pro, OKEx Futures, Gemini, and others.
4) CryptoMedics Arbitrage Bot
Finally, there is CryptoMedics Arbitrage Bot, which is a relatively new one, being launched in April 2018. It is one of the free trading bots, which is something that typically causes skepticism in most traders. It also doesn't charge any additional fees for traders. It supports four exchanges at the moment, which include KuCoin, Binance, Cryptopia, and Bittrex. We should also mention that completing trades is still not fully automatic, which means that some user interaction is necessary. Still, it is a valuable tool for traders that are looking for excellent opportunities, and in the future, the development of the bot might yet perfect its features.