The crypto market is very lucrative for anyone who wants to engage in speculative trading. However, those who aim at building a passive income stream should focus more on a more conservative style of investment. Investors seeking ways to inflate their profits but reduce risks should use automation. Let’s talk about the trader bot marketplace and free options that are available to both small and big investors.
Do freebies exist in this industry?
While many believe that most automation tools are paid, the reality is quite different. There are several methods to start using bots without paying a dime!
Get a free plan. WunderTrading has an option for small-time traders. Their free plan is quite good with full functionality and lots of options to choose from. While you cannot run more than 5 bots simultaneously, most beginners do not need more.
Use a trial period.. Most SaaS platforms offer some form of a trial. Sometimes, it is about returning 100% of the price within 30 days. Sometimes, you can just hop on without paying and use a service for free for a limited period. For example, Pionex offers a free trial to new customers.
Use open-source free tools.. There are platforms like Gekko and Zenbot that also can be quite efficient. While functionality and UI may disappoint some people used to more polished products, these platforms are incredibly useful for both experts and novices.
There are lots of ways to get a freebie in this industry. However, choosing an automation tool is rarely about getting service without paying. It is more about making automation efficient and acquiring profits. If you are losing money on investing while free-riding on a botting platform, something is wrong.
How much do trading bots cost?
A contemporary platform usually charges monthly. You won’t be able to pay for the whole product at once in most cases. An argument can be made that one-time purchases are rarely a good idea since most modern products require regular updates to stay relevant in a rapidly changing environment.
While most companies usually have free versions, you will need to pay for a higher plan to unlock the full potential of a platform. Enterprise-level packages may cost up to $1000 depending on which service you use. However, it usually costs about $10 on the low end of the spectrum with many services providing a really good set of tools for this price.
For example, WunderTrading offers a wide variety of features and limits only the number of bots and APIs that can be active simultaneously.
Which bots to choose?
Selecting products based on your personal preferences is always the best bet. Some companies specialize in certain areas. You may be interested in using option trading bots that can be integrated with corresponding exchanges and perform better with marginal trading.. Some companies offer a wider array of less specialized preset products but with more flexibility.
The latter is hugely important when it comes to crypto since assets vary in many parameters and may require fine-tuning to be traded effectively. Many market factors affect price fluctuations and may be detrimental to any portfolio. Depending on volatility, typical volumes, and other market dynamics, you may be inclined to change some settings.
Should you use automation?
Many services are free of charge (at least, initially). You should check them out and make sure that you are not missing out on opportunities while trading manually. In most cases, automation improves results when used correctly. Try implementing safer strategies at first, place smaller orders, and slowly make your way to higher risks and rewards.