Traders use cryptocurrency trading bots to remove risk and stress from their transactions. These bots give you the platform to make the bot trade as you wish and allow you to run trading methods around-the-clock (if the exchange is functioning correctly). Following is the list of the 10 best open source crypto trading bots for you to trade on for 2023.
These bots may be downloaded, and setting them up and running only needs a little command line familiarity. Each one offers a variety of features to keep your automated trading lucrative, even though they are all free.
What are Crypto Trading Bots?
Crypto trading bots are computer programs designed to assist you in automating your trading approach. As these crypto trading bots run till the crypto market is open, or 24 hours a day, seven days a week, you could profit even while you’re asleep.
Additionally, these bots continue to run nonstop, profiting from the instability in the cryptocurrency market. You can build your trading bot by coding your trading strategy. However, there are some websites and platforms which offer these services but are expensive to use.
How do Cryptocurrency Trading Bots Function?
Market professionals and skilled programmers develop cryptocurrency trading bots by encoding a trading strategy. Additionally, if they come across any market opportunity, these trading bots automatically open and close trades on your behalf.
These cryptocurrency trading bots also assess market performance and trade risk to choose the best course of action. Then, unless and until you instruct it otherwise, it will only execute on low-risk transactions and avoid high-risk ones. Furthermore, they stick to a predetermined approach since they lack human emotions.
The 10 Best Open Source Crypto Trading Bots in 2023
This article has compiled a list of the top 10 best open source crypto trading bots for our readers to use in 2023.
One of the first exchanges in the world to include 16 Free built-in trading bots is Pionex. Users can automate their trading, so they don’t have to check the markets frequently. One of the largest Binance brokers, Pionex combines Huobi Global and Binance. Additionally, Pionex is a licensed CoinLedger partner, enabling Pionex users to use CoinLedger for simplified tax reporting.
- Retail investors can use 16 free trading bots from Pionex.
- The trading charge is the lowest compared to the majority of the leading exchanges. For both makers and takers, there is a 0.05% trading fee.
- Users of the Grid Trading Bot can purchase low and sell high within a specific price range.
- Up to 5x leverage is offered by the Leveraged Grid Bot.
- Thanks to the Spot-Futures Arbitrage bot, retail investors can generate passive income with little risk. This strategy’s anticipated return is 15% to 50% APR.
- Martingale bot does DCA buy and one-time sale to profit from fluctuation.
- Rebalancing bot aids in coin hoarding.
- Bot for Dollar-Cost Averaging aims to offset the consequences of volatility by repeating regular purchases.
- Trades can have multiple stop-loss, take-profit, and trailing orders using the Smart Trade terminal.
- Its license is approved by MSB (Money Services Business) License.
- Price: Free always.
- Works on both iOS and Android mobile apps.
With more than 6,000 stars on Github, Gekko is currently the most well-liked open-source cryptocurrency trading bot. Users are provided a web GUI to import past market data, backtest their approaches, and run them live on their preferred exchange right out of the box.
Gekko’s ability to track backtesting and live trading results is one of its vital aspects, making it ideal for beginners to use a method immediately. Additionally, it has a wealth of information on how to create your tactics.
- Frequent Updates Support For A Variety Of Exchanges
- Active Community.
- simple installation
- easy-to-use user interface
- Live/paper trading modes.
- Support for Trade Notification through Plugins
Some of its pros are,
- Results of Backtesting with Few Details.
Overall, Gekko is an excellent tool for both new and experienced traders, and its straightforward web GUI makes it simple to backtest and assess your ideas rapidly. Even if the maximum draw-down and win percentage are absent from the backtesting results screen, it is still a valuable tool to have in your trading toolbox.
To test and refine your cryptocurrency trading techniques, we advise you to install Gekko on your computer locally. Installing your strategy on a VPS like Vultr when it is ready to go live will ensure low latency trades and a 24/7 uptime.
Zenbot is a very well-liked and up-to-date cryptocurrency trading bot that can be used on your computer or hosted in the cloud. It has more than a dozen trading methods pre-configured out of the box, which you can use to start trading right away on your preferred exchange.
Zenbot Features include,
- Zenbot Features include,
- Numerous Exchanges Support
- Live Trading and Active Community Paper Modes
- Many other notification services, including SMS and Discord
- Results of Detailed Backtesting
- No user interface (Completely Command-Line Based)
- Backtesting may take a while
Another great cryptocurrency trading software for traders to automate their tactics is Zenbot. You won’t have trouble getting set up and going if you are comfortable using the command line. To help you improve the parameters of your trading strategy, Zenbot also includes some handy features, like genetic algorithm backtesting.
The algorithmic trading platform Enigma Catalyst is built on top of the well-known Zipline project, which cryptocurrency traders use. This platform is designed for seasoned Python programmers who want to create, test, and live trade their trading methods on various cryptocurrency exchanges. Even though Catalyst is still in its early phases of development, some of the top statistical and machine learning libraries are now supported.
Catalyst Features include,
- Excellent documentation
- Support for Statistical Analysis and Machine Learning
- Active community
Cons of Enigma catalyst:
- Protracted Installation Procedure.
- Setting Up on the Cloud is Difficult.
Currently, Enigma Catalyst supports live trading on Poloniex, Bitfinex, and Bittrex. Integration with other exchanges is nevertheless expected for further editions. This tool is ideal for you if you require a platform with enough strength to implement an advanced trading plan.
Superalgos is a platform for market research on cryptocurrencies and trading automation. This includes vital components needed to generate trading intelligence. With Superalgos, end users can develop trading strategies using a visual editor with built-in backtesting tools based on historical market data.
It has been an open beta trading online since 2020 and receives approximately 2,000 downloads monthly. The platform’s token, the SuperalgosToken, is only given out to contributors as a reward for their financial support of the project.
Its features include,
- Because Superalgos is built for a visual environment, its website is entirely visual. Consequently, this will aid customers in making connections between the many concepts involved in crypto trading.
- Data can be downloaded by users from different markets and exchanges.
- The technology allows users the conversion of unprocessed market information into conventional indicators.
- With the system’s visual method, you may create indications with little to no coding.
- Without using any code, plotters can be created. For all the data, including the custom indicators, to be plotted over the charts, plotters build graphics for custom data.
- Additionally, four types of trading sessions are available through Superalgos: backtesting, paper trading, live trading, and forward testing.
The Apache Version 2.0 license governs the free and open-source PyCrypto or Python Crypto bot project. The bot just debuted a newly added capability that enables it to send status messages to mobile apps and the Telegram website, in addition to its many other features.
Additionally, users can add all instructions to the bot for quick access, including those to display market statistics, show margins for open transactions, show settings for exchanges, and show closed deals.
- PyCrypto allows you to configure the bot by supplying options via command-line arguments or in a config.json file.
- You can run the bot in a test or live mode. The test mode is the default. You can also change from test mode to live mode.
Freqtrade is a Python-based open-source, and free cryptocurrency trading bot. All significant exchanges are intended to be supported and can be managed using Telegram. It also includes tools for money management, charting, and machine learning-based plan optimization. Additionally, traders can use the Freqtrade bot to transact on Binance and Bittrex.
Its features include,
- Using pandas, users can create their strategy in Python.
- Users can get historical data from the marketplaces and cryptocurrency exchanges they want to use for trading.
- Testing a strategy using historical data that has been downloaded is always a possibility.
- Users can determine the ideal parameters for their approach using hyper-optimization, which uses machine learning techniques.
An open-source cryptocurrency trading robot called Hummingbot allows users to alter a number of its features. The open source code base has a number of contributors, and because it is transparent, anyone can quickly adapt it to suit their own needs. The bot can be enhanced by users by adding their own unique features. Additionally, Hummingbot has a developer community that supports users in creating unique features and tactics for the bot.
To discover more about how Hummingbot works, users can also join the community. You can find this welcoming community on the GitHub and Hummingbot websites. They can also take advantage of the Hummingbot academy, which provides free case studies and tutorials to assist users in maximizing the settings for the bot. Hummingbot is not a plug-and-play application; users should be aware of this. To utilize the bot, they should be comfortable with the command line.
OctoBot is one of the top open-source cryptocurrency trading bots on the market. It is a free GUI-based program that supports trading across many exchanges. This software’s advantage is that users can access it without entering their exchange username or password. You should only invest money that you can afford to lose, and it’s crucial to keep this in mind. No personal information, such as your social security number, is requested by OctoBot.
This software is developing rapidly and has a large community. Its creators often release upgrades and cutting-edge advancements, mainly for the trade sector.
This open-source program includes fewer lines of code and is simpler to grasp. Additionally, you can obtain historical data to backtest various trading methods and discover examples of them online. Its creators are constantly looking for new features to improve it. You can join the Telegram community to get help and advice from other users.
3Commas is a fantastic option if you’re seeking an open-source cryptocurrency trading bot. This open-source trading bot can backtest trading methods, integrate signals from TradingView, and supports 22 different cryptocurrency exchanges. This bot has a $10 million daily transaction capacity and can buy or sell several pairs of virtual currencies using various instructions. Additionally, it is user-friendly, which is helpful for new traders. Additionally, it provides a number of features, including a blog and a support chat.
Crypto trading bots are only helpful if the trader selects the one that best meets his needs. These bots perform a variety of tasks, such as removing the need to continuously monitor the market for changes, lowering risk, automating most trading processes, and carrying out trading strategies.
We need crypto trading bots because they are simple and straightforward to use and do all the work for you. They are designed to make money by simply scanning the exchanges and making quick decisions.
Do your research before beginning to trade using a bot. Read guidelines and reviews to learn how to set it up correctly. Then, look for a crypto trading bot that is open source and supports backtesting. Here, we’ve compiled a list of the Best Free Open Source Crypto Trading Bots to make it easier for you to select the right one.