The market that all the digital currency are traded on is nothing like the stock exchange marketplace because the crypto market is never closed and neither does it sleep. Due to its 24/7 and 365 days of active nature, it can be stressing for people who are fulltime cryptocurrency traders as well as people who have casually invested in this market. Many people who are regular investors and traders in the digital currency world will know the joy and sad feeling whenever they go through their trade to find out about their profits and losses.

If you wake up to find that you have got profits, that’s never a problem, but if you wake up to see that you have lost the trade that’s when the problem arises, therefore, to eliminate this unpleasant feeling many have started depending on the robots that are awake at all times just like the cryptocurrency market. The robots will control the trading even when the trader is not available hence, providing complete control over the trade they are doing. When we say robots first thing that clicks to our mind is speed, by making use of specific robots one can execute the trade quickly and effectively than humans.

As the usage of crypto robots has increased, so has the variety of robots. They are available freely in the form of open-source software as well as licensed software are also available which you can buy. But is it difficult to differentiate between the robots that will work as promised and which will be an utter waste of money and time. This article will help you understand what crypto robots are!

Know Your Bots

Robots that are used for trading are nothing but a set of programs comprised in the software that will be interacting with the financial market in a direct manner. They usually make use of API to get the necessary information and they are also used for interpreting the information as well as following which trade is placed. There are a lot of factors that the robots analyses by looking at the action of the marketplace to make the decision and they are as follows:

  • Volume of trades
  • Price
  • Time
  • Orders

The trading robots have been very famous from a very long time for doing traditional trading, but the average traders have not been able to make use of the crypto robots as they cost a fortune sometimes, one example we can consider is the Bloomberg terminal software that can cost you up to $10,000.