cryptodailytrading.com

Top 7 Best Bitcoin Trading Bots in 2019

  • Alex Morris
    WikiCoin

    Picking the right trading bot is crucial for generating sustainable passive income. Luckily, U.Today is here to help


Top 7 Best Bitcoin Trading Bots in 2019
You may also like:
Contents

Lending trading bots could be one of the most profitable forms of passive income in crypto if you play your cards right. Whether you are a seasoned trader or beginner, U.Today will help you to pick up the best trading bot.        

Its not an easy feat to invest in cryptocurrencies given how volatile the prices are. However, it goes far beyond that mercurial industry even seasoned traders lose plenty of money after unsuccessful trades. The fact that humans, including the most experienced ones, are not immune to mistakes creates a market for automated trading. Trading bots have plenty of advantages:

  1. Users are able to execute trades over the clock without wasting their own time.

  2. No emotional involvement.


  3. Plenty of available strategies.

DAXrobot

DAXrobot offers its customers high payouts, which makes it one of the best offers in the automated trading niche. You have three deposit/withdrawal options:

  • Bitcoin (BTC)

  • Ethereum (ETH)

  • Litecoin (LTC)

The robot automatically determines the most suitable trading strategy based on the specific assets that you choose. However, the best thing about all of this is that the robot is free to use.
DAXrobot web interface
The software has a beginner-friendly interface, which will allow users to understand the basics of trading from the get-go. Unfortunately, DAXrobot doesnt have a phone app.

It works with CFDs and Forex (regulated), so it doesnt touch binary options.  

NB! DAXBASE (as well as DAXrobot) do not provide any services on US territory.

BinBot Pro

For those who are short on budget, BinBot could be another suitable option. It supports a slew of cryptocurrencies and binary options assets. Unlike DAXrobot, this trading bot is available worldwide, including the US and Canada.  

With a win-rate of over 80 percent, this is one of the best offers on the market that is completely free (you are only required to place a minimum deposit of $250). Users also have the possibility to create a demo account before depositing money.  
BinBot Pro web interface
After registering on the website, you are required to choose one of the brokers and go through a setup process; deposits and withdrawals are conducted by the broker.

Before running the auto-trader, you have to adjust the trading settings. The bot uses the most common technical indicators, such as MACD, Williams %R and others.
 

MUST READ 3Commas and CryptoHopper Are Top Trading Bots by Monthly Website Visits
3Commas and CryptoHopper Are Top Trading Bots by Monthly Website Visits

Gunbot

Gunbot is yet another established trading bot on the market. The largest exchanges support this bot (the number of exchanges depends on the plan that you choose).     

When it comes to pricing, there is a one-time payment for a lifetime license, which could seem like an advantage to those who are not willing to pay fees. There is also a marketplace for different trading strategies, meaning that you can buy unique ones from other traders.

Its also worth mentioning that GunBot has excellent customer support, and its developers are constantly posting updates on Github.
Gunbot Interface
If you manage to configure this bot properly, it can be a perfect tool for generating passive income.

Gimmer

Gimmer allows traders to use a wide array of crypto trading bots. The platform supports multi-currency trading and provides users with many trading strategies (additional ones can be rented from a bot store).

Notably, Gimmer is based on its own decentralized app. The whole ecosystem is powered by Gimmer tokens (GMR). The tokens can be used for renting bots, buying strategies, etc. The good news is that a standard automated trading bot is offered for free.      
Gimmer web interface
The features include backtesting, marginal trading, setting up indicators and safeties. With Gimmer, you can also use an automated lending bot in order to invest in cryptocurrencies that have the most deficit.       

The bot has multiplatform support (Windows, macOS, Linux).

Cryptotrader

Cryptotrader is one of the most popular mainstream bots, which explains why it supports so many cryptocurrency exchanges. With its large community of users, there is no doubt that we are dealing with a legitimate project.

Cryptotrader supports cloud-based bots, which means that it is not necessary to install additional software.
Cryptotrader web interface
Before actually engaging in automated trading, you can run a backtest tool to see how a certain strategy performs based on the historical data.  
 
Many trading strategies are available for free, but one will have to shell out 0.0522 BTC in order to get access to all trading bots with plenty of other useful features.
 

MUST READ Top 7 Best Bitcoin Trading Bots in 2018
Top 7 Best Bitcoin Trading Bots in 2018

Other bots to consider:

  • Margin

  • BTCROBOT

  • Zenbot

Top 7 Best Bitcoin Trading Bots in 2019

Haasbot

Lastly, we would like to present you Haasbot the most sophisticated tool for certified professionals in trading. The software was developed by a Denmark-based company, HaasOnline Software. The latest version (Haasbot 4.0) is expected to appear on the market this year.   

The list of features includes:

  • Indicators (users are able to choose among different indicators with different time frames from 60 seconds to three days).

  • Safeties (as the name suggests, this feature is a safeguarding measure that can be crucial when the price of a certain cryptocurrency plummets).

  • Insurances (insurances help to determine how bots should react to certain trade signals).

You can lend up to 15 different trading bots. For instance, an arbitrage bot allows you to profit off the price differences on various exchanges.
Haasbot web interface
As expected, its functionality comes at a price an annual license will set you back about $791 at the current price. This is your only option if you want access to all bots, indicators, insurances, and safeties.  

Beware of Bitcoin scams!

Weve just enumerated the best cryptocurrency trading bots on the market. Case in point: USI Tech. It was originally a bot that is designed for Forex trading, but the startup made a foray into the cryptocurrency market. It also differs from other bots on the list in terms of trading management you arent able to control the bot, but you could still get revenue while running it.    

The creators of this bot claimed that investors would be able to make up to 150 percent every year. Later, it turned out to be a Ponzi scheme.

Cover image via u.today
The fastest way to get crypto news is to follow our Twitter. You wont miss a thing! Subscribe.
Recommended articles

How to Learn Solidity and Start Blockchain Programming

  • Eric Croix
    WikiCoin

    If making an Ethereum-based dApp or creating an ERC20 standard token sounds compelling to you, than you need to learn the language called Solidity. In our tutorial we provide you with the foundation of coding smart contracts


How to Learn Solidity and Start Blockchain Programming
You may also like:
Contents

Blockchain programming has become one of the best paying and challenging software spheres during the recent decade. Although blockchains are language-agnostic and many of the existing languages, like C++ and JavaScript (JS), are used by blockchain engineers, there are some tasks that couldnt be conveniently realized by existing languages, which opened up the demand for new, crypto-specific options. One such language is Solidity.

Solidity was born as a core part of the Ethereum ecosystem. It absorbed C++, JavaScript, and Python. It has many contemporary features like libraries and inheritance. Solidity is designed to write programs that interact with Ethereum accounts, which are called smart contracts. Smart contracts are executed on Ethereum Virtual Machine (EVM), enabling users utilizing them perform tasks like crowdfunding, blind auctions, voting, and many others in a decentralized manner. The most famous killer-app of smart contracts was decentralized funding in ICOs, which started the bull rally on the crypto markets in 2017.

MUST READ No Dice: Ethereum Loses dApps Race to EOS and Tron
No Dice: Ethereum Loses dApps Race to EOS and Tron

Whether you are an experienced developer or just starting out in crypto, its a good idea to start learning Solidity because smart contracts have become a crucial part of the blockchain ecosystem. Aside from being actively implemented by dApps, they are being actively integrated into infrastructure-layer blockchains and even in Bitcoin via providers like RSK. By knowing how to build smart contracts you will make your blockchain career more sustainable and be able to produce better quality solutions. Lets not pull it off any longer and get our hands dirty with coding!

Understanding the basics of a smart contract

A smart contract account consists of three sections: balance, storage, and code. The balance represents how much Ethereum a smart contract has. Storage holds data like strings and arrays that are specific to an application. The code section has the raw machine code that is compiled from what we write in Solidity.

Unlike user accounts, smart contract accounts are not external to the respective networks. In other words, you can use your wallet with various networks like Kovan and Ropsten, but you cant do this with a smart contract. Smart contracts are internal.

Each smart contract has a source, which is stored on an authors device and instances, which are stored on the blockchain. In order to create an instance (account) of a smart contract, we need to deploy it to the network. It very much resembles the relationship between classes and instances in traditional object-oriented programming (OOP) and languages representing it (JS, Ruby). To give you a more visual representation, lets create a class Bike and add an instance of it.

Bike class & instance

Bike class & instance

Source: Image by U.Today

What we will be writing is a contract definition, which will then run through a compiler that will produce two files: bytecode and application binary interface (ABI). Bytecode is what will be actually fed to the EVM and ABI is a layer between bytecode and regular JavaScript code that allows building a user interface (UI).

MUST READ Blockchain Programming: How Many Programming Languages Do You Need for Blockchain?
Blockchain Programming: How Many Programming Languages Do You Need for Blockchain?

Choosing an IDE & version of Solidity

Before we start, we need a proper integrated development environment (IDE). In other terms, we need a convenient terminal with the necessary tools to write our code in. For the purposes of this tutorial, we will pick Remix, an IDE created by the Ethereum foundation that allows writing, testing, debugging, launching smart contracts and many more. You can use it either straight in the browser or download it locally if you would like.

Once you launch Remix, you will be presented with the code editor in the center, the file manager on the left, and a compiler on the right.

Initial Remix window

Initial Remix window

Source: Image by U.Today

There will be some pre-written code we wont need that. To create out first-ever smart contract lets press on the little plus icon in the top-left corner of the terminal and give it a name.

Creating a new project in Remix

Creating a new project in Remix

Source: Image by U.Today

As we have the blank .sol document now, we should specify the version of Solidity that the compiler will run. At the time of this tutorial, the latest version is 0.5.7. If you are not sure which version to use, you can specify a range of versions.

2 types of specifying the version of Solidity

2 types of specifying the version of Solidity

Source: Image by U.Today

Lastly, lets give our smart contract a name, followed by a parenthesis.

Smart contract naming

Smart contract naming

Source: Image by U.Today

Writing your first smart contract

Once we have our canvas ready, its time to define the basic building blocks variables. While experienced software engineers will have no issues understanding this concept, we will briefly introduce it to beginners. Variables are placeholders for chunks of information that are later referenced by a program that runs them.

MUST READ Blockchain Developer Salaries. Top Job Offers of Blockchain Companies
Blockchain Developer Salaries. Top Job Offers of Blockchain Companies

Lets create a couple of variables: a string (a sequence of symbols) and an integer (a number). In Ethereums case, variables are stored in the blockchain along with the rest of parts of contracts and can, therefore, be accessed and updated from anywhere. Another key characteristic of Solidity variables is that you can make them private by writing private next to the variables. Finally, for the integers, Solidity has two types: signed (can be positive & negative) and unsigned (can only be positive). To specify an unsigned variable, we should just put u before it.

A private string and an integer

A private string and an integer

Source: Image by U.Today

Once we have the name variable, we need to write out the methods of setting and getting it. This looks like a JS function. Remember that Solidity is statically typed, so we have to define variable types. Now any value we put in the setName will define the name string. For the getter, we will use getName and specify what variable we expect to see. Now, its time to do the same for the age variable. The method is constructed similarly to the getName.

Name/age setters and getters

Name/age setters and getters

Source: Image by U.Today

Lets test our little chunk of code. Go to the Run tab of the compiler and press Deploy under your contracts name. At the very bottom of the compiler, you will now see the Deployed Contracts section that has our methods available. In order to pass a name to the newName value, we need to make sure that our string is written in JSON, otherwise, the getName will return nothing. For the setAge just put your age without quotes. As you see, we can now set and receive the name and the age variables through our smart contract.

Compiler, with a name and an age

Compiler, with a name and an age

Source: Image by U.Today

Defining Wei and Gas

One of the most remarkable features of smart contrasts is that to deploy them to the Ethereum network you will need to initiate a transaction, which costs some amount of money that is paid in Ether. Its crucial to understand how the fees are utilized in the system, as they will be deducted each time you interact with EVM.

Whats Wei?

Let us assume that reading this far into our tutorial you have used Bitcoin at least once. You probably made a small transaction that was way less than 1 BTC. In that case, you used Satoshis, which are something like pennies for a dollar. Wei is like a Satoshi its the smallest part of 1 Ether. If we think of it in programming terms, its the lowest unsigned integer in the network. While interacting with the network, you will mostly encounter Gwei, which refers to Gigawei and equals 1 billion Wei.

MUST READ Vitalik Buterin Suggests Wallet Users Should Pay Higher Fees to Fund Devs
Vitalik Buterin Suggests Wallet Users Should Pay Higher Fees to Fund Devs

Whats Gas?

Gas is an essential part of the mechanism of smart contract execution. It has two values for each transaction: Gas consumed and its price. Its worth mentioning that a user initiating a transaction defines these values. However, if the set value of Gas wont be enough to process a specific operation, then the Gas will be consumed, but the transaction will fail. Moreover, if the price for Gas will be set too low for the network at a given time, the transaction will not be processed by the nodes, eventually making it unsuccessful. There are several services to check optimal values for your transactions, one of them being ethgasstation.info. To get a better understanding of Gas and why it costs any money, lets code some of it by ourselves.

Get back to your Remix window and initiate a new file. In our example, we will call it Gas and create a contract with the same name. Bear in mind that the more data we will require to store on the blockchain, the more Gas we will need. That being said, for the purpose of this tutorial we will create a cheap contract; the more you will add to it, the higher the fee will be.

There will be a function that returns an integer that is a sum of two inputs. To make it as lightweight as possible, we will specify that our contract will store nothing on the blockchain, and for that we will put pure next to the function.

Cheap contract

Cheap contract

Source: Image by U.Today

Now you can deploy it in the compiler and input any two numbers to get the integer c. To check the price of our transaction we should take a look at the terminal located beneath the code section. There is a transaction cost and an execution cost. The first one refers to how much data a transaction has. The second one refers to how much of EVMs power was required by the transaction.

Cheap contracts cost

Cheap contracts cost

Source: Image by U.Today

This is an extremely basic transaction that costs almost nothing for the network. In writing meaningful smart contracts you will add more details, which will increase their weight and therefore transaction fees.  

Creating & deploying your own ERC20 token

Lets face it, the majority of the blockchain developers that are just starting out are eager to play big and create their own blockchains and tokens. While this is an extremely difficult topic that attracted some of the best software engineers from other spheres, building a basic ERC20 token isnt rocket science.

First, we need to create another file in Remix and uploading the ERC20 interface, which is the following:

ERC20 standard

ERC20 standard

Source: Image by U.Today

The totalSupply function lets us see how many tokens we have in total. The balanceOf function is used to get amounts of tokens on specific addresses. The transfer function allows users performing transactions between each other. The transferFrom, allowance and approve functions are there to allow people to let some other users initiate transactions on their behalf. Events are the logging tools for the ledger.

In addition to the interface itself, we will need a separate .sol file for our new token. Here we will import the ERC20 interface and specify our tokens symbol, name, and decimals.

uToday token

uToday token

Source: Image by U.Today

Before we compile it, we need to specify constraints.

  • Lets start with the total supply its a constant integer variable that we will make private. The total supply of our tokens will be 1 million, we also write a function to return this value.

  • Second, we need to store our token somewhere. For this, we will need to outline the mapping that will return a balance for any address specified.

  • Third, there should be a function for token transfers, which will essentially have an address of a receiver and an amount of token transferred. This function should also be able to check whether or not a sender has enough tokens on their balance, which can be realized through a simple if/then statement. In addition, we will set conditionals for _value in a way that blocks users from sending transactions with 0 tokens as this would only flood the network with junk.

  • Fourth, we should create the mapping for the remainder functions, which is a mapping of mapping to an integer.

  • Then we will specify a few checkers in the approve and allowance functions and put conditions for the transferFrom.

  • Finally, not all the tokens will be available on the market. Some of the tokens are usually left out for teams, foundations, advisors and other purposes. Hence, its essential that we make it clear how many tokens will be circulating. As we created the tokens, the circulating supply equals our balance.

uToday token constraints

uToday token constraints

Source: Image by U.Today

The code is ready, so lets test it. Proceed to the Run tab of the compiler and deploy our token contract. You will see that we have our token data along with the total supply, balances, and allowances. Congratulations, you deserve a pat on the back!

To make our token actually function on the network, we need to deploy the smart contract (note that this is different from deploying it for testing in Remix). For the sake of this tutorial, we will use Remix and Metamask, but there other ways of doing so. Metamask is a simple but efficient Ethereum wallet program with a nice UI that integrates as an extension to some of the most popular browsers. In our case, we will use Opera. Firstly, go to metamask.io and download the extension. Once its done, you will see a fox icon in the top right of your browser.

Downloading Metamask & location of the icon

Downloading Metamask & location of the icon

Source: Image by U.Today

Press on the icon and proceed through the offered instructions to create a wallet. Do not forget to store the secret phrase! When you have your wallet, press on the Metamask icon and change the network to Ropsten because we dont want to mess with Ethereums mainnet.

Changing Metamask to Ropsten

Changing Metamask to Ropsten

Source: Image by U.Today

The last step is to generate some Ether (unfortunately, you wont be able to use these for any real purchases, but they are necessary for testing). Head over to faucet.metamask.io and request 1 Ether.

Now you are all set. Return to your Remix window and change the environment to Injected Web3 in the compiler. Take a look at the account tab too your address should be the same as that of what you generated with Metamask. Select the smart contract you want to deploy, which is your token contract and not the ERC20 interface and press on the respective button. A Metamask window will pop up with a transaction, its details, and options to interact with it. Submit the transaction, and our token will come into life.

Metamask popup

Metamask popup

Source: Image by U.Today

You can now play around with all the functions we specified earlier. Lets look at our contract from another side to verify that it works properly. Like any other blockchain, Ethereum has multiple block explorers which serve the essential purpose of monitoring whats happening on the network. In our case, we will stick to etherscan, though there is a handful of other great alternatives. Note that if you just go to etherscan, you will see the Main network. As we need to see the Ropsten network, you will need to put ropsten. before the websites address. Search for your address and you will see two transactions one is for free Ether you received, and another is for deploying the contract.

Users address in Etherscan

Users address in Etherscan

Source: Image by U.Today

To find the address of your contract, press on the TxHash and navigate to the To field. Here you can check your smart contracts transactions, code, and events. At this point, we need to verify and publish our contract. Go to the Code section and click on the Verify and Publish link. Here you will need to again specify the name of your token, the version of the compiler (in our case the latest version of Solidity we used was 0.5.7, so we will stick to the related compiler version). Now you should copy the tokens smart contract code along with the ERC20 interface code from your Remix window to etherscan and press Verify and Publish at the bottom of the screen.

Verifying the smart contract

Verifying the smart contract

Source: Image by U.Today

Its time to go back to your contracts address. The code in the Code tab will now be verified. In addition, you will now have two more tabs: Read contract & Write contract. In the reading section, we can check the functionality of our token. Input your (not the contracts) address into balanceOf field to see how many tokens you have; it should show 1 million that we hard coded as the total supply and gave it circulating to our wallet. That means that our token is now correctly working on the testnet.

Receiving the balance

Receiving the balance

Source: Image by U.Today

Summary

If you are looking to start a career in the crypto industry, you need to understand that despite its relative simplicity in basics, blockchain has incredible deepness to it. Since 2017 blockchains have evolved significantly and their use cases went beyond just financial transactions. With the advent of Ethereum, a whole new layer of networks appeared that hosts various dApps and blockchain-based solutions. The tool behind this evolution was a smart contract, and if you want to make your experience more valuable and future-proof, you should know how one works.

MUST READ Top 16 Ethereum Wallets 2019
Top 16 Ethereum Wallets 2019

While you can code smart contracts using other languages, Solidity is a better fit for such a purpose. Moreover, if you want to become an Ethereum developer, or create an ICO/ERC20 token for your project, this is your go-to choice. If you had some experience with C++ or JavaScript, coding on Solidity should be relatively easy. You will have to understand some differences between the client-server and decentralized models of launching software, though. Thanks to Ethereum Foundation and some third-party organizations, developers are presented with a set of convenient tools like Remix and Etherscan to code and deploy smart contracts.

We hope that our tutorial helped you with getting around the majority of Soliditys concepts to be able to start your blockchain journey. Remember that you can always check with the latest documentation on Solidity. We wish you good luck and will be happy to use some of your dApps someday!

Cover image via www.freepik.com
Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!
Recommended articles