With the crypto market rising again, there is no better time to trade for consistent gains. But how do you maximise profits while trading crypto? While you can't be online 24 hours a day, trading bots on cryptocurrency exchanges can help.
These bots automate your transactions depending on pre-defined parameters, allowing you to profit even when you're fast asleep. But to use these trading bots you have to first choose a dependable and feature-rich crypto exchange — a vital step in making the most of your crypto trading journey. One such crypto exchange is Swyftx.
This top-rated Aussie cryptocurrency exchange was founded to democratise financial independence for everybody. Swyftx has over 660,000 customers in Australia and New Zealand and offers features such as minimal fees, low spreads, and the ability to trade over 422 coins. But does Swyftx also feature trading bots?
Let's look into it further in this detailed article.
Understanding Trading Bots
A crypto trading bot is software that automatically trades (purchases and sells) cryptocurrencies. In my experience, these bots help you make money faster than manually trading, as it can take advantage of more price movements. What interests me most about these bots is that they are built on algorithms developed to mitigate losses in highly volatile markets.
Another interesting fact about trading bots is that they assist traders of all experience levels. If you are new to trading, you can use these bots to better time your trades, removing emotion from the experience.
The Role They Play in Automated Trading:
The market for almost all cryptocurrencies can be highly volatile, featuring dramatic gains and falls. This is where automated programs — such as trading bots — can help crypto traders execute sensible trades at the right time, even when they are offline.
From my experience, even though automated trading via these bots can help you trade, it does not guarantee trading profit. If they did, everyone would rely on them irrespective of their trading experience. Instead, it is more of a tool that shows you how to achieve consistent and improved results based on market fluctuations.
However, the strength of trading bots is that they can trade even when you’re offline. For example, during a falling market, the trading bot I activated on my Bybit account immediately sold my crypto to minimise losses, and re-bought them when the market was low and on it’s way back up, all when I was offline. You can also set your trading bots to sell only a portion of your crypto while holding the remainder till market conditions improve.
Swyftx Doesn't Offer Trading Bots
Even though trading bots can be a highly beneficial tool for new and experienced traders, not all crypto exchanges feature them. Swyftx is one of the best crypto trading platforms for Australians, but it doesn’t offer trading bots on their site.
From my experience, Swyftx places an emphasis on making crypto purchases and trading simpler for its users. As a former crypto trading newbie, I know it can be tough for new traders to understand and use these bots right away.
Swyftx eliminates any confusion for their users by offering a beginner-friendly and simple-to-use trading platform. This makes Swyftx a preferable platform for those planning to enter the crypto market without having to navigate through complex interfaces.
Possible Alternatives: Best Crypto Trading Bots
While Swyftx doesn’t provide a trading bot, there are plenty of great alternative platforms that do. You should always aim for a trading platform that features a wide range of easy-to-use trading features as well as trading bots.
From my experience, these are the best crypto trading bots for Australian traders.#1. Bybit Trading Bot
As a top cryptocurrency exchange, the Bybit platform has a simple UI with a free built-in grid trading bot. What's commendable about this trading bot is that you can configure it to handle trades 24/7 to capitalise on market volatility, even when you're away.
Another great feature of Bybit's trading bot is the replication option. For novice traders exploring bot trading, the platform enables you to mimic the bot setup of successful traders. This means you can learn their tactics and add to your gains. The platform also features a demo mode so you can test the bot and its parameters before making any investments.
Some additional features of Bybit’s grid trading bot include:
#2. KuCoin Trading Bot
KuCoin is another popular crypto exchange that features an easy-to-use trading bot. Here again, traders new to bot trading can get started by mimicking the bot setup of KuCoin's successful traders through bot replication.
What further allows beginners to test the ropes of bot trading is its trading bot's basic variables and parameters. As for professionals that want advanced bot trading options, KuCoin also features more complex trading bots, including Classic Grid bot, Smart Rebalance bot, and DCA bot.
You can always choose between beginner-friendly and advanced bots to automate your trading activities according to your expertise. You can explore features like:
How to Choose a Trading Bot?
While trading platforms may offer similar trading bots, they are not all the same. While the purpose behind integrating the trading bot on exchange platforms is the same, their programming and automation differ.
Based on my experience, choosing the right trading bot involves more than just considering the popularity and features of a crypto exchange.
Let’s look at some essential considerations to help you make the best decision.
Understand Your Trading Goals and Needs
Understand your trading goals regarding your desired level of accuracy and frequency for trading. This will help narrow down your trading bot options. Additionally, evaluate the bot's performance history and user reviews to gauge its reliability in achieving your trading objectives.
Supported Trading Features
Look into the features offered by the cryptocurrency exchange. It is crucial that you determine whether the exchange platform supports your required trading features or not. Look for essential functionalities such as order types, charting tools, and real-time market data. By choosing an exchange that supports your desired features, you will have a better overall experience.
The Customisation Options:
Does your chosen trading bot offer more customisation options? Or does it support only basic and simple trading bot setup features? Which do you prefer? Choosing a trading bot that offers the level of customisation you prefer will enable you to tailor your trading approach and maximise your potential for success in the cryptocurrency market.
Reliability
The reliability of the trading bot is just as important as the reliability of the crypto exchange you choose. If a platform's trading bot has a history of making errors like failed trading attempts or inactivity, it's not the bot you want to trust with your crypto.
Security Features
A good trading bot should also include security features, so you can rest assured while the bot handles rades for you. For instance, some trading bots encrypt sensitive personal and financial data to maintain your account's privacy.
Final Thoughts
In conclusion, while Swyftx stands out for its user-friendly platform, it doesn't offer trading bots. The best solution is to choose another crypto exchange that offers built-in trading bots, such as Bybit or KuCoin.
To explore more of these options, I suggest you go through my list of Best Crypto Trading Bots. If you decided to sign up to one of those trading bots, make sure you consider factors such as your trading goals, supported features, customisation options, reliability, and security features. If you choose the right trading bot for your needs, you have a much better chance of success while trading crypto.