In response to valuable user feedback, we've introduced several new features to our Signal bot that aim to enhance both the profitability and safety of your trading experience. These updates allow users to set specific limits on the bot's trading activity, helping to ensure that your investments are managed according to your personal risk tolerance and strategy. Whether you're looking to cap your total investment, manage the size of individual trades, control the number of active trades, or limit the number of entry orders per SmartTrade, our new settings offer you more control and peace of mind in your trading endeavors.

Users can now configure the following limits in the Signal bot:

Max. investment – a limit on the total investments made by the Signal bot;

Max. investment per SmartTrade – a limit on the investments for each SmartTrade created by the bot;

Max. active SmartTrades – a limit on the number of active SmartTrades;

Max. number of entry orders per SmartTrade – a limit on the number of orders for each SmartTrade.

Let's take a closer look at each of these tools and how they will help protect your trading.

1. Max. investment or Max. initial margin (if you have selected a Futures or Margin account) – a limit for the entire Signal bot.


This setting allows you to specify the maximum amount of investment that the bot can use. If the bot reaches this level, further signals will be rejected. This is useful if you are trading a single pair and do not want to exceed a certain investment limit.

When trading on a Futures or Margin account, the amount in this field is multiplied by the leverage size.

When the bot reaches the limit, subsequent signals will be rejected and marked as "Rejected" in the logs.

2. Max. investment or Max. initial margin (if you have selected a Futures or Margin account) – a limit for each SmartTrade.

This setting limits the maximum amount for each individual SmartTrade created by the bot. This is especially useful if you have many pairs in the bot and want to ensure that each SmartTrade for a separate pair does not exceed the specified limit.

When trading on a Futures or Margin account, the amount in this field is multiplied by the leverage size, and additionally, it is also multiplied by the number of selected pairs or by the number specified in the "Max. active SmartTrades" settings.

3. Max. active SmartTrades – a limit on the number of active SmartTrades.

This setting limits the number of simultaneously active SmartTrades, helping to manage risks if the bot is configured to work with a large number of pairs, but you want to restrict its activity.

This number limits the number of active SmartTrades created by the bot. If some trade close, the bot will be ready to open new ones until it reaches the limit again.

This functionality is useful for managing risks if, for example, you have a bot configured for 200 pairs but want it to actively work on only a certain number of pairs, say 50.

4. Max. number of entry orders per SmartTrade – a limit on the number of orders for each SmartTrade.

This setting defines the maximum number of orders that the bot can add to a single trade. It is useful if your strategy requires limiting the number of additional orders.

For example, if your strategy dictates that the bot should create a SmartTrade based on a signal and add no more than 4 safety orders, you should set the "Max. number of entry orders per SmartTrade" to 5. This number includes one order for opening the SmartTrade and 4 additional orders. This way, you can effectively control the number of orders and manage risks in each SmartTrade.

This limit includes both the initial order and any additional orders.

If the bot opens a SmartTrade and you manually add additional orders using the "Add Funds" button, this will also count towards the total order limit. If needed, you can edit the bot to increase or decrease the number of orders.

Even if the order limit is reached, users will still be able to manually add orders to the SmartTrade using the "Add Funds" button.

These new features provide you with the tools needed to tailor the Signal bot's performance to your specific trading strategy, reducing risk and increasing control over your investments. By setting limits on your total investment, individual trades, active SmartTrades, and entry orders, you can optimize your trading activity, safeguard your capital, and focus on achieving your financial goals. We are committed to continuously improving our platform based on your feedback, ensuring that you have the best tools available to trade safely and effectively.

This article describes a new feature for 3Commas Signal Bot, Max number of active Smart Trades per bot and per pair.

Signal Bot - Max number of active SmartTrades per Bot/per pair

New upgrades add more flexibility for 3Commas users

Cryptocurrency trading can be challenging, even for experienced traders in 2024. It is difficult to make consistent, well-informed trading decisions due to market volatility and price fluctuations. Trading bots can be useful in this situation. Trading bots are computer programs that analyze the market, identify trends, and execute trades without the need for human intervention. They can help traders in improving their overall performance, thereby saving time, and reducing the emotional impact of trading.

Binance Futures is one of the cryptocurrency market's most popular platforms for trading bots. Traders can use leverage to engage in margin trading on the Binance Futures platform, increasing their potential rewards but also their risks. Binance futures trading bot is one of the bots that can be used to automate trading on the platform.

This article provides a comprehensive guide to Binance Futures trading bot, including its features, benefits, and potential risks.

Binance Futures is a cryptocurrency futures trading platform that allows traders to speculate on the price changes of various cryptocurrencies using leverage. One of Binance Futures' key features is the trading bot, which allows users to automatically automate trading strategies and transactions.

The Binance Futures trading bot is a powerful tool that may help traders keep an eye on the market, analyze trends, and make informed decisions based on current market data. The bot's user-friendly design and easy user interface make it suitable for traders who wish to tailor their trading strategies and adjust the parameters to fit their preferences.

To use the Binance Futures trading bot, traders must first open a Binance account and enable futures trading. They must then link their Binance Futures account to the trading bot using the Binance API key. Once connected, traders can use the bot to execute trades automatically based on their predefined settings.

The following are the main features of the Binance Futures trading bot:

The Binance Futures trading bot has different functionalities that allow users to study the market, identify trading opportunities, and execute transactions without the need for human intervention. The following are the key functionalities of the bot:

Traders can use the bot's technical indicators and charting tools to analyze the market and identify trends.

The bot may generate trading signals that can be used to automatically initiate trades based on user-defined parameters and market data.

Traders can define their ideal trade parameters using the bot's support for limit orders, stop-loss orders, and take-profit orders.

The bot can keep track of and manage available positions, including automatically closing them based on predefined criteria.

The Binance Futures trading bot has different interfaces through which users can interact with the bot and modify its settings. These interfaces include:

The bot can be accessed via a user-friendly and straightforward web-based interface.

Traders can use the bot together with their trading systems and strategies by connecting the bot to the Binance Futures API.

The bot offers a mobile interface that allows users to monitor trades and adjust settings while on the go.

The Binance Futures trading bot is available in three pricing tiers: a free trial version, a basic version, and a premium version. The free trial version provides access to some of the bot's basic features, while the basic and premium versions provide more advanced support and features. The bot's pricing is competitive when compared to other trading bots on the market, and traders can choose the pricing option that best suits their needs and budget.

Setting Up and Using the Binance Futures Trading Bot

The Binance Futures trading bot is easy to set up and use. This section will walk you through the process of installing and configuring the bot, connecting to the API, and adjusting the settings.

The first step in setting up the Binance Futures trading bot is to create an account on the Binance Futures platform. You can do so by visiting the Binance Futures website and registering. This usually requires entering your email address and setting a password.

Once you have registered for a Binance Futures account, you must connect to the Binance API for the trading bot to have access to your account and place trades on your behalf. To do this, you must generate an API key on your Binance Futures account and enter it into the settings of your trading bot.

After connecting to the Binance API, you need to configure the trading bot to meet your preferences and trading methods, which includes setting parameters such as the trading pair, order type, leverage, and risk management rules. Some trading bots may also offer advanced features such as backtesting, indicator customization, and automatic portfolio rebalancing.

Before deploying the trading bot to the live market, you need to test it using a demo account or a small amount of real money. This may help you fine-tune the bot's settings and ensure that it executes transactions in line with your specified criteria. When you are satisfied with the bot's performance, you can deploy it to the live market and leave it to run on its own.

Although the trading bot is designed to operate autonomously, it is important to monitor its performance and change its settings as needed. This can include tracking the bot's profits and losses, changing risk management rules based on market conditions, and adjusting the stop-loss and take-profit levels.

Cryptocurrency traders can use the automated trading bot Cryptohopper to trade on their behalf using pre-established trading algorithms. This cloud-based platform can be used to build and backtest trading strategies before implementing them on major cryptocurrency exchanges such as Binance, Kraken, and Bitfinex.

Technical indicators, candlestick patterns, and news alerts are some of the tools and features that the platform offers. Users can also create their trading signals and indicators by using the platform's scripting language.

It can execute trades automatically based on predefined trading strategies, thereby saving traders a significant amount of time and effort.

The platform allows traders to backtest their trading strategies, which can help them improve their overall performance and trading algorithms.

It allows users to trade on many cryptocurrency exchanges at the same time, allowing them to diversify their portfolio and reduce overall risk.

The platform offers a diverse set of tools and features that can be tailored to individual trading styles and preferences.

Cryptohopper offers a marketplace where traders may buy and sell trading strategies. This is useful for those that do not have the time or skill to develop their trading strategies.

Setting up and configuring the bot requires some technical knowledge and expertise.

Just like any other trading strategy, there is the risk of losing money when using the bot.

Traders who rely heavily on automated trading may lose some control over their trades and miss out on opportunities to adjust their strategies in response to market changes.

Despite offering a free trial, Cryptohopper's pricing plans may be expensive, especially for more sophisticated features.

Bitsgap is a cloud-based platform with different tools for trading and managing cryptocurrency portfolios. One of the key features of the platform is its trading bot, which allows users to automate their trading strategies and execute trades automatically on many cryptocurrency exchanges.

Bitsgap trading bot uses advanced algorithms to analyze market data and select the trades to execute based on user-defined criteria and parameters. You can configure the bot to use different trading strategies, including arbitrage, trend following, and mean reversion.

The bot can review market data and place trades even if the user is not actively following the market.

It can process market data and execute transactions swiftly, making them substantially faster than human traders. This can improve the effectiveness of a trading strategy and result in higher profits.

Users can tailor their trading methods to their specific needs and preferences because of the high degree of flexibility.

Users can create their parameters, such as take-profit and stop-loss settings, to ensure that their bot runs in line with their trading strategies.

It carries the risk of losses. Hence, users should carefully review their risk tolerance to ensure that their bot is performing in line with their investment objectives.

Although the Bitsgap trading bot can be customized, customers have limited control over how the bot makes decisions.

Coinrule allows traders to automate their crypto trading strategies without any programming skills. The platform provides users with a visual editor with a drag-and-drop interface for creating trading rules.

One of the key features of the bot is its simplicity. It is straightforward to set up and use, even for those that are new to trading. The platform also offers different trading indicators and tools, such as market data feeds and technical analysis indicators, to help users develop successful trading strategies.

Coinrule's user-friendly drag-and-drop interface allows users to effortlessly build and test trading their strategies.

The platform provides consumers with a wide range of trading options by supporting many cryptocurrencies and exchanges.

Coinrule allows users to automate their trading strategies, which can save time and perhaps increase profits.

The platform has different security features, such as two-factor authentication and API key encryption, to protect user accounts and payments.

The platform also has a dedicated customer care team to assist customers with any questions.

Coinrule has some limitations in terms of customization despite providing several trading templates and tools.

Coinrule, like any other software, may experience technical difficulties or downtime from time to time, which may have an impact on trading performance.

Although Coinrule has a free plan, access to more advanced features and tools requires a membership, which some users may find costly.

The platform's backtesting capabilities are limited when compared to other trading bots.

Pionex is a popular cryptocurrency trading bot that is available on several exchanges, including Binance, Huobi, and KuCoin. It is a cloud-based platform that offers customers automated trading algorithms to help them make money in the volatile cryptocurrency market. the bot offers several features such as grid trading, leveraged tokens, and duplicate trading. Pionex also provides leveraged tokens, which track the price of an underlying asset and give leverage to improve the returns of the underlying assets.

Pionex offers automatic trading, which can save time and effort for traders who don't want to keep monitoring the markets.

It offers several trading strategies, including copy trading, leveraged tokens, and grid trading, which can be beneficial to traders with varying risk tolerances.

Traders can test their strategies before adopting them in real markets using the platform's backtesting features.

Traders may be able to increase their profits since Pionex charges lower trading fees than many other exchanges.

Pionex supports trading on multiple exchanges, thereby offering investors more options and liquidity.

Although Pionex offers different trading strategies, there may be limitations on how much traders can modify these strategies to match their needs.

There is a possibility of technical issues or interruptions affecting trading activity since Pionex is a cloud-based platform.

Since Pionex depends on other exchanges for liquidity, issues or outages on those exchanges may impede trading activity.

Although Pionex trades on different platforms, the number of trading pairs available on each market may be limited.

Trality allows users to create and use their trading bots for cryptocurrency exchanges such as Kraken and Binance. The platform has an easy-to-use interface that allows users to import current strategies from the Trality Marketplace or develop theirs using Python.

Trality's trading bots are built on the concept of algorithmic trading, which involves using set rules and instructions to automatically place trades based on market conditions. This method helps traders execute deals quickly and successfully without being influenced by their emotions or making mistakes due to human error.

It offers an easy-to-use interface for importing and developing trading strategies.

It offers different tools for fine-tuning and testing trading strategies.

Are you new to Binance Futures trading bots? This 2024 article will teach you how to get started with Binance Futures, as well as how to set up the bot and the risks of using the bot.

A 2024 Beginner’s Guide to Binance Futures Trading Bot

A preferred instrument among experienced traders, Futures Trading is a market-neutral strategy that can be implemented to profit from either direction of the market.

Binance Futures Trading Bot by 3Commas | 3commas.io

Are you new to Binance Futures trading bots? This article will teach you how to get started with Binance Futures, as well as how to set up the bot and the risks of using the bot.

In the rapidly evolving world of cryptocurrency, staying ahead of the curve is essential for investors and traders. As of 2024, Gemini, the cryptocurrency exchange founded by the Winklevoss twins in 2014, continues to be a prominent player in the crypto landscape. Offering a diverse range of services and a commitment to security, Gemini has solidified its reputation as a reliable platform for both individuals and institutional investors.

This article provides an updated overview of Gemini's offerings, highlighting key features, fees, and the process of integrating it with the 3Commas trading platform. Furthermore, it explores the evolving cryptocurrency market dynamics, shedding light on how Gemini fits into the broader crypto ecosystem.

Since its inception, Gemini has consistently aimed to provide an exceptional user experience. In 2024, it continues to offer a web-based platform, a highly-rated mobile app, and an active trading platform, catering to both novice speculators and seasoned crypto traders. Gemini's commitment to security remains unwavering, with the majority of assets stored offline in "cold storage" to minimize hacking risks. Additionally, they provide insurance for assets held in "hot wallets," albeit with some limitations. Two-factor authentication and withdrawal restrictions bolster account security.

One standout feature of Gemini is its Gemini Pay, enabling users to make in-store purchases with various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Zcash, Bitcoin Cash, and their own stablecoin, the Gemini Dollar. However, users should be aware that using cryptocurrencies for purchases may trigger capital gains taxes if the value has appreciated since the initial purchase.

Gemini's Earn feature allows users to earn interest on selected crypto holdings, functioning akin to a traditional savings account. The interest rates are notably high, ranging from 1.26% to 7.4% APY, although rates are subject to change. However, it's essential to note that unlike fiat deposits, the coins users lend out through Gemini Earn are not insured by entities like the FDIC, potentially exposing traders to market volatility.

Gemini's fee structure remains relevant in 2024. It includes a convenience fee incorporated into the quoted cryptocurrency price for buy orders. Transaction fees vary based on the transaction amount and currency used. While there are no fees for depositing funds via ACH, wire transfers, or cryptocurrency transfers, debit card deposits incur a 3.49% fee. Withdrawal fees may apply if users exceed ten withdrawals in a month, with fees varying by cryptocurrency.

The article also highlights different fee categories, including trader fees, trading fees on various platforms, custody fees for storage, and agent fees related to Gemini Earn.

Gemini continues to offer a broad selection of over 70 cryptocurrencies, although a significant portion comprises ERC-20 tokens built on the Ethereum blockchain. Notably, some popular currencies like Solana (SOL), Cardano (ADA), and Avalanche (AVAX) are not available on the platform. This limitation is crucial to consider for traders seeking exposure to specific digital assets.

Gemini's Integration with 3Commas (2024):

In the ever-expanding universe of cryptocurrency trading tools, 3Commas has emerged as a powerful ally. It offers an integrated platform that allows traders to link their exchange accounts seamlessly, streamlining trading activities. Users can deploy automated bots or preset strategies to execute trades efficiently across multiple exchanges. The process of connecting Gemini with 3Commas involves creating API keys, ensuring secure and authorized trading execution.

In the dynamic world of cryptocurrencies, staying informed about the latest developments and platforms is crucial. Gemini, founded by the Winklevoss twins in 2014, remains a prominent exchange in 2024, known for its security measures and user-friendly interfaces. For investors and traders looking to manage their crypto portfolios effectively, 3Commas provides a valuable solution for automated trading across multiple exchanges.

As the cryptocurrency landscape continues to evolve, Gemini's commitment to security, diverse range of cryptocurrencies, and integration with platforms like 3Commas position it as a viable option for both newcomers and seasoned crypto enthusiasts. However, users should always stay vigilant, adapt to the dynamic market, and make informed decisions to navigate the crypto space successfully.

Who is Gemini?

Founded in 2014 by the notorious Winklevoss twins, Gemini is built for both individuals and institutional investors. Offering their own stable coin, great liquidity, rigorous security standards and a reliable API, Gemini aims to create the best experience for all types of users from speculators to professional crypto traders. Users can buy, store and sell cryptocurrencies through Gemini’s web-based platform, highly rated app, or active trading platform. Operating as a purely digital currency exchange and custodian, Gemini does not offer stocks, options, or other types of investment.

For traders looking for a user-friendly platform with a great mobile app to buy, store and sell cryptocurrencies, earn interest on unused crypto balances and spend individual cryptocurrencies at real-world merchants, then Gemini is a great option. Adhering to strict safety protocols, Gemini stores the majority of assets offline in ‘cold storage’ (not on the internet) making it extremely difficult to hack. For the small proportions that are held in a ‘hot wallet’- online and readily available – is insured against theft and fraud. However, the insurance does not cover losses resulting from unauthorized access to user’s accounts (for example if someone guesses another user’s password). However, two factor authentication and the ability to restrict withdrawals to pre-approved addresses is required.

Providing advanced charting capabilities and many crypto-to-crypto trading options, Gemini’s professional platform, ActiveTrader andthe Gemini Clearing Platform is preferred by advanced traders looking for OTC peer-to-peer trades with no minimum trade size with additional security, anonymity or lower trading costs. Unlike most crypto exchanges, however, individual users can withdraw most cryptocurrencies up to 10 times per month for free.

Make in-store purchases with thousands of participating retailers through Gemini Pay. Users can choose between Bitcoin, Ethereum, Litecoin, Zcash, Bitcoin Cash or Gemini Dollar – an in-house stablecoin pegged to the U.S. dollar to save customers from converting into fiat currency themselves. Gemini Pay is currently limited to a maximum of $250 of transactions per week, and whilst there are no transaction fees using the payment platform, shoppers are creating a taxable event that may result in capital gains taxes – if the crypto is worth more when you use it than when you first purchased it. If it’s worth less, this could potentially result in valuable capital loss.

Earn interest on selected crypto holdings – similar to a traditional savings account – with Gemini Earn. Lending primarily to institutional investors between 1.26% and 7.4% APY (rates subject to change and inclusive of an agent fee) with interest paid out daily, these exceptionally high APYs can be attractive during a time of historically low interest rates. But unlike fiat money, the coins a trader loans out are not insured by the Federal Deposit Insurance Corp (FDIC). Whilst  some of the rates for stablecoins are tied to fiat currencies and therefore fluctuate less than other cryptos, many coins also experience large price swings which leaves traders vulnerable to losing money in pursuit of a higher interest rate. Withdrawals from Gemini Earn may also take up to five business days to be removed from the Earn platform and credited to the regular Gemini account.

Charging a fee structure that includes a convenience fee which is included in the quoted price of whatever cryptocurrency you’re buying and typically is marked up by 0.5% over the quoted price for buy orders. The transaction fee depends on the currency used and the size of the transaction. For U.S. dollars, both the mobile and web orders are as follows:

A separate fee schedule also applies to orders placed through Gemini’s ActiveTrader platform – which can be significantly less expensive for traders who have high trade volumes (in the millions plus). Although it’s free to deposit money into Gemini accounts through ACH, wire transfer or transfers of cryptocurrencies from external accounts, debit card deposits have a relatively high 3.49% fee. Withdrawals from Gemini’s platform are mostly free – setting it apart from other platforms, but if a trader needs to make more than ten withdrawals a month, fees can apply which vary depending on the crypto.

Trader fees: Charged by certain types of deposits or withdrawals from the exchange. Wire transfer deposits are free, but debit cards incur a 3.49% charge. Withdrawal fees are variable but are only charged after ten withdrawals are made in the same month.

Trading fees: Fees vary depending on whether trades are made on the website, mobile app, Gemini API or on the ActiveTrader platform. Additional convenience fees can occur in some cases.

Custody fees: Covering the cost of crypto storage in a Gemini Custody account – a highly secure storage solution intended for institutional investors.

Agent fees: Charged for cryoto that is earning interest in Gemini Earn. Fees are automatically deducted from the listed APYs in the account.

Offering over 70 cryptocurrencies from native coins such as bitcoin, to a limited selection of crypto-to-crypto trading pairs. However, the majority of tokens are ERX-20 which are built on the Ethereum blockchain, meaning that several popular currencies are not available, including Solana (SOL), Cardano (ADA) or Avalanche (AVAX).

Users have two options: signing up for a personal account or an institutional one. Personal accounts are for traders looking to add a personal bank account and institutional accounts are recommended for traders looking to add a business bank account and/or trust account. To register, click here and head to ‘Get Started’. Users will then have to answer an onboarding questionnaire where a member of the Gemini team will contact applicants to go through the next steps. Required documentation includes proof of identity. For U.S. applicants, that includes a valid state-issued ID, driver’s license, passport, passport card or Permanent Resident Cards (Green Cards). For international applicants, this includes a passport from the applicant’s country of citizenship, national ID and/or driver’s license from the country of residence registered with the Gemini account.

Previously, external bots needed to be integrated into each traders’ exchange accounts, causing many problems and proving difficult to track across multiple platforms. By removing this friction by introducing automated trading and bots, users can release themselves from hours of tiring efforts and continual execution.

Users must first link their external exchange accounts with the 3Commas platform. Even if users don’t plan on using an automated bot, it’s a great place to analyze and access multiple coins and accounts at once. However, deploying a bot, whether a customized one, or with a pre-set strategy, on the 3Commas platform is the best way to mitigate risk across all crypto currency exchange accounts. By removing the arduous process of repeatedly logging into each exchange one-by-one and instead setting up a single order on the 3C portal ensures accurate execution of chosen orders under predefined conditions.

Once all applicable credentials have been input, the user can head to the “My Exchanges” section where they will find the “Connect to a new account” button. Here, users will then paste the API key extracted from the gate.io platform to allow 3Commas permission to execute trades on the users’ behalf.

Connecting Gemini with 3Commas: How to Create API keys

Step 1: Go to Gemini. Log in or create a new account. Please note that traders must complete the Gemini verification process in order to complete API keys.

Step 2: Click the ‘Account’ tab in the top right hand corner of the page and proceed to ‘Settings’.

Step 3: Open the ‘API’ Tab on the left sidebar menu and proceed to click ‘Create API key’. After clicking, a message will appear to complete 2FA. Enter the 2FA code after it’s enabled and click ‘Submit’.

Step 4: On the ‘Create API Key’ dropdown menu, select ‘Primary’ for an individual account. Select ‘Master’ to use this API key for multiple accounts.

Step 5: Name the API Keys to help manage keys. Make sure to save both the API Key and the API Secret somewhere safe (you will not see it again) – this is needed to connect to 3Commas.

Step 6: Enable Trading Permission and put a check-mark in API secret acknowledgment, then click ‘Create API Key’

Step 7: Add Gemini to 3Commas. To find out how to connect any exchange by using an API key on the 3Commas platform, please click here.

According to CoinMarketCap, Gemini is one of the top 15 crypto exchanges and is known for its high-level security, availability across all U.S. states, including New York (a frequent omission from crypto exchanges) and is beginner-friendly – albeit expensive. To best manage your crypto portfolio, we recommend using the 3Commas platform to gain detailed analytics and insights, the best automated bots and a safe place to manage all your crypto transactions, currencies and trading in one place!

✔ Gemini automated trading bot by 3Commas✔ Smart Trading terminal and Auto Trading bots for 2024 | 3Commas

2024 Gemini Trading Bot by 3Commas | 3commas.io

✔ Gemini automated trading bot by 3Commas✔ Smart Trading terminal and Auto Trading bots | 3Commas

Gemini Trading Bot by 3Commas | 3commas.io

Forex trading involves trading positions on currency pairs, the values of which are compared relative to one another. Because Forex trading is a little more abstract and requires more research, many people believe Forex trading is reserved only for professional stock market traders.

That’s certainly not true! Anyone can learn to trade Forex and make money on this unique market. If you don’t know where to start, you’ve come to the right place. This ultimate guide will break down everything you need to know about trading Forex, including which platforms to use, what strategies to follow, and more.

Forex robot is a trading software that monitors the market for trading opportunities, and executes them automatically on your behalf. Most trading bots use AI algorithms to decide on entering and closing a position taking custom parameters you set into account. In some sense, a forex robot is an advanced and more embracing form of trading signals executed automatically, meaning you don’t have to analyze technical data and fundamentals of an asset you’re willing to trade. 

Each of the automated forex trading robots have a specific strategy, which has been designed and hard-tested by the developing team. Most strategies rely on “if/then” logic, meaning when a condition or a set of conditions are met, the bot launches the built-in logic pattern such as enter or close the position.

Here is a quick example of how if/else logic works with FX trading:

IF Condition: Imagine your robot targetS the EUR/USD pair and activates if the RSI for EUR/USD dips below 30 or goes above 70. 

Then Condition: If your robot notices RSI drop below 30 or goes above 70, it will instantly place a buy order for RSI < 30 and sell order for RSI > 70.

The example above is rather simplified for educational purposes. In fact, some bots use much more complicated if/then sequences to maximize returns and reduce risks associated with entry/exit. As a rule, complicated systems yield more rewards but also carry more risks compared to more straightforward strategies.

Bots work along with trading platforms that connect you to a Forex broker, which in turn, displays the real-time data related to the market. The data feed includes several parameters like open/close price, time intervals and variative feed on top.

Top-notch robots use market data analysis along with market risk forecasts to make the best trading decisions going forward. Bots can also spot major market trends, monitor local price fluctuations, track patterns, and more. A trading robot might either focus on one technical pattern, or it could analyze several patterns via indicators like moving average convergence divergence (MACD) and relative strength index (RSI) oscillator to get the highest yields.

You can usually access any bot through the provider’s website and either download or use it directly via a browser. Summing up, a forex robot is a popular tool for any trader — from newbies lacking technical knowledge to seasoned veterans in need of 24/7 automated trading.

What are the Pros and Cons of Using a Forex Robot?

In addition, forex robots do not sleep (obviously), meaning that they are in operation 24/7, ensuring that potentially lucrative opportunities are not missed. This is one of the major selling points and benefits of using these forex tools.

The main benefits of using a trading robot are that it eliminates emotions from the trading process and is a passive trading strategy. This means you don’t have to analyze technical indicators and fundamental data, or even understand how and why the crypto market functions. Different trading robots allow different levels of user involvement but they all work on pretty much the same logic. 

Even though bots have some potential loopholes, they limit emotional trading and maximize your potential to spot as many profitable deals as possible. Let’s boil down key pros of using bots.

Can combine several strategies simultaneously 

Fits both newbies and experienced forex traders

No risk of loss due to emotions like fear or rage trading

No downtime if connection is stable as bots operate 24/7 

Users can adjust software from manual to fully automated trading

Automated scanning allows monetizing more tradable currency pairs

Track charts, analyze patterns and take historical background into account to make efficient decisions.

The biggest disadvantage of automated trading bots is that they can’t be 100% accurate over the long run. The inclusive list of cons is highlighted below:

Some developers do not update the software

Disregards crowd psychology and emotions entirely

Potential of being scammed if software is a mere bite

Can’t predict volatility, hence less efficient if market is storming

Paternal strategies as most robots leverage intraday pattern for scalping

The market trends change fast, which may negatively affect some strategies 

How To Choose The Best Forex Trading Robot

Trying to choose the best trading robot? Keep the following tips in mind to maximize your chances of picking a suitable piece of trading software.

First and foremost, you need to consider the robot’s accuracy rating. The number one reason why you would be looking to use a trading robot is to find the best trading opportunities and make positive returns in a passive approach to cryptocurrency trading. With that said, you should be looking for a trading robot with an accuracy rating of at least 88%. 

You could try writing to the vendor and ask for his track record audited over say 2 years and see if you get a reply but don't hold your breath.

Another key metric to assess is the different trading opportunities the trading robot can identify. Usually, trading robots that scan a larger volume of cryptocurrencies and crypto crosses will find more unique trading opportunities. Certain AI algorithms also search for multiple technical patterns and trends to trade, which in turn increases your overall daily trading volumes. So, this is something to bear in mind especially if you are interested in executing high trading volumes per day. 

Finally, you might also want to look into the strategy and level of automation that your forex robot employs. For example, some robots may go for higher risk strategies, whilst others are more risk-averse. Double-check which rules your robot abides by and ensure they tally with your investment goals.

Automation level is another thing to look out for. As mentioned, most robots are fully automated, which will mean they require access to your trading capital. However, some providers (such as Learn2Trade) offer a very similar service to what a forex robot will supply – except you do not need to give access to your trading account. Many traders prefer this as it adds an element of safety to the proceedings.

Another thing to keep an eye out for is reviews and testimonials. The best types of reviews are Trustpilot reviews, as these are verified as real people and are not made up by the robot’s provider. Alternatively, some robots will have a dedicated Facebook page where current and former users may comment and add validity to the robot’s strategy.

You may also want to search the internet for the best forex robot reviews from reputable online sources. Numerous websites review the best forex robots and cover all of their features in detail – so make sure to read a few different reviews to get a comprehensive overview.

Perhaps, you know that risk management is a crucial part of successful trading over the long haul, but what if your bot breaks some risk management rules? 

Imagine you have $100,000 and you lose $50,000, that’s a 50% loss of your portfolio traders would call a drawdown. In other words, a drawdown is the reduction of your portfolio’s size after a series of losing trades. It’s the difference between peak and bottom, normally calculated and displayed as a % of your trading account. 

Big losses rarely fit any strategy. Which is why you might want to pick a trading bot that has the lowest possible drawback rate to protect your riches. Normally, bots with lower drawback rates yield you lower returns. However, such bots are more reliable over the longer investment horizon — a little patience goes a long way.

Developers use back-testing to understand whether the system is behaving appropriately and whether the Forex trading strategy is any good. 

In essence, back-testing is the process of testing a bot taking the historical data into account. It includes a simulation of each tick opening, closing at a certain price and reaching highs & lows. Once compared with back data, developers have a good sense of whether the strategy works well. 

Background check never hurts, especially when it comes to such important matters as trading your own money. Make sure to check some data behind a testing phase, what developers say about audits, how they highlight it, etc. You can digest more about technical back-testing here.

You can rely on reviews to make it simple, but only do so if you’re sure the reviews are not fabricated by aggregators or malicious actors paid for сonveying bulk of senseless feedback. Ideally, you should talk to a trader who already used the software and has something valuable to share. 

Before trading real, you might want to give your bot a try. Most trading platforms have a demo account option, which helps a lot once getting started. Make sure the platform provides a demo account feature. A bright example of a demo account provided would be 3Commas. 

3Commas — Overall Best Forex Trading Robot 2024

3Commas is an automated trading platform offering two types of easy-to-use bots. It’s the most straightforward way to start trading or bootstrap returns for traders of all kinds — from rookies to seasoned veterans alike. 

Platform offers two types of robots — Gordon is a Dollar Cost Average (DCA) bot that is the perfect way to get started with automated trading. It’s pretty intuitive and doesn’t require any additional skills or knowledge. Grid bots are more complex and used for out-of-trend occasions like sideways markets. 

Newbie traders can benefit from a free 3Commas plan. It provides access to all features except paper trading (demo account). Any user can set up the first DCA bot at no extra cost. To learn more about pricing and features, check out the plan page.

Minimum Deposit – No minimum deposit required, users can start with a free plan

The 1000pip Climber System is another Forex Expert Advisor that has stood the test of time. It has a range of real-live data verified by MyFXBook accounts showing the EA’s performance over a sustained period of time. 

One of the unique features that separates the 1000pip Climber System from the rest is 

a wide range of currency pairs available along impressive strategies implemented. These features ensure traders can adjust to varying market conditions. 

However, the system has some loopholes such as limited demo account features and lack of MT5 support. Also, reviews regarding the customer & live support are controversial.

Minimum Deposit – No minimum deposit required

Winrate – The developers highlight up to 20,000 pips during the three years

The Forex Gump bot is popular among traders due to its advanced algorithm which encompasses a wide array of market conditions for it to adapt quickly to ever-changing circumstances. The robot has a solid background in terms of performance, reliability, and customer reviews. Other perks include a 30-day money-back guarantee and demo account option available for a small pay. 

Even though the bot is time-tested and quite affordable, some EU customers might choose an alternative because it works best with high leverage around 100:1 or even more. Other drawbacks include MT4 only support and a limited currency pairs available for trading (AUD/USD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/USD, GBP/USD, USD/CAD, USD/CHF, USD/JPY)

Automated forex trading bot is a trading software that monitors the market for trading opportunities, and executes them automatically on your behalf. Learn more in this article about 2024 Forex bots.

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