This year has been quite disheartening to many crypto enthusiasts. Nevertheless, the savviest of us managed to make money even amidst the downfall of the market. Despite losing about 60% of value during the second quarter of 2022, many crypto projects remain hopeful that they will manage to stabilize when the storm is behind us.
Bearish markets are saddening for people who do not use leveraged positions and want to hold their assets waiting for them to appreciate over time. Those who use margins usually make money even in such circumstances. We have a variety of copy trading solutions that allow experienced trainers to find good moments too short positions during bearish trends.
How to choose a good automation vendor
Among numerous copy trading platforms offering their services to an audience of several million active investors, only a handful of companies deserve your attention. While other solutions exist and often provide valuable products to their customers, it is important to gauge their efficiency and usability properly. Here are some aspects you need to look at:
- Informative layouts. An interface is one of the most important things for any contemporary service. Users must easily understand how to use the product effectively and never feel confused with feature-rich products to the degree where they cannot set up a simple DCA bot.
- Implementing a good copy trading strategy is all about finding the right tool for the right job. If you need to slowly accumulate assets or perform a series of trades during specific market trends, use DCA (distributed cost average). In cases when you have accounts at multiple exchanges, use Arbitrage to extract every bit of value from price discrepancies.
- It is important to pay as little as possible for the best service. Some copy trading services offer outstanding products for a low price. Some companies even have free plans. WunderTrading has a free plan with up to 5 bots.
Our top picks for 2022
We carefully analyzed some of the most popular companies that offer automation products and found several really good options for active investors who want to try implementing bots in their strategy.
WunderTrading: functional and simple
The web platform is very useful and has an intuitive interface coupled with a rich selection of efficient instruments that will be appreciated by novices and professionals. If you are looking for automation tools like copy trading for free, you will be more than happy to learn about the free plan allowing you to run up to 5 bots simultaneously. You can upgrade when you need it. The company offers DCA, GRID, and Arbitrage bots as well as custom automation solutions fine-tuned for individual and institutionalized investors.
Cryptohopper: relatively cheap and efficient
While not as versatile as WunderTrading, this platform has a lot to offer if you are looking for easy-to-use copy trading software. Rated as one of the best in the industry by active users, it is a nice choice for beginners. The selection of preset bots is rich and offers flexibility. The pricing may feel somewhat aggressive, but it is a moderately priced solution for people who are serious about automating their investment efforts.
3Commas: a fine choice for those who doubt
One of the time-tested investment strategies is following a successful trader and repeating their orders as quickly as possible. Foundational blocks for this particular style of automation were invented during the peak time of Forex markets. Today, you can use the same approach in crypto. 3Commas has some of the best social trading apps in the industry. Choose from the list of well-performing investors and allow the bot to copy their activities on the market. If you do not have a solid strategy, just follow those who figured it all out.
Exchanges offering automation
An important note is that many exchanges have their native automation solutions. They might be not as intricate and flexible as those offered by highly specialized third parties, but you may still find sufficient tools in product lines showcased by Binance and Coinbase as well as many other exchange platforms that dominate the market.
However, if you want your strategy to be adaptive, choosing companies like WunderTrading is a good idea. You will be able to effortlessly switch between various exchanges, use arbitrage, and utilize powerful analytical tools like TradingView technical indicators and more.
In 2022, you must have a very flexible arsenal of tools. While a strong bear trend is still not slowing down, the reversal can happen any day. Be ready and choose efficient automation platforms to quickly shift your strategy according to market realities.