Crypto trading can be lucrative, but it requires a lot of time and effort to stay informed and make the right decisions based on multiple factors. For those looking for an easier way to trade crypto, trading bots can provide a powerful solution. Trading bots use algorithms to automatically analyze the crypto market and place trades on your behalf based on predetermined settings. Bitsgap is one of the leading crypto trading bots with a wide selection of features for traders of all levels. Let’s take a look at the offerings provided by Bitsgap and its grid trading strategy in particular.
Bitsgap
Bitsgap has been around since 2016 when it first began creating prototypes and really began operations in 2017 with the integration of six major crypto exchanges. A nice feature is the 7-day free trial where you can use a demo account or live funds to check out how the bots operate before committing to a paid plan. Currently, Bitsgap has integrations with 14 exchanges including Binance, Coinbase Pro, Kucoin, Gate.io, and many others.
One of the great things about Bitsgap, and trading bots in general, is it performs trades for users, and they don’t even have to be logged in to the system. Just set up a bot and let it do the trading. It really is that easy. Bitsgap offers three main categories of trading bots including GRID bots, DCA bots, and Futures trading bots. Bitsgap offers “smart trading” which is a set of features including options to automate when users take profits, setting stop losses, and trading view integration to see favorite indicators.
GRID Trading Strategy
The grid trading strategy is one that sets predetermined buy and sell orders above and below a “break-even price.” Grid strategies are usually recommended for sideways, or crab, markets that fluctuate up and down within a relatively discernable price range (sound familiar?). Let’s say the price of an asset has been between 15 and 25 dollars for close to a year. If you had a grid trading bot set up, it would have been buying and selling price fluctuations the entire time the asset was crab-walking sideways. It would be more difficult to swing trade or take significant long or short positions during these market conditions, but the grid strategy would have done well in comparison.
Another good feature of grid strategies is there is no fear of liquidations and no need to rebalance funds as in yield farming. The price range where orders are placed is usually pretty large so users can actively trade for a long time in sideways markets. Users can set stop losses to deal with lower prices and if the price skyrockets it isn’t a big deal because they can just take profits and close out the trade or wait until the asset comes back into the range. The level of customization that can be applied to the bot depends on the plan (basic, advanced, or pro). Finally, the Bitsgap grid strategy takes profits in the base or quote currency which is another nice option.
Final Thoughts
The Bitsgap trading bot and its grid trading strategy is a solid option for those looking to automate their crypto trading. Not only does it make executing trades easier, but it has features such as stop losses and profit-taking. The grid strategy in particular also makes sure that you don’t miss out on any opportunities while the market is experiencing sideways movement. With 14 exchanges and a 7-day free trial, Bitsgap is definitely worth checking out if you don’t have tons of time to put into market research or you simply prefer a hands-off approach to trading.
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