Trading of cryptocurrency has become so popular in recent years that a great number of people have invested their time, attention and financial resources into it. Estimates reveal that over 2.1 million Germans own cryptocurrency (either as ‘HODLers’ or traders). While the activity of hodlers might be averse to the volatile nature of crypto, traders are particularly fond of this peculiar feature that he’ll them earn Bitcoin Profit.
The power behind a crypto trader is the ability to invest at lower prices when the market is experiencing a dip and sell when the market is pumping. This activity, in recent times, has been facilitated by the advent of crypto trading bots. So, are crypto trading robots profitable in Germany?
What Exactly Are Crypto Trading Bots?
Imagine hiring an expert to trade crypto for you, while you just sit back, check in once in a while and watch your profit grow. That’s how a crypto trading bot works too. A trader is able to set up their trading bot according to its features; hence automating their trading process to earn more Bitcoin Profit. After setting up the bot, the robot continues to ‘automagically’ buy and sell different cryptocurrencies at the right time, with the end goal of accruing profit for the trader. Fundamentally, bots have the following working features:
- Signal Generator
This feature helps the trader make decisions on the specific cryptocurrencies that should be bought or sold.
- Risk Prediction
After the cryptocurrency to be bought or sold has been decided, the risk prediction feature leverages on market data to determine how much to trade or invest.
This feature uses APIs to strategically buy or sell the crypto asset. Whether to buy in bulk or in bits is decided here.
How to Use Crypto Trading Bots in the Right Way In Germany?
First, when deploying a crypto trading bot, it is recommended to thoroughly test it. This is necessary to assess its effectiveness. Second, before buying a crypto trading bot, peruse the customer reviews. This can be easily carried out through a quick Google search.
After that, it is necessary to try the bot in a demo account to ascertain its functionality. Don’t buy a bot that does not offer a free trial.
Best Crypto Trading Bots In Germany
Here are some of the best crypto trading robots in Germany:
- Bitcoin Profit
Bitcoin Profit is a crypto bot that helps trade cryptocurrencies for a profit. The bot boasts of 92% success rate, can operate without account/licensing fees, and withdrawals can be made in less than 24 hours.
CryptoMonday.de, a well-known German review page for trading bots writes:
“Bitcoin Profit gehört für uns zu den Top 10 Trading-Bots, da Anfänger unter den Krypto-Tradern die Standardeinstellungen verwenden können, während erfahrene Trader die Parameter anpassen können”.
This is translated in English as: “Bitcoin Profit is one of the top 10 trading bots, because beginners among the crypto traders can just use default settings, whereas experienced traders are able to adjust the parameters”.
- Bitcoin Prime
Provides various features you can use for trading. To make it speedy and reliable, it receives its major liquidity from exchanges like Huobi and Binance.
Pionex bot features low trading commissions and a completely fleshed-out mobile app. It is a great choice for high-volume and mobile investors.
To manage your portfolio with this bot, you can connect to any of the 18 exchanges it supports. You can also add as many wallets as needed.
This is a 24/7 trading bot that provides a seamless setup procedure with no credit card information required to join.
Are Crypto Trading Bots Profitable In Germany?
It is pertinent to note that crypto trading bots are only software that work based on specific trading algorithms. They do not guarantee Bitcoin profit; during periods of high market volatility, they may become useless.
Moreover, we can turn to our good friends on Reddit, and other blogs to peek at the general consensus from those who have used these bots. The question is, “are crypto trading robots profitable in Germany?”
“They work but they require significant tweaking or understanding of how to trade. You can blindly follow settings that people have put together but it’s still better to understand what it is doing and have a strategy of what you want to do. The main benefit of having a bot is being able to execute a strategy 24/7. It gives you more control over your portfolio and “does it for you” but still requires a profitable strategy.” —papercut jake
“They do. But you need to think of them as training wheels into short trading. I learned a lot using Cryptohopper and it’s just another way I diversify. Just start slow.” —wakefulTomatoe22926
Advantages of Crypto Trading Bots
Below are the advantages of using trading bots in Germany:
- No break
Trading bots function 24/7, while humans need to rest/sleep.
Bots can function faster and more efficiently than the thinking and reaction time of human traders.
There is no fear or greed in bots. They will always do what is more statistically probable to gain profits.
Bots have the ability to process a lot of data per second and derive reasonable conclusions.
Disadvantages of Crypto Trading Bots
Here are the disadvantages of using crypto trading robots:
- Prior Knowledge
Although several trading bots come with preset templates and settings, it is necessary to know how and when to set and execute these templates. Changing the settings, if this is your first time, may lead to quick losses.
- Requirement of Monitoring
Crypto bots are not “set-and-forget” remedies to crypto trading. As a result of the volatile nature of the crypto market, bots may result in losses during high volatility.
- No promise of profit
Trading bots are costly but guarantee no profitability. Rather, the trader must decide if the indicators the bot uses will be profitable and then automate the process using the features provided by the bot.
Where to Go From Here?
Europe’s largest economy, Germany, has evolved as a primary crypto marketplace. Hence, many German traders concentrate on investing money in cryptocurrencies. Now, with trading bots, you can trade to earn some Bitcoin Profit without worrying much about your skill level.