Since Bitcoin first appeared back in 2009, hundreds of altcoins have flooded the market. A prominent coin that has also made waves in the crypto world is Ethereum.
What is Ethereum?
Ethereum is an open software platform that, similar to Bitcoin, functions using on blockchain technology. This distributed computing platform and operating system features smart contract (scripting) functionality which allows users to create decentralized applications.
The project was launched by Vitalik Buterin in 2015, with the aim of allowing users to make anonymous digital payments at a global scale without requiring a traditional bank or third party.
Ethereum is linked with the rise in Initial Coin Offerings (ICOs), in which start-ups raise funds to develop new services and companies.
What is Ether?
Ether is a necessary component that acts as the fuel needed for operating the Ethereum platform. The token can be used as a form of payment for when the machines perform the requested operations.
Essentially, Ether is the incentive that makes sure that developers write quality code for the applications, and that the network remains in optimal functioning conditions.
The token, traded under the ticker ETH, can be bought at a large number of exchanges and used to pay for products and services at most merchants that accept cryptocurrencies.
ETH is also used to pay for transaction fees that occur on the Ethereum network. It is mined similar manner to Bitcoin. Miners use their computers to solve the complex mathematical algorithms on a particular block in the blockchain. Once the problem has its solution found, the miner receives its ETH.
At the time of writing, the currency is second-biggest cryptocurrency according to market cap. Ether is currently priced at $144.28 and is capped at $15,140,358,125. There are currently 104,932,667 ETH in circulation.
What are trading bots?
Trading bots are computer software that use various indicators to determine certain patterns and trends based on which they execute trades automatically. Trading bots provide an efficient and convenient option for those that do not have the necessary time to monitor the currency market 24/7. These bots ease traders from the worries and stress that comes along with the market’s volatility. All the trading decisions are made by the bots which execute a set of pre-set instructions and algorithms that figure out when to make the buys and sells.
There are plenty of bots on the market. Most of them are obviously dedicated to Bitcoin trading, but there are a few that focus on other cryptos. Here is our list of bots that are best for Ethereum trading:
1. CryptoTrader
2. BTC Robot
Even though the name might be misleading, BTC Robot does not exclusively trade Bitcoin. Its appliance also extends to ETH trading. Some of its interesting features are 24/7 monitoring of cryptocurrency exchange rates, in addition to the ability to analyze charts to determine recurrent patterns.
By using those patterns, Ethereum traders can generate substantial profits, depending on how the bot executes. The service comes with a 60-day guarantee and trial period in which you can determine if this is the right Ethereum trading bot that suits your needs. BTC Robot is convenient to use for new traders.
3. PHPTrader
What initially started out as a trading bot designed for Bitcoin, now it can be used for Ethereum trading as well. One of its most interesting features is that it is compatible with any Raspberry Pi model, which makes for a rather convenient option. Although the Ethereum trading bot has a very simplistic interface, it does provide all the expected trading features.
A Coinbase account is required, being the only exchange it supports right now. However, since this bot uses PHP code, the support options have the possibility of being expanded later on.
The code can be accessed on GitHub, and users are more than welcome to make their own exchange additions accordingly. While this bot is convenient to use for novice traders, it is not able to perform analysis or predict price trends. It’s not designed for big investments, which makes it ideal for beginner traders that want to learn.
4. HaasOnline
Its three licenses are for users of different experience levels which come at different pricing. The advanced license has no limits to the number of bots which can be used, having all the indicators and insurances.
Trading Ethereum has been made easier by leaving all the hard work to the bots to handle the transactions. But picking the trading bot which is most suitable for you requires a lot of time and information so you can make an informed decision.