October 19

A short history of crypto trading bots

It's hard to imagine that there were practically no useful trading bots out there just five years ago. Although there were two major shifts — moving from desktop to cloud and algorithmic to hybrid, we think another significant change is around the corner.

Crypto trading bot

At the beginning of 2013, there was not much to trade besides Bitcoin. Litecoin and a few others (like Peercoin or the merge-mined Namecoin) made their way through the exchanges like Bitstamp, Bitfinex, and Mt. Gox.

From less than 50 cryptocurrencies in January 2013, the number grew to more than 200 by the end of the year. It was still possible to research, analyze and keep track of each new altcoin out there back then.

The first altcoin wave started to take off before the summer of 2013, thanks to the crypto market gaining momentum and Cryptsy exchange, which took onboard almost every coin, which requested listing.

Soon after, probably the first publicly known crypto trading bot, Cryptsy Automatic Trader, emerged. It was a desktop software that did repetitive buying and selling and had quite a few trading settings. However, if the software got frozen or the computer restarted, your settings were gone. The manual import was doubtful, and you ended up hunting the orders on exchanges, analyzing the markets, and setting the whole thing repeatedly. However, at least there was a way to automated trading.

The landscape didn't change much until 2017, when the first cloud-based crypto trading bots, 3commas and Crypto Hopper, emerged. They introduced cloud DCA and GRID trading to the crypto sphere. Despite being cloud systems, the complexity of usage and the need to make trading decisions largely remained.

This need was finally eliminated in 2019 when Cornix introduced the first hybrid crypto automation bot. They enabled anyone following a Telegram signal provider to automate their trades. Finally, a way to copy a trader without giving out the funds to someone else's custody came out.

Since then, the list of crypto trading bots and automation apps has grown a bunch. The most popular ones include Pionex, Trality, Coinrule, Gunbot, Bitsgap, Tradesanta, Kryll, Botsfolio, Botcrypto, Napbots, Mudrex, Haasonline, Margin, Upbots, Signals, Zignaly, and many others. Unfortunately, most of them share one handicap — complexity.

Finally, in 2021, a brand-new user-friendly crypto trading bot entered the crypto space — Qaxa. Its primary intention is to speed up and simplify the signal trading landscape again. Stay tuned for the months ahead.

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