I tested the Grid Trading Bots of three major platforms: Binance, Kucoin, and Pionex. Here’s what I found out — and why you should consider giving them a try!
Crypto trading bots are computer programs that are designed to automatically execute trades on behalf of users in the cryptocurrency market. These bots use algorithms and machine learning to analyze market trends, track price movements, and identify profitable trading opportunities in real-time.
By automating trading decisions, crypto trading bots can help traders maximize profits and minimize losses. They can also operate 24/7, without the need for constant human supervision.
However, it’s important to note that crypto trading bots come with their own set of risks and limitations, and they may not always be reliable or accurate in their predictions. As such, it’s crucial for traders to understand the limitations of these bots and use them in conjunction with their own market analysis and risk management strategies.
With this blog post I took a closer look at the bots of Binance, Pionex, and Kucoin. So let’s dive right into it.
What’s the best trading bot?
Let’s look at three major grid trading bot platforms: Kucoin, Binance, and Pionex. I’ve tested and still use all three of them. However, to make it easier for you to select the bot that perfectly fits your needs, I assessed them according to the below attributes. If you are not interested in the details, you can directly jump to the end of the article, where I reveal the bot I consider best.
- Easy to use / Beginner-friendly
- Available Trading Pairs
- Available Markets
- Types of Grid Bots
- Copy Functionality
- Achieved Results
Let’s dive into the details!
🔰 Easy to use / Beginner-friendly
#1 Pionex
In this category, Pionex is the best-in-class bot. You can set up your first bot without any knowledge in a couple of minutes. Personally, I started with Pionex some months ago. I vividly remember how impressed I was when I saw my bot up and running after a couple of minutes.
#2 Kucoin
From my point of view, Kucoin is more complex to use in general. However, Kucoin offers an amazing copy function (see below Community / Copy Function). Therefore, if you don’t want to set up your bot from scratch and are fine with copying a bot, you can get things going pretty quickly.
#3 Binance
For me, Binance turned out to be the most complex platform. It took me a while to understand the functionality and workflows. Accordingly, you need to spend more time reading some how-to’s before your bot can get to work.
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🖇 Available Trading Pairs
Actually, these attributes were hard to assess since the platforms constantly add and remove trading pairs. Overall, I have to say that I’ve never run into the problem that a pair I wanted to trade isn’t available — and it went for some crazy pairs 😉 Since Kucoin and Binance are much bigger platforms than Pionex, they also offer slightly more trading pairs. Therefore, the ranking looks as follows:
#1 Binance
#2 Kucoin
#3 Pionex
🏪 Available Markets
#1 Kucoin & Binance
Both platforms offer the grid trading bot functionality for spot and futures markets.
#2 Pionex
So far, Pionex only offers spot market bots.
🤖 Types of Trading Bots
#1 Pionex
From my experience, Pionex offers the widest variety in terms of grid bots. However, since Pionex is specialized in Grid Trading Bots, this isn’t surprising.
Besides the standard grid bots, Pionex offers Leverage Grid Bots, Margin Bots, Reverse Grid, Leverage Reverse Grids, and Infinity Grids.
Especially the Reverse Grid Bots are something that should catch your interest during the current market situation. These are bots that are particularly built for bear markets.
#2 Kucoin & Binance
When looking at available bot types, Kucoin and Binance have similar offerings. As mentioned, both platforms offer spot and future grids that can be configured. Moreover, both platforms support leverage bots. However, at Binance, it depends on your location whether leverage bots are available or not.
© Copy Functionality
Although this specific functionality is only available on Kucoin, I wanted to highlight this feature. Kucoins follows a kind of community approach with its grid trading bots. Accordingly, you can browse the results of thousand grid bots.
And here’s the fancy thing: Whenever you find a bot with juicy results, you can simply copy the bot and its configuration. Voilá is a super-easy way to set up your grid trading bot. However, there are a couple of things to consider when copying bots.
Based on my research, Binance and Pionex do not currently offer similar functionality.
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💰 Achieved Results of Trading Bots
For my test period, I set up similar grid trading bots for BTC at each of the platforms. Afterward, I let the bots run for two weeks straight without touching them. Here are the results the bots generated. However, it is worth mentioning that the results are not statistically representative since they only cover a very short period during an exceptional market phase.
#1 Binance: Average daily return: 0.93%
#2 Pionex: Average daily return: 0.71%
#3 Kucoin: Average daily return: 0.645%
Which is the best trading bot?
First of all, it is essential to mention that all platforms offer outstanding trading bots that can make money — even in bear markets. Therefore, I think you’re doing anything wrong when choosing one of them.
Personally, I stick to Binance since it has continuously delivered exceptional results. Nevertheless, Pionex and Kucoin als have their advantages. Therefore, I would go for the following ranking:
#1 Binance
#2 Pionex
#3 Kucoin