Trading Bots: Are They a Force for Good?

This is because automated software can instantly react to data points and execute the necessary transactions in a matter of seconds.

When traders are using a myriad of exchanges — often with complicated and conflicting interfaces — the company says that users can run the real risk of pressing the wrong button and making a costly error.According to Cryptorg, its goal is to remedy this by offering a unified interface that enables traders to access multiple exchanges in one place — Poloniex, Binance, Bittrex, Bitfinex, KuCoin, HitBTC and AlienCloud among them.

Meanwhile, many traders use something called “backtesting” to see how strategies they are considering will play out based on historical data.

Although this can be an exceedingly useful guide, past market movements cannot dictate what’s going to happen in the future — and as such, it’s always worth using such features with a great deal of caution.With almost 7,000 active trading bots at the time of writing, Cryptorg says its goal is to furnish traders with as much information as possible to help them enjoy success while trading.