Retail traders who found themselves working in the crypto market do not hesitate to use a wide range of available tools to optimize their strategies. Implementing advanced crypto trading software and overly complicated technical analysis strategies are both highly popular ways for many investors to improve their profits from trading.
One of the biggest issues for newcomers is choosing the right provider for automated trading solutions in the market where the competition among SaaS platforms is incredibly intense. With hundreds of various companies offering their services, which one should you pick? We decided to give you some valuable tips!
Table of Contents
Look at the interface
For some reason, many people think that user interface does not matter. Odd ones even think that a badly designed interface is a sign of a company that focuses on the technology. Nothing can be further from the truth than this statement. A good company that wants to create a usable product will think from the user’s perspective and try to build a platform that everyone can use easily.
Here are some things in the interface that must be present in a good automation platform:
- The dashboard must be logically sectioned and easily reachable. If you have to search for your bots in one part of the website and switch to a completely different page for portfolio management, something has gone horribly wrong with the design. Look away.
- The information must be presented in a concise and comprehensive manner. Look at graphs, tables, and other graphical elements. They must be informative and clearly display the most relevant information without overwhelming you with useless stats, numbers, and images.
- It must be easy to navigate. Try searching for something that every single platform must have like a support page, account management page, or the main dashboard. Can you do it easily? A nicely designed interface is always easily navigable.
Check the catalog!
A company can have a versatile lineup of products and still lack some critical functionality. Make sure to check out the catalog and vivisect its contents when choosing the right software provider! We believe that there are several distinct products that must be available to retail traders interested in automated trading and advanced technical analysis tools!
- Fully customizable scripts. Many retail traders are interested in experimenting and building sophisticated strategies that often require fine-tuning and additional tinkering on all stages of deployment. An automation platform must give you the full range of instruments to tailor any automated trading system according to your preferences.
- Preset solutions. Diverse ready-for-deployment bots must be offered to all paying clients. Automation can be used for different purposes. While some investors focus on automating their day trading and scalping strategies, others build hedging mechanisms to offset various risks associated with investing in the crypto industry. DCA, GRID, arbitrage, and other forms of preset bots should be readily available.
- Complimentary and related services. Automation is not just mindless bots and scripts. You should be able to engage in social trading and use popular products like copy trading (when you simply follow a chosen manager and copy their actions in the market).
You should focus on selecting a provider of crypto trading platform software that offers all of that and more. For example, WunderTrading is a good example of a service that features a wide range of different automation products including preset bots and a special copy trading marketplace showcasing experienced managers working on all CEX platforms!
Pricing is very important
If you have a large portfolio that consists of multiple tokens, millions in fiat, and more, you don’t have to worry about prices all too much. However, it may also mean that managers do that for you. People with moderate portfolios who want to focus on management without inviting dedicated professionals should think about how much they pay for certain instruments.
Contemporary automation products are way cheaper compared to what they used to be just a couple of decades ago. It is a mass product that can be positioned as something affordable to the general public.
Here are some things that you should be looking for regarding pricing:
- Look for crypto day trading software vendors that offer flexible pricing with options that reflect your requirements and future plans for expansion. Some companies may have four or even five tiers of plans, but they may have negligible differences.
- It is important to be able to use a trial option to learn more about various features of the platform and test it extensively. Companies like WunderTrading allow users to deploy full-fledged automated trading strategies for free. The base plan is available to all registered users and allows you to run up to five bots simultaneously.
- Value for each dollar. It is common in this industry to add whistles and bells to each plan and distract paying customers from actually important things in pricing. Look for companies that offer as many bots as possible for the price you are paying. You will unlikely need complimentary tools like market analysis and portfolio management.
Create a good image of the company in your head
Unfortunately, the landscape of the contemporary internet is covered with fake reviews and lengthy testimonials from people who do not even exist. However, you can still find places to read about various online service providers. Talk to people who already use the platform or engage in conversations on social media platforms and forums.
Another good way to learn about the efficiency of the administration and the development team is by talking to the customer support service directly before becoming a paying customer. Make a list of questions about the service that concern you and talk to representatives of the automation software provider via the support system.
In conclusion
Choosing the right crypto automation software vendor is not an easy task. Nonetheless, you can use our tips and try to pick a really good company that will help you build a consistent automated trading system for a low price!
