Arbitrage of cryptocurrencies using bots. How profitable is it in…

Nowadays, no one manually searches for crypto spreads anymore; everyone uses bots for cryptocurrency arbitrage. There are two types of arbitrage bots: automatic and manual.

What are the differences?

Automatic arbitrage bots are bots where you set limits on spreads, coins, and exchanges. The bots themselves place orders or buy cryptocurrencies. All automatic bots work through APIs. Due to this, the risk of using automatic bots is significantly higher since you are essentially granting access to your funds to a third-party application.

Manual arbitrage bots are bots that provide information on spreads through separate applications, messengers, or even SMS. You still choose the limits, coins, and exchanges.

Today, we will review arbitrage bots and rank them based on the following criteria:

1. Security

2. User reviews

3. Functionality

4. Prices

5. Additional features

We will evaluate each criterion on a 5-point scale and calculate the arithmetic mean to determine the best cryptocurrency arbitrage bot.

ArbitrageScanner

Let’s start with the first-place bot – ArbitrageScanner with a rating of 4.8.

This service supports 60 CEX exchanges, 40 DEX exchanges, and more than 30 blockchains! The service even supports local exchanges in Turkey, Korea, and Latin America. Let’s break down why it is ranked number one for cryptocurrency arbitrage scanning.

1. Security: 5/5

ArbitrageScanner is a manual cryptocurrency arbitrage bot. It sends you notifications about exchange rate differences on Telegram. This bot works without requesting API access, meaning all possible risks associated with your funds are eliminated. All exchanges connected to ArbitrageScanner have been verified and are safe to use.

2. User reviews: 5/5

We couldn’t find any significant negative reviews online. There were a couple of users who were dissatisfied that the service wasn’t working, but we verified that the project’s official channels mentioned technical work, updates, and expanded functionality. Users’ reviews in personal blogs are positive, and reviews from news resources are also positive.

3. Functionality: 5/5

The scanner works with a vast number of CEX, DEX, and blockchains. It is the most accurate scanner based on our measurements, always showing you the current cryptocurrency prices on exchanges. This alone gives it a high rating, but the service’s development team has also created a screener for cryptocurrency arbitrage, which we’ll discuss further in the Additional Features section.

4. Prices: 4/5

The minimum tariff costs $70, but we recommend paying attention to the Expert tariff at $399. It is ideal for both beginner and expert arbitrage traders. Opting for a more expensive tariff provides increased limits, allowing you to set up 30 different coins simultaneously, 15 different Telegram channels, and more. What caught our attention the most is that this tariff includes free access to the second service we mentioned earlier – the Arbitrage Screener. Additionally, you gain access to an arbitrage trader community, where experienced specialists share successful strategies, insights, and current spreads that can be profitable. The price of $399 doesn’t seem too high, especially when you are offered numerous earning opportunities. There is also a free trial available.

5. Additional features: 5/5

Under additional features, we consider what the service offers besides its main product. ArbitrageScanner provides numerous additional functions.

– Closed chat for arbitrage traders, where both the scanner team and the community share cases and hot opportunities.

– Educational materials, providing training on how to use the scanner, real cases, how to find arbitrage opportunities, and how to set up the service.

– Screener: This is the second product available to users with Pro and higher subscriptions. It displays all possible spreads that you set up across different exchanges and coins. This tool complements the scanner perfectly. You configure the screener to find the exchanges and coins with the largest spreads at that moment. Then, you switch to the scanner, set the settings for those exchanges and coins, and it shows you the most current spreads. Perfect for those who want to earn profits!

– The website offers a free profitability calculator for arbitrage. Even if you don’t have a subscription yet, you can calculate how much you can earn on arbitrage with a specific cryptocurrency.

– Some users have been given access to beta testing of another product called Telegram Scanner. This tool allows you to search for all mentions of your chosen cryptocurrency or topic in all Telegram chats. It sends all mentions of your keyword to a separate chat, and with a single click, you can respond to the original messages.

3Commas

In second place, we have 3Commas with a rating of 4.2.

This is one of the most popular automatic bots at the moment, suitable for cryptocurrency arbitrage. However, it has its small downsides:

1. Security: 4/5

While this bot has not been associated with fund theft or hacking, we cannot give it the highest rating. It uses APIs for operation, like all automatic bots, which poses a security threat to your finances.

2. User reviews: 4/5

User reviews are generally good, but there are negative reviews regarding the service’s performance. Some users complain about the delayed support response, but we do not consider these to be critical drawbacks of the project.

3. Functionality: 4/5

The service offers automatic arbitrage, but only on a single exchange. Due to the large number of users, it is very difficult to automatically earn profits using this service as there is significant competition among arbitrage traders using the same bot. There is inter-exchange arbitrage available on 16 CEX exchanges, but compared to the number supported by the first-place service in our ranking, this seems very limited. Moreover, 3Commas does not support DEX exchanges, which are now considered the new frontier for arbitrage opportunities.

4. Prices: 5/5

The service offers a 7-day free trial, which is much longer than its competitors. The tariff prices range from $29 to $99, which is quite competitive for the services provided.

5. Additional features: 4/5

This is the most interesting aspect, considering what additional features each product offers. 3Commas provides:

– 5 bots for manual trading and 9 for automatic trading, but most of them are available in the highest subscription.

– A demo account where you can try out your strategies.

– An internal portfolio rebalancer.

Bitsgap

In the third place in our ranking is Bitsgap with a rating of 3.6.

This is an automatic bot that supports 15 CEX exchanges.

1. Security: 4/5

As we mentioned before, automatic bots are not safe to use. Here, we encounter the first confirmation of this statement. Some users reported that funds went missing from their accounts. It could be malicious competition, but we cannot overlook these statements.

2. User reviews: 3/5

User reviews are mixed, with complaints about poor support, delayed bot performance, and some exchanges periodically not functioning. As mentioned before, there are also claims about missing funds. On the other hand, some users did not experience such issues. While we cannot recommend using this bot, we also cannot claim that it is developed by dishonest developers.

3. Functionality: 4/5

The functionality does not stand out among automatic arbitrage bots. It supports 15 CEX exchanges and lacks DEX exchanges. Otherwise, it duplicates or even lacks certain features compared to 3Commas.

4. Prices: 5/5

The minimum tariff is $23, and the maximum is $119. The difference between tariffs is minimal, and in the market, this is a relatively high price for the services provided.

5. Additional features: 2/5

The service offers an arbitrage profitability blog and knowledge base, and unfortunately, that’s all the additional functionality it provides.

Coinrule

In fourth place on the list of arbitrage bots is Coinrule with a rating of 3.4.

This is an automatic bot for arbitrage that supports 10 CEX exchanges.

1. Security: 2/5

Once again, this is an automatic bot that uses API. There are also articles about users of this bot losing their funds, but we cannot vouch for the accuracy of this information. It could also be the work of competitors, but we cannot ignore these claims.

2. User reviews: 3/5

User reviews are mixed. Many find it challenging to work with, even for experienced arbitrage traders. There are also negative reviews about missing funds, as mentioned earlier.

3. Functionality: 4/5

The bot supports only 10 CEX exchanges, and configuring it requires significant effort. Its functionality does not stand out compared to other automatic bots we reviewed today.

4. Prices: 5/5

The price for this product is $30 – $450 per month, which is above average considering the intuitiveness of the service’s management and prices for similar features among competitors.

5. Additional features: 3/5

– Marketplace of arbitrage strategies 

HaasOnline

In the fifth place in our ranking is HaasOnline with a rating of 2.8.

It is also an automatic bot that shows spreads between four 24 exchanges.

1. Security: 3/5

Since it is an automatic trading service, security is at an average level. This service has not been involved in hacking or fund theft from its users. Like any other automatic bot, it also requires API access.

2. User reviews: 4/5

User reviews are mixed. Many share their success stories of earning with this service, but there are also users who claim to have lost their funds. Some even reported that they couldn’t make their subscription profitable using this bot.

3. Functionality: 2/5

This bot supports only four of the most popular exchanges, resulting in high competition among arbitrage traders and users of the service. This makes finding good spreads more challenging.

4. Prices: 2/5

The price for this product is $9 – $149 for a month, a reasonably acceptable price for what this bot provides.

5. Additional features: 3/5

This service offers additional features available to users:

– A demo account where you can try out your strategies.

• Cloud server (it’s not safe) 
• We have highlighted some arbitrage bots that we believe are the most comprehensive and reflect the cryptocurrency arbitrage market. We recommend trying out ArbitrageScanner, even if you have used other bots that are not in our top list. We believe it is truly a market leader that other services will adapt to.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.