Honest Review of the 6 Best Crypto Arbitrage Scanners
The best crypto arbitrage scanner - Cryptohopper
Best crypto arbitrage scanners:
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Cryptohopper. An easy-to-use scanner with advanced AI and algorithmic trading capabilities.
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ArbitrageScanner.io. Powerful scanner with connectivity to 15 crypto exchanges and paid plans from $69 to $1199 per month.
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3Commas. It supports a diverse array of arbitrage strategies including triangular and cross-exchange.
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Bitsgap. It provides signals, arbitrage, trading bots and much more.
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Coinrule. It allows you to create automated rules for arbitrage trading.
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Algory.io. Supports scanning of 20 crypto exchanges
Cryptocurrency trading teems with opportunities, yet navigating its turbulent waters can be daunting, especially for beginners. Amidst the myriad of strategies lies a gem - crypto arbitrage - a concept that leverages price discrepancies across different exchanges to secure profit. But how does one sift through the vast ocean of information to find these golden opportunities?
This article serves as a guide, helping you through the dense fog surrounding crypto arbitrage. We dive into the essence of what makes the best crypto arbitrage scanners indispensable tools for traders. Equipping you with knowledge and recommendations on the top scanners available today, we aim to enhance your trading strategy, making it both efficient and profitable.
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What is crypto arbitrage?
Crypto arbitrage involves buying a cryptocurrency on one exchange where the price is low and selling it on another where the price is higher to profit from the price difference.
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Is crypto arbitrage legal?
Yes, crypto arbitrage is legal. It's a trading strategy that takes advantage of price discrepancies across different markets or exchanges.
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Is crypto arbitrage profitable?
Crypto arbitrage can be profitable, especially in volatile markets where price differences between exchanges are more common. However, profits must account for transaction fees and potential taxes.
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How do I get into crypto arbitrage?
In general, to get started in crypto arbitrage, you will need funded accounts on several cryptocurrency exchanges. However, using special scanners for arbitrage makes the work much easier: both for quick identification of opportunities and for conducting trading operations on different exchanges from one place.
Top 6 crypto arbitrage scanners
In the digital age where every second counts, having the right tools to detect and act on arbitrage opportunities swiftly can mean the difference between profit and loss. To aid in this endeavor, we've curated a list of the top 6 crypto arbitrage scanners, each with unique features catering to different arbitrage strategies:
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Cryptohopper - Known for its automated, social, and copy trading capabilities, allowing users to mimic the trades of successful traders.
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ArbitrageScanner.io - A comprehensive tool that provides real-time transaction notifications and supports various types of arbitrage across multiple blockchains.
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3Commas - Offers a similar suite of features to Cryptohopper, focusing on automated and copy trading across several exchanges.
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Bitsgap - A versatile trading bot that supports automated, social, and copy trading, with additional features for risk management.
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Coinrule - Allows users to craft custom trading rules, enabling automated trading based on specific market conditions.
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Algory.io - A robust trading bot providing users the ability to create custom trading strategies for automated execution.
Some of the platforms have different options for cryptocurrency arbitrage. Whether you're drawn to the comprehensive blockchain coverage of ArbitrageScanner.io or the custom strategy creation of Algory.io, there's a tool tailored to every trader's needs.
Cryptohopper
Cryptohopper is a comprehensive cryptocurrency trading bot and arbitrage scanner offering that has a wide range of features and customization options. It supports 16 cryptocurrency exchanges and has native apps for iOS and Android.
In terms of arbitrage scanning, Cryptohopper offers a scanner feature that allows users to define their criteria for identifying arbitrage opportunities, including exchanges, coins, trading pairs, and profit thresholds. The platform also provides tools for backtesting and monitoring your bots.
Cryptohopper is best for users looking for a comprehensive and versatile cryptocurrency trading bot and arbitrage scanner.
Cryptohopper enables profiting from different exchange prices without withdrawing funds from your exchange
👍 Pros
• It’s fairly easy to use, even for beginners,
• It support a wide range of features and customization options,
• It offers backtesting and monitoring tools, and has a low starting price compared to competitors.
• Advanced AI and algorithmic trading capabilities.
👎 Cons
• It supports fewer free exchanges than some competitors,
• Some AI strategies are available only in the most expensive tier.
Verdict / Best For: It is suitable for both beginners and experienced traders, offering a range of features and customization options. However, it may not be the best choice for those looking for a more specialized arbitrage scanner or those with a preference for a specific pricing model.
ArbitrageScanner.io
ArbitrageScanner.io is a comprehensive tool for crypto arbitrage, supporting over 75 centralized exchanges, 25 decentralized exchanges, and 20 blockchains. It uniquely offers cross-chain arbitrage opportunities, allowing users to capitalize on price discrepancies across different blockchains. The platform includes a customizable screener for finding arbitrage deals based on specific criteria like exchanges, coins, and profit thresholds.
Arbitragescanner.io positions itself as the best tool for crypto arbitrage
👍 Pros
• Extensive exchange and blockchain coverage.
• Unique cross-chain arbitrage detection.
• Customizable search for tailored arbitrage opportunities.
• Offers free arbitrage training and prioritizes user privacy.
👎 Cons
• High subscription costs, ranging from $69 to $1199 per month.
• Might be complex for beginners despite educational resources.
Verdict / Best For: ArbitrageScanner.io is best for dedicated arbitrage traders looking for a broad range of opportunities, including cross-chain. It's suited for those who can navigate its complexity and are willing to pay for its premium features.
The tool's educational support and commitment to privacy make it a standout choice for traders prioritizing knowledge and security in their arbitrage endeavors.
3Commas
3Commas is celebrated among crypto arbitrage traders for its comprehensive toolset that supports a wide array of trading strategies, particularly arbitrage. The platform allows users to set up automated trading bots that can be tailored with specific parameters, including leveraging differences in pricing across exchanges to capitalize on arbitrage opportunities.
3Commas does not allow you to take full advantage of the crypto arbitrage scanner
The "Copy Trading" feature is a standout, enabling users to mimic the trades of successful arbitrage traders seamlessly, integrating their strategies with the automated bots.
👍 Pros
• Supports a diverse array of arbitrage strategies including triangular and cross-exchange.
• Automated bots can be finely tuned to exploit market inefficiencies effectively.
• Copy Trading allows users to leverage the expertise of seasoned traders.
• Extensive backtesting options to validate arbitrage strategies using historical data.
👎 Cons
• High risk associated with leveraged arbitrage strategies, potentially leading to significant losses.
• Some features may appear complex to beginners despite the availability of demo accounts.
Verdict / Best For: traders who are looking to engage in crypto arbitrage with the help of sophisticated, automated tools. 3Commas is particularly valuable for those who prefer to follow established trading patterns through Copy Trading, offering a practical, risk-managed pathway into the world of crypto arbitrage. The platform’s broad compatibility with major exchanges enhances its utility as a versatile trading solution.
Bitsgap
Bitsgap offers a multifaceted platform that automates cryptocurrency trading via API keys connecting users' exchange accounts. It aims to streamline trading processes and bolster trading strategies through customizable settings for trading pairs, indicators, and risk management tools like stop-loss levels.
Bitsgap platform
The platform's standout feature is its ability to spot arbitrage opportunities across various exchanges, scanning for price discrepancies among over 30 digital assets. Additionally, Bitsgap provides a unified trading interface, real-time market data, performance analytics, and a demo trading mode for strategy testing.
👍 Pros
• Simplifies trading with automated bots and customizable parameters.
• Scans for and detects arbitrage opportunities across a broad range of assets and exchanges.
• Offers a comprehensive trading terminal and real-time data analytics.
• Includes demo mode for risk-free strategy testing.
👎 Cons
• The platform's breadth of features and settings may overwhelm new users.
• Subscription starts at $23/month, which could be a consideration for budget-conscious traders.
Verdict / Best For: traders looking to leverage automated strategies, including arbitrage, across multiple exchanges without manually overseeing every trade. Bitsgap is particularly appealing for those who appreciate a blend of simplicity and depth in trading tools, with an emphasis on real-time data and performance tracking.
The ability to automate and refine trading strategies makes it a robust choice for beginner and experienced traders alike.
Coinrule
Coinrule has a user-friendly platform that democratizes cryptocurrency trading by allowing users to automate their strategies without requiring coding knowledge. It offers an array of pre-made templates along with the capability for traders to create custom rules based on specific market conditions or indicators.
Coinrule platform looks clean, user-friendly and intuitive
The platform's core is its intuitive "if this, then that" logic, enabling straightforward implementation of buy, sell, or other trade orders based on defined triggers. Coinrule is compatible with several major cryptocurrency exchanges and supports a wide variety of trading pairs. Advanced features include leverage trading strategies and TradingView integration for enhanced market analysis.
👍 Pros
• No coding required to automate trading strategies.
• Wide selection of pre-made templates and customizable rules.
• Supports leverage trading and integrates with TradingView.
• Offers Telegram and text notifications for trade alerts.
👎 Cons
• Subscription starts at $29.99/month, which might be steep for some users.
• The platform's simplicity might not satisfy the needs of more advanced traders.
Verdict / Best For: beginners and intermediate traders seeking a straightforward way to automate their trading strategies without diving into complex programming.
Coinrule's visual rule-creation interface and the broad selection of pre-defined templates make it an attractive choice for those looking to efficiently manage their trading activities. Its support for multiple exchanges and trading pairs further enhances its appeal to a wide range of cryptocurrency traders.
Algory.io
Algory.io caters to active cryptocurrency traders with its advanced crypto scanner and news aggregator, streamlining the trading process by offering real-time market insights from 18 different cryptocurrency exchanges.
Algory's mission is to deliver the most intuitive crypto scanning platform
The platform's standout feature, its cryptoscanner, is highly customizable, allowing users to tailor their scanner windows with over 100 different alerts and filters. This functionality ensures that traders can pinpoint relevant trading opportunities swiftly and efficiently.
👍 Pros
• Real-time data analysis from multiple exchanges.
• Highly customizable scanner with over 100 alerts and filters.
• Incorporates a cryptocurrency news aggregator for comprehensive market insights.
👎 Cons
• The abundance of features and customization options may overwhelm less experienced traders.
• Focused primarily on active traders, which may not cater to the needs of passive investors or those new to cryptocurrency trading.
Verdict / Best For: active traders who need real-time data and customizable tools to stay ahead in the fast-paced cryptocurrency market. Algory.io is particularly useful for those seeking to enhance their trading strategy with immediate access to market movements and news updates. Its advanced features and analytical tools make it a powerful ally for traders looking to make informed decisions quickly.
Best crypto exchanges
How do cryptocurrency arbitrage scanners work?
Cryptocurrency arbitrage scanners are specialized tools designed to identify price discrepancies for the same asset across different exchanges. They monitor the price of cryptocurrencies across platforms in real-time, alerting traders when there's an opportunity to buy low on one exchange and sell high on another.
For example, Bitcoin might be selling for $19,500 on Exchange A, but for $19,700 on Exchange B. An arbitrage scanner detects this price gap and notifies the trader, who can then buy Bitcoin on Exchange A and sell it on Exchange B.
There are several types of arbitrage scanners, including:
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Simple Arbitrage Scanners: These focus on price differences for the same asset across exchanges.
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Triangular Arbitrage Scanners: They identify opportunities within the same exchange by exploiting the price differences between three different cryptocurrencies.
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Cross-Chain Arbitrage Scanners: These are sophisticated tools that find discrepancies in the price of a cryptocurrency across different blockchains.
👍 Pros
• Efficiency: Quickly identifies arbitrage opportunities, saving traders significant time.
• Accessibility: Makes arbitrage trading accessible to more traders, including beginners.
• Profitability: Can be highly profitable, especially in volatile markets.
• Diversification: Offers traders an additional method to earn profits, diversifying their trading strategies.
👎 Cons
• Competition: High demand for arbitrage opportunities means they can disappear quickly.
• Transaction Fees: Costs associated with trading can reduce overall profits.
• Market Risk: Prices can change rapidly, potentially leading to losses.
• Complexity: Some arbitrage strategies, especially triangular and cross-chain, can be complex to execute.
How do I check crypto arbitrage?
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Research the market: Browse the market for price movements and compare the prices of cryptocurrencies on different platforms.
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Track fiat rates: Keep track of the exchange rate of fiat currencies like USDT to GBP on various exchanges. Identify differences in exchange rates across centralized and decentralized exchanges to take advantage of the price discrepancies.
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Analyze trading pairs: Trading pairs help gauge the comparative value of two cryptocurrencies or between a coin and a fiat currency. Analyze the value of trading pairs to identify if the exchange rate works in your favor.
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Choose cryptocurrencies with high volatility: Cryptocurrencies with high volatility are more suitable for arbitrage because they open more opportunities for arbitration.
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Use automated tools: Crypto arbitrage scanners can help you quickly identify and capitalize on price discrepancies across exchanges.
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Develop a trading strategy: Once you've identified potential arbitrage opportunities, develop a trading strategy that includes entry and exit points, trade size, and risk management.
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Execute trades: After developing a trading strategy, execute trades by buying a cryptocurrency on an exchange where the price is low and selling it on another exchange where the price is higher.
Expert Tip
“In arbitrage trading, timing is everything. Use scanners to keep a pulse on multiple exchanges simultaneously. But remember, the real skill lies in swift decision-making and executing trades before the window closes. Efficient use of these tools can significantly enhance your trading strategy.”
Summary
Cryptocurrency arbitrage scanners present a dynamic tool for traders looking to exploit market inefficiencies for profit. By offering real-time detection of price discrepancies across various exchanges, these scanners empower both novice and experienced traders with opportunities for quick gains.
While the allure of easy profits is strong, make sure to consider the associated risks, fees, and the competitive nature of arbitrage trading.
Team that worked on the article
Vuk stands at the forefront of financial journalism, blending over six years of crypto investing experience with profound insights gained from navigating two bull/bear cycles. A dedicated content writer, Vuk has contributed to a myriad of publications and projects. His journey from an English language graduate to a sought-after voice in finance reflects his passion for demystifying complex financial concepts, making him a helpful guide for both newcomers and seasoned investors.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).