5 Best Hummingbot Alternatives in 2024 (Sites & Apps Like hummingbot.io)
Hummingbot is an open-source cryptocurrency trading bot platform that allows users to run automated algorithmic trading strategies. However, it has a steep learning curve and may not be suitable for beginners.
If you find hummingbot too complex or are looking to explore alternatives, there are a few options worth considering that can make algorithmic crypto trading more accessible. As an online privacy and cybersecurity expert, I analyze these platforms closely for security, reliability, and transparency.
In this post, I will compare hummingbot to 5 leading competitors: Pionex, Coinrule, Bitsgap, KuCoin, and 3Commas. I will overview the features, bots available, pros and cons, and how they stack up to hummingbot.
Let‘s dive in!
Pionex
Pionex is one of the top hummingbot alternatives available today. It‘s an automated cryptocurrency trading platform that aggregates liquidity from major exchanges like Binance and Huobi Global.
The standout feature of Pionex is the wide range of trading bots offered – 16 in total, all available for free. This contrasts with hummingbot‘s more limited bot selection.
Some of the trading bots provided by Pionex include:
- Grid trading bots – Uses a range-bound grid strategy suitable for sideways markets
- Rebalancing bots
- TWAP (time weighted average price) bots
- Arbitrage bots
- Copy trading bots
- Leveraged grid bots
In terms of security, Pionex leverages cloud infrastructure from leading providers like AWS and Cloudflare, offering adequate protection against DDoS attacks and more. Users also have the option to enable 2FA for added account security.
When comparing Pionex to hummingbot, the key advantages are ease of use, range of free bots provided out of the box, and overall simplicity for beginners. The lack of coding knowledge required is a major plus.
On the downside, the reliability of bots can vary, and lack of a backtesting tool is an omission. But overall, Pionex stands out as a very capable free alternative for algorithmic crypto trading.
Coinrule
Coinrule is another strong contender as a hummingbot alternative. It distinguishes itself by the sheer number of pre-made trading strategies offered – over 150 in total.
Some of the key bots and auto-trading tools provided by Coinrule include:
- Automated trading bots using trading rules
- 150+ premade trading strategies
- Free and paid plans
In terms of security, Coinrule leverages Google Cloud infrastructure, offers 2FA, and provides read-only API keys as an option – adequate precautions overall.
Comparing Coinrule to hummingbot, it has an advantage when it comes to premade strategies which can help beginners hit the ground running. The range is far more vast. However, platform customizability and versatility falls short of hummingbot‘s capabilities.
So in summary, Coinrule excels at package solutions but doesn‘t have as much configuration potential for advanced users. Depending on your level of experience and needs as a trader, it could serve as either a stepping stone or a long-term alternative to hummingbot.
Bitsgap
Bitsgap is a rising star among algorithmic trading platforms focused specifically on cryptocurrency. Launched in 2018, the platform runs automated bots across a variety of major exchanges.
Some of the key trading bots incorporated natively into Bitsgap include:
- Classic bot – Basic automated strategy bot
- SBOT bot – Uses custom indicators for automated trades
- Trailing bot – Trails coin price momentum
- Scalper bot – Attempts to profit from micro-swings in price
In addition, Bitsgap allows connecting with external bots and trading signals for further customization. Margin trading bots are also coming soon according to its public roadmap.
Regarding security practices, Bitsgap follows generally accepted standards – hosted on AWS infrastructure, use of read-only API keys, 2FA available, and DDoS protection via Cloudflare. One minor concern is a past security audit dates back to 2018, so an updated report would be beneficial.
Compared to hummingbot, I would say Bitsgap simplifies automated trading into more digestible bundles and offers strong out-of-box functionality tailored specifically to crypto. However, hummingbot likely has an edge regarding hardcore customization and the breadth of exchanges integrated so far.
So Bitsgap makes for a friendlier entry point while hummingbot caters more towards expert power users – an important distinction for matching goals to the right platform.
KuCoin
KuCoin takes a different approach than most hummingbot alternatives – rather than an independent trading platform, it integrates bot trading capabilities directly into its cryptocurrency exchange.
A highlight is the KuCoin trading bot marketplace that allows accessing third-party bots developed by vetted experts and companies. Options span algorithmic, grid trading, automatic rebalancing, and more.
In addition to the marketplace, some of KuCoin’s proprietary bots include:
- Grid trading bots
- Rebalancing bots
- Spot trading bots
- Futures bots
- Lending bots
On the security front, KuCoin has been operational since 2017 and bank-level encryption plus micro-withdrawal wallets provide adequate protection of funds.
Comparing KuCoin to hummingbot, I like that KuCoin removes the need to integrate a separate platform for trading bots. Accessing everything via a unified exchange interface improves ease-of-use.
However, minimum capital requirements to use bots on KuCoin could limit newer traders. And sophistication still falls short of what seasoned crypto traders can achieve with hummingbot. So it lands as more of a middle ground alternative.
3Commas
Last on our list of top hummingbot alternatives is 3Commas – an automated trading platform tailored towards crypto, with a userbase of over 33,000 active bot traders.
While 3Commas doesn’t have quite the depth of native trading algorithms as some competitors, its key strength is broad connectivity across almost all major exchanges. Some of the exchanges with trading bots powered by 3Commas include:
- Binance
- KuCoin
- FTX
- Bybit
- Gemini
- And about a dozen others
This means you can leverage the same toolset across a diverse blend of trading venues – a boon for managing an active portfolio.
Regarding security, 3Commas uses a proprietary risk management system to monitor market fluctuations and limit trading risks. Users can also safeguard accounts by enabling Google Authenticator 2FA.
Weighing 3Commas against hummingbot, I see 3Commas as more of a crypto-centric spin tailored towards intermediate traders. Seasoned developers may still prefer capabilities like custom coding and backtesting in hummingbot. But for cross-exchange automations, 3Commas is quite capable as an alternative pick.
The Verdict: Pionex as Top hummingbot Alternative
While all five platforms covered have merits as hummingbot alternatives, Pionex emerges as my top overall recommendation and winner:
✅ Free extensive library of trading bots
✅ Easy to set up and use
✅ Great for beginners
✅ Solid security infrastructure
The breadth of algorithmic trading strategies supplied out-of-the-box gives beginners an advantage. And the system resource requirements are lighter compared to running hummingbot locally.
That said, advanced crypto traders may still appreciate certain customization options only hummingbot permits presently. There’s room for both tools depending on needs and skill level.
But for most mainstream traders who prioritize convenience? Pionex leads the pack.
Give its free tier a try and see if it can be a good home base for your automated crypto trading.
What hummingbot alternative looks most appealing to you? Let me know in the comments!
Related: Best Crypto Trading Bots