After so much loss in the bear market, many crypto lovers became bankrupt, more than 98% of their assets have flushed in the big bear market. Not everyone has good technical knowledge of the trading in the crypto market. Without sufficient knowledge doing trading in the crypto world is just like gambling. So what is the solution to this problem?
Crypto Trading Bots, are not the only but a major solution to this problem. Why not the only, because some have good technical and market analysis and they always make a profit without even using any trading bot.
In this article, I will share some basic but important information with you about the Crypto Trading Bot. Let’s get started.
What is Crypto Trading Bot?
Crypto Trading Bot is just a computer program, that can trade for your crypto assets on behalf of you. For the ease of understanding, you imagine a machine(computer) is trading on your behalf, which means all the trades of buy and sell will be placed by it. The machine is always better than humans because it does not have emotions, in trading human emotions are very risky.
Basically trading bot is software provided by many companies that analyze the history and data of cryptocurrency and apply a buy and sell order in your exchange account. Trading bots are usually pre-programmed and run on pre-defined rules given by the developer of that bot. A bot can easily analyze the market movements, price of assets, sentiments of the market etc. You can choose and customize your bot according to your needs.
Why these bots are so useful?
I personally have lost more than 5 BTC in trading because I traded crypto without the knowledge or rather say that I gambled with my crypto assets. Trading bots become boon for those who have less knowledge about charting, technical analysis of the market and its movements. Trading bots strategies are well equipped with all the analysis which is fed to them by its developer and that will definitely work for a newbie like us. So if you are new to this industry and also want to make some profit, then Crypto trading bots can be a good option.
What is the need for bots in Trading?
Crypto assets are the most volatile assets in the world. Those who are old in the crypto space must be aware of this fact but those who are new to this industry, soon also will be aware. Its a boon for new traders because the crypto trading bot will minimize the chances of error and give the best result. You need not keep an eye on the market movements all the time this would be easily taken care of by the trading bot.
How do I find the best Trading bot for myself?
If you are in search of the best trading bot to trade for your crypto-assets on your behalf read this complete article, you definitely get some good suggestions. There are many trading bots available in the market, but how to find the best one for yourself? There are some important factors that you can consider while selecting the best trading bot for you. These factors are:
- The trading bot must have reliable enough that you can gain trust in that. This means that must be developed by a renowned company that must have a good past history.
- If you are ready to put your hard-earned money in the hand of a bot then you must have a right to know clearly about the company. So lucidity must be there before selecting any bot.
- How much that bot would earn for you? This means how much Profitability you are getting from that bot. Profitability neither very high nor very less, it must be optimized so that you get risk free profit.
- While selecting an ai crypto trading bot overall user experience must be considered because good bot with bad user experience is of no use.
- Ease of using a bot is the next parameter to select a good crypto trading bot for yourself.
- Last but not least is security. Because you are going to give all the rights of your assets to some other party so its security is a priority.
These are some basic points that you can check while choosing the best trading bot for your assets to trade.
How can I apply a crypto trading bot in my account?
If you want to set up a trading bot then you need to create an API key for your target exchange (where you want to apply Bot). That API can easily be pasted on the bot’s website and it will automatically be synced after this process and make a connection between Exchange and bot.
After that, you can start trading with the help of your bot by applying some basic customized settings. On the basis of previous trading data, you can analyze and implement the best setting in your trading bot.
Available Tradings Bots in the market:
Bots have been in the market for so long. Many new companies have entered the new market because it’s really profitable for both the company and the client. Due to this profitability, people start taking services of the trading bots. So the market of trading bots is flourishing day by day. For your knowledge I am sharing some good Trading Bot companies with you so that you can be aware of it:
- BTC Robot
- Exchange Valet
- Jet Bot
Note: The above-mentioned bot providers are not rankwise.
List of Crypto Exchanges that support Trading Bot
Crypto Trading bot is incomplete without the exchange where it can run. It’s just like a train without tracks. Many good exchanges are supporting crypto trading bots some of them are:
You do your own research before implementing trading bot on any exchange.
PROS of Crypto Trading Bots
- Trading bots are more efficient than humans as they do not get tired.
- As trading bots are not emotional, They generate good profits.
- The speed of trading has been increased by the help of trading bots.
- Trading bots are not time-bound, as it may run 24×7.
CONS of Crypto Trading Bots
- You may face a security issue.
- In the case of a program malfunction, you may lose your funds.
- Continuous monitoring is required in some cases.
- Trading bots are not good for new or inexperienced traders.
To conclude this topic I must say Crypto Trading Bot is like a blessing for beginners in the crypto space. Before selecting or using any crypto trading bot you must do your own research and start with little funds, after taking the experience of bot trading you can increase your fund value in the trade.
All the best
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