Tips On Successful Crypto Bot Trading
Many people approach cryptocurrency trading the way it was done ten years ago. The only route they know of trading in cryptocurrency is by buying bulky and expensive rigs or paying for the service from people that have the rigs. Instead of buying rigs to trade cryptocurrencies you can trade using bots.
Unlike human beings that get tired and need to sleep, bots on the other hand can work 24 hours a day seven days a week. Bots are also not prone to human errors since they are programmed software that conducts trades for you. You need to do your homework when it comes to choosing a good bot since there are many scammers and companies selling faulty bots.
Make sure you ask from online forums about verified bot companies that will give you what you want. After getting some names the next thing is to read up on the company and see if there are any negative reviews about the said company. Choose a company that has lots of positive reviews from online forums.
After settling on a company there are other things that you need to consider. The first thing you need to do is find out the kind of bot you want. You can choose to build a bot for yourself or choose one that has been fully pre-built (it has the trading strategy) or one that has been partially prebuilt (without the trading strategy).
Remember to follow the API creation guidelines for the exchange that you want to join so that your bot functions well. An API key may fail for many reasons such as not following the set guidelines, faulty API keys or due to a browser issue. These issues can be solved by either changing the browser or creating new API keys.
Your API keys are like your passwords and they need to be kept secure. If you can safely keep your API keys offline the better since you reduce the odds of being hacked. In case you are hacked the hacker can perform bad trades or even go as far as withdrawing your money.
You should never give your bot permission to withdraw funds. If the bot does not have the right to withdraw funds then the worst that any hacker can do is to conduct bad trades. It is only in very few circumstances (like when you are doing arbitrage) that you can allow your bot to transfer funds.
Make sure you have two-step verifications and strong passwords on all your emails. Two step verification and strong passwords make your system harder to penetrate. Another great practice is to use different emails on different platforms. As you scour for a good crypto trading bot do not forget to implement the tips discussed above.