Success Strategies On Trading Using Crypto Bots
Many people approach cryptocurrency trading the way it was done ten years ago. They may buy cryptocurrency mining hardware and own it or they may rent the same equipment without owning it. These days you can mine cryptocurrencies 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 due diligence as you look for a bot because you can easily be scammed or sold poor quality bots.
Ask people on cryptocurrency forums on which bots are the best to buy. Before commiting to buy a bot you need to find out the quality of a bot you are buying and if people have lodged complaints against the company. The best bot company to go for is one that has few negative reviews and many positive reviews.
Deciding on which crypto bot trading company is right for you is just the first step. There are various cryptocurrency trading bots and you need to know which one will best serve your interests. You can choose between a pre-built crypto trading application and one that has been partially built and which needs you to code the trading strategy.
Remember to follow the API creation guidelines for the exchange that you want to join so that your bot functions well. Some of the reasons that API key creation is not successful could be due to: not following the guideline, the browser or the keys are just faulty. These issues can be solved by either changing the browser or creating new API keys.
Your API keys need to be a closely guarded secret. If you can safely keep your API keys offline the better since you reduce the odds of being hacked. If your API keys fall into the wrong hands then they can conduct bad trades or even withdraw your funds.
Never create a protocol that enables the bot 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. In very few instances (like when doing arbitrage) is when you can allow the 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 important thing to do is to have many email addresses that you use on different platforms. These tips will guide you as navigate your way in the cryptocurrency bot trading industry.