Tips On Successful Crypto Bot Trading
Most people are not aware if there is another way to win in cryptocurrencies apart from how it was done a decade ago. They may buy cryptocurrency mining hardware and own it or they may rent the same equipment without owning it. Instead of buying rigs to trade cryptocurrencies you can trade using bots.
Bots never suffer from fatigue thus they can always work at any time of the day. Bots are not susceptible to human error since they follow pre-defined commands. When choosing bots you need to be careful since the industry just like any other industry is full of scammers that will con you out of your hard earned money or sell you poor quality bots.
Ask people on cryptocurrency forums on which bots are the best to buy. After getting some recommendations read up on the company and search for reviews. 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. There are various kinds of crypto trading bots and you need to decide on the one that is right for you. 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. An API key may fail for many reasons such as not following the set guidelines, faulty API keys or due to a browser issue. In this case then you can create new keys or just try another browser.
Your API keys are like your passwords and they need to be kept secure. If possible keep them offline to minimize the chances of being hacked the better. In case you are hacked the hacker can perform bad trades or even go as far as withdrawing your money.
You should not create a command that allows the bot to withdraw funds. If the bot is not able to withdraw funds then the most damage that any hacker can do is to sabotage your 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. If you have installed two-step verification systems plus you have strong passwords then hacking you is not easy. Another important thing to do is to have many email addresses that you use on different platforms. As you scour for a good crypto trading bot do not forget to implement the tips discussed above.