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. There are many approaches to cryptocurrency mining and one of the most successful ones is using bots that do the trading for you.
Bots do not get tired and they can work at any time of the day. Bots cannot make mistakes attributed to human error since they follow the written 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 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 many good reviews from forums not affiliated to the company.
Choosing a good crypto bot trading company is just the first step. There are various kinds of crypto trading bots and you need to decide on the one that is right for you. 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).
As you write the API keys follow the guidelines provided by the exchange. API keys fail due to many reasons such as: not following the exchange guidelines, a browser issue or just faulty API keys. 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 possible keep them offline to minimize the chances of being hacked the better. 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. By not giving your bots permission to withdraw funds you limit the power of any hacker to be able to only do bad trades. There are some instances (like when doing arbitrages) that you might need to give withdrawal powers to the bot.
Set up a two factor authentication method and robust passwords on everything. If you have installed two-step verification systems plus you have strong passwords then hacking you is not easy. 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.