Tips On Successful Crypto Bot Trading
A lot of people that go into cryptocurrency using the old fashioned way. 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 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.
You can get information on reputable bots to buy from online forums. 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. Choose a company that has lots of positive reviews from online forums.
Choosing a good crypto bot trading company 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 a crypto trading bot that has been fully pre-built (with everything including the trading strategy) or you can opt to choose one that has been partially built and add 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 problems are solved by either using another browser or just creating new API keys.
Your API keys need to be a closely guarded secret. If you can store them offline the better so that you can decrease 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.
Never create a protocol that enables 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.
Set up a two factor authentication method and robust passwords on everything. Two step verification systems combined with strong passwords make you harder to hack. 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.