How To Trade Successful Using Crypto Trading Bots
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.
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 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.
Make sure you ask from online forums about verified bot companies that will give you what you want. 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.
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.
As you write the API keys follow the guidelines provided by the exchange. 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 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.
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. 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. Two step verification systems combined with strong passwords make you harder to hack. You can also use different emails on different platforms. As you look for a good crypto trading bot these tips will come in quite handy in your search process.