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. 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. These days you can mine cryptocurrencies using bots.
Bots never suffer from fatigue thus they can always work at any time of the day. 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. Choose a company that has many good reviews from forums not affiliated to the company.
After settling on a company there are other things that you need to consider. There are various cryptocurrency trading bots and you need to know which one will best serve your interests. 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).
The guidelines provided by the exchange will guide you in creating the API keys. An API key may fail for many reasons such as not following the set guidelines, faulty API keys or due to a browser issue. 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 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 never give your bot permission 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. In very few instances (like when doing arbitrage) is when you can allow the bot to transfer funds.
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 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.