Success Strategies On Trading Using Crypto Bots
Many people approach cryptocurrency trading the way it was done ten years 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 also not prone to human errors since they are programmed software that conducts trades for you. 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. After getting some recommendations read up on the company and search for reviews. 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 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. 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.
Keep your API keys safe and 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.
Your bot should never have the right 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. 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 great practice is to use different emails on different platforms. These tips will guide you as navigate your way in the cryptocurrency bot trading industry.