Success Strategies On Trading Using Crypto Bots
Many people approach cryptocurrency trading the way it was done ten years ago. They prefer to buy cryptocurrency mining rigs or rent the services from people that have the rigs. Instead of buying rigs to trade cryptocurrencies you can trade using bots.
Bots do not get tired and they can 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 homework when it comes to choosing a good bot since there are many scammers and companies selling faulty bots.
Ask people on cryptocurrency forums on which bots are the best to buy. 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.
Deciding on which crypto bot trading company is right for you is just the first step. The first thing you need to do is find out the kind of bot you want. 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).
Remember to follow the API creation guidelines for the exchange that you want to join so that your bot functions well. API keys fail due to many reasons such as: not following the exchange guidelines, a browser issue or just faulty API keys. These problems are solved by either using another browser or just creating new API keys.
Keep your API keys safe and secret. If possible keep them offline to minimize the chances of being hacked the better. If someone gets hold of your APIs they can trade on your behalf or even withdraw funds depending on whether you have given your bot access to withdraw funds.
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. There are some instances (like when doing arbitrages) that you might need to give withdrawal powers to the bot.
To prevent unwarranted access to your emails have two-step verifications and very strong passwords. Two step verification and strong passwords make your system harder to penetrate. 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.