Success Strategies On Trading Using Crypto Bots
Many people approach cryptocurrency trading the way it was done ten years 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. There are many approaches to cryptocurrency mining and one of the most successful ones is using bots that do the trading for you.
Bots never suffer from fatigue thus they can always work at any time of the day. Bots are not susceptible to human error since they follow pre-defined commands. You need to do your homework when it comes to choosing a good bot since there are many scammers and companies selling faulty 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. The best bot company to go for is one that has few negative reviews and many positive reviews.
Choosing a good crypto bot trading company is just the first step. The first thing you need to do is find out the kind of bot you want. 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.
As you write the API keys follow the guidelines provided by the exchange. 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. 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. 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. 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. As you scour for a good crypto trading bot do not forget to implement the tips discussed above.