How To Trade Successful Using Crypto Trading Bots
A lot of people that go into cryptocurrency using the old fashioned way. 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.
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. 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. 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. 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. 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).
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.
Keep your API keys safe and secret. If you can safely keep your API keys offline the better since you reduce the odds of being hacked. If your API keys fall into the wrong hands then they can conduct bad trades or even withdraw your funds.
You should not create a command that allows 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. It is only in very few circumstances (like when you are doing arbitrage) that you can allow your bot to transfer funds.
Set up a two factor authentication method and robust passwords on everything. Two step verification and strong passwords make your system harder to penetrate. 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.