How To Trade Successful Using Crypto Trading 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. These days you can mine cryptocurrencies 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.
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 lots of positive reviews from online forums.
Deciding on which crypto bot trading company is right for you 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. In this case then you can create new keys or just try another browser.
Your API keys are like your passwords and they need to be kept secure. If you can safely keep your API keys offline the better since you reduce the odds of being hacked. 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.
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. There are some instances (like when doing arbitrages) that you might need to give withdrawal powers to the bot.
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. As you look for a good crypto trading bot these tips will come in quite handy in your search process.