The crypto market is a 24 hour market that operates on each day of the week. Due to the operating hours it can be hard to manage the position of trades physically. This is why many traders refer to use bots to do their trading for them. Bots are computer programs that have been programmed to conduct trades. Bots can be programmed to either perform part of the trade or do the whole trade. It is legal to use bots to trade on all cryptocurrency exchanges as well as some stock exchanges.
Which kind of bot do you need?
There are two kinds of bots: prebuilt and hosted bots and self-built and hosted bots. If you are not a technical person then pre-built bots are a good choice for you. The prebuilt bots are further divided into two categories: the fully built ones (these ones have a pre-programmed strategy) and the programmable bots that need you to implement a strategy using the automated trading platform.
How to pick a bot
If you are a new trader the best thing to do is choose a programmable pre-built bot that is friendly to beginners and has a long trial period. Apart from assessing whether the bot is beginner friendly make sure the bot can be used on various exchanges and there company has great customer service.
You need to be careful as you research on a bot to use because the cryptocurrency space is not risk free. Choose a site that offers you the chance to try various strategies for a good period of time before making any payments.
Tips on crypto bot trading
Each bot and exchange has its own unique characteristics. Before you set up your bot you need to remember that you have … Read More..Read More →