Crypto trading bots are computer programs that automatically execute trades. The programs use various indicators to recognize trends and automatically buy or sell various cryptocurrencies at the opportune time.
Their primary aim is to generate profit. There are many cryptocurrency bots on offer. They range from free software to subscription-based bots for professional traders.
Most crypto bots are easy to use. Crypto bots companies design their bots to accommodate both the beginners and the experts in crypto trading. They do not require advanced technical knowledge or professional program skills to operate.
Some bot programs may pose a challenge to the beginners. However, in such cases, there are customer supports that helps. Some have tutorial videos that guide the first time users.
Traders do not hold their funds on the bot’s platform. In addition, bots cannot withdraw from the linked accounts. Trading bots connect with the exchange account via API.
They carry automated trades on the linked exchanges, which generate the API keys. These keys provide the bots with restricted access to the user’s account.
Such a security system ensures that no one can transfer your money even when a hacker compromises your account. They cannot withdraw your cryptocurrencies because they do not have direct access to your account. This makes your money safe.
Trading on crypto still remains a business when you are using bots. Any business must have a risk that can lead to losses. The only difference is that some portray mild risks while others have high risk.
These bots may only reduce the risk of loss but do not entirely wipe out the risks.
An application-programming interface key (API Key) is a security tool that bot systems use to ensure the security of the user’s account. It is a unique identifier that authenticates the user.
API plays an important role in maintaining the security of the user’s account. It provides the bots with restricted access to the account of the user. The bots, therefore, cannot transfer money from the user’s account.
The use of crypto trading bots greatly increases your chances of making profits. Bots are capable of giving better results because of their speed, longevity, capacity, and emotionlessness.
They can work 24/7 while human beings have to sleep. They also operate faster, considering thinking time and reaction time. Bots are emotionless hence can maintain focus and avoid impulse trades.
They are also capable of processing gigabytes of data per second.However, these features do not mean that profits are 100% guaranteed. It remains a business with chances of making a loss though low.
Crypto trading bots increases your chances of making profits. Making profits increases your capital. If you are diligent, you will be rich. However, it does not mean that just acquiring the bot will translate to riches.
You still have to be diligent in conducting your trade activities. Other characteristics of good trader such as discipline are still factors of success.
Quite a number of companies offer free trials for their trade bot services. However, these trials usually expire. You can purchase a plan to continue with the service after the expiry of the trial version. However, some companies such as HassOnline does not offer a free trial.
There are free bots software that you can use. However, most of them have a limit to what they can offer you compared to the subscription-based bots.