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Introduction
Trading bots, the automated trading software that traders can use to overcome the issue of performing transactions on behalf of the crypto trader. Bots work depending upon the trader’s strategy. As such, Hummingbot is one of the software that is seen as an effective solution to perform a Market Making strategy.
About
Hummingbot is an open-source software client that helps traders build and run high-frequency Market Making bots. It is available for anyone to use on multiple cryptocurrency exchanges. Hummingbot can turn a simple trader into an advanced Market Making trader.
- Market Making: Operate a bot that provides liquidity to order books by maintaining buy and sell orders. In other words, Hummingbot allows community members to market makers at small quantities, and in turn, benefits both the small market makers and the users of Liquid with decentralized liquidity provision.
- Liquidity mining: Hummingbot has partnered with top crypto projects and exchanges to incentivize users to provide liquidity with token rewards. By one running a market making bot with Hummingbot, they stand to earn token rewards based on how much liquidity one provides.
- Arbitrage: An opportunity arises when Hummingbot can buy on one exchange at a lower price and sell on the other exchange at a higher price.
Ease of use
Installing Hummingbot and running a market making bot takes approximately 10 minutes, but you must have some knowledge about using command lines.
- Install Hummingbot client ~3 minutes
- Configure a market making bot ~5 minutes
- Run the bot in paper trading mode ~2 minutes
Safety
The safety and security of users and their assets is the name of the game in the crypto market. As such, Hummingbot uses the CISCO security system to manage its security issues
Hummingbot uses local software client architecture. Hummingbot users have full control over what data they send externally, and Hummingbot never has access to any user’s private keys and API keys.
Since Hummingbot’s codebase is publicly auditable, it is easy for one to verify the absence of malicious code to steal their funds or put users at risk.
Screenshots
blockmomo
June 8, 2020 at 10:55 pmThis is the bot you want to use if you are interested in dipping your toe in crypto market making. You’ll learn a lot. And it’s free and open source. Everything about it is transparent.
ACB Admin
March 29, 2020 at 7:45 pmOpen-source, Free and unique. but it’s a little difficult to use.