Success Strategies On Trading Using Crypto Bots
A lot of people that go into cryptocurrency using the old fashioned way. The only route they know of trading in cryptocurrency is by buying bulky and expensive rigs or paying for the service from people that have the rigs. 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 not susceptible to human error since they follow pre-defined commands. When choosing bots you need to be careful since the industry just like any other industry is full of scammers that will con you out of your hard earned money or sell you poor quality bots.
Make sure you ask from online forums about verified bot companies that will give you what you want. 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. Choose a company that has many good reviews from forums not affiliated to the company.
Choosing a good crypto bot trading company is just the first step. The first thing you need to do is find out the kind of bot you want. You can choose between a pre-built crypto trading application and one that has been partially built and which needs you to code the trading strategy.
Remember to follow the API creation guidelines for the exchange that you want to join so that your bot functions well. An API key may fail for many reasons such as not following the set guidelines, faulty API keys or due to a browser issue. In this case then you can create new keys or just try another browser.
Keep your API keys safe and secret. If possible keep them offline to minimize the chances of being hacked the better. 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.
You should never give your bot permission 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. In very few instances (like when doing arbitrage) is when you can allow the bot to transfer funds.
To prevent unwarranted access to your emails have two-step verifications and very strong passwords. Two step verification systems combined with strong passwords make you harder to hack. Another great practice is to use different emails on different platforms. As you scour for a good crypto trading bot do not forget to implement the tips discussed above.