What You Need to Know About Cryptocurrency Trading Bots3 min read
Is cryptocurrency of particular interest to you? Are you eager to learn more about the tools that will enable you to achieve the best trades? So, you’d better clap your eyes on cryptocurrency trading bots. Sounds curious, right? In the era when bots seem to find application almost everywhere, it comes as no surprise that they have been implemented even in cryptocurrency trading. Let’s find out more about these bots and clarify the key aspects.
Cryptocurrency (or crypto) trading bots are computer programs that allow you to buy and sell cryptocurrencies at the right time. They aim to bring about profit to their users and ensure that they will be at an advantage in the long run. The bots carefully observe market conditions and execute trades basing on the preliminarily defined algorithms. It should also be stressed that you’re free to set your own parameters, which will contribute to carrying out various trades. This kind of software is capable of responding almost a thousand times faster than a human – thus its operational efficiency is out of the question.
Crypto trading bots can be subdivided into many types. Among them you can find trend-following bots, arbitrage bots, and scalping bots. However, according to BTC.com, the most popular ones are arbitrage bots.
Trend bots come in handy if you mainly focus on trends once you’re in the process of building your strategies. These bots are able to follow trends and decide when it’s profitable to buy and/or sell something.
Scalping programs facilitate their users to perform more efficiently in sideways markets. This means that ‘scalpers’ (as these users are often referred to) manage to buy something at a low price and resell it at a higher bargain price.
As for arbitrage bots, they’re meant to gain profits by means of examining prices across multiple exchanges and taking advantage of price discrepancies, consequently.
Once or if you’ve decided to try applying cryptocurrency trading bots in practice, then you should think over which one will be able to address your business needs. Mind that all bots have different requirements with regard to software and hardware. Consider all the aspects before making up your mind.
After all the formalities have been settled, you can get down to the installation procedure. As a matter of fact, you can obtain a trading bot resorting to any of the 3 options below:
Get it free of charge via an open-source platform;
Get a paid version of a licensed bot;
Create a trading bot (on condition that you possess enough technical knowledge and skills).
Having processed all the details above, you probably have formed an opinion about crypto trading bots. Still, let’s recap all the advantages that they have over humans.
Speed: no doubt that bots operate a hundred times faster than humans
Stamina: bots can operate 24/7 without any breaks
Capacity: bots are able to process gigabytes of data per second
100% objectivity: bots aren’t prone to emotions of any kind. They simply do what they’re required to.
However, many experts argue that some cases require subjective thinking and in this way, humans can outperform heartless bots. But these are individual cases and given that bots offer so many tremendous opportunities, you’re bound to be better off once you give your priority to them.
As you see, cryptocurrency trading bots prove really helpful and multifunctional, allowing you to generate a lot of profit. Just bear in mind that in order to give full play to them, you’re highly recommended to scrutinize bots’ specifics. And then you run all the chances of standing to benefit from this ingenious technology.
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