Cryptocurrency automated trading comes in when investors are short on time or simply don’t want to spend day in and day out in front of their screens. In addition to that, this kind of trading might be helpful under extreme volatility levels crypto markets demonstrate over a short period of time.
Bots save your time
There are several reasons why automated trading contributes to investors’ daily routine.
As we’ve already mentioned, the fundamental advantage is time spared on trading process, when you, or rather, your bots place high-speed trades 24/7 while you’re busy living your life. Another argument in favour of bots is their ability to handle more trades than human traders. Plus, bots will keep emotions out of their way – because they don’t have any emotions.
Different bots differ from each other in functions they can execute. For example, it’s possible for them to analyze the vast amount of prices, transaction volumes, indicators, so that they can exit and enter the market at particular times preferable for a user.
That is to say, algo trading has been existing for years in traditional stock exchanges for helping institutions make optimal trading decisions and gamble on big volumes.
In crypto, you have a chance to use the advanced technology as a retail investor in order to maximize your profits and compete with other traders.
There are several solutions in place on the Internet. Take a look at TradeSanta as an example. It provides cloud-based trading software that helps investors take advantage of market fluctuations. Its dashboard is easy to use even if you’re a beginner.
What features should you expect in a bot?
Let’s keep on exploring bots’ important characteristics in the context of TradeSanta. Are crypto exchanges your bot works with important?
Actually, they are important since you need API keys to start trading.
Say, you trade on top of Binance, but the bot you go with doesn’t allow access to this exchange. It might be a problem.
That’s why you should research what exchanges the automated trading software supports. For example, TradeSanta works with the most prominent trading venues, such as Binance, Bitfinex, Bittrex and HitBTC. In addition to this, TradeSanta is also working on adding BitMEX, OKEx and Huobi.
You may ask a question, then, “How about security”? While using TradeSanta, you’re suggested to add 2FA, in order to protect your account. Plus, while copying your API key from the exchange, adjust your settings and mind what kind of features the third part will be able to access.
Is the reputation of a bot important?
While researching an automated trading software platform, take a mental note on how quickly the bot is gaining prominence.
In the case of TradeSanta that lets their users trade with 5 bots for free, the platform is growing really fast – 15343 active users, 4970 active trading bots and 822923 completed deals.
To conclude, automated trading is getting more and more popular due to the number of features that make traders’ lives easier. While looking for a platform to provide you with trading bots, think of the number of exchanges they work with, your own safety and useability, which is very smooth in the case of TradeSanta!