How can a robot help you act? »Crypto-insiders

If we look at all traders in the market we see that everyone uses their own personal strategies and tools. One trader runs on signals from crypto groups, the other uses technical indicators. Although these tools cannot replace a trader, they can be used to help a trader.

In addition, you can of course also use a crypto trading bot when placing your trade. Below we will take a look at how to use a crypto trading bot on HitBTC. We also look at some additional details that are important when using these tools.

But how does a trading bot work?

A cryptocurrency trading robot is a software program that performs various transactions through a specially designed strategy. In other words, the bot places the buying and selling of transactions on a cryptocurrency exchange. The bottom continues to work when you are not behind the controls and even when you are sleeping. In addition, a robot has no emotions, so it can not be driven by fear or greed.

All you have to do is connect your HitBTC account via an API and select the cryptocurrencies you want to trade. You also specify which strategy you want the bot to use. Once the crypto trading bot is linked to a stock exchange, it immediately monitors the market for the best options and opens or closes trades based on your strategy. The bot thus follows the pre-determined rules that it must comply with and performs the necessary actions (buy or sell) for you.

The benefits and risks of a crypto trading bot

The best thing about a crypto trading bot is the flexibility it offers. It does not matter about the market bullish or bearish is: with the right strategy and tools, it is still possible to make a profit. It is always possible to adapt a bot to your trading strategy. Let’s take a closer look at the pros and cons.

The benefits

There are several reasons why a crypto-trading bot might be interesting. We list a few for you:

It simplifies your trading routine

The crypto market is known for its high degree of volatility, which means that trading in this market requires a lot of discipline and effort. Crypto trading bots can ease this burden for you. With a crypto trading bot, you no longer have to place your trades yourself, making your trading routine much easier. Since your bot can do it ten times faster than you, you can also achieve better results. In addition, the bottom ensures that your orders are always at the top of the order book, so your orders are filled first. If you had to do all these things by hand, you would be exhausted.

You can act faster

Because a bot is basically a computer, the reaction rate is millions of times higher than a human’s. Bots are designed to perform actions in a fraction of a second (a 64 millionth of a second to be exact). A bot can therefore make decisions much faster than a human could. In addition, a crypto-trading bot can also monitor multiple cryptocurrencies at the same time, something that would give a person some speed. And again, these would mean that you have to spend for these processes and without the consequences.

A bot works 24/7 and saves a lot of time

The beauty of the cryptocurrency market is that it is open 24/7 as opposed to the traditional stock market. This would mean that you would also have to monitor the market 24/7 without a bot. Of course, this is not possible. The bot can be used for this and it saves you a lot of time. You just have to check every now and then what results you have achieved.

Keep track of the emotions

When you see a position going in the wrong direction, you may inadvertently become a little emotional. Emotions during trading almost always lead to losses because this makes you more likely to deviate from your strategy and you become ruthless. A robot has no emotions that would never allow this to happen. The bot follows an algorithm and can not deviate from it.

The disadvantages

Nothing is perfect, and even automated systems have their risks and disadvantages. Below we review a few:

Bots are not passive income machines – you have to do something yourself

No one is sure if the market decides to fall hard. Of course, you can hedge this risk by putting the bottom to buy or sell if the market goes too fast in the wrong direction. Therefore, you should not see the bottom as a passive income generator but as a tool that can help you, however, you still need to decide for yourself what to trade and what strategies to use for this. In addition, you still need to do your own research.

Wrong settings

The bottom is just a tool and does what you ask it to. Suppose you set the bottom to trade only in rising markets and not in both rising and falling markets, then you will not see any gains, only losses. This means that you should always check whether you have chosen the right options and do good research in the various strategies.

You still need to pay attention

As mentioned earlier, the bot can of course work well on its own and you do not need to be glued to your computer or phone. Nevertheless, it is important that you keep an eye on the market if we go in the wrong direction so that you can adjust the settings in time or quickly switch to another cryptocurrency.

Think carefully about which platform you want to use

Should you ever come across a crypto trading bot that promises that you will make money after making a deposit in their smart contract, do not. The right bots operate through your account on the crypto exchange so you can track exactly which traders have been made.

Additionally API keys must not be allowed to make withdrawals from your account. Therefore, always use only crypto-trading bots from reliable providers. Always check how long the company has been on the market, how many followers the platform has on social media and read reviews of the bottom. If something does not feel right here, it is better to find another party. Safety comes first.

What are the best platforms at the moment?

There are currently several reliable crypto trading bot software companies available that support the HitBTC crypto exchange, such as Haas online, Traality or TradeSanta. Each provider has been around for a number of years and each has its pros and cons, so before choosing one of these companies, it is important to look at their products first. So far, let’s take a look at TradeSanta and its associated tools that could potentially help a trader make money. TradeSanta is a platform for a crypto trading bot and has been in operation since 2018. Since its inception, TradeSanta has supported the HitBTC exchange and helped thousands of traders. Currently, the platform already has more than 210,000 registered users and more than 22 million completed agreements.

But what tools does TradeSanta offer that can help you improve your trading on HitBTC? Below we take a look at the different features of TradeSanta:

  • TradeSanta bots operate in both the futures and spot markets
  • TradeSanta offers several ways to signalssuch as TradingView custom signals, but also preset signals based on TradingView Screener and technical indicators such as Bollinger Bands, MACD, RSI, etc.
  • Risk management tools, such as a stop tab -one trailing stop loss and a follow-up take profits
  • DCA and grid strategies that are already very popular among traders.
  • Demo trading that allows you to test your strategy first under real market conditions without real money.
  • Telegram messages and live tracking so you always know what your bot is doing
  • TradeSanta also offers options that allow you to quickly close all your positions and convert your portfolio to USDT or BTC. This can be useful if the market breaks down or you want to quickly calculate your profits.
  • TradeSanta also offers its own trading environment, where you can trade manually. This can be very useful if you have accounts on several exchanges at the same time and want to make trades on these different accounts. This way, you do not have to be logged in to all of these different exchanges at the same time.

TradeSanta also has its own mobile app for iOS and Android, so you always have your bot with you. In addition, TradeSanta always does its best to constantly grow and improve. For example, they regularly come up with new updates or functionalities to make the life of a trader more profitable and easier.

Conclusion

A crypto trading bot can be a very powerful tool as it can save you a lot of time and improve your results in the market. You ensure that a robot constantly monitors the market so you are sure you are not missing out on any opportunities. In addition, crypto-trading bots can respond much faster than a human can, giving you an advantage over other traders in the market.

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Updating costs and limits

Recently, transaction fees and limits have changed. For the latest developments you can take a look at ‘fees and limits‘section of this website.

HitBTC mobile app

There is also a mobile app from HitBTC to use. This app is available on Android and iOS.


The above article is a submitted piece and is not the responsibility of Crypto Insider. This is not financial advice. Investment involves risks. Always consult an advisor when making financial decisions.

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