A Crypto Trading Bot. What Is It?
The crypto trading bot is special software that allows you to automate some routine processes while trading. They buy and sell by a given algorithm in a given time with the goal of generating profit. It is important to understand that bots cannot completely replace a trader, but they can be very useful for both beginners and professional traders.
As we know, unlike the traditional stock market, the crypto one operates around the clock and seven days a week. Added to this is the high volatility of cryptocurrency assets, which leads you to constantly be in front of the screen and monitor fluctuations in rates. Automatic trading eliminates the need to independently track the right moment for a transaction but also requires the attention of a person.
That is, you can not take bots as an independent passive source of income. They work exclusively according to the settings set by the trader. These settings require constant verification and, if necessary, adjustments.
Why Use It?
A trading bot is a very useful tool for traders to help automate routine processes, increase revenue, reduce stress, and get more free time. And you no longer need to sacrifice sleep to constantly be in front of the monitor.
Besides, bots can immediately respond to market fluctuations and conduct transactions following their settings. For a person, the task of placing hundreds or thousands of orders per second is practically impossible.
A bot, like any other program, follows a given strategy without hesitation. It can be easily integrated into any platform and can help traders to make even more money.
In fact, many traders use custom-made bots for personal use and their platforms. This way, they can eliminate the dangers associated with fraud and create a bot specifically for your tasks.
Important Things To Know
With all the advantages, when working with bots, you should always follow the minimum rules. To successfully trade using a bot, it needs to be managed.
And most importantly, be careful with scammers. Examine the bot information before using it. Check how long it has been on the market and what reviews it has. Make sure that this is a bot that will not steal your money and transfer it to its creators. Never trust bots that promise you income after depositing crypto coins into their “smart contract”. Real bots should only work through your account on the well-known exchange.
How Much Can It Earn?
On average, it can earn from 10% to 50% of the deposit per month, but there are exceptions in both directions. In no case can you trust the bot developers who claim that their software is going to bring you hundreds of percent of the deposit. Most likely, these are scammers and fraudsters.
If you have a good working strategy, then the best solution is to have your own bot. It will be tailored to your needs and will perform your tasks as efficiently as possible. Exio.Tech can do this with many years of experience in the industry, having all the capabilities and resources to create a bot of any complexity.