Posted on December 18, 2022 at 5:00 pm

Biz Lifestyle Lifestyle

Crypto Trading Bots: How To Use

Experienced traders know that trading requires the utmost attention and a lot of time. Some trading strategies, especially those involving a large number of daily trades, require constant monitoring of market movements and a quick response to them. 

Cryptocurrency markets are very volatile, and asset prices can change rapidly. On the one hand, it offers many profit opportunities, but on the other hand, it carries risks and losses. Professional crypto platforms offer  numerous tools and financial instruments that ease traders’ work and help them react to every market fluctuation as quickly as possible. For example, an advanced crypto trading calculator allows one to see the current crypto rate in real time and in any other currency equivalent. Many traders use cryptocurrency trading bots to be as careful as possible and to take advantage of all opportunities in the trading process. Let’s see if buying bots is a good idea.

How to Convert Cryptocurrency Using Bots?

Cryptocurrency trading bots are programs that track the market day and night and help you make beneficial trades and profits. Humans cannot monitor market conditions 24/7 – they must sleep and do business. But on the other hand, 24/7 market monitoring is essential, especially for intraday trading. When you buy a trading bot, you can configure it to purchase and sell assets at precise prices (set by you). Simply put, you set your bot to buy when the price of a particular currency goes down to $30 and sell when it goes up to $80. You don’t have to figure out what’s going on and place the order yourself – the bot does it for you.

There are different types of bots:

  • Script. They are configured manually. 
  • Advanced. Also assembled from scratch.
  • Arbitrage. You can open deals on multiple platforms at once.
  • Trading bot: works within a single cryptocurrency exchange.
  • Signal bot. Follow the steps of successful traders and just repeat them.

There are many trading strategies. Some are very complex and require a lot of attention and experience. With a trading bot, you can implement even the most complex trading strategies. You can also customize and configure the bot according to your needs and requirements. Some traders configure their bots from scratch to ensure they work strictly according to their strategies.

Try configuring a trading bot on the WhiteBIT cryptocurrency exchange, and you will see how easier it is to generate income when you have such a helper. The platform has a good reputation and offers up-to-date crypto rates, a convenient application to trade on the go, and a fast crypto convert calculator that converts fiat-crypto and crypto-crypto assets within seconds.

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