Trading bots are everywhere. On major exchanges and minor. These bots can read patterns, track prices and even trade on your behalf.
Cryptocurrency trading is a cumbersome job. Keeping track of atleast over 30 cryptocurrencies on a single exchange can be tough. So why not let a bot do it for you?
You can build or buy a bot. A bot while keeping track of the prices, will know when to place a buy or sell order. A bot will keep running 24 hours a day, trading for you the best possible way. One can call it cheating as bots are efficient and they can learn quickly. Bots using machine learning can also predict price movements based on chart patterns, history and algorithms. This can help you decide if you should choose to trade or take the day off.
These Bots can only be used on exchanges that offer API keys for trading. Major exchanges in India do not allow Bot trading, but a new exchange Crypto-Crypto CoinDCX will allow API access to all their users.
CoinDCX API Trading
Before today, CoinDCX API were available to a few users as a pilot. As of today, any user can get their API key from the website and start building a trading bot using it.
The API allows you to:
- Place Limit Orders
- Place Market Orders
- Access Account Details
- Check Balances
There is also an API documentation available on the website for any help.
To get your API keys, you just have to go to your profile, click on API Dashboard and create a new key. However, if you need visual help, CoinDCX’s Bhavishya Garg has put up a tutorial video, have a look
Bot trading is not for everyone
While a bot really helps heavy and pro traders place orders, it can also be dangerous for newbies. If not handled properly, a bot can sink you out of funds in no time.
There are multiple settings and everything needs to be setup carefully. You can try it out from several websites. Like Profit Trailer
CoinDCX is a new exchange that launched this month, shortly after the RBI announced a banking embargo on exchanges. The exchange offers over 30 crypto-crypto pairs for trading. The exchange does not offer fiat INR based trading, but you can see the INR prices for each coin/token. The co-founders Sumit Gupta and Neeraj Khandelwal come with experience of working in major brands before starting CoinDCX.
Would you start trading with Bots? Let us know in the comment below