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In recent years, cryptocurrency market has exploded in popularity, and has created a range of opportunities for traders to earn good profits. Cryptocurrencies are known for their volatile nature, and prices for crypto assets fluctuate in the space of seconds/minutes. Many individuals have a query whether it is safe to operate cryptocurrency bots to trade different digital currencies. In this write-up, we will discuss everything about this concern and know whether you can safely trade through an automated approach.

If you beloved this article and you also would like to receive more info relating to crypto bot i implore you to visit our web site. You must know how you stay safe and avoid unnecessary scams. You need to know more about this technique and how it works. You must check the site reviews and check people’s opinions about the bot. While researching online, you can find many trading bots, and it is better not to trust any random one. It is necessary to go through all the details and understand how it works. Indeed, if there is a strategy that you have been using that has worked well for you, there is no reason why you should not be working on your own algorithm.

If you are going to be using open source software, make sure it is safe and not run by scammers. In this post, we’re going to dive deep into the KuCoin trading bot and what’s the difference between the Pionex trading bot. More and more exchanges now support crypto trading bots inside the crypto exchange. By using trading bots within the exchange, traders will be free from the API glitch nightmare during the high traffic period.

As you can understand from the name of bot, this type of bot takes into account the momentum or trend of a particular crypto asset, and after analyzing it properly, it executes trade. In order to determine the market momentum, bots can use the price action or other technical indicators before placing the trade. And, similarly, crypto trade bot if the price drops, then it will enter into the short position. If the trend shows an upsurge in the crypto trade bot asset price, the trend trading bot will enter the long position.

Crypto Trading BotYou do not get wallets with automated bots, and you must keep this thing in your mind whenever you search for it. If anyone claims to provide wallets, it is better to leave that platform and look for something else. MT4 and MT5 are well known platforms used to trade CFDs (Contracts For Difference) which are another derivative product. We won’t go into CFDs here but for more information you can read this overview. Another more user friendly alternative is to develop programmitic trading scripts on the MetaTrader platforms.

After the bot is created, you’re allowed to track the performance with a comprehensive report. Several advanced settings on both platforms: stop loss, trigger price, and take profit trigger. On KuCoin, you can use up to 100 grids, but you’re allowed to use up to 150 grids on Pionex . Although the fundamental strategy is the same, there’re still some differences in how both platforms limit the grid trading bot’s capability.

The DCA Bot capability on KuCoin and Pionex is similar, which we compared in the following table.

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