Have you at day traded crypto or are you maybe thinking about giving it a shot? Well who can blame you when there are such amazing opportunities out there, however there is one major problem. Crypto markets never sleep and most people need to catch some sleep from time to time, that leads to many traders going to bed and waking up only to discover they missed out on a huge market move and an amazing trading opportunity. Sound familiar? This isn’t a problem for some traders. Why is that? Well it’s because some use crypto trading BOTS.
 
Today I’ll explain what crypto trading bots are, go over the pros, and cons of using them and compare the top trading BOTS side-by-side Before I get going I need to drop a bombshell. Sadly I am NOT a financial advisor so make sure you consult your financial advisor before making any financial decisions. Also, for those of you who just happened to be strolling by welcome to Cryptovimto. I & the team here regularly cover coins markets and other handy guides so if you want to be a part of that then subscribe to our email list and that way you’ll be kept up to date with our newsletter when something important happens in the market.
 
I’m just going to give you guys a bit of an overview of trading BOTS. So what are crypto trading bots? Well they are computer programs that trade on your behalf with a given set of instructions or rule criteria to act on so that might be something like buy X amount of Bitcoin if a certain price target is hit. Once that rule criteria is met then the bots will automatically execute the trade you wanted. What this means is that in order to use a crypto trading bot. you will need to connect it to a crypto exchange account using something known as an API or application program interface. Basically that API gives your trading BOTS the ability to place trades programmatically at the exchange. The result, you can execute trades in your sleep. Sound a bit scary? Well it should! you’re essentially handing over access to your exchange account to a computer program.
 
What happens if there is compromised code in the bot or the company that made the crypto BOTS turn out to be scammers? These are all very real concerns that you must be aware of. So are the machines going to take over your Binance account? Have we opened
Pandora’s box and unleash Skynet here? Well not exactly/ The good news is that you can set permissions for exchange API’s. You can determine what particular API keys have the ability to do in your account. So for the crypto trading BOTS you can set the ability to only write orders, buy or sell, but not to initiate a withdrawal. Most likely a good idea. You can also limit IP addresses too. What that means is that any instructions must come from your own IP address which is a neat way to protect yourself against a scammy crypto trading bot. So now you know what a trading bot is I want to go over the pros and cons of using them and give you some cold hard truths.
 
One major Pro is that these BOTS enable you to trade 24/7 and execute trades in your sleep. That means you’ll never miss out on the another trading opportunity ever again. Also trading BOTS help take the emotion out of trading. You are simply setting the rule criteria or instructions in the bot and leaving those trades to execute. If your criteria are met that means you should be less susceptible to FOMO or panic selling.

Another benefit of using bots is that they allow you to back test your trading strategy what that means is that a bot can take that strategy you’re using and apply it to all that historical crypto price data and tell you how successful it is. Say goodbye to trading in the dark. Finally trading bots simplify trading. Yes that mega six screen trading setup may look mental however, they are pretty darn expensive, given that a crypto trading bot can access and simultaneously carry out multiple trades across multiple different exchanges, you only need a mere laptop to be on your trading A game, however all is not gravy when it comes to crypto trading BOTS. I’m going to have to be straight up with you guys on the cons and shatter a few myths while I’m at it. Many people seem to be under the illusion that trading BOTS are some form of magical money printing machine. Get one, switch it on and you make money all day long sorry guys that’s not the case at all with a
bot. You have to constantly tweak your trading strategy that is work in itself and it is certainly not a set and forget it money
printer.
 
Another con for crypto BOTS is that there are a bunch of scams out there even if you find a legitimate one some are so poorly coded that it’s going to be impossible for you to execute a single profitable trade. Please guys you need to be really careful with crypto trading BOTS if it sounds too good to be true, then it probably is. I don’t mind if you choose to. If you see trading BOTS claiming to guarantee returns for low one-off pricing please run for the hills. More than likely it’s a scam. Another thing, many people do not realize is that crypto BOTS need to, be monitored. Do not expect to switch on a crypto trading bot and be laughing all the way to the bank. The markets cyclical trends come and go all the time. Basically a bot is not a substitute for being a smart trader and here’s my final column for crypto BOTS.
To use them you will need to keep your funds on an exchange. Of course there are a lot of highly reputable and secure exchanges out there but hacks do happen. I can’t stand here and tell you that it isn’t beyond the realms of possibility that one of these gets hacked.
 
Also, please don’t accept any free trading bots from strangers, especially from Telegram users. That’s my take on it, so take what you will from this and be very cautious.

As always peeps! Peace Out!

“a human can trade for me – said the bot”