Crypto trading bot are software programs that trade on your behalf with a given set of instructions or rule criteria to help you automate your trading strategy and take full advantage of the crypto exchange market.
In order to use a crypto trading bot you will need to connect it to a crypto exchange account using something known as API or ApplicationProgramming Interface. Basically, that API gives your trading BOTS the ability to place trades programmatically at the exchange. As a result, you can execute trades in your sleep.
Bots enable you to trade 24/7 and execute trades in your sleep. You will never miss out on another trading opportunity ever again. Bots can look and trade upon multiple areas simultaneously. This ability to multitask makes bots more efficient than humans.
They don’t have human emotions, and they are not attached to money. Those BOTS trade based upon the rule criteria set by them. That means you are less susceptible to any kind of anxiety or insecurity.Markets manipulations and huge price fluctuations, therefore, don’t affect their functioning.
The opportunity cost of not being on top of the market 24/7 is that you miss many opportunities to make more profit. Unlike humans though, a trading bot can run 24/7 and thus never misses opportunities.
Automation in general eliminates human errors and avoids any kind of manual delays. Bots allows enhancement of productivity in your trading. Here, you have to just overview the bots performance and reassess the strategies if necessary. Otherwise, all other things are handled by the bots for you thus by increasingthe speed of your trading.
Botsfolio provides pre-made crypto trading bots which you can use without any trading or coding skills. Different bots with long term/short term strategies trade to manage the whole portfolio value. Currently it supports only Binance integration. With Botsfolio you don’t have to configure anything.