Trading markets are often volatile. Exchange rates change quite unpredictably. Therefore, a technical tool – a trading cryptobot – is gaining more and more popularity among clients. The bot itself, called Bitcoin Prime, is a computer program. It is configured with special algorithms, with the help of which the robot analyzes crypto exchanges and offers useful tools for profitable trading.
This robot is made specifically to make the activity of traders easier. After all, with him there is no need to sit in front of a computer for days. It is enough to set the desired parameters to the bot, and it will do everything for you. Buy and sell cryptocurrencies. In addition, this way you can trade on several sites at the same time. Even with multiple couples. The bot responds quickly. The settings allow you to find signals quickly and with high accuracy.
If there is an understanding that a trading assistant would be useful and you want to transfer part of the work to “safe hands”, you should take a closer look at Bitcoin Prime. If the setup is done right, it does the job just fine. Also learn more about trading bot for kucoin.
An overview of how Bitcoin Prime works
Automated cryptocurrency exchanges have been around for a long time. But they are gaining special popularity among traders only now. One of the reasons is the volatility of the crypto market and the high risk. So, assets will cost good money in the morning, but will fall in price by the evening. Bitcoin Prime is able to work around the clock, constantly keeping the owner's assets under personal control. And he makes transactions much faster than a trader.
The jump in the popularity of virtual currency ended with a rapid increase in the number of special bots on the crypto market. Some are free and their code is in the public domain. Others can only be purchased by subscription or for a certain amount.
This kind of bot connects to trading platforms as standard via the API interface. After that, on the basis of the received data, it generates orders for the crypto-operation for the owner. The rules for interpreting incoming data are also taken into account. By default, the bot monitors the market volume, orders, prices and time. But Bitcoin Prime has a flexible system of settings, and is able to perform, among other things, more complex functions.
The cost of traditional such programs for trading is usually overpriced. And it can reach tens of thousands of dollars. And they themselves do not always have a clear interface even for the pros. But the crypto market is trying to take into account the latest trends. Therefore, platforms give their clients open access to markets and other information. To facilitate the process of using bots, to make it more efficient and profitable.
Pros and Cons of Bitcoin Prime
It is important to realize that the Bitcoin Prime bot, even as a computer program, is not perfect. He has his strengths and weaknesses.
Among the advantages are:
- High speed of activity. This trading robot helps the owner to post an order very quickly. After all, a delay in this case can lead to loss of profit. This also speaks to the effectiveness of the bot in comparison with a human.
- Duration of work. A trader cannot constantly sit at a PC to study the market. The bot works on a 24/7 basis and does not miss any details.
- Productivity. The bot is able to check the market conditions for more than one currency. People are not capable of such multitasking.
Among the negative points of Bitcoin Prime are the following:
- Monitoring is important. During a period of increased volatility of the market situation, a cryptobot is useless. After all, he is not tied to finances. This means that this can also lead to a serious loss.
- The presence of risks. The bot makes deals by merging with the API. However, the nature of both platforms and bots is capable of presenting certain risks. This means that traders will have to be quite careful in the process of trading virtual currency.
- Not for beginners. Trading virtual currency requires the necessary knowledge. Including working with a bot. But an inept change in settings can serve as a loss of profit.
When to use Bitcoin Prime
This robot is capable of performing a large amount of functionality. Among the main options:
- portfolio control;
- rebalancing;
- collection of information, etc.
Regular tasks constantly take away enough time and moral strength from a trader. This is where Bitcoin Prime comes to the rescue by taking over some of the operations.
It is important to remember that successful trading requires the client to have excellent timing and a good level of clarity. Each specific transaction entered into by a trader can have a significant impact on the expected profit. A trading bot is good because it is not difficult to program it to track the market situation.
At times, there may come periods when it is desirable for a trader to constantly be on the lookout and carefully monitor the charts. But man is incapable of it. But the bot is capable.
Working with strategies
You need to know your strategy well in order to know how to properly set it up in the future. In the Bitcoin Prime bot, strategies are set up in advance. They include a set of indicators with predefined options and time range. However, the owner of the bot can adjust any setting for himself. At the same time, it is worth considering possible restrictions on the part of the developer. It is possible that some options cannot be changed. Otherwise, you can correct the time period, redo the RSI period, activate a trailing stop, and so on.
It is important to know the intricacies of the strategy used. If it is configured in the bot in advance, you need to understand what settings can be changed and what these changes will lead to. First of all, in the digital currency market, you should be prepared for unexpected drawdowns. Or a change in trend. On the other crypto market, such difficulties, on the contrary, may not arise. It will not be difficult to penetrate certain coins or acquire a percentage below the SMA and go into income.
It becomes clear that everything should be thought out in advance. The task of the chosen strategy is the security of investments and positions, regardless of changes in the market situation.
Before changing settings, make sure you understand:
- backtests;
- restrictions on currency pairs or trading platforms;
- consequences of changing one or another option;
- principles of the chosen strategy;
- DCA mechanisms, stop losses, etc.
Among other things, the cryptobot must have insurance. For example, this is a mode called SOM. It means that when a specific situation occurs, the robot does not make purchases, but only sells. This, for example, is a reaction to a change in the value of a cryptocurrency or the closing of several stop-loss positions at once, which means a loss. Or just shopping. In turn, the preservation of a specific percentage of the traded amount can also become insurance. In case of a sharp drawdown.
Important criteria when choosing a cryptobot
A robot for working with virtual currency is able to save its trader from specific risks. The bot is not a person, and will conclude transactions only on the basis of key information and trends. Emotionality and impulsivity are also excluded.
But at the same time, you need to choose a good assistant. What points to rely on?
Security
Network hackers often target platforms and bots. It is important to know that the latter is safe. You need to pay attention to a bot with a satisfactory reputation in this area. It is also important to make sure that the developers are trustworthy and legal. Again, you should read the reviews. It is advisable to give preference to the robot that does not have fully open access to finances or the owner's account. This will make it easier to limit the potential damage in case of failure.
Reliability
An important point that everyone who is going to become a trader needs to take into account. The client pays for an assistant they can trust. The bot itself is required to regularly scan the crypto market. Only the definition of all its possibilities will bring a decent income. Also, the program should not be idle, because the chance of a profitable exchange can arise every second. The bot must also work in a timely manner. The surest way to make sure the bot is reliable is to read reviews about it.
Transparency of work
Traders like to work with a cryptobot that has exchange processes installed. Algorithms used for high-probability professional opportunities should be made readily available to clients. In the same way, a crypto trading bot should make it easier for the owner to understand how he calculates the chance and receives income. Looking through the reviews, traders can always figure out the level of a particular site.
Ease of operation
For most traders, a cryptobot is necessary to simplify trading processes. You need to look for a program with a clear interface, approximately corresponding to the level of knowledge of the client. An obligatory item should be checking the level of customer support. Don't forget to check for updates regularly. How often possible errors are corrected, how timely and how effective it is. You need a bot that best suits the strategy that the trader uses. So, it is important to pay attention to the settings.
Trading strategies
All strategies used by the robot for operations with virtual currencies must fully match the goals of the client. If the trader is long-term, then the trading robot must be able to deploy long-term strategies. For example, position trading. At the same time, for short-term traders, a bot that trades most effectively through scalping or swing trading is suitable.
Price category
Last but not least. Although for some, this point is of key importance. A high-quality robot must have a balance when it comes to the costs associated with recognizing and executing transactions on behalf of the owners. Buying a cheap bot can be a waste of money. But the same applies to expensive programs. A high price does not necessarily guarantee maximum income. Each leader robot should have its own interest in the form of expenses equal to success. Then he should be ready to cut commission payments in time if the deal turns out to be a failure. At the same time, he should not be biased, taking more from a profitable trade than is allowed.
Risks
We should also not forget about the frequent risks that novice traders try not to notice. Or they really don't notice.
Now any bot, including also Bitcoin Prime, is freely available. Therefore, choosing an assistant is not such a difficult task. Yet the true quality of most of these programs is unknown to anyone except those who have already made a purchase. It is easy for beginners to make a mistake in the settings or choose a weak robot by itself. The result is easy to foresee - the drain of the deposit. Best case scenario.
Fraudsters on the Internet are always ready to present a "pig in a poke" in order to take possession of the trader's passwords later. Some have reached the point that they are engaged in the substitution of wallets. And so they take all the income. Others take only a small percentage. Such variants of deception are revealed much less frequently. Therefore, it is important to carefully check your bot and test it regularly with a demo account.
The good news is that Bitcoin Prime is a fairly popular crypto bot in the west and has been tested by many users who still use it to this day.
