The cryptocurrency market never sleeps. Bitcoin being the flagship cryptocurrency is one of the most traded digital coins given the extreme levels of volatility and liquidity it commands in the burgeoning market. Given that the industry is still in the early stages of development, the use of the Bitcoin trading bot has become a necessity as traders look to gain an edge.
What is a trading bot?
Simply put, it is a software program that studies the flagship coin price action and chart patterns as price oscillates throughout the day. Being a trading bot, the software program identifies trading opportunities around the cryptocurrency and opens positions all in the effort of profiting from price difference.
Similarly, the trading bot also closes positions automatically, allowing traders to lock in profits and mitigate against the pilling of losses on opened positions. Therefore, a trading bot is a trading tool that relieves crypto enthusiasts the burden of staying long hours on the screen to identify trading opportunities around Bitcoin in the crypto market.
Factors to Consider When Choosing a Trading Bot
Security
Security is of the utmost importance when choosing a bot to trade Bitcoin. It is crucial to settle on a trading bot that adheres to the best security practices designed to protect your data as well as capital. Integration of 2-Facto authentication would go a long way in keeping hackers at bay from your money and data. Similarly, it is vital to ensure that a bot does not have full access to your money or any account that has bulk money.
Profitability
An ideal crypto trading bot is one that has a track record of generating consistent profits for traders. The essence of leveraging such tools is to enhance trading by generating profits. By reading customer reviews, you should ascertain a bot record in generating profits.
Reliable
A reliable trading bot is essential if one is to stay in the crypto market for longer and generate significant returns. Conversely, the trading bot should be able to scan the market 24/7 and identify opportunities for profiting as Bitcoin price moves up and down. It would be wrong if you end up losing money because your bot is not working properly.
Market Orders and Exchange Supported
The trading bot you settle on should offer access to a wide array of market orders ideal for various trading strategies. Growlonix is one such automated trading bot that accords traders access to various market orders including Limit, Market, Stop Loss, Step Take Profit and Stop Buy with Limit/Market/Trailing
Likewise, the trading assistant should be compatible with various Bitcoin trading platforms. That way, you would be able to open and close positions across multiple crypto exchanges on a click of a button from one Window.
Growlonix
Growlonix is one of the best trading bots in the crypto arena, compatible with various Bitcoin trading platforms. The bot beats the competition when it comes to pricing as it is an affordable bot providing access to premium feature at relatively low costs.
It also beats the competition when it comes to market orders it supports. It offers support to normal orders such as stop-loss, Limit Market, and trailing stop sell/buy. In addition, it supports advanced market orders such as Orders: Custom OSO (Order Sends Order) and OCO (Order Cancels Order), Bracket Order Cyclic
The trading bot can also be used in a wide array of crypto exchanges such as Binance, BitFinex Coinbase Poloniex, among others.
When it comes to security, Growlonix adheres to the best industry practices made possible by 2-Factor authentication. It also offers user data encryption during storage, as well as SSL, DDoS and WAF protection.
Conclusion
A secure, transparent, and reliable Bitcoin trading bot would go a long way in alleviating the pain and agony of trying to identify trading opportunities around Bitcoin cryptocurrency. Likewise, one should settle on a trading bot that is compatible with various Bitcoin trading platforms and boasting of a track record in generating consistent profits.
