The poloniex trading bot is an automated software that buys and sells cryptocurrencies on the exchange in accordance with a set of rules. This type of service has the potential to increase revenue for the user, as well as eliminate the need for human error when it comes to trading.
A Poloniex trading bot works with the exchange’s API, so it is safe to use if it has been built correctly. However, it is important to be aware of the risks associated with using these bots. The best way to avoid this is by doing your own research and ensuring that the bot you’re using follows secure trading practices.
There are many different types of bots to choose from on the Poloniex platform, including those that come pre-built and ones you can create yourself. This means that you can find a Poloniex trading bot that will meet your needs and be tailored to your trades.
One of the most popular Poloniex trading bot is TradeSanta. This program allows you to fully automate your trades on the exchange and is a great choice for beginners who want to make money from their crypto investments.
It also includes a centralized dashboard that lets you keep track of your portfolio and assets. The software is compatible with more than 17 exchanges and 2,000 trade pairs, making it one of the most comprehensive automated trading bots for Poloniex.
Another great option is 3Commas, which provides traders with access to a variety of trading strategies and a wide range of tools for analysis and portfolio management. Among other things, it can help you identify profitable portfolio proportions by scanning more than five thousand portfolios on a regular basis.
The program is available in two versions: the basic version and the advanced version. The basic version allows users to set up a trade strategy and execute it in a few clicks. The advanced version, on the other hand, is a more robust option that allows users to create and manage their own trading strategies.
Some bots can be used to trade a variety of currencies, while others are designed specifically for the exchange’s spot market. These include a DCA bot that buys at a certain price and averages down, as well as a pair trading bot that can trade in a variety of trading pairs.
Aside from trading, the bot can also rebalance your portfolio automatically, making it an excellent choice for both casual and expert crypto traders. Its interface is easy to navigate and comes with a variety of settings that allow you to tweak the program’s behavior depending on your specific goals.
It can also be connected to a second robot that has an opposite algorithm to the first, which will reverse your algorithms if they are going in the wrong direction. This makes it a great tool for risk-hedging when you’re trading on the exchange, especially if you have a high volatility strategy that requires the ability to quickly change positions.