Stock markets are usually the busiest from 9 to 5, but this is not the case with crypto markets which are open 24/7. Regardless of your level of involvement in the crypto market, stressful hours can come from time to time, and if you decide to immerse yourself into this activity, the likelihood of dealing with difficult situations on a daily basis will increase.
A volatile market, with its constant ups and downs, has triggered the creation of the so-called crypto bots that are supposed to do the grunt work on cryptocurrency exchanges. Moreover, the exchanges themselves are now launching their own bots to help their customers stay up to date with the current market state. One such example is CEX.IO with their Telegram bot.
What are crypto bots?
Bots, generally speaking, are pieces of software that do something to help us. “Bot” is short for robot, so, welcome to the future! You have probably encountered many types of bots on the web already, such as chatbots, Twitter bots, and video game bots.
Crypto bots interact with exchanges by obtaining their APIs and processing important information regarding market data, individual token data, and more. They monitor all the things happening on the market all the time and let you know about the changes so that you could make your decisions accordingly. Naturally, these type of bots may differ, and they may not always focus on all things at once.
What is Telegram?
Telegram is an app founded by entrepreneur brothers from Russia – Pavel and Nikolai Durov. They developed this piece of software which is essentially an instant messenger on a cloud that also offers a VoIP service. The app gained immediate popularity due to its approach to security and privacy, and it even has a platform where third-party developers can create bots.
Some good people also decided to create bots that are going to help cryptocurrency traders from all over the world. At the moment, there are many crypto bots, and, according to News.Bitcoin.com, the most popular ones right now are Tokenstats, Tracktx bot, Bitcoin price analytics bot, and Rocket Coin.
What can these bots do?
One of the ways you can use bots to improve your trade is to simply set limits for trading with, say, Bitcoin; and Bitcoin price analytics bot is the best in doing so. As soon as Bitcoin hits an upper or lower limit, your bot will notify you via Telegram, and you will be the first in line to take action. This is very practical for people who just want to have a helping hand from bots, but do the majority of work themselves.
The aforementioned Rocket Coin Bot is another helpful piece of software that could improve your trading strategy by updating you continually about market capitalization which is mostly based on the dominance made by Bitcoin.
If you are an ICO or crypto investor, bots such as Tokenstats could improve your game significantly by providing useful stats. For example, every time you type in ‘/ROI’ and an abbreviation for a token you want more info on, you will be given stats about the return it has made in USD, Bitcoin, and Ethereum.
Some bots are also connected to your wallet. For example, Tracktxbot will let you know when you receive a payment to your crypto wallet. All you have to do in order to make it work is to link it to the wallet by providing your wallet address. The bot will also notify you about potential security breaches and hacking attempts on your wallet.
Intelligent Trading Bot and Intelligent Trading InfoBot
Two bots that we should pay special attention to are called Intelligent Trading Bot and Intelligent Trading InfoBot. These bots engage in a couple of activities, rather than just focusing on one thing.
Intelligent Trading Bot provides in-depth analysis and comes up with sophisticated models such as RSI (Relative Strength Index), SMA (Simple Moving Average), and more. It can provide valuable information on many popular cryptos and reveal some insights to users who can then take further action and improve their trading. This bot is free, but it also comes with a premium subscription.
The other type of bot is called Intelligent Trading InfoBot. It is a sort of bot that focuses only on providing short pieces of info on demand for Telegram Groups where it is enabled. Some of the data you can get from this bot includes coin price, latest alerts about trading, trading volume, and more. It covers 269 cryptos and 442 trading pairs at the moment, pulling the data from three exchanges. Unlike Intelligent Trading Bot, this option is entirely free.
These two bots were developed by a company called Intelligent Trading Foundation which focuses on developing assistants for crypto trading markets. The company uses state-of-the-art technologies such as machine learning and pattern recognition in order to maximize the success of its bots.
How to use crypto bots?
Now that we covered a couple of essential Telegram bots, it is crucial to understand how to use them. First of all, you need to be a part of an exchange which is covered by bots of your choice. Furthermore, you should create all the necessary accounts for programs such as crypto wallets and become a member of the Telegram community.
To become a part of Telegram, you need to create an account which will be connected to your phone number. As soon as you access the chat as a registered user, you will be able to interact with bots and improve your trading skills.
Like it or not, bots are going to take over some things that we do. The crypto sphere is getting incredibly complex, and no single human would be able to process and analyze so much info without the help of artificial intelligence.
Therefore, if you are interested in trading cryptos, make sure to consider using Telegram, as well as bots that are built on this platform and that can help you enhance your trading experience.