KuCoin, an IDG-backed cryptocurrency exchange, announced the formal debut of its cryptocurrency trading bot in January of this year. Like other similar applications, the bot can be used to trade crypto exchange in an automated fashion. Said, users must create an account, set particular parameters, and make an initial investment of money.
After then, the bot can take control and trade on their behalf. It will make price evaluations and projections using the parameters in conjunction with information about the market provided to it via analytics and other methods. It will place buy and sell orders based on those, which will be executed when the price moves. You can also view the live chart such as, BTCUSDT and ETHUSDT from KuCoin trade page.
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What Functions Does KuCoin Trading Bot Have?
The trading bot can also trade using various methods, the most prevalent of which is spot trading, often known as Classic Grid trading. This strategy aims to profit from market volatility by strategically placing buy and sell orders.
Essentially, the system will acquire coins when their price falls and sell them when their price rises above the base currency at predetermined intervals and a predetermined price. As a result, it will profit by capitalizing on market trends.
The bot is usually quite successful when it comes to grid trading because it is simple. People lose money when using it manually because of the human component. People make mistakes due to their emotions, while others make mistakes as a result of their intellect.
What is the Process of Grid Trading?
It’s not tough to comprehend Classic Grid.
By default, the bot employs AI parameters pre-programmed for the user based on previous data.
Users only have to set the trading pairs and funds that the bot can use.
Then they can sit back and wait for it to start making money.
If users want to edit something manually, they can do so, but they’ll need to know what they do.
The Min. Price and Max. Price are just two of the criteria that users can select in this way.
The Min. Price refers to the lowest price users are willing to pay.
If a user wishes to alter a parameter manually, they can do it, but this will necessitate actual knowledge. Users can set a variety of factors in this fashion, including the Min. Price and Max. Price. The Min. Price is the lowest price at which users will buy-in. Essentially, the bot will constantly monitor the price, and if it falls below a certain threshold, it will cease purchasing until the price climbs over that threshold. The maximum price that users can choose for selling coins is the max price. If the price rises over this level, the bot will stop selling.
How Do You Calculate Profits?
Allowing the bot to work unattended is probably a good idea, but you should still watch it and its progress. You can compute the profits on your own without interfering. There are a few terms to clarify here, such as Grid Profits, the price difference between grids multiplied by the grids’ purchase amount multiplied by the number of filled orders.
Floating panels, which can be estimated, are another consideration.
You may also quickly compute overall profits. Add the floating PNL, estimated using the formula above, to the realized earnings. You might also want to figure out how much it costs.
KuCoin is a big cryptocurrency exchange that allows users to buy, sell, and trade digital assets. The platform also enables margin, futures, and peer-to-peer (P2P) trading and conventional trading choices. Users can also earn incentives by staking or lending their cryptocurrency. KuCoin has cheap trading bot fees compared to some of its competitors, making it an appealing alternative.