Bitcoin Forum

Cryptocurrency trading bots are set of software that trades on financial markets on behalf of a client. Find out more information on how trading bots work.
Read more here: https://coinpedia.org/information/cryptocurrency-trading-bots/

I never believe in any trading bots, just try them for fun. Who know they have malware or can make your balance dry in a night ?

I wouldn't advise anyone to use a cryptocurrency trading bot as they could straight up be malware and can take over your api keys and steal your coins any time. A recent example of it was the Binance hack in which a third party application hacked its users apis and sold their coins for a specific coin.

Trading bots is an interesting idea but I don’t think so that they can be as much beneficial and helpful to any of the trader who wants to invest his money and start trading just because of the bots. It is because of the reason that the trading bots are not like humans and that they cannot think like the way humans do. Moreover, you cannot expect the bots to make the right decision all the time and you cannot rely on it.

It is possible to use cryptocurrency trading bots only if you are personally good in trading and want to try new experience. Bots to my opinion are not safe  and if you understand this, so in this case it wouldn't be so sad to loose coins which you entrust to bot.

Cryptocurrency is for mainly trading for people not for bots because there is no pattern or algorithm to let the bot know what to do. but of course it's still possible.

I don't know if this is true neither do I believe having bots doing trades. Boots are set to have a default actions and it needs to have thorough eveluation before activating to avoid losses on the trades it would do. I would rather trade on my own free will than having something to trade on my behalf.

It's actually like any other financial markets out there and one can always tell that humans carry their traits wherever they go or whatever they do, so no doubts some patterns could be found and present technologies hands us some keys to simulate bots that emulates a human trader. Evidently finding some trade-able patterns isn't so much a problem with bots as is finding one that won't end up stealing one's coins or information.

That's a suggestion that one should beware or free and very cheap bots, because it takes great skills and time to come up with these bots and no sane person gives them away after all that, except there's an ulterior motive.

The only bot that would work are market making bots and they would still carry a degree of risk.

I don't believe in trading bots before, but when I experience it on many exchanges, yeah its real. I don't know who set that. maybe the exchange or some people, I don't know how it works. I don't know what is their motives maybe to make the price stable? but one thing I am sure trading bots is very annoying. I agree with you trading in your own free will is much better.

using bots in trading is not only annoying, but it also includes in trading cheating, I hate bots for disturbing the comfort of others

Me too dont believe in them. I always think that its all about the fixed logic that is programmed in them. They just keep trading with sell high buy low logic and do nothing but invade into the exchanger back doors to know the volume. I mean whatever that way is, I call it backdoor process only.

But that does not work so finely. I mean they are fast no matter about it but they are idiot too. They just keep going on if we are loosing money and try to recover the loss by putting more stakes on it. So yeah they are not very convincing for me at least.

How exactly does it 'include' cheating?

I don't know what is more frustrating, noobs being an idiot and sell-off markets like mad, or bots all working with similar algorithms being subject to easy manipulation.

I remember in my time (2013/2014) when trading altcoins how poorly programmed bots were. I comfortably used them to place buy orders from where these bots directly placed their buy order on top of mine, which I used to sell into. If you are trading coins with low liquidity back in the days, then this was an effective way to sell your coins at one price. In the same way you could exploit them if you planned to buy coins in very thin coin markets. In some cases this cheapy bot behavior is still present, but by far not as worse as how it was years ago.

Bots could be worthwhile if they are custom made. All these mass product bots are worthless and only put whales knowing the ins and outs of these bots in an advantageous position.

we cant completely rely on trading bots in this volatile market we cant say which direction the market is going