Are telegram bots for trade worth it?

[rhomelmabini]

I know we've seen them surging the market and there are even discord bots something like that and whatnots that could connect to trade or other things. But, whoever here already used it, I'm just curious to know since I haven't really test the waters in this market. Thanks in advance!

[1715186254]

1715186254

[OmegaStarScream]

I do use telegram bots, but not for managing trades, etc. I'm not sure that's wise to use either. If you're going to use something like that, you have to trust the developer of the bot, because you can't do anything with your exchange's account without giving your API keys (which could potentially allow the developer to steal your funds). Either that or the bot you're using must be open-source.

Now if you're talking about other kinds of bots (crypto news, prices, whale alerts..) then sure, some of them are quite useful and don't really require anything but launching the bot.

[rhomelmabini]

I do use telegram bots, but not for managing trades, etc. I'm not sure that's wise to use either. If you're going to use something like that, you have to trust the developer of the bot, because you can't do anything with your exchange's account without giving your API keys (which could potentially allow the developer to steal your funds). Either that or the bot you're using must be open-source.

Now if you're talking about other kinds of bots (crypto news, prices, whale alerts..) then sure, some of them are quite useful and don't really require anything but launching the bot.

Thanks for this and now I really have an insight. The thing is, how can I make sure that they are to be trusted or how to know that they're open source or how to actually read them? I think it all boils down to the latter question to be honest because I don't know really about these codes and have a very limited knowledge on it. I know those bots, I'm just into these trading bots to be specific, I should edit my title for that.

[OmegaStarScream]

Thanks for this and now I really have an insight. The thing is, how can I make sure that they are to be trusted or how to know that they're open source or how to actually read them? I think it all boils down to the latter question to be honest because I don't know really about these codes and have a very limited knowledge on it. I know those bots, I'm just into these trading bots to be specific, I should edit my title for that.

Well, if you know the project is open source, then you would have to compile it yourself. You can't just go ahead and use that bot on your telegram because as far as I know, there's is no way to know whether the code of the bot you're using, matches whatever is hosted on Github.

[rhomelmabini]

Thanks for this and now I really have an insight. The thing is, how can I make sure that they are to be trusted or how to know that they're open source or how to actually read them? I think it all boils down to the latter question to be honest because I don't know really about these codes and have a very limited knowledge on it. I know those bots, I'm just into these trading bots to be specific, I should edit my title for that.

Well, if you know the project is open source, then you would have to compile it yourself. You can't just go ahead and use that bot on your telegram because as far as I know, there's is no way to know whether the code of the bot you're using, matches whatever is hosted on Github.

Thanks for the quick response, that's really helpful and I hope to other forum members as well that may be interested in it. I tend to ask myself if the trend about telegram bots are just because of the pump we've seen on Unibot and other tokens are really organic or if people really use it, because if you interact with these bots you'd doubt it yourself if they're actually working or it's just the hype on the CT that drives it. Anyways, thanks a lot.

[noorman0]

Less well-known open source bots that lack monitoring/auditing may also have vulnerabilities either from attackers or intentional by developers. Trust should not be enough until seeing that it is open source, I personally do not recommend you to give bots full authorization to manage trading accounts.

If you have a bit of coding skills, you can copy the source code (following the licensing terms) and set up your own bot using trial trading accounts.

[Husires]

Telegram bots are a cheap solution for anyone who wants to automate his trading or trade between several platforms without taking the trouble of installing a VPS, as you include the API inside the bot and then you can execute orders by typing some words. It is safe if you guarantee that the Telegram application is safe and that the bot is open. The source or one with a high rating to trust it, you can restrict the withdrawal permission so that it is not available through the API, but your account can be abused by purchasing dump coins.

Telegram bots are bad in terms of privacy and data, as your data is shared between several parties, and they are bad for anyone who wants to enhance their privacy. I advise you not to use it for trading due to the difficulty of finding a highly efficient open source bot, but it can be used for crypto news and whale alerts.

[Taskford]

I know we've seen them surging the market and there are even discord bots something like that and whatnots that could connect to trade or other things. But, whoever here already used it, I'm just curious to know since I haven't really test the waters in this market. Thanks in advance!

If you want to automate your trade then yes its worth it. But if you are into profit since you think bots can generate profit to its users then its not since no bots can give you a guarantee to gain profit and its not for that used. If someone telling you that you can earn a lot of money just using their bot then its a scam.

But if you wanna try so that you can experience to use that bots then maybe give a shot since experience matters and for you to learn something new by using that tool.

[libert19]

I have never felt safe with telegram, more less engaging things like bot on it which involves money.

At most if one is really interested, go with bots that create dedicated wallet for you, deposit funds you can afford to lose and go on. This will inherit same risks as a cexes.

[livingfree]

I know we've seen them surging the market and there are even discord bots something like that and whatnots that could connect to trade or other things. But, whoever here already used it, I'm just curious to know since I haven't really test the waters in this market. Thanks in advance!

Telegram is known place for uncertainties especially for trading and other investing stuff related to cryptocurrencies. There could be some legit but you'll be having hard time to find them.

It's not really worth trusting unknown source unless you're able to check them if they're clean or not. Just as said about the validity of its source, you can take a test.

Maybe if you're keen in trying them like you've found some random bots out there that has various features, don't use your main device (pc/laptop) on it.

[cryptoaddictchie]

Ive tried once to use a trading bot, honestly I observed the trades and not so impressive in my opinion. There are cases that the market is obvious already to go down and yet still opening up a long position. Though the bot I tried is for future trading just to test if its gonna be a passive trades but seriously I could do much better than the bot Ive tried out.

[Kavelj22]

The method is safe if two important elements are guaranteed before and during use: First, the user must be sure of the reliability of the bot, whether by supervising the development himself, that is, he must be one of the specialists in the field and able to secure the bot’s functions and permissions, or the bot must be open source so that its effectiveness can be confirmed from the specialists. And secondly, to be proficient in using it and dealing with its various functions in a way that facilitates the trading process and not to overlook the completion of operations manually.

I do not know if these bots on Telegram are able to work on all platforms, but I do not always prefer to use these tools with accounts that have private data and savings.

[GreatArkansas]

These Telegram bots are for sure only connected from the API of exchanges instead of going to the real or actual exchange you can do the Telegram bots, it depends on how the Telegram bot is set up like they can add some special feature like a real bot that doing your trade automatically (where to enter, exit, stop loss).

[lixer]

Ive tried once to use a trading bot, honestly I observed the trades and not so impressive in my opinion. There are cases that the market is obvious already to go down and yet still opening up a long position. Though the bot I tried is for future trading just to test if its gonna be a passive trades but seriously I could do much better than the bot Ive tried out.

Maybe the strategy that the trading bot is using is not updated anymore? Because as we can see it is working against the market. Or it was simply a poor strategy that are injected to it? Well, majority of them are like that especially if it's only a free one but if it's a paid one, be sure to check for feedbacks first before availing or better if they can offer some kind of a free trial to see if it's worth the money.

There must be a trading bot that we can program on our own or we can insert a strategy on it. You better choose a trading bot like that if you think your strategy is good enough and if you want to make trading a passive activity because trading bots are the ones that will trade for your 24/7.

[Kavelj22]

Maybe the strategy that the trading bot is using is not updated anymore? Because as we can see it is working against the market. Or it was simply a poor strategy that are injected to it? Well, majority of them are like that especially if it's only a free one but if it's a paid one, be sure to check for feedbacks first before availing or better if they can offer some kind of a free trial to see if it's worth the money.

A paid one will always be closed source and it will not be possible to verify the settings programmed by the developer. And even if the effectiveness of the bot is proven through user evaluations, this does not guarantee their integrity in the long run. What concerns me most is the data that developers can access through this bot, which cannot always be verified if the source is closed.

I've come across many bots since I've been here on the forum, and I don't remember any of them still working today. The most important example is GunBot, which was promoted by some honest members on Bitcointalk, and which I have not heard any complaints about, but I have not heard anything about it for a long time, and I do not know if it is still working.
ANN thread: [GUNBOT] Trading Bot with 136 exchanges available!!!
Discussion: Gunbot reviews

[Taskford]

I know we've seen them surging the market and there are even discord bots something like that and whatnots that could connect to trade or other things. But, whoever here already used it, I'm just curious to know since I haven't really test the waters in this market. Thanks in advance!

If those bots are for price updates,whale wallet transfer and news then yes this is really helpful since we can get some latest insights about bitcoin or the whole cryptocurrencies.
But for profit maybe we can't rely on those bots since no program yet release some promising result to the people who use it so maybe we should forget about automatic profit from this and just learn from those information you can get there.

[joniboini]

But for profit maybe we can't rely on those bots since no program yet release some promising result to the people who use it so maybe we should forget about automatic profit from this and just learn from those information you can get there.

I think this can be said for any bot since your config will affect the results. Even a slight change to the timeframe might affect how much you make over the long run. I don't think it is healthy to expect continuous profit regardless of what kind of bots/tools you use.

[cryptoaddictchie]

Maybe the strategy that the trading bot is using is not updated anymore? Because as we can see it is working against the market. Or it was simply a poor strategy that are injected to it?

Maybe you are right as there are several devs setting up a trading bot with different strategy and algorithm to outsmart the market but if thats really possible I would like to see or review more of these bots that has a very wide reputations. Surely they will be expensive one if proven and tested to give more profits.

[Rimueng]

I know we've seen them surging the market and there are even discord bots something like that and whatnots that could connect to trade or other things. But, whoever here already used it, I'm just curious to know since I haven't really test the waters in this market. Thanks in advance!

I have also used a telegram bot but not for crypto trading. Well, uses for these bots range from simple things like moderating the conversation, sending out automatic messages, scheduling events which I used to manage. If you use for trading, I think it's better only for signals that people usually use, not for trading execution. Yes, it is better to use bots like performing technical analysis, or notifying you about market changes.

[HunterBTC]

There are lots of promising things about Telegram bots, one of these things is the rise of airdrops which end up being scams.  However, not all Telegram bots are burned, there are still many Telegram bots that try to smooth the progress of the projects being developed.