Automated trading bots assist in making cryptocurrency trading a piece of cake. Well, kind of, it helps make your life easier for sure, and that is why others use them.
These automations aid speculators by automating the process. Users can rest easy knowing that the bots have the same goal of attaining as much profit as possible. How these bots are utilized can determine if they will help make your life easier. This is why it is important that you ensure you are using a bot that will seamlessly work with your exchange.
As you may know, Bithumb is a South Korean cryptocurrency exchange that was founded in 2014. This exchange is heavily used in South Korea and Japan. It is great for those that are fairly new to the world of cryptocurrency trading. Some unique aspects of Bithumb are: the provision of accounts for institutional investors, support for English, Spanish, and Hindi speaking traders, processing of fiat currency deposits and withdrawals for those living in South Korea, and cryptocurrency deposits for those living elsewhere.
Deposit fees vary and are based on the type of coin the account is funded with. There are minimum deposit limits and fees associated with withdrawing. There are trading fees, but these can be lowered by utilizing a Bithumb voucher.
Supporting legitimate coins is important to its overall team, and as a result, there is not as extensive of a list as there might be with other exchanges. As a result, new coins will take a while to be added.
Bithumb has undergone quite a few different troubles such as hacks and losses, but it has still been able to survive and thrive.
Customer experience is important to this exchange, which is why the Bithumb team works on new and innovative things such as their smart token, BTCS, which was launched this year and is only for Bithumb Global users.
Are You Allowed to Use Trading Bots On Bithumb?
Through its application programming interface (API) keys, trading bots are allowed on Bithumb. This is common practice for many trusted, well-known exchanges. The only concern that the exchanges have is keeping sensitive information confidential and protected and trading automatons do not interfere with this type of information which is why they are able to be utilized.
There are a lot of trading machine options which is why it is absolutely necessary for you to do your research and confirm that the trading computing entity you decide on comes from a trusted source to avoid any privacy problems in the future.
The platform is relatively safe and secure but you must ensure to utilize compelling brands or trusted sources when working with these machines for your speculative purposes.
Do You Need to Download Special Software?
Whether or not you download special software depends on you and your preference. There is no requirement to download software for the trading application you decide to use due to how trading machines work.
Remember that many brands seek to use cloud computing to provide simple and easy access to everyone.
As a result of bots doing their function utilizing a web interface, you can exit out of your browser and your trading bot will still be doing its job.
If you are uneasy with the lack of control or are not a fan of the application’s reliance on the cloud then do not worry there is an option for you! There are bots that require software to be installed which gives you more control over them. The downside is that it might be necessary for you to have your computer on regularly for the machine to do its job.
Bithumb compatible trading bots utilizes the cloud based approach, but there are some bots that require you to download software.
Are Bithumb Trading Bots Safe?
While your account password is not required for the trading bots to do their job successfully it is still necessary for you to be aware of the amount of permission you grant the machine. To avoid any issues, the best thing to do might be to only grant access for the bare minimum which is to perform speculative actions.
This gives you comfort in knowing that nothing strange will happen to your wallet. The virtual machine will only do its job of executing your design and nothing more.
Best Bithumb Bots
Are There Any Free Bithumb Bots?
The options for trading applications are essentially limitless, however, the amount of virtual speculation vehicles that are free are few and far in between if your goal is to maximize your profits.
You do have the option to in a sense “try out” some of the bots, but you will be limited on what you can do. In order to be free of these restrictions you would have to pay.
This limitation on free trading bots is a result of the difficulty of creating them. The teams that make these trading automatons put in quite a bit of time and effort and expect to be compensated fairly.
If you are a coder then you are in luck because there are some free options that enable you to use your skills and run them from your device.
How Much Money Do I Need to Start?
An inverse relationship exists between fees and your activity on the exchange. In other words, while there are fees for buying and selling, as the amount of trading you do increases, the amount you are charged in fees decreases.
It is of utmost importance that you keep an eye on the amount of trading you are doing and what you are being charged, so that you have enough funds to cover any unexpected charges.
This is also why it is necessary to go over the fees that are listed and make sure you understand how the exchange operates, so you can have a rough estimate of the amount that you will need for fees and any other charges.
Are There Any Unique Pairs to Trade With the Bot on Bithumb?
Fiat and cryptocurrency are both utilized by Bithumb and which one you use is dependent on your country of residence. USD pairings are utilized for fiat and Bitcoin and Ethereum are utilized for cryptocurrency.
It is known to bring on different currencies while also staying in line with regulations.
The firm continues to work to provide fantastic pairings and will likely expand its offerings over the next few years. The South Korean firm wants to stay relevant, robust, and strong within the general community and ensures to provide options that will please the community.
Conclusion
All this to say, in order to protect yourself and ensure that you are protecting your assets, you have to put in the time and research to ensure that the bot you decide to use with Bithumb on is truly trustworthy.
Trading bots are meant to make your life easier, not cause frustration, anxiety, and increased levels of stress.
Assuming that the goal is to maximize profits, ensure that you are double checking fees on the exchange, so that you are not caught unaware and potentially placing yourself in a situation where you do not have enough funds to cover any incurred charges.
Always ensure to practice safe speculation so that you can continue to increase your earnings and maximize your portfolio value. You do not want to make reckless moves and lose your hard earned funds.
It is better to go through this process with thought, care, and caution while you seek to grow your portfolio and increase your returns.
Sure, the end goal is about freedom and the maximization of value and options in life, so ensure that you are taking this very seriously. It is simple processes and rule-based decision making that can help you improve your trading results. Good luck!