The world of cryptocurrency and digital assets will never cease to amaze those of us who are within this world. It seems as if it is a never ending universe with new projects, fantastic ideas, and wonderful aspects to ponder on each day.
It is surely within this world that BitMEX traders seek to obtain their riches. They want to increase their portfolio value by betting on the right digital assets ranging from bitcoin to other digital currencies that are on the market today.
Individuals will ensure to improve and get better so that they can improve the returns within their portfolio. They will use BitMEX bots such as computerized brains in the form of software programs to make rule based decisions in line with their inputs.
Indeed, BitMEX is an entity that does support digital asset exchange in association with derivative movement as well. It provides a great deal of features and functionalities and ensures that everything runs smoothly and securely.
The Seychelles based, HDR Global Trading Limited owned firm has been around for quite a while, it is credible, and it is one that continues to build trust with its many users from many parts of the world.
Here is what you need to know about how to use automation within the BitMEX exchange and what trading bots to choose.
Are You Allowed to Use Trading Bots on Bitmex?
Maintaining a similar approach to many other cryptocurrency exchanges, Bitmex allows trading bots to be used on its markets. This means that if you have an account on Bitmex, you can buy and sell your cryptocurrency through the automated programs.
However, in order to avail this core feature, cryptocurrency trading bots need to use the correct application programming interface (API) for a secure connection. They also need to ensure that they are connecting to the exchange with full authorization from respective account holders. As long as these prerequisites are met, Bitmex does not restrict any program from accessing the relevant markets.
This makes sure that all account holders are able to connect to the platform and make automated trades. At the same time, it also keeps users’ safety in mind and keeps those programs at bay that may ask for username or password information from account holders.
Do You Need to Download Special Software?
Several crypto trading bots are now available in a web-based or cloud-based format. This means that if you choose these modern solutions, you do not need to download any special software to your computer. Instead, you can simply log-on to the respective websites of these bot solutions and connect to your exchange via your web browser. This brings significant ease to the process of operating your own cryptocurrency bot, even when you have not used such a solution before.
With that being said, you can also find plenty of bots that are available in the form of downloadable software. Unlike web-based programs, these software applications need to be installed on your computer. From there, you can operate them through your own desktop or laptop. Going with this approach requires you to keep your computer on for the bot to remain functional. This brings more control to the table but also calls for more responsibility.
Seeing the security of cloud-computing, most traders are comfortable with the convenient method of web-based trading bots. However, those who don’t want to operate their bots through third-party services still choose the installable software method.
Depending upon your level of comfort with technology and these modalities, you can make your selection between different bots. As long as you choose a solution that fulfills your needs, you can have a smooth and comfortable experience while utilizing a trading bot with Bitmex.
Are Bitmex Trading Bots Safe?
Since all functional Bitmex trading bots connect to the exchange by using an API, they never need your username and password. This makes them safe from an account accessibility standpoint from the get go.
However, as an additional measure, it is also recommended that you never give withdrawal access to any bot and only allow it to make trades on your behalf. This ensures that no one can withdraw funds out of your account to another cryptocurrency account without your express permission.
Are There Any Free Bitmex Bots?
Of course, there are several free Bitmex automations that you can turn to within the marketplace. You may even have the skills and the talent to create your very own automations within the marketplace and integrate it into the BitMEX platform.
It is essential to realize that the BitMEX platform does have various partners that offer premium and free trial versions of their products.
That way you can take advantage of their free trials, understand what works for you and make decisions accordingly in line with what you need. Remember that many of these partners have great reputations, have their respective websites and offer different tiers that make it feasible and accessible to many different individuals that seek to get into the streamlined trading game.
How Much Money Do I Need to Start?
That is a fantastic question and it shows that you are headed in the right direction when it comes to your speculative journey. Many individuals will start with at least $1,000 when it comes to their portfolio and automation.
But the thing is that these individuals may want to risk a little bit while they build their wealth.
It is essential to remember that you must always look at the risks you are taking when it comes to your asset allocation. You must never invest more than you are willing to lose when it comes to various forms of speculation.
At the same time, if you have larger goals and can make trades with conviction then you can earn and learn a bit more about the markets. Some say that you should start with at least $100,000 and similar in euros when it comes to the markets.
But the truth is that many do not have that type of money lying around when it comes to trading. Always remember rule number one, never invest more than you can afford to lose.
You must first have enough funds to live, an emergency stash for expenses, and other funds for other aspects of your life. When you have a good portion of this taken care of in life then you are minimizing your risk overall.
As such, you are in the best position to make decisions and increase your wealth as opposed to becoming a full blown gambler. Remember that being a full blown gambler is not a good strategy at all.
It is best to play it wise, smart, keep your cool and take great actions to increase your overall wealth.
Are There Any Unique Pairs to Trade With the Bot on Bitmex?
Every entity is unique in its own way with several pairs that you can use to trade and earn your wealth. Does BitMEX have specific pairs that are unique? Yes, it may have one or two digital assets and fiat pairs or digital asset pairs that will differ from others.
You can rest assured knowing that you are working with one of the best entities within the digital asset industry.
Whether there is a unique pair you are looking for or not, BitMEX can certainly serve your needs.
Conclusion
It is essential to take a disciplined approach to your overall speculation process. Thankfully, BitMEX combined with automated trading processes can be perfect for you when it comes to investing and general speculation.
Is digital asset speculation easy? It is certainly not. Is it simple? Yes, the concept is to increase your portfolio value over time by employing the right strategies.
Are you able to increase your wealth with automated processes? Yes, if you are able to read the market right. Remember that you are working with automated bots to deploy the right strategies within the marketplace to generate earnings.
You are the brains behind the operation. That is why it is essential for you to keep in line with the market and make the right decisions when it comes to your overall portfolio.
It is not easy at all to do but you can get better with time. The main point here is that you must apply yourself when you are working with entities like BitMEX bots to generate substantial earnings.
Good luck and have fun!