The story of bitcoin is enchanting and exhilarating. That is why it is not a surprise to see that the mainstream media and other entities talk about cryptocurrency and the value it can bring to society in general. Indeed, many say that it was a result or a response to the financial crisis but in truth, it was a concept that has been around for a bit longer or before the financial crisis.
That is why it is no surprise that bitcoin will have significant rallies and then will go into slumber mode as the price declines and then repeat this cycle over and over again. The world does seem to have more chaos, unrest, and economic issues that were not as common in the past, and bitcoin is supposed to serve as a simple, transportable value that resists censorship, holds value, and continues to have use in foreign transactions, inflation resistance and other sound money principles that matter.
It is no wonder why you are looking into launching a crypto trading bot without coding. You want to simplify your life and minimize potential hassles that might occur with coding while you seek to learn more about this new technology and how it will affect your life.
Indeed, you want to ensure that you have your long-term holdings of bitcoin while at the same time having it to where you have your regular short term trading of bitcoin, ethereum, dogecoin and other coins that matter to the world in the present and in the future.
But how do you launch a crypto trading bot without coding? What are the steps involved and is it safe and secure? Let’s find out.
Cloud-based Bot Solutions
Cryptocurrency enthusiasts appreciate cloud-based bot solutions because they offer a ray of hope. These crypto management platforms are able to connect speculators to many different tools to increase the value of the trading experience.
These teams work to ensure that investors are able to risk fewer funds by being smarter with more strategies that provide them with different ways to approach the market. As such, they can limit their potential losses and increase their overall profits.
These web-based services can provide a great experience on desktop and mobile, and you can access them anywhere. The key point is that you must use it to execute orders on a pre-set strategy that is in line with the market.
It is possible to have a hundred thousand traders use cloud-based services to learn, earn, and efficiently speculate. This is evidenced by the level of transactions that these organizations process through their systems. One of these is said process of 8 million dollars worth of daily trading volume.
Features that you can find with these brands and platforms are simple functionality and use with overall analytics features like stop losses.
You can take advantage of technology improvements like API integrations, non-stop monitoring of the markets in an automatic fashion, and access anywhere you are with the right username and password.
It is possible that you can have access to many different tools that range from automation to analytics and backtesting. Of course, some offer social trading and replication.
Exchange connection is another aspect that people appreciate because of its overall simplicity.
Again, customer support is a critical factor and is something traders appreciate when they work with these brands.
Many different brands operate these bot solutions and ensure to provide support, help, and different other features, such as making it as simple as possible to connect to exchanges via application programming interfaces.
Traders appreciate that they can use many different services to keep their speculation as simple as possible from an operational standpoint. They do not have to worry about issues such as manually making the trade and can set the strategy and ensure that the bot follows the orders from there.
Such a solution would make traders’ lives easier and help them to enjoy regular gains while they go about their lives. That is why you can find several comprehensive cryptocurrency speculation platforms that enable users to tap into automated trading entities to conduct the transactions for them.
This enables users to form portfolios, track them, and even replicate the actions of others depending on the platform. One can purchase strategies, customize strategies, and trade in intriguing ways to maximize returns.
The next point is that you will not have to conduct any type of coding with these bot options. They are done for you and you must only start to use them when you have the chance.
These are what these crypto trading bots are all about and how they can impact the market and provide positive returns.
The Cons or the Negatives of Cloud Bots
Let’s start with the first point of cost. With many of these brands, you will have to pay for the supreme experience.
While these cloud-based solutions offer compelling solutions, they come with a price point of $50 or more depending on the type of service, features, and overall characteristics that you choose.
You may not get the same features and benefits because different brands operate these platforms.
These platforms will have a slight risk that the internet can go down, servers can be affected, and they will not run 24/7 if the infrastructure is affected. But if the infrastructure is affected, then bitcoin trading will be affected, too, in such an extreme situation.
There are slight security risks with anything connected to the Internet and you are exchanging real data. You must make certain to do due diligence to obtain the best results overall. Check out the crypto trading bot reviews published on this website.
Bot Constructors
The benefits of bot constructors are that you will have some form of support as many several platforms provide this service. It can be beneficial if you are seeking to spend time building and customizing your bot strategies.
These platforms enable those who are genuinely interested in building more strategies and options to use these constructors to drag and drop code blocks to create the strategy that they desire.
The benefit is that you have the option and the opportunity to create. You are able to do so at a small price and can have the support you need to ensure that it is successful.
The Cons or the Negatives of Bot Constructors
The con is quite straightforward, these are applications that also exist in the cloud in most cases so many of the negatives from an infrastructure standpoint will certainly apply here. It does have the con of the monthly expenses.
One last crucial point when it comes to the cons of bot constructors is that if you are not interested in dragging and dropping code to create these programs or strategies, then bot constructors as a concept is not a positive for you.
Copy Trading
Copy Trading empowers individuals in the financial markets to replicate or copy trades done by other special people. Of course, they do not want to copy anyone and everyone’s trades. No, they want to go ahead and do so for those that are doing quite well. The idea here is that others will continue to do well based on their trade history.
As such, if you are able to copy them, then you will also do well, as long as they keep trading as they have done in the past.
If they conduct an action, you will also automatically do that action in a proportional manner from starting a position, closing a position, and setting different types of orders on your trades.
Of course, the one who is copying will have more rights and opportunities to connect to and disconnect from the one who is leading and taking the actions.
That means that a copycat can start a copy relationship and end such a relationship. In many cases, you will notice that these copy leaders will obtain compensation for this sharing of information.
This is about investing in people as opposed to investing assets in a direct way. You are betting that the individual will get it right and will follow and replicate their trades automatically.
It is a derivative of automated trading. It is also cloud-based and shares many of the same benefits like simplicity and other similar features to trading.
The Cons or Negatives of Copy Trading
- Infrastructure problems like the service internet going down.
- The trader you follow could get it wrong
- They may not have the same exact features as other programs because of the fact that it is based around replication, not your respective mind and strategies.
Remember that these are several ways to launch your crypto trading bot without any coding. The one you choose will depend on your interests and hobbies. If you like to do more tinkering, you will go with cloud-based bots and the constructors, if you do not, you may choose to go with the copy trade platform.