When it comes to cryptocurrency trading, automated bots come right to mind. With their ability to perform quick trades without much manual intervention, these programs are a godsend for those traders who don’t want to miss on any market opportunities.
But in order to use these bots easily, you need to find options that work flawlessly with your existing or preferred exchange. This makes sure that you can perform your trading activities without jumping through hoops. Otherwise, you are stuck with multiple exchange accounts and trading bot subscriptions that create more problems than solutions for you.
Established in 2013, Gate.io has become the go-to cryptocurrency exchange for a variety of traders. From seasoned cryptocurrency aficionados to fresh enthusiasts, the exchange’s offerings fit multiple market segments without a failure.
If you either already have an account at Gate.io or are considering opening one, you might be wondering if the exchange allows the use of automated trading bots. To help you find the answer as well as other details, here’s a lowdown on Gate.io’s compatibility with cryptocurrency bots.
✅ Are You Allowed to Use Trading Bots on Gate.io?
Gate.io allows the use of bots through its application programming interface (API) keys. This practice is in line with other reputable exchanges, which allow third-party applications to interact with their backend interface without compromising confidential information such as account passwords.
As a result, these API keys open doors to a variety of development companies and teams to create their own crypto bots that can work with Gate.io. While there are many options available, you need to make sure that your application comes from a reputable source, carries all the required functionalities, and most of all, remains secure while connecting to your exchange account.
💻 Do You Need to Download Special Software?
You don’t necessarily need to download any special software for your automated bot. It’s because many options now work through a web interface, which doesn’t require you to install an application on your own computer. Instead, these bots are connected to the cloud and can work consistently in the background even when you turn your browser off.
With that being said, if you would like more control over your bot or don’t want a cloud-based solution, you can look for trading tools that come in the form of installable software. These bots install on your computer and remain under your complete surveillance. However, such programs may also need to keep your laptop or desktop computer running consistently to make trades on your behalf.
The bots available for Gate.io come in both forms, with the cloud-based approach being followed by most modern traders.
🛡️ Are Gate.io Trading Bots Safe?
As mentioned above, Gate.io bots connect to the exchange through API keys. This allows them to buy and sell assets as well as perform market analysis without requiring your account password. However, since these API keys can come with various types of permission, it’s necessary that you pay attention to the level of access you are giving to the bot application.
For instance, a tool should never have withdrawal access to your Gate.io account. Instead, it should only have the required access to perform trades on the market. This makes sure that your assets are not transferred to another account inside or outside of the exchange. As a result, the bot doesn’t do anything foul with your funds. It simply trades your cryptocurrency according to your specific options.
🤖 Best Gate.io Bots
👌 Are There Any Free Gate.io Bots?
Gate.io is a highly popular exchange, which allows you to explore a number of automated options for it. With that being said, almost none of them are completely free if you want to make substantial trades or possible profits out of them. While some bots come with trial options, they either remain limited to a trading amount or a specific timeframe. In order to unlock full features, you need to purchase a subscription.
It’s because creating services that come with a user-friendly interface is not easy. It takes development teams months to come up with the required coding. It can take just as much time for them to put a graphical user interface (GUI) on top of it. These efforts are rewarded by the sales of their product, which is why the most reliable and intuitive trading bots are not available without any changes.
With that being said, you can still find a few options that are free, but which can mostly be operated via coding itself. This makes free bots quite difficult to use – if you can find any in the first place.
💰 How Much Money Do I Need to Start?
Similar to other cryptocurrency exchanges, Gate.io charges certain fees on your transactions. The exchange levies this fee on a maker-taker model, where both the buyer and seller in a trade need to pay these charges.
The standard fees start at 0.20 percent for both market makers and market takers. However, they start to differentiate and lower down with the frequency of your trading activity on the platform. As such, if you are performing more trades and meeting a specific volume, Gate.io rewards you with a lesser fee.
In addition to this, you may also be charged additional fees such as withdrawal as well as other charges. You may also have to cover your bot subscription fees, which can vary depending upon the software you choose.
With this in mind, it’s prudent that you have some extra funds at hand on top of the cryptocurrency amount that you may want to trade. While you can start with a low amount, you should have enough extra funds to cover repeated instances of these transaction and subscription charges as well as the possible losses that you may incur before gaining profits.
This approach is entirely dependent on your level of funds. But in either case, it requires you to be vigilant about the transaction and withdrawal charges before you head into the trading game.
▶️ Internal Gate.io Bots
Gate.io has also developed its own solutions for automated crypto trading. You can copy the existing bots or launch your own strategies. However, it is more profitable to create your own bots. Take into consideration that you will have to pay 5% of your profits when using someone’s strategy.
You don’t have to spend any additional funds to use Gate.io’s internal bots. You would only have to pay the exchange’s trading fees that can also be lowered by using the GT token for fee payments.
Here are some of the most frequently used Gate.io automated strategies:
- Spot Grid
- Futures Grid
- Unlimited Grid
- Smart Rebalance
- Margin Grid
- Spot-Futures Arbitrage
There is also a set of automated strategies that are based on different trading indicators. The strategies mentioned above are just the most popular and profitable ones.
Are internal Gate.io bots worth trying? Yes, but don’t expect to earn a lot with them. I have also tested some strategies using a real money balance. Don’t forget that Gate.io’s primary goal is to offer cryptocurrency exchange services. Bot algorithms work as a useful addition. For serious bot trading services, you will have to launch a paid bot solution that can be connected to Gate.io using an API.
📈 What Pairs Can You Trade With the Bot on Gate.io?
Gate.io performs its trades in both fiat and cryptocurrency. In terms of fiat, the exchange uses USD pairings. On the cryptocurrency side, it uses Bitcoin (BTC) and Ethereum (ETH).
At the time of writing, Gate.io has 325 USD/cryptocurrency pairs, 75 BTC/cryptocurrency pairs, and 205 ETH/cryptocurrency pairs. This gives you plenty of options to pick and choose between unique pairs that are exclusive to the exchange.
One such pair comes in the form of Gate.io’s own crypto token, which is available by the name of GateToken (GT). This token is paired with both USD and BTC. When you have this token in your account, you can also get preferred rates on cryptocurrency trades.
📢 Conclusion
Overall, you can easily find a number of cryptocurrency bots that work with Gate.io. However, you need to make sure that the services you are selecting come from a reliable and credible entity.
As long as you are careful about choosing your bot and using it with the right options, you can move forward with automated trading in a safe manner. With that being said, only use as much cryptocurrency that you can afford to lose and keep checking the trading bot for updates on your signals and activity. This makes sure that you aren’t caught by surprise and increases your chances for profitable trades.