Based in Jakarta, Indonesia, Indodax is a cryptocurrency exchange that deals in popular digital assets from around the world.
It is the largest crypto exchange of Indonesia, and currently trades around 85 different cryptocurrencies through its platform. The platform also has dedicated mobile apps and supports fiat currency transactions.
This makes Indodax the ideal candidate for cryptocurrency trading bots. However, since the platform operates in a relatively obscure digital asset market, finding reliable bots that are compatible with the exchange is a feat on its own.
With that being said, it’s not impossible to do so.
To help you along this journey, here’s a lowdown on using automated services with Indodax.
✅ Are You allowed to Use Trading Bots on Indodax?
Keeping in line with other popular cryptocurrency exchanges in the world, Indodax explicitly allows the usage of bot platforms. It also provides its application programming interface (API) keys for developers to make their own applications and market them to users as they see fit. This also includes the development of trading bots.
Due to this reason, you can find various bots that are compatible with Indodax. Some of them are quite popular in their own right, while others are relatively new. This makes it a bit tricky for you to select a service that strikes the perfect balance between functionality and credibility. But once again, the task is not difficult – especially if you know what to do and where to look.
🚀 Check my results to know how much profit you can make with a grid trading bot on Indodax.
💻 Do You Need to Download Special Software?
Indodax cryptocurrency bots are created in several forms and cater to a wide variety of users. While some of these bots need to be downloaded and installed on your computer as special software, others are completely web-based and can be accessed via your Internet browser. This gives you plenty of flexibility to choose a service that fits your needs.
With that being said, it is prudent to remember that web-based bots can be accessed from anywhere and do not restrict you to one device. For instance, Indodax itself has a web-based interface that doesn’t require you to install any applications on your computer. Keeping this in mind, you should definitely consider cloud-based solutions over those that need installation on a specific device.
Another main feature of buying or selling your cryptocurrency through a cloud-based bot is that it lets you run its operations 24/7, without having to keep your computer on. This also brings more convenience to the table and lets you utilize your bots without using your computer or laptop to the hilt.
However, the main functionalities of trading cryptocurrencies remain the same for both installable and web-based platforms. If you don’t have qualms about accessing your bot from a specific device and also don’t see any issues with running your machine 24 hours a day, you can easily go with a solution that needs to be installed on your computer.
🛡️ Are Indodax Trading Bots Safe?
Credible bots that are designed to use with Indodax are completely safe. But you need to make sure that they are not connecting with your Indodax account with a withdrawal permission through their API. Any trading bot that asks for permission to withdraw funds from your exchange account is most probably a scam.
However, those tools that only ask for API permissions to see your balance and trade on Indodax itself do not sound any alarm bells. As long as the platform is credible and has good reviews, you can easily give out these permissions so the program can do its work.
🤖 Best Indodax bots
There are not that many services working with Indodax exchange, but you still can use several trusted solutions:
👌 Are There Any Free Indodax Bots?
When it comes to automated solutions remember that there are a variety of solutions out there. That means that you will find many solutions that come at a cost.
At the same time, you will also find a few solutions that come without any cost as well. The reason why this is so is because each digital asset hub would want to have a wide variety of partners to bring in more activity.
Remember that the more activity that comes to entities such as Binance, Coinbase, and Indodax, the more potential and opportunity that they have to offer more compelling services and products. As such, they are certainly incentivized to bring more access and opportunity so that everyone can benefit from the growth in some form or fashion.
Free automated augmented solutions include those that range from open source solutions to those that specific individuals or entities make for fun and push into the world for others to enjoy.
With that being said, you will always want to make sure that you are watching for what you are using when it comes to your digital assets. Remember that these digital assets are valuable and that you will want to have the best ways to keep them safe so that you can grow these assets over the long term.
Practicing caution when it comes to paid or free automated solutions will pay off in the long-term as you can create long-term value and have no issues when it comes to the preservation and perpetuation of your assets. Remember that caution, patience, and due diligence are practices that serve as your friend.
💰 How Much Money Do I Need to Start?
How much money you will need to start with to trade on Indodax will depend on you and what you are trying to achieve and how long you want to stay in the game. Many smart and clever professionals flame out due to a couple of bad trades in a row. Further, many day traders do not earn as much as they hope to in the present.
As such, staying in the game is not as easy as it looks from the outside.
The truth is that it helps to have a considerable portion of money to start as you can have more value increases when the asset price does go up over time. For example, if bitcoin went up from a price point of $1,000 to $20,000 but you only had $5 invested in bitcoin, your $5 rise to $100. That’s great, but it doesn’t really change anything for you in a significant way.
But if you had $10,000 invested in bitcoin at a price point of $1,000, that would clearly move you forward in a substantial way. Right? The more you have invested at a low price point and the higher asset value rises, the better it is for you, helping you to make more lifestyle changes.
But we are looking at this from a gain standpoint, what if we were to look at it from a downside perspective? Remember that markets go up and go down and you must prepare for these situations.
Further, decisions that you make might not be effective and you must prepare for this situation so that you can stomach present losses while optimizing for future gains. But to really understand why you must think in this manner you must go into the nature of trading.
The unwritten law here is that the more actions you take, the more mistakes you might make. For instance, day trading requires you to purchase and divest bitcoin and other digital assets within a day. You don’t want to stick around for a while in the markets, you are in and out.
What is the minimum amount of money that you will need to start trading?
It always helps to start off with at least $100 or more so that you can have enough to take little risks and withstand downturns. The traditional stock market has regulators that state it is best to have at least $30,000 in your account. You can see the variance here, right? But even in crypto, you want to have a nice portion of funds to start out with so you can continue on even in the storms that do occur.
The fact is that the downturns will come and your augmented solution may not have the right parameters set in place to handle them and seize the potential present therein. As such, having the ability to deploy a bit of capital and then allocating more into the markets will serve you in the long-term.
One critical point here is that you must practice discipline and understand when you should buy and when to sell the asset. If you can continue to implement discipline and consistent routines, then you have the ability to gain significant value.
Volatility is your frenemy in trading, it can help you gain and lose if you don’t know how to handle it. It is your job to stay steady while the markets move in random fashion.
📈 Are There Any Unique Pairs to Trade With the Bot on Indodax?
If you scroll through their trading pairs page, you can see that there are many different pairs to utilize when it comes to the trading picture. It does have a few unique trading pairs and does serve as a compelling option for those who want to take advantage of it.
📢 Conclusion
Setting a trading strategy, sourcing funds and growing your speculation cash pile is tough on Indodax and other entities but it can pay off in the long-term. It is up to you to practice discipline, seek opportunities, and find ways to multiply your initial stash of funds.
Multiplying your stash of funds through automated solutions is not walk in the park. At the same time, the augmented automated trading solution can be your friend on Indodax as you study the market and set your tool to seize opportunities within the space accordingly.