[ad_1]
There are various benefits to automating one’s buying and selling ways as an alternative of pointing and clicking with a mouse. For starters, bots can execute buying and selling choices freed from emotion, are lighting quick, and have far fewer margins of error. In accordance with CNBC estimates, crypto buying and selling bots account for 70% to 80% of the general buying and selling quantity.
TokenBot is an automatic copy-trading platform designed for social buying and selling teams and communities inside messaging apps equivalent to Discord, Telegram, and Slack. As soon as added to a social media group, TokenBot screens the admin’s account on an alternate and robotically notifies members of their buying and selling exercise particulars in real-time. The bot has greater than 8,000 each day lively customers and streams near $100 million per day in buying and selling quantity.
In an unique ask me something session with Cointelegraph Markets Professional customers, TokenBot’s co-founders Anthony Elia and Shaun Newsum shared perception on how the bot may assist crypto merchants.
TokenBot intro and UI | Supply: TokenBot
Cointelegraph Markets Professional Person: What crypto exchanges are at the moment supported on Tokenbot?
Anthony Elia and Shaun Newsum: We help the entire important spot and futures exchanges. Binance, FTX, Bybit, Coinbase, Kraken and BitMEX. We’re increasing to Gate.io, OKEX, Huobi shortly. A lot of our grasp merchants who use the platform, particularly these with leverage buying and selling methods, use Binance, with FTX coming in at second place.
CT Markets Professional Person: How does the construction work? I join my API to the bot, after which the trades are shared by means of associates/neighborhood by way of Discord/Telegram? What is the payment for it?
AE & SN: Sure, you join your API key contained in the TokenBot.com dashboard, click on your Discord/Telegram account after which add to the bot in your group chat. There isn’t any payment to share trades. If customers wish to copy your trades, you possibly can set your value as little as $29/month, and TokenBot takes wherever from 10-30% platform relying on the subscription value. TokenBot will robotically copy these trades to the subscriber’s crypto account by way of their API keys.
CT Markets Professional Person: Are the trades shared in close to real-time, or is there a delay?
AE & SN: Are the trades shared in close to real-time, or is there a delay? Sure. Our system connects on to the alternate WebSockets API, and we get close to real-time notifications of trades to scale back latency. We now have been engineering this method for over three years.
CT Markets Professional Person: Does the bot help DEXs as nicely, or solely centralized exchanges?
AE & SN: Proper now, solely centralized exchanges. Nevertheless, if we help DEXs, we’ll look to help dYdX first, given their on-chain perpetual futures contracts product has gotten quite a lot of steam with merchants.
CT Markets Professional Person: You talked about transparency as a giant forte of the setup. However what if a dealer, say, trades on Coinbase after which transfers cash to Uniswap after which swap/purchase/promote there? The bot not have the ability to choose up the DEX trades proper? Are there workarounds?
AE & SN: You possibly can cross-copy trades throughout CEX with TokenBot, however there is no such thing as a strategy to inform if the dealer you’re copying withdrew that coin from the alternate to say, Uniswap and exchanged it there. However you’d have a commerce left open till the dealer offered the place from the place it originated. The dealer would finally should reply to their neighborhood concerning the nonetheless open commerce. There isn’t any method across the dealer manipulating the P&L on their trades.
CT Markets Professional Person: There have been many phishing exploits currently involving Discord. How safe is Tokenbot from this sort of assault?
AE & SN: Since we’re primarily a CEX/API product, our predominant safety layer is thru {hardware} encryption and IP-restricted API keys “binding.” Many of the API keys in our system can solely be utilized by our servers. For instance, you possibly can create an API key to be used with TokenBot on Binance, By bit, and Phemex – and that API secret’s practical ONLY on our servers. This restricts the potential of any “man-in-the-middle” kind assaults.
[ad_2]