Some say that BitMEX is one of the best choices for crypto enthusiasts looking into opportunities to buy and sell coins. The exchange was founded in 2014 by a group of financiers. Over the last decade, the service expanded dramatically adding a bunch of new features. While it did not avoid controversies and issues with the law, it is still considered a safe bet by millions. How can you use a BitMEX trading bot effectively?
Using the best solutions
Features developed by services like WunderTrading can work on the BitMEX platform without any issues. Bots are great for both long-term investors with conservative strategies and active traders who want to make money right here and right now. Machines are better at trading than humans due to multiple reasons:
- Robots do not require any sleep or rest allowing them to perform around the clock and track assets 24/7;
- Machines are not affected by negative emotions and place orders without fear or hesitation reducing chances of missing out on opportunities;
- Modern bots can outperform tradby ers relying only on their wits and slow analysis since robots receive signals directly from indicators.
The speed with which the best Bitmex trading bot operates is simply mind-blowing. The moment it receives a signal, you will see a newly placed order on an exchange. Since BitMEX is a fully digital platform, such speed provides obvious advantages and many manual traders are left without a chance to compete.
A free crypto trading bot for BitMEX
A great way to ensure that you found a good overall strategy is to try available solutions without paying anything upfront. WunderTrading offers a great bitcoin trading bot for BitMEX for free. You will encounter some limitations (up to 5 bots only) but most strategies can be tested without any risks. If you like the results, you can always expand to a better plan.
On the other hand, any auto trading bot for Bitmex and other exchanges will work well only if you already have a sound plan. Use TradingView and technical indicators to come up with a reliable pattern of actions that usually yield good results. Then, apply your ideas to script-writing on the WunderTrading platform.
Can you make money using automation?
The big questions that all investors ask are whether they can make more money using additional tools and could they lose money while using them. The answer to both questions is “YES”. Most strategies involve a certain level of risk. If a perfect opportunity to safely make money existed, the whole world would have been all over it.
On the other hand, automation creates new opportunities with products like DCA buying which is a safer strategy for expanding your portfolio over time without huge investments. DCA users spend only their disposable income to build up a bigger wallet.
When considering your prospects with automation, think of several factors:
- The price of the service. A basic plan can be free or cost as little as several bucks. However, enterprise-level plans cost upwards of thousands.
- Fees on the exchange. Automation is a way to increase the average number of orders you place so be ready to pay more for scaling up.
- Average ROI. You will have to test strategies over long periods to ensure that you have a stable ROI and contemplate whether numbers are sufficient for a long-term commitment.
Should you use bots?
When it comes to trading on digital platforms like BitMEX, using automation is essential. Many experts believe that without at least some processes handled by bots, most users won’t be able to compete when it comes to day trading.
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