BOTS Blog: How do I trade in crypto currencies?
BOTS is about to revolutionise the world of trading. Algorithmic trading will be available to all people worldwide rather than just the richest 3% of the world. We have created a few informative videos to get you started with the BOTS app.
What is BOTS?
It’s an open platform on which expert developers offer the use of their bots. These bots trade for you, making decisions based on artificial intelligence, machine learning and algorithms. So, essentially, bots are automated trading strategies.
Thanks to our app, the best trading strategies are now also available to you, not just to the richest 3% of the world. This is how we are revolutionising the world of trading together and making it fairer and more transparent.
Trading in crypto currencies
Currently, the bots on the BOTS app trade mostly in crypto currencies. This is a brand new field for some people and, to be honest, perhaps a little daunting.
How do you actually start trading in crypto currencies as a beginner? Where do you need to be? What are the basic principles and what apps are available?
Simon explains everything in the video below. He is also a beginner when it comes to crypto trading and has done some research for you so that you too can trade like a pro without being one.
What is crypto currency?
In simple terms, crypto currency is digital money. The value of these digital ‘coins’ can vary from day to day just like the exchange rate of ‘normal’ money. It is, however, important to know that the value of crypto currencies can rise and fall much more steeply than ‘normal’ currencies.
The best-known crypto currency is Bitcoin. But there are hundreds of other crypto currencies. You can buy and sell these crypto currencies using ‘real money’. This is called trading and you can do this on numerous platforms. When you make a profit, you can exchange these crypto coins for your own trusted currency, such as the euro or the dollar.
Trading in crypto currencies can be quite intensive, especially if you are just starting out. You have to make sure that you can store your crypto coins somewhere (a wallet) and to make a profit, you have to buy and sell at exactly the right moments. This is no different than with shares but because the exchange rates for crypto currencies can be quite erratic, it is more challenging than with shares.
Trading in crypto currencies is therefore often reserved for experienced traders.
Starting to trade in crypto currencies
Fortunately, there are also alternatives for beginners. Coinbase is easy to use and therefore very suitable for beginners. Binance is a bit more complex but still worth trying if you want to start trading in crypto currencies. Both are well-known trading services and they take security very seriously. This is a must when trading in digital money.
Another option is, of course, trading via the BOTS app. You don’t trade yourself, but you deposit money and a bot trades for you. The bot buys and sells for you based on a predetermined trading strategy. These bots focus on making a profit for you, so you don’t have to spend time trading yourself. It’s ideal. You just have to put your faith in the bot you have chosen.
The BOTS expert explains
Arthur is the head of the bot creators department and says that the first thing you need when you start trading with the BOTS app is patience. Lots and lots of patience.
“We see that there are still some people using the bots to trade themselves. They try to pick the perfect time to start and stop a bot. But, of course, the whole idea of automated trading is that you allow the bots do the work.”
What’s the hardest thing for users? Having patience. “We get a lot of questions when a bot goes down in value. Or if a bot does nothing for a time, while it is waiting for the right moment. The goal is to ‘win’ statistically and that doesn’t happen in a day or a week.”
Choose your own strategy
If you are going to start using the BOTS app, it is wise to think about how much risk you are prepared to take. If you like risk, you can divide your stake between just one or two bots. If these bots do well, the returns are also high, of course. If they don’t do so well, the losses can quickly add up and you might lose your stake completely.
Simon’s strategy? Simon would rather invest €50 per bot in four different bots than €200 in a single bot. This is because if one of the four bots does not do that well, there are still three other bots that can make a profit.
Managing risk is always important when it comes to investing, but with crypto currencies it is perhaps even more important.
Manual trading versus automated trading
The great advantage of trading with the BOTS app is the fact that it is automated. This is easier and takes up a lot less of your time. A big advantage. You can read more on this subject in this article.
Need help with something else?
If you have any questions about the BOTS app, please feel free to contact our support department.
On our YouTube channel you will find other instruction videos to help you get started. Also, feel free to visit our Discord channel.
Trading is for everyone
Everyone should be able to trade. And now they can. With BOTS. Interested, but your question hasn’t been answered yet? Then please take a look at the FAQs on our site. Or contact us and we will be happy to explain it to you in person.
The BOTS app is now live
Download the BOTS app on your mobile phone today! For Android click here, for Apple click here.
There is no such thing as risk-free trading. It is possible to lose all or part of your stake.
