Bot Copy Trading is a way for users to copy bots created by pro traders. All they have to do is pay a nominal fee to “rent” the bot, and then they can use the bot to place pre-programmed trades.
There are a few reasons why you would copy other traders’ bots.
For one, users that are new to trading crypto may want to see how pro traders do it before jumping into the fray. This is especially the case when it comes to trading futures, where leverage is high and the risk of losing your principal to liquidation is high.
On BTSE, we offer futures grid trading bots in which buy low, sell high trades are programmed within a certain price range.
Secondly, bots help reduce impulse trades and the emotional element that may impact day-to-day trading. Bots can help traders stick to rational trades at predetermined buy/sell prices.
Thirdly, some people just don’t want to deal with the hassle of day-to-day trading and constantly checking prices. BTSE offers a spot DCA bot for users who just want to dollar-cost-average their trades and buy Bitcoin or Ethereum every week or month over the long run.
Here’s five steps on how to get started with bot copy trading on the BTSE app. If you don’t have the app, try downloading it on the Apple or Android app store.
Step 1: Ensure that you have enough funds in your respective wallet.
The biggest mistake that users make when copying a bot is not having enough funds in their wallet. Note that if you want to run a futures bot, you need to have money in your futures wallet. If you want to run a spot DCA bot, you need to have money in your spot wallet.
We recommend that you put at least 500 USDT into your wallet – anything less than that and it’ll be difficult to make meaningful profits.
Step 2: Go to Trading Bots on the BTSE App and click Bot Marketplace
Here, you’ll see a number of trading bots, created by traders for different cryptocurrencies. As mentioned, BTSE offers Futures Grid Trading Bots and Spot DCA Bots.
Think carefully about what kind of bot you want to buy. If you have a small principal and really want to make money, you can try a Futures Grid Trading Bot. Note that grid bots work best in sideways markets where the price constantly fluctuates within a range, though grid bots can skew long or short.
If you just want to accumulate crypto over the long run, it might make sense to run a Spot DCA Bot.
Step 4: Confirm payment
This part is pretty straightforward – you review the details of the bot you’re buying, such as how long it’s supposed to run and how many people are using it
Step 5: Determine how much you want to invest
Here, you tell the bot how much money you want to invest. Since this is a spot DCA bot, we put in 1000 USDT, and this bot will space out orders to invest the principal over a period of time.
Now all you have to do is sit back and wait. Now is the time for patience – the bot may take another day or two to place the first trade, and the rest of the trades will be spaced out over time.
Over time, your orders will show up in the Trading Bots section of the app and you’ll be able to track the bot’s profits and ROI.
