The contemporary landscape of the crypto industry is quite complicated thanks to the constant advancement of financial technologies. For instance, it is now common to use an AI crypto trading robot to optimize profitability and achieve consistent returns from systems that were previously only dreamt of. Many investors who want to work with a CEX that offers diverse products will be happy to learn that all these amazing possibilities are available here!
Crypto trading bots for Biconomy
Why should you use this particular platform for all sorts of investment activities? The answer is simple: it is an incredibly flexible service that offers a rich assortment of useful features, financial instruments, and performance metrics. Below are some reasons to pick this particular CEX over many others.
- A deep spot market featuring 205 coins and 221 pairs. The daily trading volume here is over $600 million. These numbers are as of October 2024. Investors interested in building balanced portfolios with adjustable long positions will be more than happy to work here. Note that liquidity is impressive considering that the yearly average 24-hour volume is close to $800 million.
- The market for derivatives is also expansive with over 60 futures settled in USDT. You can short-sell almost all digital assets eligible for staking. For instance, ETH, SOL, and AVAX are all available on the futures marketplace. It means that you can hedge against various risks associated with staking by short-selling them to build a delta-neutral portfolio.
- Flexible savings accounts for investors interested in creating a stream of passive income using contemporary financial instruments available in the crypto sector. Biconomy has several propositions including lucrative BTC and ETH options with a 3.16% APR. Holding USDC yields up to 12.59% depending on market conditions. You can also earn up to 12.88% on USDT holdings.
- Regular IEOs allow active investors to buy coins among early adopters. It is a great tool for some traders seeking higher returns by accessing tokens before they are officially listed on multiple CEXes. There is also a popular launchpad program helping developers kickstart their projects or mint NFTs on multiple chains.
All these advantages allow customers to optimize crypto trading on Biconomy via proactive diversification, effective hedging mechanisms, and other excellent tools. If you want to use a powerful automated crypto trading platform with futures, this exchange must be on your watch list in 2024.
We strongly believe that many retail traders will appreciate the product line offered by this CEX. With so many useful features, building a solid portfolio that performs well is easier than on platforms that streamline user experience and reduce the customer’s agency.
How to set up a trading bot on Biconomy
The technological foundation of this exchange is solid. It has many unique features bridging the gap between the world of CeFi and DeFi. At the same time, third-party providers and individual users can connect to the spot market using the public API. However, it should be noted that the vast majority of large automation providers do not support this platform directly. It may take some tinkering and parlaying with customer support teams to connect your favorite robot vendor to the exchange.
Customers can use three ways to automate their activities on the CEX:
- Native copy trading functionality is sufficiently advanced to allow newcomers to get started without trying to understand the complicated crypto market. Over 100 different managers with varying performance metrics can be followed by all customers for a flat fee. Many beginners will be more than happy to start investing using this approach.
- Desktop applications can be a good choice too if you don’t mind additional tinkering and doing extra work. Multiple GitHub repositories store ready-made robots made by enthusiasts and professionals. You can also check out open-source solutions like Hummingbot which has a client capable of connecting to all CEXes with a public API and even decentralized protocols.
- Third-party automation vendors like WunderTrading deliver the best customer experience and flexible products that you can customize to build an excellently performing strategy. The issue here is that many respectable companies simply do not offer a Bitcoin trading bot for Biconomy or any other ATS for that matter.
The third option is usually the best because you can create unique systems tailored to your needs and capital. In many cases, it is better to start with an automation vendor and check which CEXes it supports. Otherwise, you will be limited to platform-specific robots (which usually do not have the same level of versatility or effectiveness) or desktop apps requiring good hardware, maintenance, and technical expertise to work as intended.
Which ATS is the best Biconomy trading bot?
Modern investors are often puzzled by the variety of strategies and robot configurations that are available to them. It is true that choosing the right ATS can be challenging even for experienced users who have seen it all. However, depending on the strengths of the CEX, you will be better off using very specific approaches.
Here are some systems that will work on this exchange:
- GRID robots. A powerful crypto grid bot delivers a consistent performance that produces profits with a surprising level of reliability. There is a reason why this particular template is available on almost all automation platforms. These robots utilize the DCA logic to determine where to enter the market and when to sell. They work well on CEXes with strong liquidity and high user activity.
- HFT systems like market-making will also work well on this exchange thanks to its deep liquidity, large trading volumes, and the sheer number of trades made using stablecoins like USDT and USDC. Setting up such ATS setups with desktop apps is a chore that requires a certain level of expertise. Native tools to build them simply do not exist.
- Triangular arbitrage opportunities here are plentiful. Nearly all pairs involve either USDT or USDC. It means that you can always search for triangular arbitrage opportunities when price discrepancies occur in the spot market. Again, it is hard to create a system like that without a powerful script-writing toolkit and analytical instruments. An arbitrage trading bot for Biconomy could be a massive win for everyone!
Unfortunately, the exchange only has a basic copy-trading module, which is better than what many other CEXes offer, but all other automation features are absent. The lack of partnerships within the ecosystem, such as the one between Binance and WunderTrading, negatively affects contemporary retail traders who are used to robots. Over 65% of all US retail traders utilize various ATS setups for various purposes.
In many senses, the fact that this company is not interested in partnering with industry-leading vendors like CryptoHopper, 3Commas, and WunderTrading to deliver a better customer experience to its users is quite saddening. The exchange has so many upsides and offers access to a wide range of assets while having some of the lowest fees in the industry! It is a shame that you cannot run truly complex ATS setups here.
The best trading bots for Biconomy 2024
Whether you want to use the platform for its spot market diversity or plan to switch to another CEX that has a higher level of interoperability and integration, it is important to know which contemporary service providers in the automation sector deliver the best outcomes. Below are several companies that have incredibly useful product lineups.
- Cryptohopper is a famous brand that has been around for quite some time now. It offers an excellent user experience and has an impressive lineup of products featuring such staples as grid bots, custom scripts, and more. The only downside of the platform is its surface-level social trading component that does not provide the necessary level of flexibility to users who are new to the market and could use assistance from experienced professionals.
- GunBot is a solution that many crypto enthusiasts find appealing due to its versatility. This platform works with decentralized applications and CEXes allowing seasoned investors to create unique portfolios with assets spread across various parts of the cryptocurrency ecosystem. If you are interested in diversification within the DeFi sector or want to trade on custodial and non-custodial marketplaces simultaneously, this robot will work well. At the same time, newcomers will appreciate the LLM employed by Gunbot. It is capable of writing scripts based on descriptions provided by users.
- WunderTrading is one of the most versatile vendors out there. The user experience here is streamlined with each step explained in detail. With such an easy onboarding process, users do not feel overwhelmed and can quickly launch their first ATS. Time-tested systems like a crypto DCA bot or statistical arbitrage are available to all users with upgraded plans. WunderTrading has a deep catalog of instruments catering to all sorts of investors. For instance, newcomers can engage in copy trading thanks to the diverse marketplace featuring managers from all supported platforms. The AI-assisted arbitrage robot is another useful product offering a new way of interacting with the market.
People who are interested in building advanced strategies can use these platforms to create something unique. However, this particular exchange is not supported by any of these vendors. If you need to run an arbitrage trading bot on Biconomy, you might be limited to desktop apps and native automation options which are limited.