If you are interested in running an AI crypto bot on this platform, you won’t have many options. An AI trading bot for BitBank is an ephemeral idea that cannot be easily implemented using the tools readily available to crypto investors. However, there are some ways to automate many operations on this CEX but they will work only for users with some technical expertise, coding skills, and spare time.
Global users must remember that this exchange operates in Japanese Yen making it impossible to withdraw funds in fiat. On the other hand, international clients are served without any issues and conflicts with KYC and AML guidelines. You will need a bank account in one of many Japanese banks to work with this CEX.
Do you need an automated trading bot for BitBank?
The exchange was founded in 2016 in Japan. It is a registered operator that deals with securities in a fully regulated manner. The main fiat currency used for all trades is JPY but you can make a deposit in foreign currency or crypto. Supported tokens are BTC, LTC, XRP, ETH, MONA, and BCC. Low fees (maker - 0.05% and taker - 0.15%) make it a great choice for users interested in high-frequency trading and market-making.
Clients of this exchange enjoy a wide range of benefits:
● The spot market features 40 digital assets forming 41 JPY-based trading pairs. The daily trading volume regularly exceeds $90 million suggesting sufficient liquidity for many types of strategies. Note that over 37% of all daily trading volume is generated by the XRP/JPY pair. The variety of instruments allows investors to easily pick targets for their portfolios.
● Sales Outlet is a special section of the CEX designed specifically to cater to the audience of casual buyers who do not like the idea of using complicated investment tools like BitBank trading bot strategies or algorithmic trading. Here, cryptocurrencies are displayed as products in a typical online store allowing users to make purchases instantly using their balance.
● Lend and Grow is a passive income program offered by the exchange where you can provide liquidity to the lending platform and receive up to 5% APY on any of the assets supported by the spot market. The program is a good choice for those investors who do not like the idea of using a trading bot that operates autonomously to make money.
● The application-specific interface is maintained quite well and has all the necessary functionality to allow third-party developers to easily connect to the digital infrastructure of the exchange. If you want to launch a BitBank API trading bot, you will have all the necessary information published on GitHub and available in English.
These advantages make the exchange a solid destination for crypto enthusiasts interested in building advanced investment strategies and utilizing the full range of available instruments effectively. The problem with ATS deployment is that the CEX is not supported by industry-leading providers like WunderTrading or TradeSanta making it hard for people who are used to excellent automation tools to work here efficiently.
Choosing the best crypto trading bot for BitBank
Since the exchange is not directly supported by some of the most popular automation vendors, you will have to resort to “make-shift” solutions that may not work properly or even be dangerous to use due to security concerns and difficult onboarding.
Here are the options available to investors interested in automating their investment activities:
- HummingBot is an open-source instrument developed by a community of enthusiasts and supported by massive centralized exchanges like Binance, Kraken, and Coinbase. The application natively supports API connections to a wide range of CEXes through CLOB connectors. Since the community adds new connectors slowly and only after voting, you may have to do everything manually.
- Use a custom solution from GitHub. User Lee101 published its sample-market-maker on GitHub which works with BitBank and BitMex. It is an elegant solution that allows users to make money by engaging in high-frequency trading. It is a solid approach to active trading requiring sizeable capital and producing respectable returns quite consistently. Installing and connecting this application can be difficult for users without any technical expertise.
Note that you will be limited to only a handful of strategies when using any of the solutions above. HummingBot has a library of usable strategies but many are designed to work with decentralized exchanges. If you want to launch an effective grid trading bot for BitBank, you will be out of luck. It is possible to code and deploy your own robot but it is a route that is out of reach for the vast majority of investors.
The last option left for many users is to design, code, test, and deploy a bot personally. It is a large-scale operation for someone without any prior experience in coding as it will require some studying, trial and error, and a lot of time dedicated specifically to this niche solution that may not even work well.
How to set up a trading bot on BitBank
Crypto investors working with this exchange have only two options to automate their operations if they do not want to develop an application specifically for this purpose. The CEX is not supported by HummingBot but it is possible to create a CLOB connector for personal use. We will provide a surface-level guide for each of the options.
Setting up a Bitcoin trading bot for BitBank using HummingBot
The repository on GitHub contains all the necessary components of this application. You won’t need to run the whole thing and can limit the installation to only one client. You will still to get the GitHub Docker and have a Windows, Linux, or MacOS operating system with at least 4 GB RAM and 5 GB disk space.
Here’s what you need to do:
- Launch the Docker Desktop application that contains Docker Compose.
- Use commands “git clone https://github.com/hummingbot/deploy.git”, “cd deploy”, and “bash setup.sh”.
- Use the command “docker compose up -d” to download the latest version of the client.
- Use the command “docker attach hummingbot” to attach the instance to your machine.
- Launch the client and set up your password that will used for local access.
- Use the CLOB connector in the folder “exchanges” to connect to the spot market.
- Launch a strategy from the list of installed strategies (V1 strategies are available after installation).
Note that you won’t have the CLOB connector and have to build one using the documentation provided by the HummingBot community. While it does not require users to have an advanced level of coding skills and technical expertise, reading through the API documentation, and instructions on how to build a CLOB connector, and doing everything manually will take quite a lot of time.
You will also be limited to strategies that are designed for DEXes and AMMs (AMM arbitrage, XEMM, pure market making, liquidity mining, SPOT perpetual arbitrage, etc.) or create custom robots that may not perform as well as V1 strategies. It is certainly not a useful BitBank bot for beginners.
HummingBot does not have a user-friendly interface or any convenient features. The onboarding is brutal for users without any technical expertise and running a strategy can be quite complicated. However, it is one of the most reliable solutions for crypto enthusiasts who decided to use this Japanese CEX as their main base of operations.
Using a market-maker robot
The GitHub repository published by the user Lee101 is outdated and will not work without some tinkering with the code and settings. The robot is relatively easy to install with the Docker:
- Clone the repo with “git clone [email protected]:BitBanknz/sample-market-maker.git”.
- Install the necessary dependencies with “pip3 install -r requirements.txt”.
- Create a file called “settings.py” and add your API_KEY and API_SECRET.
- Run the app with “python3 ./marketmaket [symbol]” (replace symbol with the trading pair).
The application requires some updates to the ./market_maker/ws/ws_thread.py file to work as intended and use the appropriate BitBank.cc websocket. Here, you will be limited to just a market-maker spot trading bot for BitBank without any additional options. However, the author of the repo has left all the necessary instructions for other coders to deploy their strategies if needed.
Which providers would work well for this CEX?
It is necessary to work with some of the best automation providers in the sector if you want to achieve consistent results with robots. However, this particular centralized exchange is not supported by the best vendors in the ecosystem. You may try talking to customer support and asking them to add the support for this exchange.
Here are some of the best choices for crypto investors interested in deploying the most effective ATS designs:
● WunderTrading is an excellent pick for users who want flexibility and reliability. The platform has a rich selection of ready-made strategies including staples like grid and dca trading robots. A DCA trading bot for BitBank would work particularly well thanks to the solid spot market and easy access to assets suitable for long-term holdings (Bitcoin, Litecoin, Ethereum, and many others). WunderTrading offers advanced social components with its marketplace featuring hundreds of lead traders from all supported CEXes. It also has a powerful AI-assisted statistical arbitrage system that can deliver impressive results.
● 3Commas is a good choice for people interested in user-generated content and strong communities. This provider maintains a social marketplace where clients can purchase strategy designs, signals, add-ons, and other interesting ideas from other users and third-party developers. Newcomers will appreciate the copy trading section with a rich selection of managers from 14 different exchanges. 3Commas is a relatively expensive choice and has some of the steepest pricing curves out there but many users think that the price is justified considering the quality and diversity of tools offered by the provider.
● TradeSanta is another solid pick if you are among investors who like to simply launch a robot and forget about managing it. The platform offers over a thousand different ATS designs that can be deployed with a couple of clicks. If you need to run a scalping bot for BitBank or any other CEX but you don’t know how to set it up, TradeSanta is a great destination to check out thanks to the diversity of options available to all users from the get-go. On the other hand, the variety of ready-made solutions may be a detriment for some investors who struggle to identify strong and weak parts of their portfolios.
Other honorable mentions are CryptoHopper, GunBot, and CryptoRobotics. Note that we do not endorse any of the providers listed above and encourage all our readers to do their own research and work with platforms that they understand and can use effectively.
Some strategies won’t work well on this exchange. For example, a BitBank arbitrage trading bot will not produce good outcomes due to the absence of crypto pairs (ETH/BTC or LTC/XRP) to generate price discrepancies that can be exploited by a triangular arbitrage robot.
The main takeaway
This Japanese centralized exchange is not a bad place to start your journey through the world of crypto due to the Sales Outlet section and a solid spot market. However, international traders with experience should choose a platform that has more integrations and grants access to a richer selection of digital assets.