Let’s take it out of the way: you won’t be able to use some of the most advanced tools like an AI crypto trading bot on this exchange unless you can connect a powerful third-party service via the API port. The CEX has many advantages but automation is certainly not one of them. You will be surprised by the amount of workarounds you will need to use to set up an ATS that can work here well. In many cases, you will need to switch to another exchange if you are interested in running sophisticated strategies like statistical arbitrage and whatnot.
Why do you need a Bitrue API trading bot?
Let’s start by listing some of the most important advantages of this platform. Many crypto investors are drawn to this exchange because of the long list of financial instruments available to its users. Other upsides include excellent liquidity, various staking options, and a powerful social component that connects users to hundreds of verified professionals.
- The spot market is great for users who seek variety and diversity. As of the time of writing, this exchange has 738 different coins listed and 1299 pairs that can be traded without any issues. The platform supports multiple fiat currencies. It is a great destination for people who want to buy and sell mainstream coins like Bitcoin and Ethereum quickly.
- The derivatives market is also versatile. It is mostly focused on stablecoins like M-Coin, USDT, and USDC coins that can be used as collateral. Note that accessing this market is associated with leverage and increased risks so explore this market carefully. Combined with the spot, the futures section generates over $14 billion in daily trading volume which is on par with some industry-leading CEXes.
- The passive income program here is designed around staking. You can use a variety of digital assets to generate interest. If you are not interested in running an automated crypto bot for Bitrue but still want positions in your portfolio that generate profits consistently, staking is a great choice. Here you can work with a wide range of digital assets including Bitcoin, Ethereum, Cordana, and many others.
- The ETF section is good for conservative investors who are more inclined to stick to the long-term holding strategy instead of day trading which can be risky even if you have a very solid approach to buying and selling assets. ETFs are quite popular among institutional investors. You have a chance to join them by simply putting capital into funds through CEXes like this one.
- The Bitrue auto-invest crypto bot is an interesting solution for people who do not want to spend time decoding the sophisticated nature of the crypto market. If you like the idea of a hands-free approach to investments, this tool will be a game-changer for you. Simply deposit stablecoins into the spot wallet and allow the system to make investments in a variety of tokens like BTC, ETH, XRP, and BTR.
These features make the exchange stand out from the crowd. It is a great destination for newcomers and experienced veterans thanks to the expansive catalog of useful tools and a mind-boggling variety of financial instruments readily available to all users of the platform. On the other hand, if you are interested in running a sophisticated trading bot using the functionality of the exchange, you will be limited to copy trading which is not the best selection for veterans who would like to apply their knowledge of technical analysis to personal investment plans.
One API to rule them all
The CEX has a functional API port that comes with a ton of technical documents. Developers will be quite happy to create small applications that allow users to interact with the platform without dealing with the UI. The issue is that the number of third-party providers who directly support the exchange is very small.
The API gateway allows users to receive live market data, interact with the spot or futures market, and even deposit/withdraw funds. If you want to launch a futures trading bot for Bitrue, you will have some difficulties but it is possible.
How to set up a trading bot for Bitrue
There are several possibilities for people who want to automate their operations on this exchange:
- You can develop an app. Technically savvy individuals with some coding knowledge can explore GitHub and search for projects that automate different strategies. You won’t have to write code from scratch. Instead, it is possible to find something that suits your preferences and edit the code to create an app that can directly connect to the CEX.
- Use HummingBot. This tool is extremely popular among low-budget traders and enthusiasts. The project is open-source. Financial backing for the team is provided by large centralized exchanges like Binance, KuCoin, OKX, and others. HummingBot is free and can be used by anyone. It is designed primarily for the DeFi sector but can be successfully used in the CeFi sector too.
- Use a third-party provider. Many specialized vendors are doing an excellent job automating your trades on various centralized exchanges. Cryptohopper, 3Commas, Cornix, and WunderTrading are established providers that have some of the best ATS designs out there. If you want to run the best crypto trading bot for Bitrue, it is necessary to work with one of these companies. Unfortunately, they do not support the exchange directly.
Alternatively, users of this CEX can simply limit themselves to just copy trading. It is not as engaging or fun as building your own strategy and analyzing the market personally, but it can work if you are lucky enough to pick a retail trader who performs just like their trading history suggests.
Picking good providers
Whether you need a consistent grid trading bot for Bitrue or an advanced AI-powered ATS, it is necessary to start by seeking the most efficient and capable provider in the industry. With hundreds of different vendors offering their services to the growing community of crypto investors, making a good choice is quite difficult.
Below are some tips you can use to pick a vendor that will not disappoint you:
- Choose companies with great reputations. Platforms that have been around for several years and have a product that has been tested over time are usually the best in the pack. You don’t want to waste time on something that barely works, delivers poor results, or comes with lacking complimentary features. It has to be a company with a good track record!
- Product variety plays a huge role. You might want something that every vendor offers. For instance, you may be interested in DCA trading or a Bitrue arbitrage trading bot. However, the contemporary automation industry is not limited to these popular presets. You can always find a plethora of other options like an AI-powered ATS, a massive statistical arbitrage system, or something completely different.
- Good educational materials. You must look for companies that deliver an excellent onboarding experience by offering detailed guides and tutorials on how to use their toolkits effectively. Unfortunately, close to 60% of all investors complain that they feel confused by the complexity of many decentralized applications, service providers, and other platforms native to the cryptocurrency ecosystem.
- Pricing should not be ignored. While the difference of $10 per month seems insignificant, it can add up and make a dent in the outcome of your investment activities. We strongly believe that investors who want to achieve greatness must pay attention to the tiniest details. Multiple companies are offering great deals and free trials. Take advantage of their generosity!
Use these tips to pick good providers. If you don’t see any particular exchange in the list of directly supported platforms, don’t be upset. Talk to customer support and see if the provider is willing to create a separate connection for you personally. In some cases, it will be possible. Also, many providers regularly revise and expand the list of supported exchanges.
The best Bitrue bot for beginners in 2024
We want to give you a list of platforms that can work as starting points for newcomers and veterans who are exploring the world of cryptocurrencies and want to make their investment routines autonomous and efficient. All of the platforms below are great choices. Note that we do not endorse them and encourage all our readers to do their own research before using any of the services. Instead, you should check them out and test them using trial periods or free accounts. Get started investing with them only if you like the first-hand experience.
- 3Commas is a good choice if you are interested in building a portfolio around social features. Here, you can find a plethora of interesting strategies and signals that can be bought directly and implemented in your robots without any hassles. If you are into copy trading, the social section of the platform is quite diverse featuring hundreds of managers from all supported exchanges. 3Commas can be on the more expensive side in terms of pricing but the experience is quite good and the product is polished.
- Use HummingBot if you are on a tight budget. This free project is backed by centralized exchanges that allow it to connect to API ports without any issues. HummingBot is designed for the decentralized finance ecosystem but can be deployed on various CEXes. You can run a variety of strategies like automatic market-making, auto-lending, and more. The biggest upside of the tool is its price. The biggest downside is the steepest learning curve and a very clunky user interface that does not have any graphical elements.
- TradeSanta offers you access to a rich selection of ready-made strategies that can be deployed with a couple of clicks. It is an interesting platform if you are a new guy to the crypto industry and do not have much experience with it. Selecting from recommended solutions can be a better idea than trying to come up with a unique, sophisticated ATS design on your own. TradeSanta also has good social features, interesting customizable robots, and other investment instruments that may grab your attention.
- WunderTrading is the best choice if you want to run an advanced AI trading bot for Bitrue. The statistical arbitrage system enhanced by artificial intelligence is one of the current flagships of the platform that has been around for 8 years constantly innovating its product lineup. If you don’t feel like giving up control over your investments to a machine, you can simply go to the marketplace and pick a human trader to follow. Presets for DCA and grid trading are readily available to all users. WunderTrading is an all-around excellent provider that has a deep catalog of robot designs!
The main takeaway
Many people who are coming to Bitrue to start investing in the crypto market are content with the number of investment instruments at their disposal. In the end, it is a solid CEX with a massive spot market and impressive daily trading volumes. On the other hand, you may feel quite limited by the absence of meaningful automation features baked into the platform and a fairly empty social marketplace.
People who want to use the most advanced tools available to retail traders today will have to switch to other CEXes like Binance or Kraken, which are supported by the vast majority of specialized third-party vendors in the automation industry. In many cases, this switch would be a wise choice that can help you improve the efficiency of trading operations and achieve consistent profitability without compromising convenience and access to financial instruments.