The exchange is not suited for integrations with third-party providers and does not offer a diverse catalog of interesting products to work with but it has some advantages and supports automation if you are interested. If you want to launch a sophisticated AI crypto trading bot and make it work here, chances are there won’t many opportunities to do so. However, some independent solutions for a variety of strategies were developed by the community.
Some of the best trading bots for Bitso are the ones created by passionate retail traders who have the necessary technical skills and expertise to create highly specialized solutions for specific exchanges and other fintech services operating in the crypto ecosystem. We will discuss some of them and also talk about products compatible with this CEX.
Do you need an automated trading bot for Bitso?
A recent survey of the crypto market with several thousand participants revealed that over 65% of all individual investors use automation to at least some degree to optimize profitability and increase the efficiency of their operations. Almost all institutions use robots for market-making, high-frequency trading, and other strategies that rely on the volume of operations instead of careful planning and advanced predictive analytics.
If you want to use a bullish trading bot for Bitso and create a portfolio that can deliver good outcomes consistently, it is more than possible thanks to several key advantages of this CEX:
● It is a popular destination for global retail traders. The exchange has over 5 million active users and processes over 90 million trades monthly with an impressive volume of operations in fiat and crypto. With a massive audience and high trading volumes, it is a good place to deploy automated trading systems (ATS).
● The spot market is diverse enough to allow investors to engage in a wide range of strategies including triangular arbitrage, statistical arbitrage, grid bot crypto systems, and more. The exchange gives access to 61 coins forming 96 pairs with the most frequently traded one being XRP/MXN at a massive $5.7 million 24-hour volume.
● Excellent passive income programs. The CEX is promoting a stablecoin called Digital Dollar which can be earned in a weekly yield reward program allowing users to benefit from simply holding their assets in the exchange’s custody. Instead of running a Bitcoin trading bot for Bitso and risking losing money while actively speculating, you can simply trade using Digital Dollars and receive rewards weekly.
● The API port is maintained quite well. Unlike many other similar platforms that also work diligently to attract developers, this CEX is actually interested in expanding its community and allowing third-party providers to work with its infrastructure. While industry-leading providers do not support it directly, you can find ways to set up a Bitso API trading bot.
These advantages allow this platform to stand out and attract new customers with an impressive level of consistency. It is one of the biggest LA CEXes with a solid spot market and a wide range of unique investment opportunities for all types of investors. The only downside, in our particular case, is the absence of any automation features that would make it easier for users to increase the efficiency of their trades.
Finding good Bitso bot trading strategies
Providers offering cutting-edge automation technologies do not integrate with this platform directly. In some cases, you can talk to customer support of your provider and ask them to add a certain CEX to the list of supported exchanges. However, developing a secure and reliable connection can be resource-intensive and many providers prefer focusing all their development efforts on exchanges that control the biggest market share.
You won’t be running an AI trading bot for Bitso provided by an industry-leading company like WunderTrading anytime soon. However, you can find other interesting solutions and create a balanced portfolio based on automation even if you are interested in trading exclusively on this LA platform.
Here are some of the options available for users of this CEX:
- AmeliaBot is a specialized provider that supports some unexpected CEXes like a Bitso bot for beginners. AmeliaBot is a niche solution with an unsecured website that does not use encryption and a handful of ready-made strategies like instant market-maker, arbitrage, and margin trading robot. It can be deployed on AscendEX, BiBox, Gemini, HollaEX, and IDEX among many others.
- Bitso-api GitHub repository published by Elias Manj, a power user of the platform, is a nice solution for investors interested in running a very specific kind of Bitso arbitrage trading bot. Since the spot market features many pairs that intersect and form opportunities for triangular arbitrage, a well-designed robot can easily exploit price differences to secure profit. However, the price convergence is a huge risk specifically because many are using this particular robot.
- Creating a robot personally. Users with technical know-how and coding skills can create an application to connect directly to the exchange’s infrastructure via the API port. Note that the company does not give away access to its API publicly. You have to request access by contacting the exchange and providing the necessary explanations of how your application will work.
Note that many of these options are either difficult to accomplish for people without a background in computer science or offer a lackluster experience and issues with security. If you want to run a solid investment strategy based on automation like an AI-assisted automated trading bot offered by WunderTrading, you will have to switch to another CEX.
How to set up a trading bot on Bitso
We will talk about the two aforementioned options in a little bit more detail. Do not expect a comprehensive guide. We are giving you an overview with a strong recommendation to do your own research and carefully consider the risks before using any of the suggested methods.
Using AmeliaBot
This provider is relatively unknown and does not have a secure website which is suspicious considering the necessary resources to maintain an active SSL certificate and provide robust encryption for communications between users and the platform. If you have any doubts about the safety of this platform, do not use it.
Here’s a step-by-step guide on how to create an Amelia bot:
- Create an account with the provider.
- Connect your exchange using an API key.
- Go to the Dashboard and click “Create a Bot”.
- Adjust the settings according to your preferences.
- Click “start bot” and track the performance.
Note that the service supports 76 exchanges but only 57 of them are suitable for arbitrage strategies. The selection of ATS setups here is quite limited. We strongly recommend researching them and using them only after thinking through all potential risks.
Bitso bot setup guide from Elias Manj
This is an independently created application available publicly on GitHub. As in the case of any other such instrument, we have to warn you about potential security vulnerabilities. If you still want to follow through with this app, here are the steps you need to take:
- Go to the EliasManj/Bitso-API repository on GitHub.
- Download it and read through the README.md file.
- Configure the app by adding public and private API keys in the keys folder.
- Edit the “JSON” config file by adding the keyfile location and the URL of the API gate.
- Run the bot using the python main.py file in the folder.
The bot automatically detects triangular arbitrage opportunities and makes trades according to its algorithm. The app is open-source so you can easily check the parameters and adjust them if needed. It is a very simple robot that can be used by any investor.
How to profit with Bitso bots
The CEX can be targeted by any advanced ATS. However, not many industry-leading automation vendors support the exchange. If you can convince a provider to add it to the list of supported platforms, you can experiment with several excellent strategies:
● AI-assisted statistical arbitrage system is one of the innovative products offered by WundeTrading, one of the leaders in the automation industry. It is a powerful, fully autonomous ATS that can operate without any human input after the initial configuration. AI-powered products in the fintech sector are quite popular and often outperform other products by a noticeable margin.
● Grid robots. A grid system takes its name from the net formed by lines on the price chart when the system is active. It chooses multiple entry points by employing the DCA price selection model and places exit points for each of the positions creating a “grid” of lines on the chart. A Bitso grid trading bot can be extremely efficient.
● DCA robots. The Distributed Cost Average approach to investing is a practice of splitting a single long position into a series of much smaller ones to reduce the average price of asset acquisition. It is a time-tested approach to capital allocation and works well in portfolios focused on long-term holding of assets with a strong potential for appreciation. However, a DCA trading bot for Bitso could be a great money-maker.
● Triangular arbitrage is a great ATS to run if you work with a CEX that has trading pairs that have intersections. For instance, you can benefit from price discrepancies in three pairs XRP/MXN, BTC/MXN, and BTC/XRP. Thankfully, you can use the bitso-api GitHub repository to run a strategy like this one and make money consistently. The only problem is rapid price convergence but it can be managed by utilizing fully autonomous trades that happen instantly when a price discrepancy is detected.
These are hugely popular strategies used by experienced investors and even many newcomers who want to create a source of passive income by utilizing the reliability of strategies like grid and DCA. Unfortunately, providers that offer a convenient way of setting up these ATS designs do not support this particular CEX directly making it difficult for LA retail traders to benefit from the advancements in the automation sector.
Automation vendors that deserve a mention
If you are willing to switch to another CEX supported by leading providers, you can take a look at these excellent platforms:
● WunderTrading is often cited as one of the most versatile vendors of automation products. It offers AI-enhanced robots, signal bots, ready-made arbitrage strategies, social features, and many other great tools for a contemporary investor. If you want to run a simple yet effective DCA bot crypto strategy, go to WunderTrading and get started in a couple of clicks.
● 3Commas is a solid choice for newcomers interested in mirror trading and user-generated content for investment. The marketplace is a great place to look for signals from experienced analysts or add-ons that can elevate your trading game to the next level. If you need a solid spot trading bot for Bitso, you can find it here too.
● TradeSanta can be a game-changer for crypto investors seeking advice as it has over a thousand different templates suitable for all types of risk styles and investment preferences. While you may feel overwhelmed by the sheer variety of options, it is still a better destination for newcomers than a sketchy-looking AmeliaBot website.
The main takeaway
This particular CEX has a solid trust score and offers a wide range of financial services that are valuable on their own. However, the lack of diverse automation features and integrations with third-party providers can be an issue for investors interested in using the most advanced instruments.