How to Set Up a Trading Bot for Coinone: A Guide for Beginners

While you use advanced instruments like an AI crypto trading bot while working on this exchange, you can use their open API port to connect a compatible software client or talk to the customer support of your main provider about the possibility of using various automation tools on this popular Korean exchange.

Let’s talk about this CEX, a possibility of using a Coinone crypto bot, and which tools you should be looking for when trying to create a balanced portfolio using various ATS setups. Note that this exchange does not have any native automation features and won’t allow you to connect any type of software through the Open API system. You will have to talk to the customer support team to find workarounds.

Why do you need an advanced trading bot for Coinone

We need to start by talking about the products offered by this company. It is not a technologically advanced platform that offers a wide range of functionality. It is certainly not like giants of the industry such as Binance or Coinbase. Nonetheless, it is still a flexible investment platform that has a rich variety of tools and products that will be interesting to crypto enthusiasts.

Below are some of the products that you may like:

• The spot market is quite expansive with 279 pairs and a diverse selection of digital assets issued by Korean tech startups. You can trade using only one fiat currency which is the Korean Won. The spot trading volume is close to $150 million. While it is not an impressive metric when compared to industry leaders, it is a respectable number for a CEX focused on the national market.
• The Arcade is a special section of the platform dedicated to fostering various crypto communities. It allows users to talk about digital assets, discuss investment strategies, and do a lot of fun stuff. You can even post your favorite memes. While it may seem like a minor feature that does not carry any weight for a serious investor, it managed to push some assets to higher prices due to the hype generated by these tight communities.
• The ProChart is the price charting tool offered by the platform to VIP users. This smart terminal is packed with additional features and analytical instruments. While it is not as powerful or dynamic as TradingView, it is still a very useful instrument that any crypto investor will appreciate. If you don’t like the idea of using an automated trading bot for Coinone, this tool is great for manual operations.
• Automated trading through Zenport. This provider is rarely mentioned as one of the best in the industry. Nevertheless, you can run a wide range of strategies with this tool as it has some interesting presets, customizable robots, and more. For instance, if you are interested in acquiring specific tokens from the spot market, you can do so by running a DCA trading bot for Coinone on Zenport. A DCA bot crypto system is the best thing for slowly increasing certain positions while reducing the average acquisition price.
• Robo Advisor is another feature that is pulled directly from the Zenport arsenal. It can be applied to a portfolio built on this Korean exchange. The Robo Advisor is more of a toy than something that can be used by experienced investors. Nevertheless, many newcomers to the industry might like it and the tips it provides.

All these products make this exchange stand out. In terms of community support, it is one of the best companies in the world thanks to its dedication to building various smaller enthusiast groups around digital assets. Zenport is a solid choice for automation tooling but you will certainly lack some crucial functionality that makes contemporary ATS setups exceptional.

Coinone trading bot setup guide

One of the best ways of working with a CEX that has a functional API port is by using HummingBot, an open-source project backed financially by several large CEXes including Binance and Kraken. While some investors may be interested in checking out Zenport software, it is a controversial topic since the company name is taken by a Japanese logistics startup, and the information about the software and its capabilities is very limited.

We strongly believe that users of the CEX will be better off using some established providers or switching to a different exchange altogether if they are interested in running automated strategies.

Below are some ways to use an advanced trading bot for Coinone:

1. You can simply install the HummingBot client and use it to connect to the API using the tech documentation provided by the exchange and its development team. It is not the most convenient instrument to use and the learning curve is quite steep. Nonetheless, it is one of the safest ways to get started.
2. Talk to the customer support team of your favorite automation provider. Chances are you will be able to ask for a dedicated connection to the service if you have a sizable portfolio that you want to manage with the help of robots. Note that industry-leading vendors in this sector do not support the exchange directly.

How to set up a Coinone bot for beginners

We will talk about the HummigBot system as it is free and comes with a ton of different strategies to choose from. The project is open-source. The community is backed by large players like Coinbase, Kraken, KuCoin, and Binance. The only problem is the difficult onboarding process that forces users to learn how to use the command line effectively.

You will need to do just a couple of steps to get started with this software:

1. Get the client installer from the official website. Make sure to choose the right OS.
2. Launch the client and activate conda by typiing “Conda Activate Hummingbot”.
3. When you see the confirmation that it has been done, compile and start the client.
4. Use commands “./compile” and “./start” to finalize the process and get the client ready.
5. Create a strong password that will be stored locally. It is to prevent unauthorized users locally.
6. Connect to the exchange from the list by typing “connect” and the name of the CEX.

If you do not see your favorite CEX in the list of supported platforms, you will need a CLOB connector.

HummingBot requires strategies that can be downloaded separately. It takes quite some time to get a hang of how everything works. However, it is a smooth ride from there. The issue is that you won’t have access to a normal GUI making all interactions tedious and complicated. Another problem is that you cannot use it as a mobile trading bot Coinone since the app is available only for MacOS, Linux, and Windows.

HummingBot is the best option for low-budget retail traders who still want to use sophisticated strategies and work across the DeFi and CeFi sectors of the crypto ecosystem. The experience can be incredibly rewarding if you are willing to invest time and effort into learning how to run the best strategies.

Choosing the best crypto trading bot for Coinone

We strongly believe that only highly specialized third-party vendors deliver a great customer experience and provide high-value products that can be reliably used in the crypto market. The issue here is that none of the industry-leading providers support this Korean exchange. We suggest talking to the customer support team and inquiring about the possibility of creating a connection for you specifically. In some cases, it is possible.

Below are some of the finest companies in this sector:

• Cryptohopper is known for its specialization in preset systems like DCA and grid robots. If you need a powerful grid trading bot for Coinone, it is a good idea to explore the catalog of this provider. Not only will you have access to different types of this preset, but it can also be enhanced with an expert artificial intelligence system. It is a great provider of grid bot crypto setups which are some of the most popular among crypto enthusiasts. The platform has been around since 2018 and has an excellent track record.
• 3Commas is a good choice if you like platforms packed with social features. This is the Web 2.0 website that focuses strongly on building a sense of community among its users. The marketplace features a wide range of different signals, strategies, and applications that are offered by other power users, third-party suppliers, and the company itself. You can also use the powerful copy trading section of the service to follow a diverse selection of vetted professionals who allow others to copy their trades for a small fee.
• TradeSanta has over a thousand different ready-made strategies. You can use any of them for the spot or futures markets. While you cannot run a futures trading bot for Coinone simply because the CEX does not offer derivatives among supported financial instruments, it is still possible to find exceptionally great tools in the product lineup of TradeSanta. The provider offers some social features and customization options if you are interested in building unique systems or utilizing signals from third-party suppliers.
• GunBot has made a name for itself thanks to the more generalist approach to automation. It can work well in the centralized and decentralized sectors without any issues. You can connect GunBot to any platform that has an open API. GunBot also has an interesting AI assistant tool that can understand strategy descriptions written in natural language and create functional scripts based on user requests. For example, you can simply write “buy $10 worth of ETH every 24 hours” and the AI assistant will create a bot that does exactly that.
• Cornix is an all-around great provider that delivers a great user experience thanks to its expansive catalog of products that includes some heavy-hitters like customizable DCA robots, strategies based on technical indicators, and more. Cornix is a relatively inexpensive provider that does not charge you for things you don’t use. We strongly believe that you can build a solid portfolio using the toolkit offered here. On the other hand, if you need to run something sophisticated like an AI trading bot for Coinone, you won’t find such features on Cornix.
• WunderTrading is the best place to get yourself a powerful automated trading bot capable of generating consistent returns in the long run. The platform offers a wide range of ready-made systems including a promising AI-assisted statistical arbitrage robot. If you are a newcomer looking for guidance, go to the marketplace to choose from several hundred vetted retail traders from 14 centralized exchanges to follow. Copy their actions and learn from the best while paying small flat fees. If you are interested in running some of the best Coinone bot trading strategies and creating a balanced asset composition, WunderTrading is the most perfect choice.

These vendors are great for crypto enthusiasts who are dreaming about creating something that can perform under all market circumstances while allowing them to sit back and relax. While contemporary automation tools cannot be left unsupervised, you will be surprised by the amount of time they can create for you by streamlining many tasks and simply working “night shifts”.

The main takeaway

This centralized exchange is a good choice if you live in Korea. However, outsiders will be disappointed with the lack of proper English language support and the limited functionality of the platform. Many industry-leading providers like Cryptohopper and WunderTrading do not support this CEX directly. The featured Zenport software is not available to users and has some questionable developments in terms of misleading marketing, vague product descriptions, and the general absence of information.