It is possible to use a trading bot on this CEX and automate your operations with an advanced trading bot for Coinstore but the platform itself does not offer any types of robots and the vast majority of specialized vendors do not support it. On the other hand, many contemporary tools like GunBot and HummingBot will work here without many issues thanks to the functional API gateway.
Benefits of using a Coinstore automated trading bot
The platform has many advantages and provides an excellent user experience to investors who are interested in variety and low fees. With 0.2% maker and taker fees, this CEX is a good destination if efficiency and minute details are among your top priorities.
The exchange operates internationally and allows users from all over the world to trade on their spot and futures markets. The only notable issue is the absence of various complimentary services such as automation options, social components, or passive income instruments readily available to all users.
Here are some of the advantages that you will enjoy when using a Coinstore trading bot:
● The CEX has a massive spot market that has over 140 digital assets tracked by aggregators and over 500 different financial instruments to work with. If you are looking for a place that allows you to freely explore the mixed and motley crypto market, this particular platform can be an excellent choice.
● With over $1 billion in daily trading volume and a strong interest in DeFi-centric assets like ETH and SOL, the exchange acts as a gateway to the world of decentralized finance for many newcomers who do not have much experience with this growing sector.
● You can launch a Coinstore API trading bot. The API documentation is detailed enough for anyone to get started and connect a strategy from GitHub or any other source. HummingBot can be used too but you will need a certain level of technical expertise.
● The platform has a robust infrastructure with servers that get the job done and high-performance architecture allowing users to run complex ATS designs like high-frequency grid trading or intense market-making robots.
These advantages make the investment process simpler for many capital holders to start interacting with various digital assets and build balanced portfolios without feeling limited. However, the absence of useful products that can further improve the user experience or earning potential may be a big “no-no” for experienced crypto enthusiasts seeking something more from their providers.
Downsides of the platform
Several key issues with the service must be mentioned as many contemporary retail investors need a richer catalog of products and features to feel satisfied with their investment activities. Here are some of the downsides that may prevent a seasoned veteran from working on this CEX:
● The absence of innate automation features. Many top platforms are either partnered with dedicated vendors like WunderTrading and TradeSanta or have automation features built into their platforms. For instance, Pionex is known for its different grid robots. If you want to run efficient Coinstore bot trading strategies, it is often necessary to resort to software solutions like HummingBot or something from GitHub.
● Insignificant technological innovations. While the platform tries to introduce new mechanisms and security measures, it is still lagging behind the competition in terms of innovating and evolving. Having a functional API and partnerships within the larger ecosystem is incredibly important because many investors would like to run an AI trading bot for Coinstore and engage in other novel investment methods.
● No passive income products. Competing CEXes offer staking options, rewards for liquidity provision, and other incentives to keep their users satisfied and engaged. Here, you won’t find anything useful if you are interested in building a portfolio that has passive income positions like stakes and yield deposits. Coinbase, Binance, and other industry-leading platforms always have something for conservative investors.
While these particular downsides may not diminish the user experience and the overall effectiveness of your investment activities, it is always better to work with companies that have a diverse product lineup and can offer a lot of interesting earning mechanics.
How to use trading bots on Coinstore
The exchange does not have any natively deployed modules for trading and management automation. Instead, it offers developers a detailed set of technical documents describing their API. The problem is that only a handful of automation providers use it to build products compatible with this platform.
Users can automate some of their operations using makeshift solutions or by employing the services of third-party providers. Here are the options:
● Use specialized software. GitHub repositories have some interesting solutions that work with most CEXes but require a lot of setting up as you will have to manually adjust these applications to connect to the API. It can also be dangerous to use such software as it may cause security issues. Things like HummingBot can be adapted to create a wide range of strategies including market-making ATS and arbitrage.
● Employ third-party services. Adamant is an automation platform that supports this particular exchange and allows users to create a wide range of spot and futures trading bots for Coinstore. Currently, the company is offering its market-making and CoinOptimus robots to anyone who is interested in automating trades on this Singaporean CEX.
These solutions are mostly partial. Adamant is a niche product that has limited functionality and does not give its users the necessary flexibility and variety to create balanced portfolios based on the effective application of automation. However, after some trial and error, you can create something that works well and produces profits consistently. The only issue is that you must have some technical expertise and enough time to implement solutions properly.
A Coinstore bot setup guide for Adamant
This open-source solution is readily available on GitHub. While it does not have the same sophistication as an AI crypto trading bot offered by WunderTrading or the flexibility of fully customizable ATS designs at CryptoHopper, Adamant has the necessary instruments to create a reliable strategy and optimize profitability.
It is a niche application that works with a multitude of CEXes including Azbit, StakeCube, FameEX, and Xeggex. It also requires a Linux-based operating system like Ubunto 20+ or centOS 8+ but it can, theoretically, run on other distributions. NodeJS v18+ is another required. You will need a separate MongoDB (database) to run the app.
The process is not complicated if you have experience with Linux:
- Install MongoDB as a root user and create a new user to work with it.
- Install the bot from the repository with “git clone …/adamant-im/adamant-tradebot.git”
- Install the dependencies “npm i” from the chosen directory.
- Create two accounts on Adamant Blockchain messenger. They are for your robot and you as its operator.
- To connect to the exchange, you will need to get the private API key from the account page.
After that, you will be able to get started and create a new ATS. However, this is also a difficult process for some users.
Adamant Coinstore crypto bot for beginners
The inconvenience of manually setting everything up and adjusting the parameters can be an impassable barrier for many investors who would like to just get started. However, the only way to use this particular solution is by dedicating time and effort to making sure that everything works correctly.
After preparing the app, you will need to edit the configuration file:
- Use “cd ./adamant-tradebot” to enter the directory.
- Copy the default config file and rename it to “config.jsonc”.
- Edit the passPhrase parameter for your first messenger account. Doe the same for admin_accounts.
- Specify the exchange by simply writing its name without spaces and specify the pair like so: ETH/USDT.
- Add the corresponding lines to “apikey”, “apisecret”, and “apipassword” if you have them.
After editing and closing the file, you can launch the robot using “pm2 start --name tradebot app.js”. The application allows you to check the balance, read logs, and run or stop it at any moment. You must choose the type of strategy before downloading your robot. Adamant offers market-making and arbitrage systems to its users.
The process is more complicated than it looks on paper. You will need to adjust settings and test using live market data which can be dangerous. The absence of a “normal-looking” graphical user interface is also a huge issue.
Are there other ways to run a grid or DCA trading bot for Coinstore
Unfortunately, the exchange is not supported by industry-leading providers like WunderTrading, 3Commas, TradeSanta, and others. These vendors simply do not support the exchange. You can try talking to customer support and ask about the possibility of connecting it to the service but you will unlikely receive a positive response.
We strongly recommend switching to one of the following third-party providers that can work with a variety of centralized exchange and simply migrating to one of supported CEXes:
● 3Commas is an excellent destination for newcomers to the crypto industry who are looking for a place where they can get started automating their investment routines without going through painful onboarding. It is a user-friendly provider that focuses primarily on social components by providing a marketplace to trade add-ons, signals, and systems offered by power users and other developers.
● TradeSanta is another interesting solution for retail investors seeking ways to create powerful ATS designs or use premade strategies. For instance, you can find a grid trading bot for Coinstore or any other exchange or use one of thousands of other templates to create a flexible portfolio that can consistently produce profits. TradeSanta is often picked for its versatile catalog of ready-to-go strategies that can be launched with a couple of clicks.
● Cryptohopper is one of the most popular vendors in the sector with a long history of technological innovation. It is one of the vendors that focus on expanding the product lineup regularly and creating something that works well on very specific exchanges like Binance, Kraken, or Coinbase. Cryptohopper has some of the most refined GRID systems in the market.
● WunderTrading is an all-around great solution for newcomers and veterans. The flexible customization system allows users to build all sorts of robots using signals from TradingView or third-party suppliers. You can also go to the marketplace to copy the actions of hundreds of vetted lead managers. The recent addition of the AI-powered statistical arbitrage system is a great attraction for users seeking novel experiences in the world of investment. You can also run a staple like DCA trading robot or a basic arbitrage setup.
The main takeaway
If you are interested in running a Coinstore arbitrage trading bot or any other automated strategy, this exchange is not the best of choices due to its limited API, the absence of natively deployable robots, and the lack of third-party providers that support the CEX. On the other hand, if you are just looking for a reliable exchange where you can buy and sell hundreds of tokens manually, you won’t need the flexibility and variety offered by something like Pionex.