The technological side of the company is impressive allowing users to choose between private and public API endpoints. It is possible to optimize crypto trading on WhiteBIT through automation in many ways. Contemporary investors have a rich selection of advanced instruments, such as an AI crypto bot that operates without any human intervention or something time-tested, like robots using the good old Distributed Cost Average system to acquire assets.
All these amazing tools should be used by experienced investors to improve returns and build consistently performing ATS.
Why should you choose to use a WhiteBIT trading bot?
First of all, we need to discuss the product lineup offered by this exchange. As mentioned previously, some interesting offerings are unique to this particular platform and can be a game changer for some retail traders. Below are several products that stand out:
- The spot market offers a wide range of options to investors. With over 270 different digital assets available for trading and 520 unique pairs, you can engage with the crypto market at the highest level. The exchange supports 10 different national fiat currencies, allowing international retail traders to work comfortably using familiar types of money. The company claims that it processes over $2.5 billion in daily trading volume.
- Passive income comes from the crypto lending program allowing clients of the exchange to stake their digital assets to earn interest rates and even some rewards much like in DeFi yield farming setups. Users can stake Bitcoin for up to 17.39% APR, hold USDT to earn up to 21% APR and pick a wide range of other assets including ATOM, ETH, XRP, TRX, and many others. You can expect to earn 17% on average.
- Special services such as crypto-as-a-service, business payment processing, and investments for institutions are separate branches of the exchange. These products are aimed at wealthy individuals, banks, and businesses. It is a great addition to an overall excellent lineup of services that make this platform interesting to a diverse audience of capital holders.
- The WB ecosystem is an interconnected web of blockchain projects. The DEX offers effortless swaps of digital assets on Ethereum, Polygon, and Tron. WhitePool is a large mining pool that operates within the DeFi sector. Lastly, the white.market platform is a place where gamers can trade CS2 in-game items using cryptocurrencies.
- Automated trading on WhiteBIT is accomplished by connecting a robot to the API endpoint. As stated above, the digital architecture of the exchange supports both private and public gateways. It means that users can run applications or work with third-party providers to automate trades. You can also receive market data in real-time.
These amazing products attract millions of monthly active users from all across the globe. It is an excellent choice for all types of retail traders. Since you can switch between centralized and decentralized markets effortlessly, it is a haven for those who are interested in additional safety without compromising speed.
How to set up a trading bot on WhiteBIT
Retail traders choosing any centralized exchange for their investment operations always have access to several options when it comes to setting up an automated trading system. Depending on your preferences, technical expertise, and available resources, the most optimal method will vary. Here are three distinct approaches:
- Use local software. Desktop applications are a thing of the past but tech geeks and professional coders will find a plethora of interesting solutions on GitHub. You need experience in coding, and IT in general, to launch even the simplest version of a trading bot successfully. Running a local ATS is quite difficult as it requires a stable internet connection, high-performance hardware, and constant maintenance.
- Platform-native tools can be quite useful if you want something basic. Many CEX platforms and brokers offer copy trading functionality and automated trading that takes some manual labor to set up properly. These are usually rudimentary automation tools that cannot compete with custom systems or advanced ATS offered by specialized third-party providers. Unfortunately, in the case of WhiteBIT, you won’t have this option at all.
- The third and most commonly used approach is using an automation vendor like WunderTrading or CryptoHopper. These platforms offer sophisticated robots, ready-to-deploy systems, customization, and more. Even if a platform does not support the exchange directly, you can try talking to the customer support team and ask if it is possible to connect to the CEX platform using a private API endpoint.
The overwhelming majority of contemporary retail traders choose the third option. It is the most convenient and reliable of the three. Due to the absence of direct support for this particular company on several most popular automation platforms, we won’t be offering a detailed WhiteBIT exchange bot tutorial. Luckily, any modern vendor will have comprehensive guides and instructions that will help you set up a bot on any CEX platform.
Advantages of automation
The selection of financial instruments and trading pairs as well as deep liquidity makes it possible to use robots efficiently. Some of the most popular ATS designs are based on time-tested algorithmic systems like DCA or focus on HFT strategies such as market-making to achieve much-needed consistency.
Regardless of the chosen trading system, automation provides several distinct advantages:
- Robots work around the clock. The crypto market never sleeps. It is hugely important to keep working all the time since opportunities for market-making or arbitrage pop up regularly. Robots do not need to sleep, rest, or visit relatives. They perform equally well whether it is a sunny day or night.
- Emotionless trading is the best quality of automation. Many traders make crucial mistakes and lose money due to bad entries and exits caused by greed, fear, doubt, or other negative emotions. An algorithm never succumbs to these issues and can continue performing excellently under all types of circumstances.
- Automation systems are inexpensive. It seemed inconceivable that a lonely newcomer to a financial market would be able to use advanced trading robots just a couple of decades ago. Vendors offer their services for several dollars per month if you need to run a relatively simple setup for DCA trading or something similar. It is quite easy to launch an efficient crypto trading bot for WhiteBit without paying too much.
Other benefits include consistent performance, abundant risk management tools, and flexible customization options. You can create a unique system that will outperform humans while competing against the best traders with a surprising degree of success. The exchange we are discussing is a prime target for automation due to its diverse pool of financial instruments (over 270 listed assets) and deep liquidity (over $2.5 billion in daily trading volume).
The best WhiteBIT trading bots in 2024
Many companies are offering their automation products to international investors. Picking a good provider is not an easy task considering the oversaturation of the market. Nevertheless, some options are always good thanks to the credibility, track records, and brand recognition. We will provide several examples of third-party automation vendors that will work excellently with this centralized exchange.
- CryptoHopper is one of the most recognizable automation brands in the crypto market. The variety of tools here is quite impressive. The focus on perfecting ready-made solutions like DCA and GRID bots is paying off dearly with millions of monthly active users employing these tools for a wide range of purposes including asset acquisition, average price reduction, and generating income passively. The company was founded in 2017 by two brothers Ruud and Pim Feltkamp. Over the years, it grew into one of the biggest automation vendors in the contemporary crypto market. The only downside of the platform is the weak focus on social elements.
- Coinrule is a relatively young platform as it was launched in 2019 by Gabriel Musella, a fintech expert with a track record of employment at some of the biggest brands out there like Vodafone, Nokia, and MIT. The platform is focused on algorithmic trading with rules acting as robots. One of the most interesting features is the absence of even the most basic coding and automatic volatility management. These tools are designed to help newcomers get started more easily without the fear of losing control over their portfolios. All in all, it is a good choice for beginners who do not demand much from their providers.
- TradeSanta is a company that uses light-hearted branding and focuses on providing solutions aimed at newcomers. It was established in 2018 and has been doing great so far. The platform offers standard bots, a smart terminal, a mobile app, automated technical indicators for signal generation, and social components. Signals from MACD, RSI, Bollinger Bands, and various TradingView strategies can indeed be useful in some systems. However, we strongly recommend using a strategy that you intimately understand and have tested personally. On the other hand, many beginners will be grateful to have a source of signals that do not cost a fortune.
- Shrimpy was founded in 2018 by a team of enthusiasts who wanted to create a useful product for crypto investors. The biggest selling point of this automation platform is an excellent suite for portfolio management that works across CeFi and DeFi ecosystems. The company is integrated with 20 different CEX platforms directly, has a massive $13 billion trading volume, and maintains over 250 thousand automated traders at any given moment. The functionality here is somewhat limited and users are held by hand a little too much. However, it is a good choice for many crypto investors who do not want to spend time building, testing, and managing custom bots.
- WunderTrading is an excellent platform for retail traders seeking diversity and flexibility. The company started its journey in 2017 and has been delivering outstanding products consistently. You can access the platform from a browser or via a feature-rich Android app. The platform is integrated with over 20 different CEXes and offers a variety of tools like DCA bots, automated arbitrage, custom systems, and a massive copy trading marketplace. You can also run a WhiteBIT GRID trading bot without any issues. In 2024, the company rolled out its advanced AI-assisted statistical arbitrage product which we recommend checking out! Due to the prolific assortment of unique options and useful instruments, this platform is a great choice for all types of investors.
These companies are great choices for retail traders interested in automating their operations on WhiteBit. To pick the best option, you should consider different factors such as pricing, ease of use, convenience, the number of integrations, and the diversity of products. In many cases, having access to all sorts of automation tools including copying others, using signals from specialized providers, or running time-tested setups like Distributed Cost Average systems can be a huge advantage regardless of your experience and available capital.
The main takeaway
This Ukrainian CEX platform offers everything from a massive spot market to a place where gamers can trade in-game weapons. The company is partnered with such powerhouses as FC Barcelona, Trabzonspor, LifeCell, and FaceIT. With its incredible liquidity depth and asset variety, it is a great destination for all sorts of retail traders. The problem here is the absence of any native automation tools and the weird way of diversifying resources across loosely connected domains like cybersports, fintech solutions, centralized spot market, and DeFi.
On the other hand, you can easily find a good way to apply an excellently performing ATS to the spot market that has over 270 assets, 520 pairs, and close to $2.5 billion daily trading volume.