Whether you want to run a sophisticated AI crypto trading bot on the platform or prefer something time-tested and reliable, this CEX is a good choice. Setting up a CoinW trading bot is not an issue thanks to the functional open API allowing third-party providers to connect directly and the wide range of platform-native robots with an impressive level of versatility and flexibility.
Why should you be interested in automated trading on CoinW?
This centralized exchange has many advantages compared to its competitors. The selection of digital assets is diverse and allows users to quickly find the right combination of tokens to build a robust portfolio capable of performing well under all sorts of market conditions. Let’s crunch some numbers and then cover some of the benefits enjoyed by the clients of the platform.
Here are some interesting statistics:
- It was established 7 years ago and has been operating without security incidents ever since.
- The platform has over 300 different projects qualified for listing.
- Liquidity is impressive with over $1.2 billion in daily volumes across over 1000 markets.
- The service works across 120 different nations and has 13 local offices in UAE, Russia, and other countries.
- Over 7 million users visit the exchange monthly and work with thousands of assets.
Deep liquidity and a massive selection of coins to choose from make it easy to set up and successfully run crypto trading bots on CoinW. While this versatility is impressive, you can also find a plethora of useful products that significantly improve your ability to make money using the tools provided by the CEX.
Below are some of the products that may interest you:
- Diverse options for retail traders. You can visit the P2P marketplace and swap assets with other users directly or go to the spot market offering access to several hundred different coins including mainstream BTC or ETH and memecoins like PEPE and DOGS. The existence of OTC and P2P components makes it a versatile destination for all sorts of buyers.
- Passive income products. Some conservative investors are more interested in parking capital for generous rewards and this exchange offers plenty of options. The Shark-Fin system is the flagship product in this category. It is a preselected, manually managed fund that produces impressive results. However, you can also focus on staking mining, liquidity farming, and other ways of generating profits passively.
- Derivatives such as futures and ETFs are also available to all users who are interested in using flexible investment strategies or aim at building a delta-neutral portfolio. It is useful if you start using a DCA bot crypto setup that simply accumulates assets using this time-tested approach. Taking a long position can be dangerous and the use of futures to short-sell an asset using leverage can be a good way of hedging against potential risks.
- Full-on automation. The best part about this CEX for people who are used to running ATS in at least some capacity is that the platform has a functional module with several different preset solutions and even strategies that are used by others. You can create something unique or simply follow a strategy already deployed and tested by experienced users. Currently, the exchange has over 2,900 clients following several dozen setups who have already generated $90 thousand in profits.
If you want to optimize crypto trading on CoinW, it is hugely important to use automation. Recent studies by Pew Research and others indicate that over 65% of all retail traders utilize automated systems to at least some degree and 99% of institutions use them for all sorts of operations including day-to-day management, market making, and other HFT systems. It is close to impossible to build a consistently performing portfolio without using robots in some capacity.
While this CEX is much better at providing useful tools to its clients compared to many others, you will still need a way to create more complex strategies and customize them according to your preferences and risk style.
How to use trading bots on CoinW
The platform offers a wide range of opportunities to users interested in automation and advanced ATS designs. Unlike its competitors, the platform actually has a nice module that offers all sorts of standard setups like GRID, DCA, and other types of fully autonomous strategies. You can apply them to the spot market and derivatives.
There are three main ways to build an ATS on CoinW:
- Local software that comes in all shapes and colors can be quite useful to users who have the necessary expertise and resources to do everything without external help. People who know how to code in Python and C# will easily find interesting solutions on GitHub that require minimal intervention and tinkering to operate autonomously. You will need to use the open API documentation to learn how to connect it to the exchange. This particular method is time-intensive, demands dedication and knowledge, and relies on the performance of hardware and the quality of the internet connection.
- The native automation suite is a great choice for newcomers who do not want to expand their knowledge about the industry and simply want something quick and easy to work with. The social module has been around for ages and does not surprise investors. It usually works only for beginners who do not have any prior experience with the crypto industry. However, this exchange also has a great mini-app where you can design a robot using existing presets like a grid bot crypto setup for futures or CTA systems that work using signals. In many cases, this functionality is sufficient to produce excellent results.
- Third-party vendors are usually the best choice for all sorts of investors simply because users enjoy the flexibility and versatility unreachable from companies that do not specifically specialize in automation. Contemporary providers offer ready-made solutions like GRID or DCA, have unique presets for various forms of arbitrage, and even offer products powered by artificial intelligence and machine learning. Often, these impressive offerings come on a bed of complimentary services like portfolio trackers, analytics, and free consultations.
Choosing the best trading bots for CoinW in 2024
The selection of good candidate vendors is quite large considering the long history of the automation market that has been developing for several decades. While many companies that specialize in robots for centralized crypto exchanges are quite young by the general standards of the fintech sector, some have been offering services since the inception of the very first CEXes. We will focus on platforms that deliver an excellent user experience and offer the necessary flexibility and versatility to investors.
- Gunbot is a good choice for investors who do not want to focus exclusively on the CeFi sector of the crypto market and would like to work with decentralized protocols too. This company is offering tools for both worlds. Recently, it also rolled out a new large language model capable of writing scripts based on user prompts. It is not the most polished system out there but many inexperienced newcomers will find it very useful when trying to build unique ATS designs. There are no specific CoinW trading bot tutorials for Gunbot which is a downside considering the fact that users must have some technical know-how to employ the platform effectively.
- 3Commas is an interesting platform focused strongly on offering social components to users. The copy-trading module is uniquely versatile and offers a variety of ways to diversify a portfolio. You can also shop for interesting solution on the marketplace where other developers and experts can showcase their best ideas and ready-made solutions that can be instantly deployed by clients. 3Commas has good track record, years of experience in Web 2.0 development, and a cohort of incredibly useful products in the lineup.
- WunderTrading is the most versatile platform for users who do not need a specific focus on certain types of robots that can be used in the crypto market. Instead of tunneling the vision on social components or presets, this platform offers a comprehensive approach by simply offering very reliable and consistent products like ready-made ATS designs, custom scripts, and more. You can set up a CoinW grid trading bot without any issues. The only issue is that this vendor, like many others, does not support this exchange out of the box. Users may have to talk with the customer support team to make the connection possible.
All these companies provide an excellent user experience and offer powerful tools to investors who want to build balanced portfolios with the help of automation. Honorable mentions are CryptoHopper, Cornix, and Trade Santa.
The main takeaway
This CEX platform is renowned for its expansive list of accessible digital assets, many passive income instruments, and a solid automation module that provides more than any other native product in this category across hundreds of exchanges. Using an automated trading bot on this CEX is a valid approach to building a consistently performing portfolio capable of delivering good outcomes in the long term.