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There are many advantages to automating trading strategies instead of pointing and clicking with a mouse. For starters, bots can execute trading decisions without emotion, quickly and with a much smaller margin of error.According to CNBC estimate, crypto trading bots account for 70% to 80% of overall trading volume.
TokenBot is an automated copy trading platform designed for social trading groups and communities in messaging apps like Discord, Telegram, and Slack. Once added to a social media group, TokenBot monitors administrators’ accounts on the exchange and automatically notifies members of their trading activity details in real-time. The bot has more than 8,000 daily active users and a daily transaction volume of close to $100 million.
Ask me any session at the exclusive Cointelegraph Market Pro Users, TokenBot co-founders Anthony Elia and Shaun Newsum share insights on how the bot can help crypto traders.
TokenBot Introduction and UI | Source: TokenBot
Cointelegraph Markets Pro users: Which cryptocurrency exchanges does Tokenbot currently support?
Anthony Elia and Sean Newsom: We support all major spot and futures exchanges. Binance, FTX, Bybit, Coinbase, Kraken and BitMEX. We are about to expand to Gate.io, OKEX, Huobi. Many of our top traders using the platform, especially those using leveraged trading strategies, use Binance, with FTX coming in second.
CT Markets Pro users: How does the structure work? I connect my API to the bot and then share transactions with friends/community via Discord/Telegram? How much does it cost?
AE & SN: Yes, you connect your API key in the TokenBot.com dashboard, click on your Discord/Telegram account, and add to the bot in your group chat. There are no fees for stock trading. If a user wants to copy your trades, you can set your price to $29 per month, and TokenBot charges anything from 10-30% of the platform based on the subscription price. TokenBot will automatically copy these transactions to the subscriber’s encrypted account via its API key.
CT Markets Pro users: Are transactions shared in near real-time, or are there delays?
AE & SN: Are transactions shared in near real-time, or are there delays? Yes. Our system connects directly to the exchange WebSockets API, and we can get near real-time transaction notifications to reduce latency. We have been designing this system for over three years.
CT Markets Pro users: Does the bot support DEXs as well, or just centralized exchanges?
AE & SN: Currently, there are only centralized exchanges. However, if we support DEXs, we will support dYdX first, as their on-chain perpetual swap product has gained a lot of traction among traders.
CT Markets Pro users: You mentioned that transparency is a big advantage of the setup. But what if a trader, say, trades on Coinbase, then transfers coins to Uniswap, and then swaps/buys/sells there? Bots can’t get DEX trades, right? Is there a workaround?
AE & SN: You can use TokenBot to cross-copy trades on CEX, but there is no way to tell if the trader you copied has withdrawn the token from an exchange, such as Uniswap, and traded there. However, you will have a trade open until the trader sells its originating position. Traders will eventually have to respond to their community about trades that are still open. Traders cannot manipulate profit or loss in trading.
CT Markets Pro users: there are already many Phishing Attack Discord has been involved recently. How secure is Tokenbot from such attacks?
AE & SN: Since we are primarily a CEX/API product, our primary security layer is API key “binding” via hardware encryption and IP restrictions. Most API keys in our system can only be used by our servers. For example, you can create an API key for use with TokenBot on Binance, By bit and Phemex – this API key is only valid on our servers. This limits the possibility of any “man-in-the-middle” type attacks.
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