Automated crypto bot is a new trend in the crypto world, making cryptocurrency trading easier for both expert traders and beginners.
Trading cryptocurrency is a complex process, where market situations can rapidly change. As a trader, you won’t succeed without having accurate and current market information you can act on quickly. Trading with such volatile assets, you’ll need to be constantly on top of developments across the market, so you have an indication of when to buy, hold, and sell your cryptocurrency.
However, it’s a difficult and labour intensive challenge to stay up to date in such a fast-moving space. One that even the most experienced traders struggle with. This is where chatbots can really come in handy and make cryptocurrency trading much easier and efficient.
How chatbots are changing the cryptocurrency field
Saving time and money with a good automated crypto bot.
- Simpler and more convenient transactions
Chatbots can act as your personal virtual assistant for making cryptocurrency transactions simple and easy.When trading cryptocurrencies such as bitcoin you’ll first have to transfer the fund from your bank to a digital currency exchange, like Coinbase or Binance, which will exchange your national currency for crypto and add it to your digital wallet.
This can be a time-consuming process, as your bank might need to verify your transfer, and the exchange will need to verify your identity. A virtual assistant bot can help reduce the number of steps for each transaction A chatbot can also limit contact time with support staff who are required to handle the verification process and keep the trader informed. This helps traders feel confident that their money isn’t lost to the void.
VA bots can use a 3-tier verification process, where your bank account, national ID and unique identification (fingerprint, facial recognition, or PIN) is verified on the first transaction and stored on your crypto wallet app.Every time you make a new transaction request, the VA bot can access that data and verify your ID in real-time.
So, you don’t need to enter codes and account information for each transaction and wait for transactions to get verified.
- Managing your money wisely
For most people, cryptocurrency is all about bitcoins. But once you enter the world of crypto trading, you’ll realize that bitcoin is only the peak of the massive cryptocurrency mountain. Successful crypto traders need to invest and manage several different cryptocurrencies, such as Bitcoin, Ethereum, Cardano, XRP and many more.
Managing such a wide range of digital currencies in a volatile market can be complex, and it might make your head spin during those peak trading weeks. This is where chatbots can help you seamlessly manage your digital currency and offer you a smooth trading experience.
Chatbots are powerful AI solutions that can monitor market patterns and trading habits to give you accurate advice on when to buy, hold, or sell your crypto.
So, you don’t need to base your trading decision on assumption or spend long hours analyzing each crypto market manually. The statistically driven advice from chatbots can surely help you to make better trading decisions to manage your money wisely in such an unstable cryptocurrency market.
Removing unnecessary steps in trading
- Save the cost
You can use a chatbot for cryptocurrency trading in 2 ways. Firstly, you can use it to monitor changes in the market and trading patterns to gain valuable insights and stay notified of key trading information 24/7. Or, you can use a chatbot to directly trade and conduct transactions on your behalf.
Either way, it'll save you a lot of time and cost.
Chatbots can act as your virtual broker. You don’t need to pay any middlemen or intermediaries to help you with your crypto transactions. Chatbots are driven by powerful AI algorithms that can easily help you make the best decisions in the market.
They can also be trained to perform your transitions the way you want.
- Reduce transaction time
We’ve already discussed how chatbots can make transactions faster by using a 3-tier verification process. It can help you to further reduce transaction time during peak trading hours, allowing you to take the full opportunity of the volatile crypto market.
Let’s say that you’re waiting for a Bitcoin price drop below a certain level to buy the currency. As crypto market variances are very unstable, whenever a price drops or hikes, it doesn’t stay there for a long time.
So, instead of monitoring the bitcoin market from time to time, you can set certain parameters for your chatbots to conduct the transaction in real-time on your behalf. This means that when the price of Bitcoin drops below a certain level, the chatbot will instantly perform the transaction for you. You can easily set a parameter of what price you’re looking for, and how many bitcoins you’re willing to buy at that price.
Staying up-to-date on the latest news
- Getting the news on time
Cryptocurrency trading is not just about being aware of the market prices, but it’s also important to stay informed about the latest news in the industry. Automated crypto bot or chatbot will give daily updates about the important news of the industry. You can get daily newsletters with the biggest price changes, crypto deals, and much more.
- Getting only important information
Cryptocurrency is one of the hottest trends in the market right now. So, there’s a lot of daily news related to crypto every day. But not all information is relevant to you as a trader. You’ll need to stay updated on that important news that can affect your position in the crypto market.
For example, the latest news of China banning crypto mining caused massive price drops for Bitcoins and Ethereum. As a trader, if you knew this instantly, you could’ve sold your Bitcoins for a higher price as the market started to decline. Chatbots can keep you updated on the most important latest news that can potentially affect your trading decisions. Instead of scrolling through endless news portals, chatbots will deliver the most important news that is relevant to you as a cryptocurrency trader.
The future of Automated Crypto Bot
Cryptocurrency has become a lucrative industry for new traders. As more and more novice traders are getting into the crypto world, crypto bots and chatbots will also continue to become more popular because of their efficiency and accuracy in helping traders make the best financial decisions in such a volatile market. Developers are constantly working on new chatbots, trying to make them more powerful and functional for crypto trading.