How to trade with a bitcoin robot
Bitcoin robots are usually 100% auto and hence require zero trading experience. All you need to get started is to register a free account and click the live button. Bitcoin trading bots are usually license-free even though there are a few that require a monthly subscription fee. Those that do not charge a license fee generate income by charging a small commission on earnings made through them. We suggest that you only trade with those that are free.
It is also important to note that most robots are only available in countries where they have a regulated broker. Here is a step by step guide to help you get started with a bitcoin trading robot.
STEP ONE: Register a free account
Open any given robot homepage and click the registration button to open an account. You will be provided with a form to submit your name, email, and phone number. Legit bitcoin robots handle users’ data in strict confidentiality and are compliant to data protection measures such as the GDPR.
The BTC bots that are license-free make money by charging a small commission on any profits made through them. This model is perfect since it entices them to improve their technologies to ensure that users get a return on their investment.
STEP TWO: ID verification
As mentioned earlier, bitcoin robots rely on regulated brokers to execute trades and facilitate transactions. All regulated brokers are nowadays required to verify the identity and residence of their users. This happens to prevent money laundering.
The verification process usually involves the user uploading a clear photo of both sides of their government-issued identity. Proof of residence, on the other hand, involves uploading a recent bank statement or utility bill with the address listed on top. The whole process can take up to 24 hours.
While most brokers allow traders to proceed to deposit and trading before verification, nearly all require users to complete the process before making any withdrawal.
STEP THREE: Deposit the minimum trading capital
Most bitcoin trading robots require a minimum deposit of $250. You can deposit through most debit and credit cards, Western Union, Wire Transfer, and e-wallets such as Skrill and Neteller. Some bitcoin robots accept deposits through crypto-wallets.
Legit trading bots do not charge any deposit fees. Moreover, they allow users who opt-out of trading to withdraw their capital at no cost. All legit robots listed above have been proven to be safe and to have a friendly withdrawal process.
STEP FOUR: Demo and live trading
Most bitcoin trading bots provide a practice account. This account should help you familiarize with the robot before going live. Remember that in auto trading, a small mistake whether in settings or trading session timing can result in significant losses. It is therefore paramount that you read the trading guide provided by the trading bot in question and practice with its demo before going live.
Live trading with most BTC bots happens at a click of a button. Some given users the option to define and adjust risk settings. The semi-auto ones enable users to determine which trading insights they want to be implemented in their accounts. Complete beginners should only trade with the 100% auto trading robots. Moreover, they should avoid changing risk settings. Most robots are usually set at the recommended 10% per trade risk level by default.