How do I set up a bot on Bitsgap?

To use the platform bot Bitsgap, you need to register on the website bitsgap.com. Bitsgap is a paid service, but there is a free period, which will take effect if you start registering by clicking on the “Get started free” button. When registering, an email address is specified. You should also read the terms and conditions of the platform, and the privacy policy. If there are no questions to them, you should check the box confirming consent. The creation of an account is confirmed by the link in the letter, which should come to the e-mail specified at registration. You can also create an account through Google and Facebook profiles.

Connecting the exchange

It should be noted that the trading bots can be used by a user who is well versed in the crypto market, knows what a cryptocurrency Binancehas a verified account, understands what API-keys, secret keys, their purpose and knows how to create them on Binance. A newcomer to the crypto market will not be able to set up correctly cryptocurrency trading robot. If the client has the necessary skills and abilities, connecting the Bitsgap bot will not be difficult for him. Immediately after registration on the main page of the service will appear as an active link “Connect at least one exchange”.

By clicking on it, the user goes to the connection page, in the center of which is the service “Connect a new exchange”. From the drop-down list selects cryptocurrency exchange Binance, the API-key and the secret private key generated by the user on the Binance platform are entered into the line below it. Clicking “Connect” completes the process. If everything is done correctly, the window will show “Connected” and the status of the user’s exchange balance.

Automated Trading

It is advisable to try the demo mode of Bitsgap before you start working with a real account. Go to it by clicking on the link on the right side of the home page. In the demo-mode you can learn how to configure the robot and try to work with it, achieving a stable profit. Technically, the demo mode does not differ from the real account.

When switching, the user will be given a choice of three bots, or he can select one with the “Start New Bot” button. On the Bitsgap platform, bots are presented in a very simple way. Practically, when starting auto-trading, you can rely on the preset parameters and run the bot. But for stable profitable work this will not be enough.

Classic bot

The Classic bot is an automatic trade with moderate risk and moderate profitability. The first thing to do when setting up is to choose a trading pair. Then you select the amount of investment that the client is ready to invest in trading. The amount is changed by the slider, the percentage of the deposit (exchange) is shown in numbers. The system does not allow the user to place more than 95% of the deposit for trading. The remaining percentage is needed to pay commissions and to prevent the trader from going into deficit. After selecting the volume of investment, it is necessary to determine the price corridor in which the trader is supposed to trade.

If you try to set unrealistic levels, the system will correct the user’s intentions. The boundaries of the price corridor can be changed by numbers or directly on the chart, where the marks “Lower price” and “Upper price” are active, they can be moved up and down. Then you can change the grid step (Classic bot), and the number of levels will change accordingly. These parameters affect the risk and profitability of the strategy. Levels (Grids) are the price levels of the traded asset, on which the orders will be placed, red – for sale, green – for purchase.

In the settings, you can also set stop limit and take profit with percentage change options for the selected coin. When the price reaches the rising price level defined by the limits, the trade stops. To keep trading as the price rises, you must activate the trailing stop loss and take profit option in addition to the stop loss and take profit. Then the entire grid will be shifted following the price movement, and the value of stop-loss will also increase. All other parameters will remain as set by the user.

Note: in the Classic bot trailing works only on growth, there is no such function on reduction.

The “Test settings” option is very useful when setting up the bot. If you click on it, the platform will generate a profit forecast with a given level of investment, based on the settings and past market dynamics of the selected trading pair for three days, seven days and thirty days. A start button is placed under the test.

Clicking on it, you will need to confirm the correctness of the selected settings, after which the bot can be run. Below the start button “Strategy”, this is a service for selecting other trading pairs. A more important section here is “Balance”, which shows how much money on the user’s account is available for placing orders.

Sbot

Sbot – another standard bot on Bitsgap, where it is positioned as intended for trading in sideways price movements. It is set up in the same way as the previous bot, but it has an option Trailing Down, that is, you can set such a value of the price at which trading will continue on the decline of the price, pulling the entire grid of parameters under the new values.

DCA bot

The new DCA bot is positioned to work on an active rising or falling market. It activates two basic modes “Long” and “Short”. In the test mode only Long transactions are available. In order to set the required parameters, you need to click “Continue” in the settings, select the investment amount and the indicator which will be used in the trade, click “Continue” again, set the limits. Then you need to confirm the parameters and start the bot auto-trading. In the Live mode there are also Combo-bot for futures and Scalper-bot for NFT. But even these and simpler bots, as you can see, require a good knowledge of at least the basics of trading.