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Trading bots in the cryptocurrency market have been around for a while, but they have already gained a strong foothold in the industry and are proving to be very effective.
Like many things in the crypto market today, trading bots have migrated from the traditional market. What are they used for? They are primarily used by traders, as they allow for automated asset trading.
In addition, with the help of trading robots, several trades can be made on different trading pairs and in several markets at once. Thus, a cryptocurrency bot has become an indispensable assistant for traders of all experience levels.
Trading bot
In technical terms, cryptocurrency bots are software. Only they can interact with financial exchanges and markets.
As mentioned earlier, trading bots appeared in the cryptocurrency market as a result of the transition from the traditional market, but how did they initially appear?
In the late sixties, early seventies, the first trading bots started to appear. They were usually used only by large investors at that time. But bots were quite primitive and could give signals to a trader about asset price changes and then a trader decided what to do next.
In the early seventies, the New York Stock Exchange started using robots to algorithmically select assets.
Then there were programmes for connecting a computer to the exchange's terminal, followed by programmes for quick order entry. But the main role was still played by the trader, who made decisions on transactions.
On the basis of such simple programmes there appeared trading robots that did not need a person, they made and closed transactions in accordance with a preset algorithm by themselves.
In 1998, the US Securities and Exchange Commission approved trading using robots, which led to global automation of trade. New and improved technologies emerged and the algorithms became more sophisticated.
In the early 2000s, more than ten percent of operations were carried out with trading robots, with transaction time taking 1-2 seconds. At the end of the millennium, the number of deals reached sixty percent, and the time for execution reduced to fractions of a millisecond.
Trading bots have rapidly gained popularity among traders, so it is not surprising that robots have migrated to the cryptocurrency market as well.
Trade bot from RevenueBot
One of the leaders in the crypto market segment is RevenueBot. With this service, users can buy, sell and create trading bots.
The service has an extensive knowledge base, which makes it easy to find out all the necessary information about the bots. There is also a marketplace where you can buy an auto trading bot with a ready-made configuration if you don't have time to create one.
If you have any questions on how to create a cryptocurrency trading bot, you can ask mentors, who are more experienced users of the service. They can easily help with any difficulties and explain everything.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.