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NEW STRATEGY   Nft trading  · 09/04/21

On-Platform Automation: Where to do basic bot trading directly on the crypto exchange

Altcoin Trading Blog
09/05/21 · Trading technique

About This Blog Post

  1. Filed as Bot Trading
  2. Uses coinrule ( + more posts) 
  3. Uses independent-reserve ( + more posts) 
  4. Uses ftx ( + more posts) 
  5. DCA and diversification can be automated without 3rd party bots.
  6. Likewise, any basic crypto trading strategy.
  7. FTX lets you set up quite complex automated order conditions natively.
  8. On the same topic: How is it with arbitrage opportunities in South Korea
  9. On the same topic: Daytrading on Crypto Markets: Good Idea?
  10. On the same topic: On-Platform Automation: Where to do basic bot trading directly on the crypto exchange
Sometimes all you need to automate is buying after a decent bounce. These days, some crypto exchanges let you do that without a third party bot.
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Coinrule

Automated trading can be a gold mine, if done well. There are traders who have a well set-up and backtested bot for scalping their favorite crypto market, and they run it whenever the market is ranging to save up their limited attention for more profitable situations.

But sometimes all you need is just a simple programmed buy order based on a few conditions, so that you don’t have to spend two months babysitting the charts when all you want to do is a spot buy on a decent bounce.

Well, turns out that in 2021 some crypto trading platforms let you do that natively. Not only there is no need to write code, there is no need to get a third party tool either.

Different trading platforms offer various degrees of complexity in what you can automate.

We’ll start from the most easy to use solution here.

Also read about these crypto programs if you’re interested to learn about some interesting affiliate networks.

Auto Trader on Independent Reserve

The AutoTrader feature on the Aussie exchange Independent Reserve is very simple, but good rnough for most of your non-degen pursuits. Independent Reserve itself is an exchange built mainly for fast and legitimate onramp and offramp between cash and bitcoin or altcoins, not for daytrading and scalping.

But what it can do it does very well, and it will make your DCA or diversification work easier.

The AutoTrader is a free, user-friendly feature that currently has the three following strategies live:

  • Auto Buy on Deposit: Automatically buy or Dollar Cost Average (DCA) your way into bitcoin or altcoin once a fiat deposit is credited to your account.
  • Auto Basket for Diversifying: Automatically buy a weighted basket of cryptocurrencies once a fiat deposit is credited to your account.
  • Audo Schedule: Scheduled buying or selling of cryptocurrencies on a regular schedule. You can deposit once a month and then run the auto schedule to DCA parts of that deposit on regular intervals.

You will find the AutoTrader in your Accounts section at Independent Reserve. Supported fiat currencies are AUD, NZD, SGD and USD with fast deposits and withdrawals worldwide.

Sign up   More about Independent Reserve

FTX Quant Zone

FTX Quant Zone is where you can natively automate your crypto trading based on pretty advanced parameters.

You will need to set up your rules in pseudo-code, but you will find they are easy to work out.

Here’s a simple rule that lets you buy a high volume breakout:

You can go much farther than that though. Click the question mark icon next the rule field and you’ll get the manual with all of the rules that are currently implemented.

Not only you can program a trigger based on how much and on which volume a market moves within any time period of your choice, but you can also build your own stats if you want to. There is a full library of basic arithmetic operators implemented. I am sure it will be painstaking if you’re not used to working with low level commands, but with a little bit of trial and error you can build triggers for basic TA metrics. You just need to google the formula on which they are built or copy and adjust it from a TradingView pine script.

Last but not least, the market on which you set up your trigger does not need to be the same as the market on which you execute your order.

So, let’s say, you own BTC, you want to buy a BTCUSD bounce but you also want to limit your potential losses in case you’re wrong. In this case you could set up a trigger on the spot market and direct it to act on BTC perpetual swap with a stop loss, or you can direct it to buy a call option. FTX global does support options trading.

You could also work out a relationship between crypto and stocks, and direct the action to one of FTX’s tokenized stock markets…Tons of possibilities here.

Sign up (5% discount)   More about FTX (US and Global)

Bitfinex

Bitfinex currently does not offer an automation tool for trading. They do offer two related products though:

  • Lending PRO, which is an automated, rule based interface for offering of your Funding wallet balance on the lending market.
  • Bitfinex Terminal which offers market data for serious algo backtesting at https://terminal.bitfinex.com/

If you lend fiat or crypto to other traders on the margin lending market, the Lending PRO interface is a good way to ensure your balance is utilized to the fullest.

The Lending PRO has a posh name but it’s available for everyone regardless if they are KYC-verified or not.

Dig in and test it for a bit to experiment with the rules on different lending markets. It costs nothing and it does not risk any more money than manual lending since your assets are already deposited in the funding wallet anyway.

As for trading though, Bitfinex only has products for advanced algo trading.

Sign up (6% discount)   More about Bitfinex

Platforms that currently don’t offer automation

With all these, you will need to use the Coinrule bot or some other third party bot builder for now.

Let’s hope crypto trading platforms will catch up and understand that traders have better things to do than staring at charts when they don’t have to.

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