There are a lot of benefits to automating one’s buying and selling techniques as a substitute of pointing and clicking with a mouse. For starters, bots can execute buying and selling choices freed from emotion, are lighting quick and have far fewer margins of error. According to CNBC estimates, crypto buying and selling bots account for 70% to 80% of the general buying and selling quantity.

TokenBot is an automatic copy-trading platform designed for social buying and selling teams and communities inside messaging apps reminiscent of Discord, Telegram and Slack. As soon as added to a social media group, TokenBot displays the admin’s account on an change and mechanically notifies members of their buying and selling exercise particulars in real-time. The bot has greater than 8,000 day by day lively customers and streams near $100 million per day in buying and selling quantity.

In an unique ask me something session with Cointelegraph Markets Professional customers, TokenBot’s co-founders Anthony Elia and Shaun Newsum shared perception on how the bot might assist crypto merchants.

TokenBot intro and UI | Source: TokenBot

Cointelegraph Markets Professional Consumer:What crypto exchanges are presently supported on Tokenbot?

Anthony Elia and Shaun Newsum:We help all the vital spot and futures exchanges. Binance, FTX, Bybit, Coinbase, Kraken and BitMEX. We’re increasing to Gate.io, OKEX, Huobi shortly. Lots of our grasp merchants who use the platform, particularly these with leverage buying and selling methods, use Binance, with FTX coming in at second place.

CT Markets Professional Consumer: How does the construction work? I join my API to the bot, after which the trades are shared by means of associates/neighborhood by way of Discord/Telegram? What is the charge for it?

AE & SN: Sure, you join your API key contained in the TokenBot.com dashboard, click on your Discord/Telegram account after which add to the bot in your group chat. There is no such thing as a charge to share trades. If customers need to copy your trades, you’ll be able to set your value as little as $29/month, and TokenBot takes wherever from 10%–30% of the platform, relying on the subscription value. TokenBot will mechanically copy these trades to the subscriber’s crypto account by way of their API keys.

CT Markets Professional Consumer:Are the trades shared in close to real-time, or is there a delay?

AE & SN:Are the trades shared in close to real-time, or is there a delay? Sure. Our system connects on to the change WebSockets API, and we get close to real-time notifications of trades to cut back latency. We’ve been engineering this technique for over three years.

CT Markets Professional Consumer:Does the bot help DEXs as effectively, or solely centralized exchanges?

AE & SN:Proper now, solely centralized exchanges. Nevertheless, if we help DEXs, we’ll look to help dYdX first, given their on-chain perpetual futures contracts product has gotten loads of steam with merchants.

CT Markets Professional Consumer:You talked about transparency as a giant forte of the setup. However what if a dealer, say, trades on Coinbase after which transfers cash to Uniswap after which swap/purchase/promote there? The bot [will] not be capable to decide up the DEX trades proper? Are there workarounds?

AE & SN:You’ll be able to cross-copy trades throughout CEX with TokenBot, however there isn’t any option to inform if the dealer you might be copying withdrew that coin from the change to say, Uniswap and exchanged it there. However you’d have a commerce left open till the dealer bought the place from the place it originated. The dealer would finally must reply to their neighborhood concerning the nonetheless open commerce. There is no such thing as a means across the dealer manipulating the P&L on their trades.

CT Markets Professional Consumer:There have been many phishing exploits recently involving Discord. How safe is Tokenbot from one of these assault?