There are many vantages to automating one’s tring tactics inste of pointing and clicking with a mouse. For starters, bots can execute tring decisions free of emotion, are lighting fast and have far fewer margins of error. According to CNBC estimates, crypto tring bots account for 70% to 80% of the overall tring volume.
TokenBot is an automated copy-tring platform designed for social tring groups and communities within messaging apps such as Discord, Telegram and Slack. Once ded to a social media group, TokenBot monitors the min’s account on an exchange and automatically notifies members of their tring activity details in real-time. The bot has more than 8,000 daily active users and streams close to $100 million per day in tring volume.
In an exclusive ask me anything session with Cointelegraph Markets Pro users, TokenBot’s co-founders Anthony Elia and Shaun Newsum shared insight on how the bot could help crypto trers.
TokenBot intro and UI | Source: TokenBot
Cointelegraph Markets Pro User: What crypto exchanges are currently supported on Tokenbot?
Anthony Elia and Shaun Newsum: We support all of the significant spot and futures exchanges. Binance, FTX, Bybit, Coinbase, Kraken and BitMEX. We are expanding to Gate.io, OKEX, Huobi shortly. Many of our master trers who use the platform, especially those with leverage tring strategies, use Binance, with FTX coming in at second place.
CT Markets Pro User: How does the structure work? I connect my API to the bot, and then the tres are shared through friends/community via Discord/Telegram? What’s the fee for it?
AE & SN: Yes, you connect your API key inside the TokenBot.com dashboard, click your Discord/Telegram account and then d to the bot in your group chat. There is no fee to share tres. If users want to copy your tres, you can set your price as low as $29/month, and TokenBot takes anywhere from 10%–30% of the platform, depending on the subscription price. TokenBot will automatically copy those tres to the subscriber’s crypto account via their API keys.
CT Markets Pro User: Are the tres shared in near real-time, or is there a delay?
AE & SN: Are the tres shared in near real-time, or is there a delay? Yes. Our system connects directly to the exchange WebSockets API, and we get near real-time notifications of tres to reduce latency. We have been engineering this system for over three years.
CT Markets Pro User: Does the bot support DEXs as well, or only centralized exchanges?
AE & SN: Right now, only centralized exchanges. However, if we support DEXs, we will look to support dYdX first, given their on-chain perpetual futures contracts product has gotten a lot of steam with trers.
CT Markets Pro User: You mentioned transparency as a big forte of the setup. But what if a trer, say, tres on Coinbase and then transfers coins to Uniswap and then swap/buy/sell there? The bot [will] not be able to pick up the DEX tres right? Are there workarounds?
AE & SN: You can cross-copy tres across CEX with TokenBot, but there is no way to tell if the trer you are copying withdrew that coin from the exchange to say, Uniswap and exchanged it there. But you would have a tre left open until the trer sold the position from where it originated. The trer would eventually have to answer to their community about the still open tre. There is no way around the trer manipulating the P&L on their tres.
CT Markets Pro User: There have been many phishing exploits lately involving Discord. How secure is Tokenbot from this type of attack?
AE & SN: Since we are mainly a CEX/API product, our main security layer is through hardware encryption and IP-restricted API keys “binding.” Most of the API keys in our system can only be used by our servers. For example, you can create an API key for use with TokenBot on Binance, Bybit and Phemex — and that API key is functional ONLY on our servers. This restricts the possibility of any “man-in-the-middle” type attacks.
META ARTICLE: TokenBot helps crypto trers build social communities and monetize market knowledge PUBLISHED: 2022-01-13 21:45:00 SOURCE: https://cointelegraph.com/news/tokenbot-helps-crypto-trers-build-social-communities-and-monetize-market-knowledge