How Do You Use Kraken Bots?
Kraken is considered by many a great place for experienced traders who are not intimidated by clunky interfaces and prefer high staking to wait for a good deal on the P2P section of a less risky exchange. Millions choose this exchange and thousands use this platform to utilize automation! A good Kraken trading bot can bring solid profits if used correctly.
What is a trading bot for Kraken?
The exchange itself does not offer any specialized trading tools and focuses on delivering a great experience for those who are interested in investing. On the other hand, the platform does have an API allowing it to be integrated with other services seamlessly. You can use a third-party tool (i.e. WunderTrading) to utilize Kraken’s expansive list of products to its fullest potential. A trading bot is a script that automatically initiates trades based on given inputs. It can be triggered by prices on the exchange and time intervals (GRID) or be a little bit more complex and follow the instructions received from technical indicators from TradingView. Another key feature of any bot is that it can work with multiple sites at once (Arbitrage).
Why would you need a robot?
Machines do not sleep. The problem with the modern crypto market is that it works 24/7 making it impossible to achieve success without constantly analyzing it.
Machines rarely stumble. Many humans underperform due to hesitation. Slow decision-making can be fatal for any portfolio. Computers think fast and execute orders instantly.
Less emotionality. Mistakes are made when people are afraid of placing an order. Missing out on opportunities often means losing potential profits and placing orders chaotically when chasing a bigger payout.
Robots are employed by huge corporations and funds. You should utilize the power of computation as well and bring your investment game to the A-level.
The best Kraken trading bot
This particular platform is loved for low fees and high uptime as well as great technology. If you are willing to ignore some security issues and poor interface, Kraken will look like an outstanding place for working with your portfolio. A large catalog of financial instruments, good customer support service, and impressive trading volumes make it a lucrative marketplace for savvy dealers. Since fees are relatively low compared to the industry median, you should focus on using multiple bots simultaneously and executing many orders at once. While such an aggressive strategy involves higher risks, you should also consider higher potential earnings. For example, Wundertrading offers a crypto trading bot for Kraken that can have multiple copies running at once. You can also run GRID, Arbitrage, and other types of preset robots together to create complex patterns and achieve better overall results.
Do you need automation?
Investors should take into consideration the fact that most investment instruments have an entry price and the cost of investment is higher for more profitable strategies. You need to account for exchange fees, automation pricing, and the amount of money in your portfolio required to run your strategy efficiently. Based on these factors, you should decide whether automation is something you need. Most contemporary investors use various tools in their management routines too, at least, to some degree.
