Note: To run Bitsgap Bot profitably, you will require a good understanding of how to apply fundamental and technical analysis to your base coin selection..
Bitsgap uses a Base/Quote pair for example BTC/USDT; BTC is the base pair and USDT is the quote currency. It generates profits in the quote currency.
If you require further understanding of fundamental and technical analysis, you may want to enquire about my Cryptocurrency basics trading course (LearnCrypto), where I cover these topics in detail. Click on the Learn Crypto menu above and contact me for more details;
Let’s get you started..
- Register to use Bitsgap crypto trading bot platform here;
- Register for a Binance account here or any of the other listed exchanges on Bitsgap’s website.
- Connect Binance or any other exchange using API keys from inside your account section of Binance or any other exchange.
- Decide what currency pair you want Bitsgap bot to trade for you. For example if you want the Bot to trade RSR/USDT, the Bitsgap Crypto bot will automatically buy RSR (base currency) at low prices and sell it for USDT at higher prices and make a marginal profit each time. So far I have not observed this Bitsgap Bot to sell at loss. ( more on this later)
- Primary considerations will be to ask yourself what quote currency you want to generate profits?
- You may decide you want to generate profits in USDT ( A stable coin), Ethereum (ETH) or even Bitcoin BTC.
- You should ensure you have sufficient amount of base/quote currency to run your preferred strategy on Bitsgap. The bot will automatically guide you on this. This strategy mainly involves you deciding on the number of grids that you set for the bot and the grid spacing in %. Ideally set your grid spacing to between 0.5% to 2% . I find these to produce very goo results.
- If you are completely new, you can either buy your base currency from coinbase or buy from within Binance using your credit or debit card. (You will need to securely transfer the funds from coinbase to Binance or any other exchange. ( I cover these too extensively in my LearnCrypto course).
- IMPORTANT . 1. Bitsgap Crypto trading bot makes much more profit in an up trending or sideways market . So ensure you pick a base currency that has great fundamentals and potential to move upwards. By great fundamentals, I mean a good coin, not some rubbish coin. One criteria that I use is that I like to pick a base currency that I am happy to hold long term if the trade does not go my way. A great base cryptocurrency should be one that is trying to tackle a certain problem for example improving the scalability of Ethereum, or a new Ethereum alternative altogether and has the right team to deliver. – This is an aspect of fundamental analysis (which I cover in a lot of detail in my LearnCrypto course).
- You can also use the “other strategies” tab on Bistgap to find base/quote currency pairs that are currently doing well, then go on
- For more information see the FAQ section or knowledge base on Bitsgap website