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In its basic form, trading includes buying assets at a low price and then selling them at a higher price. However, trade has changed over the years. Derivatives are only one illustration of how the notion of trading has evolved recently.
Cryptocurrencies have shaken the traditional financial markets, proposing a new way to create wealth for investors. Automated trading is an increasingly popular field, and crypto enthusiasts are discovering its potential.
Today we will review Coinrule, one of the most famous platforms proposing crypto trading bots services.
Coinrule allows you to develop your own trading rules, access 150 templates, and use various reasonably-priced trading options. New crypto traders may test their methods through paper-trading and backtesting.
Coinrule’s idea came from a group of self-described blockchain and cryptocurrency enthusiasts. On the project’s website, the teams mentioned they felt frustrated by the difficulty of trading cryptocurrencies.
To address this issue, Coinrule set out to make cryptocurrency trading easier. As a result, today, the market has an automated trading platform capable of integrating with a wide range of exchanges.
What Can You Do on Coinrule?
A trading bot takes care of executing an exchange account’s trading requests with no human intervention. The bots might use an exchange’s application programming interface (API) to accomplish this.
Web applications can interact and execute user requests using an API, a mechanism that links two or more software systems.
Coinrule uses conditional statements based on the IFTTT concept (“If This Then That”). This simple system differs from most other automated trading platforms on the market. Users can use the IFTTT paradigm to describe the actions they want to do in different scenarios.
Coinrule’s users may establish criteria that cause their trading accounts to do a specific action. The Coinrule bot will perform a programmed action if the provided condition occurs.
Deep Dive Into Coinrule’s Features
Coinrule has chosen a clean, straightforward design that appeals to traders of all levels as a web-based service. For those who don’t know how to write programming, the platform provides the ability to create and implement trading rules.
Several supported exchanges are on the platform, and all orders reach the market through API technology.
Coinrule uses SMS notifications and data encryption to strengthen its service. Orders typically take 500 milliseconds to reach the market.
The platform has a simple If/Then rule setup structure that makes it easy for anyone to start trading. Traders can apply well-known trading strategies to make the most of various tactics. For example, you may insert stop-losses, take-profit, and other common tricks.
Automating Your Crypto Trading Strategy
You need to do two things to start automating your crypto trading strategy on Coinrule. First of all, you’re going to have to connect your exchange account to the platform. Afterward, you will need to set up your strategy by defining rules.
Connect a Third-Party Account to Coinrule
First, you will need to check whether the exchange hosting your crypto wallet is among those that Coinrule supports.
Go to the “exchanges” tab to see a list of all the supported exchanges. You can upgrade to a more expensive plan if you require more exchanges.
The API key and associated secret key are the two pieces of information you’ll need in this phase.
Separate trading platforms have different API management pages that should not be too hard to locate. Your prior API keys for other services are in this section. Furthermore, you may generate a new one on the exchange page.
Creating a new Coinrule is necessary to operate on this platform. Remember to turn off your account’s capacity to withdraw funds for security reasons.
To use the exchange’s API, you’ll need to set up two keys: the API and the secret key. Go to the Coinrule interface, and copy-paste them there.
To connect to an exchange, go to the Coinrule Exchange page and select the one you prefer. Coinrule will ask you to enter the two API keys. Just put them into the pop-up window and press “Connect.”
Personalize Your Automated Strategy
The “Create Rule” link at the upper right of the Dashboard makes it easy to start creating strategies on Coinrule. Using “If/Then” parameters, you may rapidly and efficiently implement trading strategies that take advantage of market changes.
For example, if the price of ETH drops by 5%, you may want the bot to perform a task. If you’d like to schedule your transactions, you may do so by clicking on the “Timer” option.
Before hitting the “Launch” button, you’ll see a tab that explains the rule’s essential requirements.
Additionally, you can choose a pre-made plan from our template collection. In this case, the feature will populate each part with automated details. You may take a look at this information and make minor adjustments if you wish to do so.
How Can You Join Coinrule?
You must enter your email address and establish a password when signing up for an account. Also, you can use your Google or Facebook account to join.
Upon completing the signup procedure, you will receive an email with a verification code that you must input to proceed.
Learning More About Automated Trading
You may check out the website’s Knowledge Base area to learn more about automated trading. Rules and trading methods are only two of the many topics that this section covers.
The team also has a blog section with posts for trading advice and news feeds that Coinrule keeps updating. Additionally, you may follow Coinrule’s social media accounts on Facebook, Telegram, and Twitter.
The customer care team at Coinrule is available 24/7 by live chat, email, Facebook, and Twitter. Its primary purpose is to address any concerns you may be experiencing. Coinrule users may get answers to frequently asked questions (FAQs) on the dedicated page.
Moreover, you may also check the educational content of Coinrule. All these pages aim to give you a chance to solve an issue without contacting customer service.
Coinrule reaches out to its users if there are any difficulties with no solution on the FAQ page. The project’s customer care team helps you resolve issues quickly, thanks to the fast response times.
To keep a user’s account and personal information safe, Coinrule has adopted several precautionary steps. Users are, of course, the weakest link in any security system.
As a result, the user has a crucial role in guaranteeing the safety of assets and personal information.
In any case, you will see that the platform has several features to reduce the risk of security breaches. For example, Coinrule relies on a secure login and authentication system to access its platform.
Key Takeaways on Coinrule
Coinrule wants to meet the needs of both professional and inexperienced crypto traders with its product offer. For example, the website provides an easy-to-use automated trading bot platform to achieve this result.
To learn more about this project, visit its official website and follow the team’s social media pages.