If you have ever had anything to do with the cryptocurrency trade, you probably already heard about Kucoin. According to all available data, it is currently one of the most popular exchanges out there. Its 24-hour trading volume currently exceeds $3 billion, and it has more than five million users in more than 100 countries. And, since Kucoin’s expansion was seemingly unstoppable for quite a while, it’s not such a big surprise that they decided to come up with their trading bot as well.
From the perspective of an exchange, this is always a good move. No matter how good the bot is, it will eventually increase the overall traffic on the platform. But, how useful will it be for an average trader? Is it better or worse than most of its competition? The answers to these and many other interesting questions lie in front of you. So read on!
How Does Kucoin’s Trading Bot work?
The Kucoin bot first saw the light of day in early 2021, and at the time, it had only three basic features. Over the next few months, the bot has undergone slight modifications, and today it has six features. They are as follows:
- Dynamic Rebalancing
- Infinity Grid
- Margin Grid
- DCA (Dollar Cost Average)
- Futures Grid
- Classic Grid
When it comes to cryptocurrencies, the bot supports pretty much all the coins that the platform itself supports. According to the latest assessments, there are more than 800 coins available on the exchange. Starting the bot isn’t too difficult, especially if we have in mind that it supports only the features that were already available on Kucoin’s website. The only difference is that the bot is available only inside the mobile app. So all you have to do is to download it, run it, and your investing adventure may begin.
Since the bot has fairly recently left the development stage, it is still free to use. The layout of the app is rather simple, and even beginners shouldn’t have any problems navigating it. The fact that it is only several months old, however, means that changes and updates are very likely in the next few months. The only fees you will have to pay are the ones that are already charged by the Kucion exchange.
You should, however, keep in mind that the bot is available only on Kucoin’s platform, and you won’t be able to use it on other exchanges. Unlike some other, more sophisticated crypto trade assistants, Kucoin’s bot is meant for mass usage, and the price of its simplicity is the lack of more complex customizing options. And, if something is perfect for rookies and newcomers, it is usually frowned upon by more experienced traders.
Earning Passive Income With Kucoin’s Trading Bot
Diversifying your sources of income is one of the first stops on the road to financial independence. If you manage to earn passive income from various sources, you’ll be more financially resilient, and market crises and fluctuations won’t cause that much trouble. Kucoin’s bot is a perfect source of passive income. As soon as you set it up, the bot will do the work for you. From there on, it all depends on the behavior of the market.
Trading Fees For Using Kucoin Bot
In short, the fees you have to count on with the bot are the same you would otherwise have to pay on the Kucoin’s platform. The good thing is that Kucoin organizes frequent promotional campaigns during which it offers special discounts and trading free rebate coupons to its most active users. If you regularly check the news on Kucoin’s website, you might come across some rather lucrative offers.
How Many Bots Can I Have at the Same Time?
You are limited to one Kucoin bot application per device. However, if you know what you are doing and if you set it properly, one will be more than enough. Should you decide to ask around and see what the online community has to say about the bot, you might find some rather strange and contradictory reviews.
Namely, on platforms such as Telegram, Reddit, and Trustpilot, there are many negative reviews of the bot. All things considered, the great majority of negative experiences are caused primarily by a lack of knowledge about crypto trading. Quite a significant number of users engage in trading without previously learning all the basic rules and concepts.
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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com