Recently, many have begun to think about profitable entry points, and this guide will help you figure out how to automate your cryptocurrency purchases using various methods.
An experienced trader will probably find this article boring, as there will be nothing new for them, but young crypto enthusiasts should find a lot of useful information in it.
What is the best way to automate cryptocurrency purchases?
Of course, the best way to automate your purchase of cryptocurrency is to use exchanges. Right now, CEX and DEX aren’t much different. They all now have a trading order book for placing buy/sell orders.
The trading depth is a tool on exchanges that reflects a list of all orders that have been placed in advance, that is, you do not need to wait for the asset to reach a certain price for you – you can independently place an order to automatically buy or sell cryptocurrency.
There is also another tool called buying by trigger, in this case your order will not be in the trading order book, but will be created only when the asset will have a price determined by you in advance.
Steps to Automate Your Crypto Purchases
Do you think it will be beneficial for investors to automate their crypto purchases?
Automation of the purchase of cryptocurrency is the only reliable tool of the investor. There are many strategies related to buying cryptocurrency when predicting such a scenario in the market. These strategies include DCA or buying by ladder, when you place buy orders several price levels below the previous one. Such work should be carried out with full concentration and without emotions or entrust it to a specialized program – trading bots.
Trading bots can work in several modes and, depending on the situation on the market, will automatically place orders to buy and purchase cryptocurrency completely autonomously.
Do you think you will ever automate your crypto purchases?
If you are already asking yourself this question, then this is a good sign – a real investor has woken up in you. You want to be in full control of your purchases and can do it yourself or with the help of trading bots.
Disclaimer: This article is not a financial recommendation, and it is based on the opinion of the author. The author may or may not have holdings in any of the cryptocurrencies mentioned here. Any investment decisions made by readers should be based on the reader’s personal investment objectives and financial situation, and should not be taken as financial advice from the author.
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