In this guide, we are highlighting how to automate your cryptocurrency investment strategies using the Bitsgap trading platform. We will mainly focus on creating profitable crypto trading bots and highlight a new way to launch one of these bots in just three clicks.
What is Bitsgap?
Bitsgap was created to automate the process of identifying these arbitrage opportunities in several markets across multiple crypto exchanges. This also explains the name of the platform, which includes the term ‘gap’ denoting the price differences of the same asset on two different platforms.
A few years down the road and the Bitsgap platform has expanded its offering to become a full-fledged trading interface for various investment strategies. The main attraction is the ability to deploy trading bots in as few as three clicks.
Worth noting is that Bitsgap currently has over 500k users and supports more than 15 cryptocurrency exchanges, including market leaders such as Coinbase (COIN), Binance (BNB), Kraken, KuCoin (KCS), and Huobi (HT). By taking advantage of Bitsgap, its users are able to manage their disparate portfolios from a single intuitive interface and launch automated trading strategies. It’s also possible to trade manually.
Getting started with Bitsgap
If you’re new to Bitsgap, getting started is simple. Visit https://bitsgap.com and click on the [Sign Up] button.
Provide an email address and set up a strong password to access your account.
Bitsgap will send you a confirmation link to your email account. Check your account and click on the provided link to log in to the Bitsgap trading platform.
How to launch a Bitsgap bot in 3 clicks? Step-By-Step
Creating a crypto trading bot has always been a complicated and costly process. Bitsgap is on a mission to transform that notion amongst investors. It is now possible to deploy a Bitsgap bot for trading with just three clicks, as we will demonstrate below.
But first, let’s get familiar with the interface. Once you log in to your Bitsgap account, you will notice a couple of panels.
If this is your first time using Bitsgap or creating a Bitsgap bot, the platform will prompt you to connect to any of its supported exchanges. Click on the link to connect, as shown above. Here is a tutorial guide that shows you how to link Binance with Bitsgap. You can follow a similar process to link any of the other exchanges.
Once you are connected to at least one crypto exchange, you are now ready to launch your first Bitsgap trading bot. Ensure that the account you have linked is funded before you proceed.
Click 1 – Choose a profitable trading strategy
To launch a trading bot, first head back to the [Bots] page by clicking on the main navigation bar or the logo button. This is the default page that you will be landing on every time you log into your Bitsgap account.
The first step to launching a trading bot is choosing a trading strategy. Strategies are listed on the right side of the page labeled (2) in the image above. You will notice that the platform has a list of several trading pairs with a performance metric next to each.
The performance figures are based on 3-day, 1-week, and 1-month periods. Intraday or day traders will probably stick to the shorter-term bots, while the position and swing traders will most likely focus on the longer-period figures.
You can scroll down to identify a trading pair you prefer or even use the search bar to locate it. However, since we are trying to minimize the number of clicks involved in this tutorial, we’ll go with the most profitable strategy as of the time of taking this screenshot, which is APT / USDT on the Binance exchange.
Click 2 – Preview the trading bot
After selecting a trading strategy from the strategies list, Bitsgap will load a preview panel above the selection panel. Also, the technical analysis chart will be preloaded with the strategy’s selected pair.
Bitsgap will aim to utilize the entirety of the available balance by default. This is a setting you can change to adhere to your personal risk management goals. However, it is worth noting that all other settings are optimized by the platform based on the available balance.
If your balance is not sufficient to launch the bot, you will not be able to, and Bitsgap will display a red outline prompting you to fund your account. Also, notice a button to backtest a strategy below the setup panel. You can use this option to backtest the strategy and tweak some settings to optimize it better.
However, since every setting is already optimized in our demonstration, you do not have to change anything. Click on the [Continue] button to proceed.
Click 3 – Launch the trading bot
In the next screen, you’ll see the final settings of the bot, including how much capital you have allocated to it and the pairs you have chosen for it.
One more thing you’ll notice is that if you do not have either or both of the assets to be traded, Bitsgap will have to buy one of both to satisfy the trading conditions. It will use the assigned balance to make the purchase(s).
Finally, if you are comfortable with the bot settings, and wish to launch it, click on the [Start Bot] button.
The platform will display a success message to notify you that the bot has started trading.
You can check the performance of the trading bot in the panel below the charting interface. Bitsgap lists all running bots in this section, as shown below. The panel to the right will still display the bot settings and offer you the option to modify anything if you wish to optimize it further.
You have successfully launched a trading bot in three clicks. If you wish to stop the bot, you can do so by clicking on the [Stop] symbol on the row listing each bot. That is the last button with a circle and a stroke going through it. You can opt to cancel all open orders instantly or choose a preset price.
If you are just starting out in cryptocurrency trading, this is one of the simplest ways to begin. In a few clicks, you can start profiting from cryptocurrency volatility. With some experience, it will be possible to begin executing custom-made bots on the platform.
Pros and Cons of Bitsgap
Here are some of the benefits and drawbacks of using Bitsgap to automate your crypto trading strategies.
- Easy trading bot setup and launch procedure;
- Supports over fifteen cryptocurrency exchanges;
- Traders have access to plug-n-play profitable trading bots;
- Access to thousands of trading pairs as a result of supporting multiple exchanges;
- Offers a demo account for testing trading strategies;
- The platform offers a backtesting feature to analyze a trading bot’s past performance;
- There is a secure sign-up and login process with the inclusion of 2-factor authentication (2FA);
- The platform enables users to set up both manual and automated trading strategies;
- Traders can access advanced technical analysis tools such as TradingView charts;
- Bitsgap is available to traders across the world.
- Bitsgap does not offer a free account, but there is a 7-day free trial;
- The platform does not offer a mobile app interface;
- Even though there is support for some of the leading exchanges, the total number of supported exchanges is still limited.
Actively trading cryptocurrencies is one of the ways to take advantage of the volatility of this nascent asset class. However, manual trading could be exhausting for most traders, who then seek out ways to automate their strategies.
Platforms such as Bitsgap are increasingly becoming popular as more traders join the crypto bandwagon and start to invest. But, trading cryptocurrencies can be daunting, especially for beginners.
As we have illustrated in this guide, it is now possible to create and launch a profitable crypto trading bot with as little as three clicks. Anyone can take advantage of this innovation and start trading in the least amount of time.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Frequently Asked Questions on Bitsgap
What is Bitsgap?
Bitsgap is an all-in-one cryptocurrency trading and portfolio management platform best known for its crypto trading bots. However, it does offer manual trading as well, with support for more than fifteen crypto exchanges.
How does Bitsgap bots work?
Bitsgap trading bots, similar to all other crypto trading bots, work by automating strategies. Once a bot is created, it is linked to an exchange through an API, and this enables the bot to open and close orders remotely.
How much is Bitsgap and is it free to use?
No, Bitsgap is not free. It utilizes a paid subscription model whereby users are charged a certain fee at regular intervals, either monthly or annually. The platform offers three packages which are Basic, Advanced, and Pro costing $29, $69, and $149 per month, respectively. There is a 20% for annual payments across all packages.
How much can I invest in Bitsgap?
There is no limit to how much or how little any user can trade on Bitsgap. However, the platform cannot trade beyond the limitations each trader has on respective partner exchanges. Any limitations on these platforms are inherited from your Bitsgap account.
Is Bitsgap safe?
Bitsgap is a safe and secure platform to use owing to its security policies which include:
- The use of 2FA to increase account access security;
- Protection against failed login attempts;
- Enforced limited exchange account access through the API key;
- Web communication is protected through RSA 2048 encryption standards, among others.
How to set up a Bitsgap bot?
Creating a crypto trading bot has been complicated and expensive — however, you can now launch a Bitsgap bot in three simple steps highlighted in this simple step-by-step guide.