Beginner’s Guide to Crypto Trading Bots — Part 11— Getting Started

Sign up and Set Up Your Security!

C.W.Morton

Jun 26, 2024

Source : Straico AI. Prompt : Setting Up A Crypto Exchange

A couple of months ago I published the first draft of this Beginner’s Guide to Medium, chapter by chapter. I have since received some feedback from friends and fellow traders, expanded the content a little, and it is almost ready to publish.

I have a few more chapters to add, and a few of them will be out of order. Like this one!

This is now the very first chapter for the book, instead of the Index of Imporant Terms.

Getting Started

There are two ways to get started with cryptocurrency trading bots:

Sign up for a crypto exchange that has built-in trading bots such as Pionex, KuCoin, or ByBit.
Sign up for a third-party trading bot service such as CryptoHopper, 3Commas, Trade Santa, or AnnyTrade, which connect to different crypto exchanges and allow you to run their bots on any integrated exchange via API. (You will still need to sign up with one of the crypto exchanges that is integrated with the bot service)

(Thank you if you use any of my affiliate links above!)

For the purposes of this Beginner’s Guide and to keep things as simple as possible, I will be using a crypto exchange mobile app with built-in trading bots.

I prefer to run trading bots from my mobile phone, and it is also the easiest way to get started!

If you are wanting to learn on your mobile device, go to your Google Play or iOS App Store and search for Pionex (or your preferred crypto exchange/bot service)

Download and Install.

If you prefer to run your bots from a computer, you may do that as well by going to your preferred exchange website URL.

Example : https://www.pionex.us, https://www.kucoin.com,

https://www.bybit.com, etc.

All platforms will have a similar set up process that consists of:

1 — Creating a New User Account

2 — Verifying Your Email or Phone

Creating a User Account and Verifying Your Email should be a familiar process to everyone who has used the internet. After these two steps are complete, you will now have limited access to the exchange.

In order to gain full access, you will need to navigate to your account settings and set up a few security related options.

3 — Verifying Your Identity or KYC (Know Your Customer)

Identity Verification/KYC may be something new to some people, but it has become increasingly common. Verifying your identify is something a lot of modern payment processors are starting to implement to prevent fraud, and it means is presenting your government-issued ID to verify that you are the person you are claiming to be. This is often accompanied by uploading or taking a photo, and/or facial recognition measures. Once you are verified, any existing account limits are removed.

4 — Connecting your Bank Account / Cards if you wish to transfer money directly into your trading account

This is optional. If you are totally new to crypto apps, connecting your bank account or using a debit card to purchase crypto is probably the easiest way to fund your account. You may also given the option of a bank wire transfer, or transferring cryptocurrency from another cryptocurrency wallet.

5 — Set up security features like 2-Factor Authorization

I highly recommend setting up 2-Factor Authorization security and heightening your app security, first order of business. Make your trading experience as secure as it can possibly be.

6 — Fund your trading account and start a bot!

Before you can start any bot, you will have to have money in your trading app.

As stated previously, easiest to use bank or debit, but if you already have crypto you can transfer it into your new trading account.

Once you are set up and ready to go, you can start your first bot! That can be done by clicking on “Bot” in the app menu at the bottom of the screen:

Then click “+ Create” in the bot menu.

Before you start one, let’s dig into some basic concepts!

Chapter 1 Key Points:

To get started, you have to create an account on a crypto exchange with built in trading bots, or third-party bot service AND one of it’s integrated cryptocurrency exchanges.
You should immediately set up your 2-Factor Authorization security settings on all platforms that you are using. Always protect yourself.
You will also be asked to verify your identify in order to remove limitations on your account.
To start a bot on any exchange, you will need to fund your trading account with your bank, debit, or external cryptocurrency

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