TokenBot helps crypto traders build social communities and monetize market knowledge

There are a lot of benefits to automating one’s buying and selling techniques as a substitute of pointing and clicking with a mouse. For starters, bots can execute buying and selling selections freed from emotion, are lighting quick and have far fewer margins of error. According to CNBC estimates, crypto buying and selling bots account for 70% to 80% of the general buying and selling quantity.

TokenBot is an automatic copy-trading platform designed for social buying and selling teams and communities inside messaging apps equivalent to Discord, Telegram and Slack. As soon as added to a social media group, TokenBot screens the admin’s account on an change and mechanically notifies members of their buying and selling exercise particulars in real-time. The bot has greater than 8,000 every day lively customers and streams near $100 million per day in buying and selling quantity. 

In an unique ask me something session with Cointelegraph Markets Pro customers, TokenBot’s co-founders Anthony Elia and Shaun Newsum shared perception on how the bot may assist crypto merchants. 

TokenBot intro and UI | Supply: TokenBot

Cointelegraph Markets Professional Person: What crypto exchanges are at present supported on Tokenbot?

Anthony Elia and Shaun Newsum: We help the entire vital spot and futures exchanges. Binance, FTX, Bybit, Coinbase, Kraken and BitMEX. We’re increasing to, OKEX, Huobi shortly. A lot of our grasp merchants who use the platform, particularly these with leverage buying and selling methods, use Binance, with FTX coming in at second place. 

CT Markets Professional Person: How does the construction work? I join my API to the bot, after which the trades are shared by way of mates/group by way of Discord/Telegram? What is the payment for it?

AE & SN: Sure, you join your API key contained in the dashboard, click on your Discord/Telegram account after which add to the bot in your group chat. There is no such thing as a payment to share trades. If customers need to copy your trades, you may set your value as little as $29/month, and TokenBot takes anyplace from 10%–30% of the platform, relying on the subscription value. TokenBot will mechanically copy these trades to the subscriber’s crypto account by way of their API keys.

CT Markets Professional Person: Are the trades shared in close to real-time, or is there a delay?

AE & SN: Are the trades shared in close to real-time, or is there a delay? Sure. Our system connects on to the change WebSockets API, and we get close to real-time notifications of trades to cut back latency. We now have been engineering this technique for over three years.

CT Markets Professional Person: Does the bot help DEXs as properly, or solely centralized exchanges?

AE & SN: Proper now, solely centralized exchanges. Nonetheless, if we help DEXs, we’ll look to help dYdX first, given their on-chain perpetual futures contracts product has gotten a variety of steam with merchants.

CT Markets Professional Person: You talked about transparency as a giant forte of the setup. However what if a dealer, say, trades on Coinbase after which transfers cash to Uniswap after which swap/purchase/promote there? The bot [will] not have the ability to decide up the DEX trades proper? Are there workarounds?

AE & SN: You possibly can cross-copy trades throughout CEX with TokenBot, however there is no such thing as a approach to inform if the dealer you’re copying withdrew that coin from the change to say, Uniswap and exchanged it there. However you’ll have a commerce left open till the dealer bought the place from the place it originated. The dealer would ultimately need to reply to their group in regards to the nonetheless open commerce. There is no such thing as a approach across the dealer manipulating the P&L on their trades.

CT Markets Professional Person: There have been many phishing exploits lately involving Discord. How safe is Tokenbot from such a assault?

AE & SN: Since we’re primarily a CEX/API product, our foremost safety layer is thru {hardware} encryption and IP-restricted API keys “binding.” Many of the API keys in our system can solely be utilized by our servers. For instance, you may create an API key to be used with TokenBot on Binance, Bybit and Phemex — and that API secret’s practical ONLY on our servers. This restricts the opportunity of any “man-in-the-middle” kind assaults.