Chapter 14: Best Software for Cryptocurrency Trading

Question 1

trading bots can perform a variety of functions such as portfolio management, _______ collection, smart order routing, rebalancing, etc.

Answer 1

data

Question 2

Always do __________

Answer 2

backtesting

Question 3

backtesting

Answer 3

test trading strategies against historical data

Question 4

backtesting enables traders to observe how their ________ perform under the different market conditions

Answer 4

strategies

Question 5

it’s not advisable for traders to use trading tools that require _______ or servers to run at all times

Answer 5

computers

Question 6

essential to consider the cryptocurrency _____ software that is compatible with your preferred trading platform

Answer 6

tax

Question 7

ensure that the bot’s development team is _______ + certified

Answer 7

credible

Question 8

acquire information on how the team ______ funding

Answer 8

raises

Question 9

Arbitrage

Answer 9

involves purchasing coins on an exchange + selling them on another simultaneously

Question 10

use that strategy to make safe and quick _______

Answer 10

profits

Question 11

market making

Answer 11

used to prevent huge swings in prices

Question 12

market making usually involves making buy + sell limit orders close to the present _______ price

Answer 12

market

Question 13

Momentum trading

Answer 13

also commonly referred to as trend following system [recommended for riding positive momentum waves w/ assets as well as selling them when the momentum of the market reverses]

Question 14

mean reversion

Answer 14

a type of Crypto trading bot strategy that’s created on the assumption that if the price of a cryptocurrency differs from the average, it can be reverted back to such average

Question 15

back test your trading bots against the _______ data of the market before starting to trade

Answer 15

historical

Question 16

consider _________, trading fees, and latency

Answer 16

slippage

Question 17

don’t forget to access the exchange API _____ to collect high quality data from the market

Answer 17

keys

Question 18

strategy implementation

Answer 18

the need to specify calculations that would allow your bot to determine what + when to trade

Question 19

execution

Answer 19

logic may be converted into an API key request that the cryptocurrency exchange can comprehend

Question 20

job scheduler

Answer 20

automates the whole process via executing your trading strategy

Question 21

ensure that access of your cryptocurrency trading bot is limited to merely writing on ______ orders on the exchange

Answer 21

selling

Question 22

bots shouldn’t be able to _______ your money or have any unauthorized API access

Answer 22

withdraw

Question 23

download + install _____ version of your bot

Answer 23

app

Question 24

The 17 Best Trading Bots Available Are…

Answer 24

1 Pionex
2 Crypto Hopper
3 Trality
4 Quadency
5 3Commas
6 Bitsgap
7 Zignaly
8 Shrimpy
9 Coinrule
10 Trade Santa
11 Profit Trailer
12 NapBots
13 Kryll.io
14 Mudrex
15 Haasonline
16 HodlBot
17 GunBot

Question 25

Pionex's license has been approved by the US FinCEN MSB [?]

Answer 25

Money Services Business

Question 26

Pionex is one of the largest ______ brokers + aggregates liquidity from Huobi Global and Binance

Answer 26

Binance

Question 27

Leveraged Grid Bot

Answer 27

offers up to five times leverage

Question 28

Grid Trading Bot

Answer 28

allows users to sell high and buy low at a specific price range

Question 29

Spot-Futures Grid Arbitrage Bot

Answer 29

enables retail investors to earn a passive income at a lower risk

Question 30

Smart Trade Terminal

Answer 30

lets traders set up stop-loss and take profit in a single trade

Question 31

Crypto Hopper

Answer 31

- allows users to create their own technical analysis - provides templates as well as real time performance reports - available on Android + iOS - features algorithms that support RSI, EMA, and BB

Question 32

Trality

Answer 32

- for advanced traders who double as Python programmers - can take advantage of the in-browser code editor

Question 33

Bitsgap

Answer 33

allows users to analyse over 10,000 cryptocurrency pairs as well as detect coins with the shortest potential

Question 34

Zignaly

Answer 34

has an integrated mining Hamster (cryptocurrency market monitoring service)

Question 35

Trade Santa

Answer 35

you can create your own strategies using their pre-set templates

Question 36

Haasonline

Answer 36

allows you to trade via more than 16 bots