Kucoin is a cryptocurrency exchange platform that offers crypto buying, selling, and trading services.
Launched in 2017, Kucoin is a Seychelles-based exchange that boasts millions of users in 200 countries.
Although not licensed in the US, Kucoin is a renowned cryptocurrency exchange that offers a wide range of trading assets.
Apart from basic crypto trading, Kucoin also allows futures, margin, and P2P trading. Apart from this, users also have access to staking, lending, and borrowing tokens.
One of the important aspects of using Kucoin is its low fee. Compared to other crypto platforms, Kucoin charges meager fees on transactions.
Meanwhile, Kucoin is suitable for traders of different levels. It has a fairly beginner-friendly interface for newbies. It also offers advanced trading and analytical tools for expert and experienced traders.
One of these tools is the Kucoin trading bot.
Trading Bots on Kucoin
As the name implies, these bots are advanced trading tools that can trade on behalf of traders.
In other words, these are programmable tools that can manage and trade crypto assets from preset instructions. All you have to do before using these bots is, set the instructions, and the bot will execute them for you.
Kucoin trading bot is useful since it takes out the emotion and psychology that affect many traders. Meanwhile, you are giving yourself a chance to earn passively while the bot does your work.
Furthermore, you don’t have to fear losing setups and trades or even sit down close to your trading desk monitoring trades. The bot does everything for you.
How to Set Up Trading Bots on Kucoin?
Trading bots were released for Kucoin users in January 2021. Since the addition of the first ones for Spot and Future traders, more useful trading bots have followed.
Meanwhile, more of them will also be introduced in the future. Types of trading bots currently available on Kucoin include:
- Spot Grid Trading bot
- Future Grid bot
- Smart Rebalance bot
- Infinity Grid bot
Before you can enjoy this beautiful opportunity, you must have a verified account with Kucoin. Meanwhile, creating a new account on Kucoin is simple.
We’ve explained below how you can set up different types of trading bots on Kucoin.
1. How To Set Up Spot Grid Trading bot?
The first and the most used Kucoin trading bot is the Spot Grid Trading bot.
The bot is specially made for Spot traders. There’s another variant for future traders too. The bot executes buy or sell orders from fluctuating market conditions.
It follows one basic rule, buys low and sells high. With this, the bot places a buy order when the price goes down to a certain level. It also places a sell order when it goes up, probably to resistance or the previous high.
This tool is excellent for swing or short-term traders.
Let us get to how to use the Spot Grid Trading bot.
Log in to your Kucoin app. On the homepage, click Trading Bot from the list of services listed.
Pick Spot Grid from the bots available.
Under Spot Grid bot, click CREATE to program a new trading bot for your Spot orders.
There are two modes in which you can use the Spot Grid bot; Auto or Customize.
To create a trading bot via the Auto mode,
Choose your preferred trading pair from the dropdown list.
Since it is in Auto Mode, the price range will be automatically set. Also, the number of orders that the bot can place will be determined by the bot.
To continue, input the total amount of the pair you want to invest. This will be the maximum amount of money that the bot will trade for you.
Finally, tap CREATE and CONFIRM the order to start running the bot. Once the price reaches one extreme of the range, the order will be executed.
To create the Spot Grid bot by customizing the settings yourself,
Switch to customize mode.
Here, you will set the Maximum and Minimum Price you want the bot to activate.
The Minimum Price is the lowest price that the bot can pick up buy orders. If the price goes lower than the minimum price, the bot stops to minimize loss.
The same goes for the Maximum Price. It is the price at which the bot picks up a sell order.
However, if you are using the Customize mode, it is important to do a proper price action analysis and check the historical price action of the assets before choosing a Min. and Max. Price.
To proceed, set the Numbers of Placed Orders and input the amount you want to invest.
For the last step, click Create and Confirm your settings and order.
To check the profit that your bot has gained from an order, go to Trading Bots > Running to check details of the running order, profit, loss, arbitrages, and APR.
You can check details of past profit or loss under Trading Bots > Profits.
2. How To Set Up Futures Grid Trading bot?
Future Grid trading bot is similar to its Spot trading counterpart. However, this bot is only used for Future trading.
Apart from its usefulness as a futures trading bot, it also executes grid trades by setting orders at highs and lows. Therefore, when price swings across these points, orders are activated.
Meanwhile, during this grid trading, the bot will also be responsible for managing your assets. It will divide the assets into positions and act as a net to capture price swings at extremities.
To set up Future Grid Bot,
Log in to your Kucoin app. Under Trading Bot on the homepage, open Futures Grid.
Tap CREATE to set up a new bot. Meanwhile, like the Spot Grid bot, the settings here can also be Auto or Customize.
To use the Auto settings, choose the preferred Futures Trading contract and choose whether to go LONG or SHORT.
Enter the amount of asset you want to invest and tap CREATE to start using the bot. You can also use the advanced settings to manually set the Take Profit, Stop Price, or Entry Price.
Meanwhile, Auto Settings has automatically included the price range.
To Customize your settings,
Choose the preferred contract pair. Indicate whether you are going long or short.
Continue by setting LEVERAGE. It is automatically set to 2x by default.
Increasing your leverage may pose a higher risk to your trading asset. It can easily get your account liquidated too.
Continue by entering the price range you want for your trades. To make things easier, you can choose to use AI parameters by tapping “Fill AI Parameters.”
Like ranges in Spot Grid trading, the lower price is the price that the bot enters buy orders.
On the other hand, the higher price is where the bot gathers sell orders. If the price violates these ranges, the bot will stop gathering orders.
Next, enter the numbers of grids or orders you want the bot to execute. Meanwhile, the order depends on the grid.
Finally, enter the investment amount and Create the bot.
You can check running order, profit, or loss under Trading Bot > Running.
3. How To Set Up Infinity Grid Trading bot?
The Infinity Grid bot employs another strategy for Spot Traders. It is almost like the Spot Grid bot, but it features an aggressive entry.
This bot is designed to enter trades when the asset is pumping to avoid missing out on potentially profitable market conditions.
When you use the Infinity Grid bot, and there is a sudden pump, the bot picks up buys at lows and sells orders at highs while within the range. A sort of arbitrage on asset price.
Here’s how to set up the Infinity Grid bot
Log in to your Kucoin account.
Go to Trading Bot and choose Infinity Grid. Click Create to set parameters.
In the settings, there is an Auto mode and Customize mode like in other bots. In the Auto settings, every other parameter, including Profit per Grid and Minimum Price, will be set by the bot itself.
To Customize your parameters,
Manually input the Minimum price in which the bot will no longer take orders once the price breaches it.
Also, set the Profit Rate per Grid to indicate the profit rate that can qualify for a grid selling. It ranges from 0.2% to 10%.
Finally, enter the amount of money you want to invest. After customizing your parameters, click CREATE and then Confirm settings.
4. How To Set Up Smart Rebalance Trading bot?
Another useful bot is the Smart Rebalance bot. This one is suitable for long-term traders and investors.
It allows traders to add to their investment positions when there are price fluctuations.
For example, if you have a long-term holding in BTC, ETH, SOL, and MATIC and there is a huge price swing in some of these assets, this bot will help you add to the asset and Rebalance the rest.
Therefore, its main job is to maintain orderliness and rebalance your asset during swings.
Here’s how to set up the Smart Rebalance trading bot.
Go to your Trading Bot and pick Smart Rebalance.
By clicking START, the bit will redirect you to AI PORTFOLIO. You can sort the portfolio with their gains in 24 hours, 7 days, or 30 days.
Once you see a PORTFOLIO that suits your need, select the portfolio and click CREATE NOW. This should redirect you to where you can set parameters.
In the settings, arrange the portfolio by making new selections according to what you have. Each portfolio can take up to 6 assets.
Then select how the bot will balance the assets. You can choose between AI Balance, Equal, or By Market Cap.
Enter the amount you intend to invest. Investment amount ranges from $200 to $1000.
You can also toggle Advanced Settings to set time for Auto Rebalance, Take Profit, or Stop Loss.
When you’re done, simply click CREATE and Confirm everything.