TokenBot helps crypto merchants construct social communities and monetize market data

There are lots of benefits to automating one’s buying and selling ways as an alternative 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. Based on 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 reminiscent of Discord, Telegram, and Slack. As soon as added to a social media group, TokenBot displays 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 energetic customers and streams near $100 million per day in buying and selling quantity. 

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

TokenBot intro and UI | Supply: TokenBot

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

Anthony Elia and Shaun Newsum: We help all the important 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 means of buddies/neighborhood by way of Discord/Telegram? What is the charge 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 charge to share trades. If customers need to copy your trades, you’ll be able to set your worth as little as $29/month, and TokenBot takes wherever from 10-30% platform relying on the subscription worth. 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 scale back latency. We’ve 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. Nevertheless, if we help DEXs, we are going to 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 not have the ability to choose up the DEX trades proper? Are there workarounds?

AE & SN: You’ll be able to cross-copy trades throughout CEX with TokenBot, however there isn’t a technique 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 offered the place from the place it originated. The dealer would ultimately must reply to their neighborhood in regards to the nonetheless open commerce. There is no such thing as a means across the dealer manipulating the P&L on their trades.

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

AE & SN: Since we’re primarily a CEX/API product, our fundamental safety layer is thru {hardware} encryption and IP-restricted API keys “binding.” A lot of the API keys in our system can solely be utilized by our servers. For instance, you’ll be able to create an API key to be used with TokenBot on Binance, By bit, and Phemex – and that API secret is purposeful ONLY on our servers. This restricts the opportunity of any “man-in-the-middle” sort assaults.