HummingBot installation guide makes it easy to set up a full-featured Automatic crypto trading bot for the Pair XDC:USDT using Kucoin and Gate Trading Account.
You need a Kucoin or Gate Exchange trading account to set up an Automatic market making bot, if you don’t have an account please create a trading Account at Kucoin https://kucoin.com or Gate https://gate.io/
Setting Up API Keys for Trading Bot on Kucoin and Gate Exchange !
Kucoin and Gate API keys are important to set up an Access point which is a gateway to get started with your market making bot trading.
To get the Kucoin exchange API please check out the detail guide https://www.kucoin.com/support/360015102174 and to get the Gate exchange API please check out the detailed guide https://support.hummingbot.io/hc/en-us/articles/4412126637337-How-to-generate-a-read-only-API-key-for-Gate-io
Note this recommendation
(!) save your API Key on your notepad or somewhere safe, because Kucoin will mask it after a page update/reload.
(!!) Very Important, , do not enable the withdrawal option, when you generate your API keys for any crypto exchange.
You just generated your API key and API key secret with Kucoin exchange with the above steps.
What is Hummingbot and how to set up Hummingbot software?
Hummingbot is an open source software which is generally used when constructing custom, automated trading strategies that can be both centralized and decentralized exchanges for operation.
It has a wide use of support for different actively trading exchanges. It as its own node that it operate on as a decentralized market making software
The Hummingbot software on the client side (user) can run local machines (like laptops) or in the cloud base, which is very similar to any other kind of node you have operated on. It runs standard market-making algorithms and requires the users/operators to maintain an inventory of tokens and assets.
For full Detail on the setup guide, it is available at : https://docs.hummingbot.org/installation/#source
After you have carefully Setup this Software, the Commands you need to Start Pure Market Making bot are listed in steps below.
Steps with commands to Start Pure Market Making bot
Connect is a command and exchange_name is an exchange name so enter the exchange name which you want to connect.
Enter Api Key, Secret Key & passphrase of Kucoin or Gate Exchange
Enter the API key and Secret Key you generated from the AUTHENTICATION process. As you type your API key, it will display in this format: ****….
You will receive a message of ‘You are connected to Kucoin or Gate, after you enter the right API key.
Let’s create a Bot and start with the strategy
Type in the command: create. It will be used to create a Bot Next, you will be asked for a market strategy ? enter pure_market_strategy
Next, it asks for a maker exchange name. Enter kucoin or Gate.
Next, you need to add a trading pair. Enter XDC-USDT
Input the bid order in with number e.g. 1, which will represent 1% to be placed
Input the order in (%) to be placed. Small percentage means more trade but make sure you are in profit after deducting Trading fees.
Set Time interval in seconds. Ideally, you can set up between 0 to 60 Seconds.
Enter the amount of XDC per order. Next, Enter : XDC Numbers (smaller amount means more trade but less profit i tried with 500 XDC.
After entering the amount, It will ask for a ping pong feature. Select no
Next, it will ask to save the profile. Save the file for future reference.
We are Good. Everything is configured now. To Start the Bot Enter start as a command to start the bot
We have successfully started the Bot. What Next?
Once you set up the Bot, you have to watch the order book on regular intervals. You can try different strategies and optimize profit.
Recently Hummingbot have announced a 12 week liquidity mining campaign for XDC on Kucoin and Gate Exchange worth US$36,000 total reward pool for more details please check out https://twitter.com/_hummingbot/status/1597303349480947713
Note:The opinions expressed in the Blog are for general informational and educational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product. It is only intended to provide education about the financial industry. The views reflected in the commentary are subject to change at any time without notice.
Nothing on this Blog constitutes investment advice, performance data or any recommendation that any security, crypto, portfolio of securities, investment product, transaction or investment strategy is suitable for any specific person. From reading my Blog I cannot access anything about your personal circumstances, your finances, or your goals and objectives, all of which are unique to you, so any opinions or information contained on this Blog are just that — an opinion or information. You should not use my Blog to make financial decisions and I highly recommend you seek professional advice from someone who is authorized to provide investment advice.
Please do share your comments or feedback and experience on running Hummingbot at https://xdc.dev