September 24, 2019 at 1:45 pm #5917
I’m ready to activate the Auto Trade feature for all the pairs I see in my dashboard, which (having a Coinbase Pro account registered in Italy) have to be based on USDC, as follow:
I’m wondering if I can really proceed activating all of them, since if I go to Coinbase Pro I only see BTC-USDC and ETH-USDC (BCH and LTC seem to be valid pairs only when traded against USD)
Can you please clarify if I can go on activating the Auto Trade feature also for BCH-USDC and LTC-USDC?
(I haven’t done so yet because I wouldn’t like to do something wrong)
Thank you, Matteo
September 25, 2019 at 10:37 am #5925adminKeymaster
Hello @matthew55, thank you for the question.
There are pair restrictions as well as regional and fiat considerations that may limit your trading options. We provide the ability to pair against USD, USDC, GBP, and EUR in an attempt to give a variety of options. But some customers may still find some limits.
I may also note that Auto Trade would only be active for one pair at a time.
Last, Binance Auto Trade support is going through final QA this week. We expect it to be live this weekend or first thing next week. Binance has broader pairing options and maybe a good solution for those who are limited in Coinbase Pro.
September 25, 2019 at 4:36 pm #5938
I didn’t know about the limitation of a single pair trading at a time (I also sent you an email about it actually …)
Do you intend to allow multiple pairs auto trading in the future or it’s a limitation imposed by the exchange?
Anyway, thanks to your feedback, I also just noticed that I can activate the Auto Trade in EUR, which is my primary currency…
In doing so, will your signals be “converted” automatically in the right currency (EUR instead of USD)? So that I can just activate the Auto Trade on the currency I prefer and your tool will take care of anything?
If so, and taking into account the already mentioned limitation, on which pair do you suggest I/we should activate the Auto Trade (possibly, as soon as the market will stabilize a bit)?
Thank you as always
September 26, 2019 at 12:16 am #5943
I’m trying to edit my previous message but for some reason it seems I can’t (anymore).
Please don’t waste your time replying to the part about “auto trade works with one pair only?”, since I now understood how it works and why…
If possible, though, I’d like to get your feedback on the rest of the message (last 3 sentences) 🙂
Thank you again
September 26, 2019 at 6:26 pm #5949JustinModerator
Good question on the non USD (or USDC) pairs.
The workflow happens regardless of fiat you choose. Imagine you selected BTC/EUR pair.
If our system issues a Sell BTC order, any BTC you have will be sold and that amount will land in your balance.
If our system issues a Buy BTC order, BTC will be bought with any EUR you have.
There is no intermediary conversion happening. This does introduce some risk in that our models are monitoring BTC price in USD, not EUR. But practically, the fluctuations between EUR/USD pale in comparison to fluctuations relative to BTC.
Ideally you eliminate any exchange variance by using USD or USDC, but…given that our timelines are long (we’re not doing minute-by-minute trades) and assuming that you are not using leverage, then choosing EUR or USD shouldn’t matter too much.
But please overlay your own thoughts, expertise, and risk tolerance into this.
PS – To put this in perspective, when people trade FOREX, they typically are using very large leverage–you’re looking at a range of 50:1 to 500:1.
September 26, 2019 at 6:31 pm #5950JustinModerator
And for your last question: what should you trade?
I want to get to a point where we can say crypto x is likely to be the most bullish over the next 30 days. But we’re not quite there yet. No shortage of questions I want machines to answer for us all! 🙂
For now, you can view our Trade History and see which has the frequency and success rate you like best. That’s how I approach it.
It seems like most traders have their own favorite crypto (or whatever trading instrument) with which they feel most comfortable. Maybe you have one of those. If you’ve spent the last 6 months staring at the ETHUSD chart, nothing wrong with leaning toward what you know.
- You must be logged in to reply to this topic.