Trading cryptocurrencies in Germany is more than just sitting on a chair and pressing some buttons on your device. It requires a lot of concentration, research and consistency. One wrong move could see you lose some of your money.
In a bid to improve their trading efficiency, over 2.1 million people in Germany have acquired the services of trading robots. This article seeks to educate traders on all they need to know before using crypto trading bots in Germany. It is broken down into the following subtopics:
- Popular Trading Robots in Germany, with a detailed explanation of Bitcoin Code
- Are Crypto Robots Legal?
- Are crypto robots too risky to use right now?
- How to use Crypto Trading Bots
- Can you make profits from them?
- A comparison between Automated Trading in Germany and those in the UK and the USA.
Why is Bitcoin Code A Very Popular Trading Robot in Germany?
Bitcoin Code does not only help you trade Bitcoin but also 7 other cryptocurrencies: Ethereum, Ripple, Bitcoin Cash, Tether, Bitcoin SV, Litecoin and Electro-Optical System (EOS). It runs on an algorithm that is based on past price trends in the market.
Bitcoin Code works round the clock and is a fast crypto trading bot. Hence, it detects and takes advantage of opportunities in the market at a rate faster than many other trading bots.
Although there are no fees attached to using this bot, the crypto brokers collect a small commission from the traders’ profits and credit the rest to their trading accounts.
Bitcoin Code offers a demo mode where you can trade without using real money. Then, Bitcoin code demands a minimum trading deposit of 250$ if you want to trade in live. It supports payment via bank transfers, credit cards, and debit cards.
As well as multiple payment methods, Bitcoin Code also has a number of positive online reviews. These reviews allow users to make a decision on whether or not to use the trading robot.
In this case, there are many Bitcoin Code reviews out there, for example, a Bitcoin Code review from Cryptomonday.de says, “Laut unserem Bitcoin Code Test hat der Krypto-Bot 4/5 Sterne, weil er einfach zu bedienen ist, ein hohes Gewinnpotential hat und von Profis genutzt wird”
This translates in English as: “According to our Bitcoin Code review, the crypto bot has 4/5 stars because it is easy to use, it has a high profit potential and it is used by professionals.”
Also, test the free trial mode to ensure the bot is fully functional.
Are Crypto Robots Legal?
Crypto robots are legal in most countries since they are tested and trusted. There is no international law that states that trading with crypto robots is illegal, but some countries have regulations against it.
Are Crypto Trading Robots Too Risky To Use?
Trading cryptocurrencies is a big risk in itself, whether you do it yourself or use a trading bot. No matter the accuracy of your trading bot’s algorithm, not all trades will be successful and yield profits. However, the goal is to keep losses at a minimum. Before using a bot, you need to do your research and ensure it is as efficient as the creators claim it is. A good way will be to check out reviews online.
How To Use Crypto Trading Robots
First, you have to sign up for a crypto trading bot. After that, you can make a deposit and set the payment method that suits you. Adjust the settings according to your taste and activate the auto trading feature. Again, it is advisable to use the demo account before using your money to trade.
Can You Make Profits Trading With Crypto Bots?
Yes, you can make profits trading with crypto trading robots. They were made to improve your trading efficiency, but their functioning depends on the way you set them. It is you, the trader, who determines the actual trading strategy these robots work with. While some of them have all the features you need to excel in the world of crypto trading, they still depend on the instructions you give them to function properly. Therefore, you need to know what you’re doing as a trader before you can make profits.
As said before, you should use the demo account to test all its features and be sure that you understand everything before you start live trading.
Comparison Between Automated Trading in Germany, UK and USA
Germany and the UK follow the same set of regulations concerning Crypto Bot Trading. These laws are collectively known as MiFID II (Markets in Financial Instrument Directive II) and they state that Automated Trading Firms must have an organized structure and there should be a highly qualified staff handling the Technical, Legal, Risk Management, Trading Limits, and Monitoring and Compliance aspects of the firm. In the case where the robot is malfunctioning, there must be a quick response team to shut it down immediately and annul all pending orders.
The U.S follows a set of rules known as ‘Regulated Automated Trading’ and it has similar content to the MiFID II. However, the difference is that it requires traders to submit their valid IDs and Automated Trading Firms are required to submit the source codes of their software for regulatory authorities to inspect.
It is important to note that the use of crypto trading robots is not a ‘Get Rich Quick’ scheme. If you don’t know much about crypto trading, you probably should go and learn the basics before hiring crypto bots as this will give you a better trading experience.