Passive Income with Crypto Trading Bots

Earn Easy Passive Income with Crypto Trading Bots 2022

There are multiple ways to earn passive income through crypto. Staking, mining, lending, or hodling are all valid methods of earning passive income through crypto. There is another great method that sometimes manages to trump other methods when it comes to passive income automatic crypto trading bots. Think of it as day trading without actually having to do it. 

What are Crypto Trading Bots?

Cryptocurrency trading bots are essentially the solution to various problems people might face when trading crypto. Trading bots vary platform by platform, some offer bots that you can’t customize at all, while others allow you to create bots that are so overly complicated that you need a few days to understand how it works. Overall they all solve the same problem they automate trading.

Why would I want to automate trading?

Running automatic trading bots helps you solve a few issues you might have:

  1. Not enough time to trade (24/7 trading)
  2. Too much emotional trading
  3. Stops all FOMOing
  4. Able to keep track of many pairs
  5. Turns day trading into a passive income

Are Trading Bots safe?

This question is best answered on a case-by-case basis. Overall it depends on how the platform trades for you. For example, BravoBot (our bot) will place trades for you through an API key that allows our program to interface with the exchange. While the API key does give our platform access to trade on your behalf, it does not allow us to withdraw your balance. Our platform will reject your API key if the withdraw option is enabled. Meanwhile, other bots will carry out this process differently.

Overall, some bots are safer than others, but it depends on a case-by-case basis.

How do Trading Bots work?

Not all trading bots work the same. They mostly follow a similar path to finding the perfect time to enter a trade and exit. Bots usually follow a similar cycle when it comes to making a trade:

  1. Scan all of the trading pairs for the entry conditions
  2. If all conditions match, enter the trade
  3. Set up an exit strategy
  4. Wait for exit
  5. Once exited, adjust wallet amount
  6. Look for the next trade

How do I know my trading strategy is good?

Some platforms will offer you the ability to paper trade, while others will allow you to backtest. Paper trading is essentially trading with fake money to see if your strategy is viable. Backtesting is going back in time and running the strategy over the previous data to see the success. Objectively speaking, backtesting is superior to paper trading because backtesting will yield data faster than paper trading because the data already exists, and you’re able to run the strategy over it quickly. 


What is BravoBot?

BravoBot is a crypto trading bot built for Binance (more exchanges to come). It interfaces with Binance through API keys provided by the users that allow BravoBot to trade on their behalf. The users can create bots with their own rule sets and multiple entries and exit strategies to follow, allowing for non-emotional trading running 24/7, all based on hard data and no human error.

Security

We put your security first. Your funds are not at risk of being stolen through API keys. Binance allows you to enable withdrawals through API keys; however, our system will reject the API keys when withdrawal permissions are enabled. We also have various security measures that we should not talk about — to keep malicious people guessing. Also, everything is AES-256 encrypted (military-grade, as they say).

API access required to run the bots
API access required to run the bots

Ease of use

BravoBot is designed to be very simple to understand and use while also developing super in-depth strategies. The UI was designed with both the novice trader and an advanced trader in mind.

BravoBot’s bot management dashboard
BravoBot’s bot management dashboard

As many bots as you want

Thanks to BravoBot’s virtual wallets, you’re able to divide your Binance spot wallet into sub wallets and create trading strategies per wallet! Our platform will keep track of the wallet’s profits and losses so you can virtually isolate money on a per-bot basis.

As many coins as you want

Many bot providers limit how many coins you can have watched by the bot. We do not have such restrictions. You can add coins from the most recently added coins to Binance up to Bitcoin, and the bot will consider all of them when looking for the opportunity to make a trade.

1st step when creating a bot
1st step when creating a bot

Multi-strat-entry

Think of it as an extensive OR statement with many AND statements per strategy. You can specify multiple market conditions for the bot to look out for when entering a trade. Each strategy can have various rules set below. Users can fine-tune the rules down to the time frame and number of candles.

Essentially users can define one or more strategies. Each strategy will contain one or more rules (market conditions). The bot uses strategies to know when to enter a position. Only one strategy has to be true for the bot to enter. Having multiple strategies will allow the bot to scan the market for various market conditions when looking for an entry, and it will enter if any of them reflect the state of the market.

2nd step when creating a bot
2nd step when creating a bot

A rule is a market condition. For example, RSI (relative strength index) is one of the most popular technical analysis tools. A rule can be that the bot has to enter a trade position when Bitcoin’s RSI is under 20 (oversold). All of the rules in the strategy have to reflect the state of the market (to be true) for the strategy to be true giving the bot the buy signal.

Exiting a trade

BravoBot comes with multiple different kinds of exit strategies. You can go with a simple take profit and stop loss, or go for our exclusive delayed trailing stop loss which can only be found on our platform.

3rd step when creating a bot
3rd step when creating a bot

Backtesting

BravoBot offers you the ability to backtest for free, going as far back as 365+ days. The backtest will take the bot settings you wish to test and run them back versus historical data to see if the bot settings are any good. Afterward, the bot will generate a report to show you all the relevant data you could want.

Reports

The reports that our bots generate allow you to understand how your bot traded, the kinds of strategies it used, what coins it focused on, the success of each strategy. BravoBot can export all of this data if you wish further to analyze it through Excel or other such programs.

Report generated by the bot
Report generated by the bot

Roadmap

The reports that our bots generate allow you to understand how your bot traded, the kinds of strategies it used, what coins it focused on, the success of each strategy. BravoBot can export all of this data if you wish further to analyze it through Excel or other such programs.

BravoBot’s roadmap

How does BravoBot make money?

The profit model we’re going to implement is on a commission basis. The commission will be the lowest among other commission-based bots. Until you make money, we won’t see a dime so it’s in our best interest to make sure we help you profit. We implemented backtesting to help you create profitable bots that will benefit you when testing strategies, later down the road benefiting us through commission. We see this as a win-win situation.

The users will have to deposit some BUSD into a wallet specially assigned to your profile to pay commission (think of it as a pre-paid SIM card). We will credit the amount of BUSD you deposited to your account, and we will charge a commission from that amount each time your bot makes money.

Once the platform is ready to be launched we will have a referral system. Users will receive credit every time the person that they referred made a profit.

The money you deposit to our platform will have other uses apart from paying commission in the future so stay tuned.

BravoBot sounds cool! How can I join?

Our product is still in development, but we have multiple community outlets we’re trying to grow. We have a Discord and Telegram channel for the community and social media. We also make YouTube videos showcasing our weekly progress towards the public release.

We’re holding an “early bird” promotion to incentivize people to join before the public release which will be invite only for certain period of time. People that pre-register over at bravobot.com will receive $10 of credit (the wallet where we will charge the commission) and an early bird badge (which can be displayed on your profile to show off that you were there before others).

Also, the sooner you sign up, the sooner you will get access to the platform since we will slowly open the platform to the public, allowing only small subsets to access first. This is to ensure that our system will be able to handle the users and possibly find issues early on. Your time is greatly appreciated.

Hope to see you soon!

-Nikolay, Alfred, and Frank

BravoBot Team


If you’re wondering about the legality of trading bots go here.