General

General FAQ on cryptocurrency trading at Wunderbit Trading

What is Copy-Trading?

Copy-Trading - is a type of trading strategy when you follow one or a group of traders. This social investing/trading allows you to make exactly the same trades as the professionals and can be automated when you use a method called copy-trading or mirror-trading. That way, you can have the same results as the professional traders who operate in the same trading network, without having the knowledge they accumulated over the years of learning and trading. Probably one of the easiest ways to create a passive income stream for beginners and start trading and investing in the cryptocurrency market.

How to start with Wunderbit Trading?

You need to register on a platform and then select your role: Trader or Copy-Trader. For more detailed information on how to start with Wunderbit Trading please press here.

Can I be a Trader and a Copy-Trader at the same time?

Every user can trade manually or automatically. To activate the Copy-Trading feature, every user must choose to be a Trader or a Copy-Trader.

Can I put take profit and stop-loss targets?

Yes. For each strategy and each order type, you would be able to determine the take profit and the stop loss, therefore creating a complete strategy for your cryptocurrency trading.

What is strategy?

In Wunderbit Trading you can create a strategy in which you can predetermine the entry and exit points of your deal. Available trading strategies:

Long strategy

For the buy strategy, you are starting with your base currency and in the first phase, you buy your target crypto assets. Long BTC/USDT pair means that you are using your USDT amount to buy some BTC. In the second stage, our system will monitor stop loss and take profit, if you specified them, and as soon as one of them will be reached the market order will be executed to sell the amount of BTC that you possess for USDT.

Short strategy

For the sell strategy, your first step is to sell the crypto that you are currently holding. Short BTC/USDT means that you have BTC in your account and you would like to exchange them to USDT. In the second stage, our system will monitor stop loss and take profit, if you specified them, and as soon as one of them will be reached the market order will be executed to buy the BTC back based on the amount of USDT that you have.

Can I put several take profit targets?

Yes, You can select partial Take Profit targets for a single strategy. The maximum number of Take Profit targets at the moment is 3.

Can I edit take profit and stop loss while the trade is active?

Yes. When the trade is active (status of the trade is ENTERED) you can press the edit button. The window, in which you were creating the strategy will open and there you can adjust take profit and stop loss, and update the strategy during the real-time trading.

What is Market Close?

This is your emergency exit out of the strategy while it is still in progress. As soon as you press the Market Close button your trade will be automatically closed based on the market price at the current moment.

Can I do leverage trading?

Yes, if the crypto derivatives exchange supports leverage trading then it will be available. In most cases, leverage trading (also known as margin trading) is available for cryptocurrency futures trading.

What are crypto trading bots?

A cryptocurrency trading bot is an automated strategy that uses predetermined conditions or trading signals for live trading on popular cryptocurrency pairs. When the condition or signal is triggered the trade is executed automatically.

What are the Pros and Cons of Bot Trading?

Advantages:

This is the easiest way to make the most out of the cryptocurrency industry as crypto markets are operating 24/7. A good strategy will be always backed by backtesting results and create consistent equity growth through balanced portfolio management.

Disadvantages:

You need to have professional skills and tools to create and execute your bot and a reliable automated trading platform that will support your trading strategies. Wunderbit Trading services solve these problems. On our platform, you can select a trader who has working trading bots on his account and copy trade his strategies automatically.

How to make a trading bot?

You can create the actual trading algorithm with TradingView’s PineEditor. Tradingview platform allows you to implement your trading ideas for popular cryptocurrency pairs, backtesting and forward test it using paper trading, and instantly see the results. You can then convert these conditions into trading signals (buy or sell) and send these signals to Wunderbit trading. Our trading software will execute your signals automatically using the market order as soon as it will receive the signal. A more detailed guide on how to connect your first cryptocurrency trading bot is available here

Do I have to transfer funds to Wunderbit Trading?

No, Wunderbit Trading does not store any crypto assets or fiat money. Your crypto assets stay in your Exchange account.

Can I follow more than 1 trader at the same time?

Yes, you can follow as many Traders or Bots as you wish.

Can I connect multiple exchange API accounts at the same time?

Yes, you can connect multiple API accounts.

What is margin trading?

Margin trading gives you the ability to enter into positions that are larger than your account balance.

What is leverage trading?

Leverage is the use of borrowed funds to increase trading position beyond what would be available from their cash balance alone.

Why is everything FREE? How do you make money and support the whole platform?

We have a team of traders, who trade on the platform. We profit when users copy-trade our accounts.

Do I need a different bot name per coin I trade i.e. I want to apply the same strategy to numerous coins?

The name of bots can be the same if at least one other variable is different.

I also have only one account so if I choose 100% on say BTCPERP trade, and it becomes active, then other alerts fire off.. but $0 are in the account, will that affect things?

On FTX, if you specify max leverage above 1x, for example 5x it will allow you to create five 100% trades.

I'm also interested if I can come in and manually manage an active bot trade?

Yes, you can cancel or edit any bot created strategy.

If I was o go in and manually close a trade, without the 'exit' signal. Nothing would happen. Then it just looks for a new entry signal and starts again?

Exit will get to Wunderbit, but such as you already close the trade, it will be ignored. then, waiting for the next entry.

I've connected my API keys, but there is an error, why?

Possible reasons:

  1. your balance is below $10

  2. you created API keys without trading permission

  3. you have $$$ on the margin account of Binance (currently not supported) but don't have anything on spot trading account

TradingView status updates

What are crypto futures?