Recap Session of Kucoin Ama held at Cryptomansion
Time: 12 PM UTC
Topic- Kucoin Trading Bot
Hello All, We have recently hosted a ama session with Kucoin .The kucoin team was represented by Rock Tang. He shared a lot about the project in Details and many information about kucoin trading bot.
Introduction Questions by Cryptomansion team
Introduction by Guest:- Thank you. Hello, my name is Rock Tang, the senior developer and product manager at KuCoin Exchange, I have 5 years of experience in cryptocurrency trading. I am so excited to be here today!
Q1) Starting out, could you please provide us with a high-level description of APP-Trading Bot on KuCoin Exchange including its Goals and Objectives?
Ans - KuCoin launched the trading bot on January 18th. Users can experience it free via the latest version of the KuCoin App.The goal/objective is to provide a new and easier way for users to make stable passive income.The Trading Bot runs automatically in accordance with the set parameters. Trading bot supports multiple trading strategies, with monitoring crypto portfolios 24/7 and always keeping users one step ahead of the market trend.
Q2). Could you please share some of the biggest "lessons learnt" after navigating the crypto ecosystem keeping in view of APP-Trading Bot on KuCoin Exchange?
Ans - Well, in the launch process of KuCoin trading bot, users’ trust and support have motivated us a lot! For example, during the test stage, several users have deposited over 100k funds of USDT.Besides, our trading bot official Telegram group is managed by our users themselves, where they help each other, and answer questions from their own experience. Some admins are live on Telegram for over 16hrs to educate other people how to use trading bot. From our point of view, our trading bot Telegram community is one of the best in the crypto industry.
Q3). Could you please give a brief intro of APP-Trading Bot on KuCoin Exchange salient features?
Ans - We use the exclusive API of KuCoin for the trading bot, which is fast and secure.The trading bot runs in the cloud, but the assets are always in your local account. You can see all transaction details operated by the trading bot.Our bot has carried out transactions’ worth tens of millions of dollars under real trading environment conditions for a month, and there have never been any security incidents.
Q4). What is the functionality of the APP-Trading Bot of KuCoin Exchange focusing on traders’ usage? Why will anybody wants to use APP-Trading Bot of KuCoin Exchange? Enlighten us its usage for a trader’s daily activities.
Ans - The trading bot runs automatically in accordance with the set parameters. It can monitor crypto portfolios 24/7 and always keep one step ahead of the market trend. Users can use trading bot without understanding the details of API trading. Compared with API trading, trading bot are defintely easier to use. The trading bot provide more users with opportunities for fair trading too. The Trading Bot is totally free as our development team bears the overall costs of servers and R&D.
Q5). Could you please enlighten us about Classic Grid? How to set grids in order to make profitable trades?
Ans - Classic Grid (Spot) is a trading strategy that seeks profit from market fluctuations by positioning buy orders and sell orders.The system will place buy orders when the price drops and sell orders when the price climbs over the base currency at set intervals around the set price to profit from the market trends.
Q6). Copy trading is a great function these days. Are you also providing facilities for copy trading via Bot?
Ans - One thing we are concerned about most is how to avoid negative things from happening. There are many competitors launching the copy trading via bot function, but many of them crushes at the end of the day.There are even some projects and platforms scam users. As KuCoin is widely known for “People’s Exchange”, we have to make sure we are always standing on users' side and protecting their interests.We won’t launch the copy trading function until we can make sure users are protected from the negative sides for this function, even though there are profits to make.
Q7). What strategies is KuCoin Exchange using to create awareness regarding this evolutionary feature i.e. APP-Trading Bot on KuCoin Exchange? Why are you focusing on it?
Ans - We think the best way to promote the trading bot function is by word of mouth. We will be more emphasizing on giving back our profits to users, rather than doing advertising and other promotions.It’s the major difference from other competitors for KuCoin to be known as “People’s Exchange”.
Q8). KuCoin Exchange aims to create its niche via driving innovation by empowering users to deliver amazing blockchain applications. How will KuCoin Exchange do that? Could you please enlighten us about KuCoin Exchange Boting products to be launched in 2021?
Ans - By launching new trading bot products with brand new features, we want KuCoin trading bot to become a platform-level project with a high degree of freedom, where every user can leverage their trading strategy and make more profits.
Q9). How do you attract young people to this App bot? Who are your potential Clients? Please enlighten us in this regard.
Ans - We are attracting and directing users to use trading bot mainly through high-quality services. Meanwhile, we can guarantee to all users that the basic functions of KuCoin trading bot are free for lifetime. As “People’s Exchange”, our target users will be retail traders. We are dedicated to providing opportunities for more users to participate in innovative financial activities in the long run.
Q10). What are some exciting milestones App Bot Trading, KuCoin Exchange has in the coming months? Any big news/announcement?
Ans - There are a couple of important updates for KuCoin trading bot function in the upcoming months. And there will be exciting news to be announced as well. However, out of business confidentiality we can’t disclose details to users. Please stay tuned!
Questions From Twitter
Q1) KuCoin TRADING BOT features offering two option on its trading models, Classic Grid & DCA (Dollar-cost averaging). Could you explain the advantage from both models to the user? Which one is most easy for newbies traders like me?
Ans - KuCoin’s trading bot is currently available on its mobile application and currently has two settings: the “Classic Grid” and “DCA.” We will soon have new features, including Margin Grid, Extreme-Volatility Killer, and Dynamic Position Sizing. So, please stay tuned!
Q2) I tried bot for trading before, but it was not effective. What assurance you can promise to your clients that the money paid to you will be worth it? What kind of strategy do you use? How effective is Bot KuCoin in gaining profit and taking ROI?
Ans - We can’t deny that any investment involves an element of risk. Our strategy of Classic Grid is proven by massive users. The trading bot can help novice traders copy the actions of successful traders in the field, automate crypto trading, and minimize the time waste in the process.We can’t monitor the market trends and insights on a minute-to-minute basis. The trading bot is extremely efficient, it is used by traders to take advantage of the markets that trade 24/7 all over the world.
Q3) For any blockchain token to be truly successful it must have real utility. So what are the uses and functions of $KCS token what roles will it play in KuCoin Ecosystem?
Ans - KCS Bonus is regarded as one of the best ways to get passive income. Users who hold more than 6 KCS can get a daily dividend, which comes from 50% of KuCoin’s daily trading fee revenue.KCS Bonus is a unique incentive mechanism for KCS holders and KuCoin ecosystem builders. The amount of rewards that users can get depends on the number of KCS held and the trading volume of the KuCoin Exchange.
Questions from Telegram
Q1) APP-Trading Bot works 24*7 and performs trading activities. What happens if it goes out of price Range set in it and chosen coin keep falling?
Ans - Grid trading is the best strategy to be used in a volatile market. The trading bot will stop trading when the trading pair goes out of the price range set. When the price of the related trading pair drops, it does not necessarily mean users will suffer losses. In some cases, the profits the grid trading will cover, or exceed that losses.
Q2) What sort of projects do you identify as the biggest competitors of APP-Trading Bot on KuCoin Exchange? Also, if you don't think there are direct competitors, what sort of trends or obstacles do you think need to be overcome in order for KuCoin Exchange to capture more market share?
Ans - There are similar services launched by some of our competitors like Binance. However, KuCoin will try to provide the ultimate user experience and best service qualities among those products. The challenge we are facing right now is some well-known competitors are copying our trading bot product. However, it proves the workability and good design of our product anyway. So we will keep optimizing it and make KuCoin’s trading bot function stay on the top tier in the whole industry.
Q3) What’s the best way to use this bot to maximize profit and less risk? Could you please provide us?
Ans - Let’s take grid trading as an example. The best strategy in a bull market is to use a spot trading pair like ETH/BTC. When you are running the trading bot and it appears you have made 10% profits, the profits are calculated by BTC. Which means if you have put 1 BTC in it, with a price of $10000 per BTC. When BTC’s price rises to $30000, your actual asset is $33000 at this time, with a total profit rate of 330%.