Risks Associated with Cryptocurrency Automated Trading Robots

Automated cryptobots are usually designed for traders, not investors. They may not be suitable for people who are new to cryptocurrencies. Users should have proper knowledge in using these bots as misconfiguration can lead to huge losses. Also learn more about kucoin trading bot. They are not particularly useful during periods of high volatility. In general, cryptocurrencies are highly volatile and a trading strategy may not match market conditions. Users are advised to only deal with well-known exchanges with the best security features to avoid losses in the event of a hack. Users are advised to take action such as keeping their API key secret and disabling automatic withdrawals. Even though bots are automated, users still need to monitor the performance of the bot and make any necessary adjustments. Search engines may not take into account external factors such as world events or the latest news, so they may make bad deals. Thus, in such cases, human intervention is required.