HodlBot - How to Setup your Personal Crypto Trading Bot
HodlBot is a customizable cryptocurrency trading bot that enables users to index the market, create custom portfolios, and automatically rebalance their cryptocurrency portfolios.
HodlBot simplifies the trading experience by making it possible to manage your portfolio without interfacing directly with exchanges.
Basic Requirements
- A Binance Account or a Kraken Account
- $200 in any cryptocurrency:
Connecting Your Cryptocurrency Exchange Account
HodlBot Connects to Your Crypto Exchange account via the API.
We use the exchange API to programatically execute trades. We do not have account withdrawal permission and all user data is is encrypted (HMAC SHA-256).
In order to connect to your exchange account, we’ll need permissions to do so. That’s why we need API keys setup.
Note that you have full control over your API keys. You can delete them on the exchange at any time. We also recommend limiting withdrawal permissions so API keys are trade-only.
How to set-up your Binance account
Binance is the world’s top cryptocurrency exchange by trading volume.
Setting up a Binance account is easy. If you don’t have one, you can sign-up for a free account here.
Binance is primarily a crypto-to-crypto exchange. While you can buy cryptocurrency with fiat currency via simplex, the fees are quite substantial.
It may be more cost-effective to buy cryptocurrency from another fiat-to-crypto exchange like Coinbase and send it to Binance after.
How to send cryptocurrency to Binance
If you have bought cryptocurrency elsewhere and you want to send it to Binance, go to Binance and hover over the funds tab.
Next, click on deposits.
Once you’re on there, select a coin you would like to deposit.
From another exchange, or your wallet, send over your desired amount to the deposit address.
Please note that it may take some time for your funds to reach Binance, you can always track it in the transaction history seen below.
Setting up your API keys on Binance
Once logged in , set-up your keys here.
By default, trade access is enabled, and withdrawal access is disabled. This means that no one will ever be able to withdraw funds from your account using the API.
Once you get your API Key and secret. Write it down and keep it somewhere safe. Binance will not show the secret key again after this step.
Connecting Your Binance Account Keys to HodlBot
Once your API keys are generated. You can subscribe them to HodlBot. This will connect your Binance account to HodlBot. We will then check if it is valid and that trading access is enabled.
How to set-up your Kraken account
HodlBot also works with Kraken.
Kraken is one of the largest cryptocurrency exchanges. You can trade fiat currency for cryptocurrency on Kraken.
Setting up an account is very straight-forward. If you don’t have one, you can sign-up for a free account.
You can buy cryptocurrency with fiat currency right on Kraken.
How to send cryptocurrency to Kraken
Once you sign on Kraken, head over to the Funding tab.
There you can select the cryptocurrency you want to deposit on Kraken.
Once you select a cryptocurrency, click generate new address to get a deposit address. This deposit address will be owned by you. If you send cryptocurrency to the address, you will see it show up on Kraken once the transaction goes through.
From another exchange, or your wallet, send over your desired amount to the deposit address.
Please note that it may take some time for your funds to reach Kraken due to the network speed of blockchain transactions.
Setting up your API keys on Kraken
To set-up your API keys. Head on over to Kraken and sign in.
Once you’re signed in, navigate to the settings page and click on the API tab.
We require the following permissions:
- query funds
- query open orders & trades
- query closed orders & trades
- modify orders
- cancel/close orders
- query ledger entries
Make sure to leave withdrawal and deposit access unchecked, as we do not require these permissions. For security purposes, it is impossible for Hodlot to ever withdraw cryptocurrency from your exchange account
Once the keys are successfully generated, you can head over to HodlBot and input them in.
Connecting Your Kraken Account Keys to HodlBot
Once your API keys are generated. You can subscribe them to HodlBot. We will then check if it is valid and that trading access is enabled.
You’ll have a chance to enter these details in HodlBot during onboarding.
But if you’ve already onboarded, you can also navigate to integrations tab on the settings page. There you will find a form to enter Kraken API keys.
Selecting a Strategy or Create your Own
Once your HodlBot account is set-up you’re ready to select a strategy or create your own.
For more information on how to do this please visit the wiki, or check out one of the following articles.
About the Author
Written by Anthony Xie
I’m the founder of HodlBot.
I’m a big data nerd. I like to talk about all things data, finance, and crypto. You can find me on Twitter here.
At HodlBot, we make it easy to automatically create diversified cryptocurrency portfolios.
We created HODL10, HODL20, HODL30 indices and the first ever application that allows you to create your own personalized cryptocurrency index fund.
To get started all you need is a
- Cryptocurrency Exchange Account
- $200 in any cryptocurrency
