Chapter 11:
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First, let’s see how to do that on Kucoin. The Kucoin bots are only configurable on the mobile app. Download the mobile app and follow these steps to buy two dollars of BTC each day. Once you see the instructions it will be trivial to change the frequency or amount of the purchase to suit you.
You will need some USDT in your trading account for the bot to trade with. I never leave too much USDT in my account, rather I top it up weekly when I withdraw the tokens that the bot has bought.
- When you have enough USDT that you are comfortable with, open the Kucoin app and tap the Trading Bot icon as shown next.
Kucoin home screen
- Login using the pattern login.
Kucoin login
- Click the Strategies icon at the bottom of the screen shown next.
Kucoin bot menu
- Click the DCA Icon near the top of the screen shown next.
Kucoin bot types
- Click Next to get started configuring your DCA options.
Start bot configuration
- Type BTC in the search box and choose BTC/USDT.
Bot configuration
- Configure the frequency that the bot will buy BTC and the amount each trade. In the next image, you can see I chose to purchase $2 worth of BTC each day.
$2 per day
- Next, we will set the profit target. You could set an amount of profit as a percentage that you want the bot to stop at. I am setting the bot up for a very long time so I selected 500% profit and even if the bot reaches this target I selected to … notify and continue. Apart from wanting the bot to run for years, unless something fundamental changes, I will be withdrawing on a regular basis, stopping and restarting the bot. So, it is unlikely to reach the target ever anyway. This step is shown in the next image.
Make sure the bot doesn’t stop if the price spikes
- Set the time of day you want your repeat trade to execute. I selected just before midnight.
5 minutes to midnight
- Almost finally, click Create.
Review the settings
- Review the final settings and click Confirm as shown next.
Review the settings again
Here you can see your new bot running, waiting for the time you chose to make the first purchase.
The bot in action
Congratulations, you now have a DCA bot that will auto-buy your BTC for you.
Summary
Kucoin bots have never, to my knowledge, failed me, but you should check your bot(s) occasionally to make sure they are running correctly and there were no configuration errors. Furthermore, it would be best if you always remembered to leave as little BTC on an exchange as possible. I recommend Kucoin bots because they are useful, not because it is safe to use Kucoin as a bank! On Kucoin you will need to stop the bot, withdraw your tokens and then restart the bot if you want to continue to DCA.
Previous: Dollar-cost-averaging Using Bots on Centralized Exchanges
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