Here are the most common questions. If your question is not between the list you can always contact us trough e-mail, WhatsApp or reach out to the Telegram chat for the fastest answers.
MY bot is set up but it does not start
When you have everything set up it will take at least a few hours before the bot starts trading (makes it first purchases). Make sure you have everything in EUROS on your exchange account. Cause the bot needs to start from Euros to buy his positions.
CAN I TRADE ON THE SAME ACCOUNT WITH MY BOT THAN WHERE I TRADE WITH COINS MYSELF
Of course it’s possible that way, but it’s more convenient and organized to keep it separate. In order not to get confused or to have a clear overview at once, it is easier to separate. Take LiteBit, for example, where you can trade your own coins. That is a good Dutch exchange that is easy to use!
What is the Minimal purchase amount per trader?
50 euro is the minimum amount for each trader. So a 50 euro investment would be the minimum amount to get started. The bot works best with multiple traders on different cryptocurrencies.
I want to take my money out. Can i sell my positions by hand?
In the menu is a section called ‘Purchase transactions’ and behind every transaction (on the right) is an arrow with which you can sell the position directly.
How is the average purchase amout determined?
The standard is 18% of your total investment in Euros. But you can change that with ‘average purchase amount’ in ‘Settings’. The recommendation is to use 1/15th of your total amount of Euros.
Can i try it without real money?
It is possible to use the simulator modus first so you don’t use any Euros and you can see how the bot performs. It is also ideal to try different strategies.
Should I put my investment capital in the Bot?
No the investment capital (Euro) is always on your exchange. Your credits are just the fee the bot uses to get his share over every profitable transaction. So make sure not to put all your capital as credits. For example if you put a thousand Euros on your exchange you can put 50 euro credits on the bot.
What is satoshi?
Satoshi is the smallest unit of Bitcoin. So like cents are for FIAT currency. Also the founder of Bitcoin is named Satoshi Nakamoto. So Satoshi Trading Bot is a bot built to make more Satoshi and honor the mythical figure Satoshi Nakamota who started this financial revolution.
WHAT Cryptocurrencies DOES THE SATOSHI TRADING BOT support AT BINANCE?
WHAT Cryptocurrencies DOES THE SATOSHI TRADING BOT support AT Bitavo?
WHAT IS THE DIFFERENCE BETWEEN THE UPDOWN AND THE BBT STRATEGY?
BBT Strategy: only buys at the moment when the price trend turns from falling to rising, never during a rise or fall. BBT sells only at the moment when the price trend turns from rising to falling, provided the entered rate of return is met.
UpDown Strategy: buys continuously (irrespective of the price trend) when the price drops and sells as soon as the return percentage is met. This strategy looks at the 1 minute candle.
IS IT BETTER TO USE BITVAVO/BINANCE?
Bitvavo is a good Dutch exchange that is easy to use. If we look at the trading costs, Binance is initially a bit cheaper, but the trading volume increases very fast when you start trading and then Bitvavo becomes more and more interesting. That’s why I mostly recommend Bitvavo to people. Especially since Binance currently does not have SEPA and iDEAL capabilities to deposit money on the exchange where Bitvavo does. In addition, Bitvavo has a much easier application for your phone.
HOW DOES THE BOT PERFORM Compared TO HODL?
Over the past few months there have been a number of interesting questions about comparisons between hodl and the bot and statistics from a lesser (bearish) month such as July and to answer these, this article was written. This gives a good idea of the performance the bot can achieve.
HOW can i determine my profit?
The profit determination works as follows: Suppose you have entered that the trader may sell at 1.5% profit and that the average purchase amount is € 100 per transaction. Then the trader sees a purchase opportunity for a crypto currency and makes the transaction. He issues an order for €100 purchase. However, the exchange charges you 0.25% transaction fee and debits it from your free balance. The transaction screen shows that you have purchased for € 100, while the actual cost is € 100.25. When does the trader see a 1.5% profit? Once the value of the transaction is € 101.50 (100 * 1.015), the bot may sell. The profit made is therefore gross, because the total transaction costs (on average 0.5%) must still be subtracted. So your rate of return must be higher than 0.5% to actually make a profit.
i HAVE PROBLEMS WITH MY API-KEY IT SAYS ITs incorrect
If your API key is incorrect you have turned on options of your bot that are not needed yet. The cash withdrawal function should remain off because the bot only takes orders and checks the account. If you need a refresher, the video instructions are explained step by step.
where can i find WHICH MARKET STRATEGY WAS USED?
When you go to purchase transactions, there are 3 icons behind the transactions, one of which is the letter I. Clicking on this icon will display information including the market strategy used. When you click on this icon, information is displayed including the market strategy used.
HOW DOES THE SIMULATOR MODE WORK?
You first want to see that your intended investment capital is really giving returns with the Satoshi Trading Bot. A simulator mode has been developed for that, it works with real-time trading data and your intended investment capital.
What do you need for this?
-A Satoshi Trading Bot account
-Minimum 10 credits to activate the simulator, please note the simulator works for 60 days!
Step by step:
1.You log in to the Satoshi Trading Bot and go directly to Settings/Stocks/Add Stock Market. There, choose “Simulator”.
2.As name you give “Simulator” and as stock exchange you choose the stock exchange where you would normally open an account. As a starting capital, enter the amount you want the trader to invest.
Then follow the normal steps for “Setting up the Trader”, via Settings/Traders/Add Trader.
how do i DETERMINE A ''maximum purchase amount?''
In preparation you look at the current price and the historical price development of the crypto coin in question. If YOUR expectation is that the price of e.g. bitcoin above € 40.00 is a one time peak, then you don’t want the trader to buy positions if the price rises to that level. You then specify a price ceiling of 3% below that as the price ceiling. Now if your return is set lower than 3% the trader will always sell his last buy at such a peak price and you will have maximum return. That is the theory behind the maximum purchase amount.
HOW DOES REFERRAL WORK?
Through the “Referral” menu in the trader, you can create a personal link by clicking “join”. This link (referral) can be sent to people you want to introduce to the Satoshi Trading Bot. Over the earnings of users who sign up via the referral you provided, you will receive a commission in credits (15% of the commission Satoshi Bot receives). From second line referral users you will receive 5% of the commission Satoshi Bot receives in credits. A second line referral is a user who has been introduced by your referral. As long as you have an active account which is being traded on, you will receive these rewards. When you choose not to trade anymore the rewards will also stop. It is a bonus system from and for active Satoshi Bot users.
Can i invest more money while the bot is running?
You can deposit more Euros on your exchange and set the maximum purchase amount in your traders a little higher. Then the bot will automatically use your extra investment. Or you can choose to let the bot open more positions by setting an extra maximum position.
HOW DO I KEEP MY BOT WORKING IN A SIDEWAYS OR DOWNWARD MARKET?
This can be done by setting up so-called ceiling prices. At ‘settings’ -> ‘traders’ there is an option to adjust the ‘maximum purchase amount’. For example, in June the Bitcoin market often dropped towards 28k euros and then back towards 30k. For the bot, these are perfect conditions. If you then set the maximum purchase amount of Bitcoin to 28k and the minimum profit percentage for example to 3% in this case then the rest is automatic.
This can also be used in a rising market of course, but it is a retained strategy which limits the bot’s actions somewhat.
WHAT HAPPENS TO MY TRADER IF I SET IT TO INACTIVE?
When inactive, your trader will be saved in history and will not do anything until it is activated again. If you don’t want to make any new purchases but you do want to sell, set the ceiling price in the relevant trader to € 0.01, but leave it active.
WHAT HAPPENS TO MY TRADER IF I SET IT TO INACTIVE?
When inactive, your trader will be saved in history and will not do anything until it is activated again. If you don’t want to make any new purchases but you do want to sell, stop the purchases above € 0.01, but leave it active.
HOW IS IT THAT I CANNOT MANUALLY SELL A TRANSACTION THAT HAS REACHED ITS TARGET AND I AM SHOWN AN ' ERROR MESSAGE'?
It may be that the balance in the crypto account at the exchange is not sufficient to execute the order. These discrepancies can occur when users trade on the exchange themselves and do not take into account the trader’s “inventory”. Solutions: You purchase the differences once “manually” in the exchange’s dashboard. The trader then completes all transactions and the history is preserved. In the trader you put the concerning order lines on “on hold” (button “II” in the purchase screen). The trader will ignore the transactions and the history will be preserved. You delete the traders in question and then enter them again. All posts are now reset and the trader starts again. The trader history has been erased. Use the option that is most obvious to you.
HOW MUCH DOES THE BOT CHARGE?
The cost is 20% of the profit of each successful transaction. The bot only sells transactions when it is at profit you therefore cannot make a loss.
HOW DOES THE UPDOWN STRATEGY WORK?
In this strategy the trader does not follow a price trend but takes positions with a price range of 1,5%. The trader buys a position equal to 18% (minimum amount of € 25,-) of your free euro balance in the exchange (unless you filled in the average purchase amount, in which case that amount is purchased), provided that no other position within a price range of 1,5% upwards or downwards is available. The trader sells the position as soon as the minimum return which the user has entered in his settings is met. The Updown strategy works with 1-minute candles. This means that the closing price on which the Updown Strategy steers is determined once a minute. If this closing price is higher than the closing price of the preceding candle, the Updown doesn’t sell yet, because in that case the price is rising. He only sells if the last candle is fundamentally (in price and volume) lower than the preceding candle.
WHAT PERCENTAGE OF RETURN SHOULD I ENTER?
The trader uses this percentage to judge when he may sell the trade. So this percentage must be high enough to make a profit. If you enter 5%, the trader will make relatively few transactions. After all, price fluctuations of 5% are less frequent. If you enter 2%, you will benefit from a larger volume of transactions and perhaps have a better overall return. Keep in mind that almost all exchanges charge 0.25% buy and 0.25% sell fees. So that means you only make a profit from a return rate of 0.5%. Our calculations on historical data (24 months history and longer) indicate that between 1.5% and 1.8% is the maximum net return (= taking into account transaction costs).
However, my own strategy is 0.7% to 1.1% percentage so the trader can buy and sell quickly. Note that you do need a good volume for this to be really profitable, because then the costs on Bitvavo will also be lower.
I HAVE SOME TRADES OPEN ON BBT OF WHICH I DON'T HAVE THE COINS ON THE EXCHANGE ANYMORE. SO THE TRADES CAN'T BE SOLD. IS THERE A WAY TO REMOVE THESE TRADES SO I HAVE A CLEARER OVERVIEW?
Solution: 1. You buy once the differences ‘manually’ in the dashboard of the exchange. The trader then completes all trades and the history is preserved.
Solution 2. You sell the relevant crypto’s in the exchange manually and thus take your profit. In the trader you put the relevant order lines on “on hold” (button “II” in the purchase screen). The trader ignores the transactions and the history is preserved.
Solution 3. You sell the relevant crypto’s in the exchange manually and thus take your profit. You delete the traders in question and then enter them again. All entries are now reset and the trader starts over. The trader history will be erased. Take the option which appeals to you the most.