Our in-depth guide to the KuCoin Trading Bot has all the information you need to know before you try this bot for your own cryptocurrency trading.
- What is KuCoin?
- What Benefits Does the Zignaly KuCoin Trading Bot Offer?
- What Trading Fees Does KuCoin Demand?
- How Do I Create an Account with KuCoin and Zignaly?
- How Do I Link KuCoin and Zignaly?
- Activating KuCoin Copy Trading
- How Do You Check Your Trading Performance on KuCoin?
Zignaly’s KuCoin trading bot provides crypto traders with a cutting-edge management interface for trading cryptocurrencies on this popular exchange. You can utilize the bot to create automated strategies incorporating various order types which the exchange doesn’t offer directly, as well as copy trading for a simpler process.
What is KuCoin?
As a crypto trader, you might have heard of KuCoin (and the KuCoin trading bot) already — it’s one of the largest exchanges in the industry. KuCoin supports in excess of 400 markets and is used by more than five million people. It’s no surprise its volume exceeds 25 million USD each day.
You can use KuCoin to buy or sell cryptocurrencies directly and take part in trading on margin. Zignaly and KuCoin have entered into a partnership to add the copy-trading option to the roster of KuCoin resources (already impressive) and bring them to the Zignaly community.
What Benefits Does the Zignaly KuCoin Trading Bot Offer?
Zignaly is a copy-trading platform designed to connect experienced cryptocurrency traders to users who have no idea (or no time) to trade. You can pick a single expert and start following their strategy quickly — any actions they take in their account will be replicated in yours (in proportion).
What Trading Fees Does KuCoin Demand?
KuCoin’s maker/taker fee model begins at a highly-competitive 0.1 percent and ends at 0.0125 percent, according to monthly trading volume and the user’s KCS (KuCoin cryptocurrency tokens) count.
How Do I Create an Account with KuCoin and Zignaly?
Signing up with KuCoin and Zignaly is easy. Just go to KuCoin’s website and click on the ‘sign up’ button at the top-right of the page to get started. You’ll be prompted to enter your email, and a code will be sent to this address. Simply retrieve the code, enter it into the relevant field, and provide a password.
It’s crucial, though, that you deposit funds into your account. You have a choice between purchasing crypto coins directly or transferring money from an external source. When you have funds in your KuCoin account, remember to transfer them to your own trading account.
With Zignaly, the process is equally simple. Just go to the site, add your email address, and enter your password. You’ll be directed to a dashboard, ready to begin your configuration.
How Do I Link KuCoin and Zignaly?
Creating KuCoin API Access
The first thing you need to do is create your API access on KuCoin: click on the account menu and search for the API Management option. If you haven’t set up a Two Factor Authentication security measure via Google or SMS, do that now.
Next, click on the ‘create API’ button, enter a name and passphrase — this is crucial for connecting Zignaly down the line. You have to confirm this creation with KuCoin’s three security measures.
After this, you’ll see your assigned Key and Secret, both required to connect Zignaly. Make sure you make a note of your Secret string, as you won’t get to see it again. That means if you lose it, you’ll need to create fresh API access instead.
Finally, you need to grant trading permissions: ‘trade’, ‘general’ (which is checked by default) and ‘trade’ (leave ‘transfer’ unchecked). Confirm your change by entering your trading password. Take care to not tell anyone else your Key, Secret, or personal Passphrase.
Zignaly API Connection
Once you have the Key, Secret, and Passphrase, you’ll be ready to connect KuCoin with Zignaly.
How? Start by navigating to your settings view and select KuCoin in the exchange menu. Pick ‘add an account’ in the following selector and enter the requested details in the fields remaining.
Your internal name is for your use only: Zignaly permits you to create any number of KuCoin accounts, so the internal name is to help you tell them apart. Zignaly will attempt to connect to your KuCoin account with the access provided, and if it’s a success, you’ll be presented with a confirmation message. If not, you’ll be informed of an error.
Activating KuCoin Copy Trading
Navigate to the providers’ view and click on the ‘copy trading’ tab. The copy trading services are performed on a per-coin basis, so if you have funds in your Bitcoin account, pick one that works with that cryptocurrency.
When you’ve chosen the right option, click on it. You’ll be taken to the configuration page, where you need to set certain parameters: the maximum allocated balance (so the copy trader will never use anything beyond this amount) and your preferred exchange. Click ‘connect’, and you’re good to go.
How Do You Check Your Trading Performance on KuCoin?
The KuCoin dashboard presents you with the positions open currently, and you can see: the amount of balance the copy trader used, any take profit placed, if a stop loss was configured, trailing stop loss, and more.
When a position has been sold, this will be recorded in your Logs section, along with a brief summary of such details as profit, fees, etc.
Speaking of fees, bear in mind that you’ll receive a discount if you configure your KuCoin account to pay fees with KCS. Opting for this discount can make a significant difference to your funds, so it may be worth enabling it.
However, you can view your results in another way, via the Analytics view. Zignaly is the only platform for copy trading that provides you with complete transparency, and the Analytics view presents you with your performance and how the copy traders are performing generally.
That brings our guide to the KuCoin trading bot to a close. We hope this answers all your questions and gives you the information you need to get started.