If you have ever tried to exchange big amounts of crypto you may know that the task to do it at the best rate is not so easy to accomplish. The cryptocurrency exchange market is processed by real people and automated bots and is literally filled with pitfalls that can easily lead to a huge money loss.
In this article, we are going to review 3 scenarios of exchanging a huge amount of crypto and also describe our solution to help you do this automatically at the best rate.
Scenario #1. Not the best rates, quick exchange.
Log in to your account on the selected exchange platform, check the column of prices and make orders to buy bitcoins starting from the lowest rate. This will lead to the price pump as people will see that you buy everything and will be increasing their prices accordingly.
Eventually, your order will be fulfilled, but the average purchase price will be very high.
Scenario #2. The best rate, never to be exchanged.
Set up the best rate for the whole sum at once and wait till it will be sold out.
But exchange platforms are crowded with bots and they will be constantly overlapping your offer with smaller prices. Thus, your order will be shifted down and will never be fulfilled.
Scenario #3. The best rate, tons of manual work.
Change your price manually all the time to keep the best rate.
This will help you make the most profitable exchange, but you’ll literally curse the cryptocurrency inventor during this process due to the amount of manual work you will have to accomplish.
BestRate.org offers a better solution
If you want to exchange a huge sum at the best rate without tons of tiresome manual work, our solution can help you with this task. We have developed our own bots that carry out the 3rd scenario automatically and save you from tons of routine.
Here’s how our bot works:
- First, it checks that the trading volume at a given platform and makes sure that the order doesn’t exceed 10% of this volume.
- Then the bot places the order on the platform. It checks the rates offered in the column with “sell orders” and makes the best offer. Note that our bot doesn’t accept the rate offered by the sellers which is a priori lower. It stands on the side of a buyer and helps you get a better rate, so you will eventually get a more profitable exchange than the one described in the 1st scenario.
- Our bot checks the price every 5 seconds and re-makes the order according to its internal scenarios. For example, if somebody offers a better rate, the bot cancels the offer and makes a new one with better price. Thus, your order will be constantly on top till the whole sum will be exchanged. Note that we don’t disclose the full mechanism of our bot, it is only a small example.
Check the video below that shows our algorithm at work under the hood exchanging 108 ETH to BTC. This scenario works best for ICOs that have raised funds in Ether and now want to exchange it to bitcoins as ETH significantly decreased in value over the last few months.
Main advantages of BestRate trading bots
- Convenience. You don’t need to place, cancel and monitor your orders manually. Moreover, you are well-protected from your own trading mistakes.
- Speed. According to ex-trader from Wall Street and beta testers of our new solution, the manual process may take several days and even weeks. Our bots make an exchange in a matter of a few minutes.
- Best rate. The main benefit that our algorithm gives you is that it puts your order on top and ensures the best rate.
Moreover, as we constantly develop our products, we are going to add cool features to our trading bots as well, thus, making OTC deals transparent, efficient and safe. Stay tuned!
If you want to exchange a large amount of crypto at the best rate, drop us a line to [email protected] and we will be happy to help you.