TokenBot helps crypto traders build social communities and monetize market knowledge

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There are many advantages to automating trading tactics instead of point and click with a mouse. For starters, bots can execute emotionless trading decisions, clear up quickly, and have much less room for error. According to CNBC estimates, crypto trading robots represent 70% to 80% of the overall trading volume.

TokenBot is an automated copy commerce platform designed for social commerce groups and communities within messaging applications such as Discord, Telegram, and Slack. Once added to a social media group, TokenBot monitors the administrator’s account on a stock exchange and automatically notifies members of the details of their trading activities in real time. The bot has over 8,000 active users per day and broadcasts nearly $ 100 million per day in transaction volume.

In an exclusive “Ask Me Anything” session with Cointelegraph Markets Pro users, TokenBot co-founders Anthony Elia and Shaun Newsum shared insight into how the bot could help traders of crypto.

TokenBot Introduction and User Interface | Source: TokenBot

Cointelegraph Markets Pro User: What crypto exchanges are currently supported on Tokenbot?

Anthony Elia and Shaun Newsum: We support all major cash and futures exchanges. Binance, FTX, Bybit, Coinbase, Kraken, and BitMEX. We will soon be expanding to Gate.io, OKEX and Huobi. Many of our master traders who use the platform, especially those with leveraged trading strategies, use Binance, with FTX coming in second.

CT Markets Pro User: How does the structure work? I connect my API to the bot, then the exchanges are shared between friends / community via Discord / Telegram? What is the price for this?

AE & SN: Yes, you connect your API key in the TokenBot.com dashboard, click on your Discord / Telegram account, then add to the bot in your group chat. There is no charge for sharing transactions. If users want to copy your trades, you can set your price as low as $ 29 / month, and TokenBot takes 10-30% platform depending on the subscription price. TokenBot will automatically copy these transactions to the subscriber’s crypto account via their API keys.

CT Markets Pro User: Are trades shared near real time or is there a delay?

AE & SN: Are the transactions shared in near real time or is there a delay? Yes. Our system connects directly to the WebSockets exchange API and we receive near real-time transaction notifications to reduce latency. We have been designing this system for over three years.

CT Markets Pro user: does the bot also support DEX or only centralized exchanges?

AE & SN: For the moment, only centralized exchanges. However, if we support DEX, we will be looking to support dYdX first, as their on-chain perpetual futures product has generated a lot of interest from traders.

CT Markets Pro user: You mentioned transparency as a big highlight of the setup. But what if a trader, for example, trades on Coinbase, then transfers coins to Uniswap, then trades / buys / sells there? The bot cannot retrieve DEX transactions, can it? Are there any workarounds?

AE & SN: You can copy trades through CEX with TokenBot, but there is no way to tell if the trader you are copying has removed that coin from the exchange to say, Uniswap and traded it there- low. But you would have a trade left open until the trader sells the position it originated from. The trader should eventually respond to his community about the trade that is still open. There is no way to prevent the trader from manipulating the P&L on his trades.

CT Markets Pro user: There have been a number of phishing exploits involving Discord recently. How protected is Tokenbot against this type of attack?

AE & SN: Since we are primarily a CEX / API product, our primary layer of security relies on hardware encryption and the “binding” of IP restricted API keys. Most of the API keys in our system can only be used by our servers. For example, you can create an API key for use with TokenBot on Binance, By bit, and Phemex – and this API key is functional ONLY on our servers. This limits the possibility of any man-in-the-middle attack.

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