How to create a trading bot without coding : Coinrule
As you probably know, bot trading is the use of computer programs to automate trading decisions. Bots can be programmed to trade based on a set of predetermined rules, or they can be programmed to make decisions based on artificial intelligence.
Cryptocurrency bots can be used to trade a wide variety of digital assets on a variety of exchanges. Bots can be an extremely helpful tool for traders, as they can help to take some of the emotion out of trading decisions.
Talking about emotions, it is really important that you also understand the concept of “FOMO“, and how to deal with it :
However, it is important to remember that bots are not perfect, and they can make mistakes. As such, it is important to back-test and paper-trade any bot before using it with real money.
In order to do so, i will introduce to you today a simple yet efficient tool that you can use to start trading with a bot.
If you go through this entire article, you will be able to make a simple trading bot which will execute some trades for you.
This trading bot requires no coding, and a simple understanding of how trading works. I will try to explain everything you need to know in order to make it as easy as possible for you.
Let’s dive into this.
What is the trading bot Coinrule and how does it work ?
Coinrule is a bot trading platform founded in 2018. the UK-based platform operates 24/7, and is based on a really simple / ergonomic interface.
You won’t need any coding, but will be able to configure as much as you like the provided bots.
Coinrule will be perfect if you don’t know how to code. This platform will allow you to configure a bot simply by creating trading conditions.
You simply have to determine a few simple conditions, in order to let the bot work for you :
- Where does it take / put the crypto funds
- What is the trigger event : What makes the bot trading or not. Price decrease / increase ?
- When and how many times does it activates the trade : Does it starts immediatly, in 2 days, and for how many potential trades ?
Example of a trade on the bot Coinrule
Let’s take an illustrated example in order to make you understand how Coinrule works. How simple it is to use it, yet how powerful it can be :
It is very easy to use Coinrule. Here is how to do so :
- First of all, you choose on what platform you want your bot to trade. On this example, i have a choice between the “demo exchange“, and my desired platform, “Binance“. On the demo exchange, you can use up to 215 000 USDT, in order to freely try whatever you want. This is a free virtual currency, you don’t have to pay anything to use it.
Important : I highly recommand using the demo exchange in order to start. You have plenty of free credits to test and implement strategies.
- When you have selected “demo exchange“, (or Binance if you are ready to trade real money), the bots understands where he has to get the money from.
- The next step is to configure a condition. The condition is represented by the yellow color, and the word “IF”. In other words, you will describe the bot what he has to do, if a condition is reunited.
- example : let’s say you want to buy bitcoin if prices fall by 10%.
- IF : BTC has “price” “decrease by” “10%” “from current live price”
This is the execution condition. If these conditions are reunited, then there is an action :
The action determines what to do when conditions are met. Here, my action is to :
- Then : BUY “100 USD” of “That coin (BTC)” with my “USDT Wallet” as “limit order”
When this is configured, you just have to specifiy when does this start, and how many times you want this action to be executed (if conditions are met).
The final step is to name your strategy, as below :
And that’s it ! You have configured your first trading bot. Obviously, you will need more time and practice in order to configure an efficient trading bot.
If you feel lost, you can also check the templates of different strategies already implemented by other people. That’s what i’m showing in this section :
How to configure a template to copytrade
Creating your own template can be stressful and overwelhming if you are new to this. Fortunately, there is more than 200 templates that are ready to be copied. To do so, here is the steps to follow :
- On the left banner, click on “Rules“
- Then, select ” Create new rule ” on the right top corner. You will be redirected to this page :
- From this point, you just need to click on “Templates“, on the top section of your screen, as showed on the picture above.
Important : if the section ” Templates” is not available to you, it’s because you have not yet connected a wallet exchange to your Coinrule platform. To do so, simply click on ” Exchanges” on the left banner, then select “Connect exchanges“.
If you are not familiar with this kind of process, please refer to the end of this article, i explain what’s going on when you connect your wallet to Coinrule.
Let’s get back to the templates. In this folder, you will find more than 200 strategies created by other traders. Some of them are locked if you only have the free plan. You can unlock them by upgrading your plan to a paid version. The first one starts at 30$ / month (paid annually).
From now on, you must take time to analyse which strategy works best for you. I highly recommend to test different strategies, but first with the “Demo exchange” wallet. When you feel confident enough, you can start trading with real money.
What is the price & fees of Coinrule ?
The price of using Coinrule is easy to understand.
As a starter, you can access to a free version, including this :
- 1 exchange wallet connexion (meaning you cannot connect for example your Binance wallet and Kraken wallet at the same time)
- 2 live rules at the same time (in other words, only two bots trading at the same time)
- About 20 Templates strategies
- Up to 3,000 $ monthly trade volume
This is absolutely free, and in unlimited use. If you wish to upgrade this, here is the different options. You pay a membership according to 3 different plans, showed on this picture :
These 3 plans are paid monthly, and with no commitment subscription. You can cancel this membership at any time, with no fees.
You get a 25 % discount if you pay annually, as described on this image :
What are the fees when trading on Coinrule ?
to answer this question, you first need to check what is four exchange platform fees. Indeed, coinrule doesn’t charge any fees when a transaction is made.
Their business model relies mostly on the membership you pay in order to get full access to their tools.
However, Binance charge 0.1 % on every trade that is made by the bot. This information is crucial to understand, and take into account.
If you trade with BNB coin, the fees are 0.075 %. Binance has made this special offer in order to incentive people to buy more Binance coin to trade.
If you connected Kraken, or another exchange platform, you need to check what fees are applied when trading on spot wallet.
Review about trading with Coinrule
Coinrule is a really simple tool to use, but can be very powerful if properly set up. In my opinion, this is a good way to start your journey in the cryptocurrency trading.
you can start with a free membership, so you don’t have to bother about fees. You will only pay if you upgrade to the next plan.
Furthermore, the ergonomy make it very comfortable, you will never struggle to find options, or any parameters you want.
The only downside of Coinrule could probably be the lack of mobile app, but it is a tiny detail. I highly recommend to trade on a computer as it will be more comfortable, but also mobile phones are easier to get hacked.
Stay safe, activate the 2FA, and trade with no limits !
You want to give it a try ? Just click on this image and you will be redirected to Coinrule website :