Telegram bots are rapidly increasing in popularity. Unibot’s token, in particular, increased by 9,500 percent in 60 days. But no one warns you that these bots have great risks. Stu L, one of the Altcoin Buzz analysts, has something to say about this sector.
What are Trading Bots? How did it become a trend in the altcoin market?
Telegram bots make trading easier for many people thanks to their user-friendly interface. Trading interfaces of centralized exchanges are generally more user-friendly. Especially Binance, Bitfinex and BYDFi are successful in this regard. However, some decentralized exchanges, such as GMX, also have user-friendly interfaces. Telegram bots make trading even simpler with their user-friendly interfaces.
What is Unibot?
Unibot is one of the fastest growing Telegram bots. You can easily perform many operations with a single click. However, Unibot’s token, UNIBOT, has lost value recently. Although it rose from $30 to $236, it has now fallen to $73. Stu L, an analyst at Altcoin Buzz, says we are now slowly losing the bullish excitement. cryptokoin.com UNIBOT, which we reported as, stood out with its high returns from its early days.
Risks of Telegram bots
You may encounter some risks when using these bots. First, you need to hold the bot’s altcoin. However, tokens of bots such as Unibot may gain or lose value. More importantly, when using these bots, you are giving Telegram access to a private wallet of yours. These wallets may be vulnerable to malicious use by bots or Telegram. If you are considering trading with these bots, it is recommended that you only trade small amounts and withdraw frequently.
Unibot is by far the fastest growing TG bot. It’s easy to see why if you look at what’s playing on the screen. By pressing a button on the screen you can:
- Buy with limit order
- Sell with limit order
- Buy or sell a ‘special’ transaction
- Purchase from your wallet of choice (among many options)
- Track your P&L and token balances.
last words
Trading with Telegram bots can have potential profits. However, you should remember that your private keys may be at risk. Therefore, it is recommended that you do not use these bots until the security issues are resolved. Because this year, thousands of altcoin investors surrendered their wallets to hackers.
If you are planning to trade with a TG bot, then the only wise choice is to do so with small amounts of money and withdraw them regularly to your own custodian wallet. Leave as little there as possible. Binance also gives some advice about this altcoin sector.
Telegram trading bots have become increasingly popular, as users look for a convenient way to trade on-chain.
But how do they actually work and what are the risks?
Here’s what you need to know ⤵️ https://t.co/RHkR9IhfyC
— Binance (@binance) August 21, 2023
In summary, if you are going to connect a wallet to the TG trading bot, use a brand new wallet for TG trading ONLY. This method limits your potential losses if one of these bad things happens. This minimizes risks in the altcoin market.
