Answers to frequently asked questions about working with telegram bot scanners for cryptocurrency arbitrage in the direction exchange -> exchangers from the BestChange aggregator

How safe are the exchangers from the BestChange aggregator?Copy link

The BestChange service has been operating since 2007, for 15 years. This is the largest and most popular exchanger aggregator. That's why we chose him.

It is quite difficult for exchangers to get there: they need to work for at least six months, develop a reputation and fulfill a number of other conditions. It’s easy to leave the aggregator. At the same time, for many exchangers the main traffic and the main income comes from the BestChange service. Losing your reputation and losing your income in order to deceive one user is a bad idea for an exchanger. BestChange also acts as an arbiter in disputes between exchangers and its users.

Our bot has the ability to filter exchangers by reviews. You can set the maximum number of negative reviews you need and the minimum number of positive reviews for exchangers. The more reviews, the better the reputation of the exchanger.

When and how often are arbitrage opportunities available?Copy link

Every day is different.

One day there may be nothing worthwhile, the next - good deals will fall in one after another. It all depends on the market.

Here are https://bigbtc.store/statistics/october-2022 our October statistics: the net return was +67.46% of the deposit. You can see in the "daily statistics" section that profitable arbitrage opportunities did not appear every day. This is normal and does not prevent you from earning. Work in this type of arbitrage starts when opportunities appear, not the other way around.

In our experience, there are usually good arbitrage opportunities in the morning and evening on weekdays, and on weekends too, but less often. The best days are Tuesday, Wednesday, Thursday and Friday. But this is not an axiom; market volatility can make its own adjustments.

The best spreads happen when the market is going up or down, and also when Binance users are actively trading. On exchangers, rates do not change immediately, and this is exactly what we catch.

How to fix the rate in the exchanger?Copy link

As soon as you see an arbitrage opportunity, immediately open the exchanger page and compare its exchange rate with the rate shown in the bot. If the rate has changed significantly, choose another opportunity. If it has not, create an exchange order with the exchanger. This locks in the exchanger’s rate.

It happens that the rate at the exchanger has changed, but it is not critical and there is still a spread. Or you don’t have time to compare rates (slowly). Then just immediately create an exchange request in the exchanger.

An application at the exchanger can always be canceled or ignored.

Example:

  1. You access the exchanger using a link from a bot
  2. If a pair is not selected, then select it. This happens, not all exchangers support switching directly to the exchange direction
  3. Enter the approximate amount to send from the bot
  4. If you are not registered on the exchanger - enter your phone number and email, if you are registered - great, this way you increase the speed of creating an application
  5. Enter your wallet to credit you with coins from the exchanger
  6. Click the next button, that's it - you have fixed the rate and created an application

Now you will have 10 - 20 minutes to buy a coin on Binance and send it to the exchanger. This is where you check rates, prices, etc.

On the exchanger you need to enter wallet numbers. How to do this quickly?

You can write out the wallet numbers for networks with the most popular exchange directions in some document, or arrange it, for example, as a pinned message to yourself in a telegram. You can just keep the input tab open on Binance if you can figure it out quickly. Whatever suits you.

The wallet numbers themselves on the exchange usually do not change, they are saved for you

How can I pay lower exchange fees?Copy link

On the Binance exchange, you can use BNB coin to reduce your trading fees. Using BNB will reduce your fees by 25%.

Trading fees on Binance exchange

1How to enable BNB for commissions in the spot trading window

  1. Buy some BNB on the spot
  2. Go to the spot trading window
  3. Click on the "Commission Level" button
  4. Set the "Use BNB to pay fees" toggle to active
Trading fees on Binance 2 exchange

2How to enable BNB for commissions through your account profile

  1. Buy some BNB on the spot
  2. Login to your Binance profile
  3. Go to "Toolbar"
  4. Set the "Use BNB to pay fees" toggle to active
Trading fees on Binance 3 exchange

To reduce futures fees (for hedging), you simply need to transfer some BNB to a futures wallet

About the risk profileCopy link

Our approach is to accept calculated risk: if a trade does not work out, the main goal is to break even or take only a minimal loss https://t.me/BigBTCchat/15126?single as we did here with RVN. Successful trades, however, cover potential losses. Sometimes successful trades happen where you least expect them https://t.me/BigBTCchat/13791 example. At that time, there was no information about ChangeHero in either our chat or news channel. Many users did not use these opportunities because the exchanger was unfamiliar, but those who did earned well. Cryptocurrency is a high-risk instrument.

You can adhere to another tactic: safe. Make an extensive blacklist, work only with a few exchangers, etc.. And this is also correct, it’s your decision, that’s why you made the blacklist of exchangers personal. Of rate, there will be fewer arbitrage opportunities that suit your requirements. You will miss a certain number of good chances (because the exchanger is unknown, because you were playing it safe once again), but there will be fewer risks.

P.S.: In any case, even if you take risks, you never risk the entire deposit, at most a small percentage. All exchangers in the bot are from BestChange, they will ALWAYS send you money, even with a delay. They value the reputation that they have built up for a long time.

Why is the blacklist of exchangers personal?Copy link

A ready-made list of "bad exchangers" can do more harm than good. Read this https://t.me/BigBTCnews/622 review, for example. Would you definitely click the rate-lock button here if you did not know it existed? It is very important to learn the specifics of exchangers and read our users’ reviews.

Everyone must decide for themselves which exchangers they want to work with and which ones they don’t, in accordance with their risk profile.

The blacklist of exchangers is individual for each user. Be sure to check out the reviews of exchangers in our table of exchangers (available only to bot users):

Exchange table