You’ll need the following to get started:
- A Bitfinex account.
- Money Deposited in your Bitfinex Account.
- Preferably at least equivalent to 20.000 USD.
- You can Sign-Up here for Bitfinex.
- A Windows PC that is always online.
- Preferably your own small server.
- An old PC or Laptop with Windows 7, 2GB Ram and 2Ghz CPU is sufficient.
- Alternatively you can can Sign-Up here for a cheap 30,- USD / month Cloud server.
Autotrader consists of three components
Rate aggregates data from multiple free sources.
Trading & Funding are two applications that depend on the data provided by Rate.
- Trading is automated trading.
- Funding is automated lending.
The tools communicate with each other.
Setting up Rate
Rate aggregates data from 4 different sources to have robustness and it also stores historical data. Registering for CMC & Fixer.io API keys is not mandatory for the tools to function but recommended as it provides you with additional, useful, information. The free version is already sufficient as it only pulls occasionally data.
Registering for a free API Key with Coinmarketcap.com
- Go to https://coinmarketcap.com/api/
- Register for the free version.
- Confirm your Email.
- Copy & paste the API in the Setup field.
Registering for a free API Key with Fixer.io
- Go to https://fixer.io
- Register for the free version.
- Copy & paste the API in the Setup field.
Setting the Server Port
This is the port Funding and Trading will connect to. The default Port is 222, but if needed can be changed by simply entering another number. The server will automatically adjust & restart.
That's it. Rate is now set up and can provide live data to all other applications.
Setting up Trading
Rate Server
Case 1: Rate Server runs on the same PC
You don’t need to do anything. Trade will automatically connect.
Case 2: Rate runs on another PC
- Go to the running Rate Application
- Write down the URL displayed
- Enter it in the field EXR Server
- Hit Start to connect
Once connected the connection will be automatically upheld. The address entered is saved as you enter it. To reset the connection manually hit the Icon next to Start.
As long as the connection is active Trade will display in the lower left corner a green indicator. The small red light next to it will flash up every time data is received.
Bitfinex API Keys
- Log into your Bitfinex Account
- Go to “Manage Account” in the upper right corner
- Select “API Keys”
- Select “Create New Key”
- Set permissions according to the screenshot on the right and generate the key
- Confirm your new API Key in the Email received
- Copy & Paste “API Key” and “API Secret” in the respective fields
- Make sure you have Balance in an Exchange Wallet
- Hit Start to connect
Email Report
Trading provides you with the option to send a daily Email Report at 6 AM with your gains. It looks usually like as shown on the right. A summary converted into EUR or USD, then the aggregated amount of trades executed in different quotes and finally a detailed listing of all market activity.
To set it up, you need to enter an Email the tool should send to and an Email address the tool sends from. You can set-up a free Email address at Gmail or other services for that.
Additional Options
Connect on Startup will automatically connect the tool to Rate and the Bitfinex API every time you run the Application.
Trade allows you to send any gains directly to Funding. Funding will then lend these funds to other traders. If you want this enabled select Send Gains to Funding.
You can also choose to output live data from Trading via a WebSocket and set the port of it. This might be interesting for you if you are a developer that wants to receive real time information on the status of the tool.
Setting up Funding [Optional]
The purpose of Funding is lending funds to other Traders. This is supplemental to Trading and not required. Lending funds gives usually a smaller return than just trading but is deemed more safe. Funding is semi-smart and monitors the markets, waiting for the best opportunity to lend funds at an optimal rate. For setting up Funding, perform the same steps as already described for Trading:
- Enter the Rate Server URL
- Generate a new Bitfinex API Key Pair with the Permissions as displayed on the right.
- Setup Email in the same manner. You will receive once a week a compressed Report.
Additional Options
Besides Autostarting the connection and live reporting via a WebSocket, Funding offers to set the share of how funds are lent: Short Term and Long Term.
- Short Term will lend funds for a period of 2 days, Long Term for a period of 30 to 120 days.
- Long Term offers are usually a bit higher but capital bound here is unable to take advantage of temporary spikes in Short Term Rates.
A value of 1 indicates 100%, a value of 0 0%, therefore a value of e.g. 0.3% sets a rate to 30%.
After setting everything up, connect to Rate & Bitfinex API .
Now head on over to the Tutorial to start earning.
