Cryptocurrency trading is not a job for the faint-hearted in terms of both the risk and the amount of work required. Would-be crypto investors always want to know how to make it less risky and simpler.
Telegram crypto bots have emerged in this respect, with proponents hoping to save people the pain of crypto trading. So what are Telegram crypto bots, and how do they work? More importantly, are they safe to use?
What Are Telegram Crypto Bots?
Telegram crypto bots are trading software built within Telegram, a popular messaging platform similar to WhatsApp but with enhanced capabilities. The bots offer an interactive experience for users to trade cryptocurrencies and execute automation and strategies within Telegram.
Typically, crypto trading requires a good computer, a reliable internet connection, and proactiveness in searching for and executing trades fast. A Telegram trading bot eliminates most of the hassle. With a smartphone and a decent mobile connection, you can transact quickly and access advanced trades such as sniping and copy trading.
How Do Telegram Crypto Bots Work?
Telegram crypto bots function as trading bots connected to decentralized cryptocurrency exchanges andpeer-to-peer crypto tradingplatforms, with the ability to execute trades by sending command messages on Telegram.
Let’s assume you’ve discovered a new token with growing potential and want to buy some. Open your smartphone, copy and paste the token’s contract address to your Telegram app, and send a buy command message. Soon enough, you have tokens in your crypto wallet. What would have traditionally taken at least five minutes happens in seconds.
Telegram crypto trading bots are designed to perform different tasks on different cryptocurrency platforms. For instance, one bot might make fast token swaps, while another can be designed to farm airdrops. But generally, Telegram crypto bots enable:
In exchange for these services, Telegram crypto bots will charge a small fee for every transaction. Executing advanced trading faster and with a protection mechanism to keep your investment safe gives traders an edge over peers.
Are Telegram Crypto Bots Safe?
While Telegram crypto bots are convenient, they carry some risks. First, courtesy of the decentralized nature of Web3, regulators have little influence in keeping the people behind these bots accountable, yet most of them are anonymous.
This is undesirable because you must give the bots access to your wallet addresses to execute trades. And as long as the bots are connected to your addresses, the developers can access your funds. As they say: not your keys, not your coins.
Another reason is that Telegram crypto trading bots are oftenclosed-source software, meaning people cannot access the code. Also, they don’t have code audits by third parties. These characteristics make them vulnerable to malicious activities, which could result in loss of funds.
It is, therefore, necessary for users to exercise caution when dealing with these bots. Do your research to identify trustworthy projects. Create crypto wallets specifically for the bots. Lastly, only invest what you can afford to lose.
How to Use a Telegram Crypto Bot
Using Telegram crypto bots is easy. Simply visit the official site of the project and connect your Telegram account. For illustration, let’s connect to Unibot.
Note that some trading bots require you to make an upfront payment or have a referral code to start querying them. In this case, follow the prescribed process to get started.
Top 5 Telegram Crypto Bots
Telegram crypto bots have grown in popularity, with the market growing to over $200 million in capitalization value. Some of the top Telegram crypto bots include:
Unibot enables users to conduct transactions six times faster than the Uniswap decentralized exchange. Some noteworthy features of Unibot include token discovery, transaction privacy, limit orders, trading strategies, and fail guard sales. It has a user-friendly interface enabling quick market trades through simple Telegram commands.
Lootbot is designed to automate on-chain transactions and act as an easy-to-use frontend for many blockchain networks. Its focus is simplifying the complex process of airdrop farming. Some of its outstanding features include the automatic generation of wallets for farming across multiple chains, airdrop tracking, anti-sybil detection, and customization abilities.
As the name suggests, MEVFree is a Telegram bot that protects traders fromMEV bots. It’s a suite of tools, including MEVFree Guardian, which creates a secure environment for transactions, a honeypot checker, which identifies honeypot scams, and MEVSwap, which counteracts the predatory actions of MEV bots.
PAAL is a platform that empowers users to create personalized bots that harness AI’s capabilities and deploy them on Telegram. It features the MyPaal tool, which offers cryptocurrency-based AI, multi-platform integration, bot personalization, and real-time data sharing.
5.ChainGPT
ChainGPT is like a ChatGPT for the blockchain and cryptocurrency space. The platform’s Telegram bot allows for seamless crypto research, smart contract generation and auditing, automated crypto trading, chart analysis, and technical insights. Notably, ChainGPT offers a free plan for anyone to test its services.
Each of these bots has a native token to facilitate transactions and encourage investment and participation in the project. Investing in these bots seems like a good strategy for seasoned traders. However, as you’re about to discover, these bots are also risky.
Telegram Crypto Bots Are Great, but Be Careful
Sure, Telegram bots are convenient for helping you make trades faster, automate orders, and keep track of the market. However, they come with a catch: you must give up your keys. However moral the developers are, they can’t guarantee your tokens' safety.
So, use these bots, knowing you could lose your funds. This necessitates precautionary measures like creating separate trading-specific addresses. Otherwise, if you can’t bear the risk, only use the bots to help you make decisions.
