First of all, you may wonder what arbitrage is – simply put, it’s a way to gain profit from the price difference of a cryptocurrency by purchasing it in a market and selling it in another. In order to do this, you have to consider several factors that allow you to calculate the optimal moments to conduct a trade. Since it is impossible for the human mind to process all these factors quick enough, people prefer using crypto arbitrage bots that can do it for them.
However, you may not be satisfied with what is available out there, or you may have just spent too much time doing this – either way, you have the option of creating your own crypto arbitrage bot. As a beginner, the first thing you have to do is download an open source crypto bot. This is because, since you’ve never done this before, it’s going to be easier for you, as it doesn’t require much technical knowledge.
You’ll also have to create accounts on the exchanges used, and they all have different procedures, so keep in mind that it can last a bit longer than expected. Picking a bot trading model and its architecture are crucial aspects of the process, so make sure that you can ask a programmer for help – you’ll also need them for coding and testing. Above all, be aware that a bot is something you have to develop permanently to make more money, so don’t expect it to be perfect from the first try.