Obsidian Bot on Automated Cryptocurrency Trading and Bot Creation
Obsidian Bot is offering a platform to create or purchase cryptocurrency trading bots with a beginner-friendly user interface. Obsidian Bot’s bots run on the cloud 24/7 and execute trades based on criteria entered by users.
The site offers a bot marketplace, where users can put up their own bots for sale. Users can create bots using over 50 indicators and over 400 markets, and also make use of Obsidian Bot’s bot testing and indicator scanning functions that allow for the rapid testing of bot performance based on historical market data.
We connected with the Obsidian Bot team to talk crypto and what it’s like to run a bot trading company.
Who is your ideal user?
We have two types of ideal users.
Our first type of user has previous trading experience. These users will be able to automate their winning strategies. These users will also be able to sell their strategies on the marketplace and earn money for doing so.
This leads us to our second ideal user. Obsidian Bot was made to support users with no prior trading or cryptocurrency experience. We offer instructions to guide them through every step of the process, even if they don’t own cryptocurrency. The marketplace allows these users to use bots (all marketplace bots are free) and start trading right away.
We also think the very common HODL (hold on for dear life) strategy should die out. As a company we try to spread the message that the HODL strategy is objectively bad and can easily be replaced by a bot.
How are users protected from risk? How can they ensure Obsidian Bot is always running in their best interest?
Prior to purchase our users can see reviews and ratings from previous purchasers of every marketplace bot. Also, the bot’s historical performance and live performance are graphically displayed to show users the general behavior of a bot.
Upon purchase we provide email updates for every transaction a user’s bot executes. Users can also test bots live with signals to see how their bot performs before trading with it. Additionally, users have the option to turn their bots off at any time.
The creator of the bot only makes money on profits, making it in their best interest to create the best bots possible.
We understand that when investing in a trading bot the user needs to understand how the bot functions. We provide this information so our users can make smart and safer investment decisions.
Can you walk us through the process of creating a trading bot? How does the sausage get made?
After you sign up and login you will land on your user dashboard. Click on the ‘create’ tab and this will send you to the page where you create trading bots. You can make as many trading bots as you would like but you can only run up to 15 bots at a time for live trading.
There are 7 high-level steps to create a bot.
(1). Choose your trading bots market. The first thing that you do is select the market that you want your trading bot to trade in for example ‘BNB/BTC.’
(2). Set a start and end date for the historical market data that you want to test your bot’s performance against.
(3). Select and calibrate technical trading indicators to build the brain which powers your trading bot. There is a ‘buy’ tab on the create page this is where you add all your indicators that determine when you bot will buy. Add as many indicators as you would like, the number of indicators is up to the user’s discretion. We also offer a ‘scan’ button for all indicators that will display how well you bot would have performed if you were to use different values for your indicators, this is super useful if you do not know how an indicator operates or if your bot needs some fine tuning.
(4). Select and calibrate indicators for your bots selling strategy. This step is the same as step (3) except you are now creating your sell strategy.
(5). Calibrate your bots stop loss and stop profit loss indicators. ‘Stop Loss’ is an indicator that sets the threshold where you cut your losses. ‘Stop Profit Loss’ is an indicator that sets the threshold for when you bot will sell while it is profiting.
(6). Analyze your bot’s performance on a graph of historical market data. When you have populated your bots ‘buy’, ‘sell’, and ‘stop/loss’ tabs, it is now time for you to test your bot against historical market data. If you don’t like how it performed you can always delete/add/or calibrate indicators.
(7). Finally, save your bot and launch it live on our ‘Live’ trading page!
The scanner tool allows users to click a button and see how much money their trading bot would have hypothetically made in the date range they selected earlier. The user can tweak values and scan as much as they want until they are satisfied.
Once they have indicators in both of those, they will be prompted to input values such as candlestick range, and stop loss control, along with variables that are unique to each indicator.
How do you protect users from bots that may or may not act in their best interest in the marketplace?
Firstly, users are not required to purchase a trading bot from the marketplace if they do not feel comfortable doing so. Prior to purchase a user can see a star rating that previous purchases have given to the bot along with comments. We also provide the bots historical performance and live performance.
We also display a graph of the bot’s historical purchase points. Upon purchase we provide email updates for every transaction a user’s bot executes; the user can stay up to date and monitor their bot’s progress from anywhere. A user also has the option to turn their bot off at any time. While the bot trades for the user it is in the users best interest to monitor its progress at least for a short amount of time until a user trusts the actions of the purchased bot.
In your opinion, what are the best trading bot strategies?
We believe there are 3 key things to what makes the best trading bot.
(1). The bot takes advantage of high-frequency trading that humans are not capable of executing.
(2). The bot should only trade in a bull market and stay dormant in a bear market.
(3) Finally, the bot trades in a market that has a non-volatile coin for example BTC/USDT. The bot purchases BTC lets the investment grow and trades back to USDT waiting for the next opportunity.
Could you touch on Obsidian Bot’s security? Many users may be a bit apprehensive to grant a third-party access to their investments – how can you address this?
Ensuring security of user information is one of our highest priorities. Users can securely enter their API keys on our website. They then are securely stored behind several layers of security and encryption. One of our company advisors is a director of security at Zillow to ensure our security protocol is current.
Additionally, we insist users disable API withdrawals, so in the unlikely event of a hack, users’ funds cannot be moved outside of their exchange wallets. We also encourage users to practice security measures with Binance and other crypto exchanges.
Can you walk us through how Obsidian Bot makes money?
Could you tell us a bit more about your team? Who’s behind Obsidian Bot? Why is this the best team to run this type of company?
Kelvan Brandt, CEO, has been programming since 2013 and has a passion for automating user experiences. He has a strong background in mathematics, which eventually led him to the algorithmic trading market. After a year of successful algorithmic trading on his own, he started the Obsidian Bot team.
Michael Krebs, COO, has a strong background in entrepreneurship, business strategy creation, and business development. He has started two successful companies, including one that he sold. He also has experience in management and strategy consulting, where he created complex business strategies for some of the best and most innovative companies in the world.
Danylo Kurgan, CFO, has a background in product management, free-to-play video game economics, business development and finance. He has spent time at multiple start-ups, ranging from cloud computing to video game development, gaining hands-on experience. Also, he spent 2018 as a strategic consultant helping some of the leading companies around the world create short-term and long-term strategies.
Alexander Earll, CTO, specializes in building large scale web and cloud architectures that are made to be durable and scalable. These systems are designed to grow and handle high volumes of traffic while still operating smoothly.
Obsidian Bot’s team is full of young but experienced entrepreneurs who have been involved with crypto for years. We also have a team of seasoned entrepreneurs advising and mentoring our team, to ensure that we do not make the critical mistakes.
Let’s address the youthfulness of the team. Some older members have criticized your team for its youth, which may actually be a strength. How would you rectify these concerns?
We view our youth as an advantage. We are young, which allows us to view the evolving marketplace from a fresh perspective. We don’t look at it with the biases someone who spent decades trading stocks, bonds, or securities would. Our fresh perspective best aligns with this emerging market.
What inspired the creation of Obsidian Bot?
Our CEO, Kelvan Brandt, was day trading cryptocurrency manually and was having success with it. He realized his strategy could easily be automated. Being the programmer that he is, he coded a system to save himself the long hours of staring at a computer.
He kept it for his own use until his friends started offering him money to manage their portfolios, then their friends wanted in and so on. Kelvan recruited the current team and decided to take his idea public. The original idea has grown into Obsidian Bot.
Where do you see Obsidian Bot in 5 years?
In 5 years we see Obsidian Bot as a brand synonymous with success. We see Obsidian Bot staying on the cutting edge of technology, by incorporating Artificial Intelligence and other advanced computing techniques to improve our user experience.
For those who want to get involved, what is the next step?
Sign up at https://obsidianbot.com/Identity/Account/Register and try it free for 14 days. Upon sign up, either create a bot or use premade bots (they are all free). Launch your bots for live trading on our ‘Live’ page, then sit back and monitor your progress through our ‘Portfolio’ page.
The above article is a sponsored post. The contents have not been altered to be any less objective than our editorial standards.
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ABOUT THE AUTHOR
ABOUT THE AUTHOR
Alex is the Editor-in-Chief of CoinCentral. Alex also advises blockchain startups, enterprise organizations, and ICOs on content strategy, marketing, and business development. He also regrets not buying more Bitcoin back in 2012, just like you.