Bitcoin Bots And Litecoin Bots Are Features On The OKCoin Exchange
Last month BitcoinPriceLive investigated the rumors that Chinese exchanges were introducing fake Bitcoins and fake Litecoins. The story generated a lot of controversy as some said Chinese Bitcoins has been audited, while others said the high volume on Chinese exchanges was due to bots and no trading fees. Note that volume of Litecoins on Chinese exchanges is often 10 to 50 times higher than on USD based exchanges.
To investigate, BitcoinPriceLive opened a trading account on OKCoin. We were quite surprised to learn that OKCoin itself provides the interface to create your own bot. Below is how the “Algo” tab looks for setting up your bot.
OKCoin Terms Of Service For Botting
Before you fire up your bot, you must agree to a terms of service with some interesting clauses. To summarize, OKCoin is not responsible for anything, including if your bot malfunctions, somebody else’s bot malfunctions, there is slow execution, suspension, or cancellation of bot.
1.The following terms and conditions refer to the algorithmic trading tools (also known as “Algo”) that OKCoin provides to its users. Customers are able to use these tools to set parameters prior to executing a trading strategy. These trading parameters are based on fixed logic programming. OKCoin does not perform any manual intervention during the process of executing strategies.
2.When using the algorithmic trading tools, customers shall be deemed to have fully understood the potential risks. The user is solely responsible for the trading strategy he/she creates using these tools and unconditionally accepts the outcome.
3.Prior to using the algorithmic trading tools, customers should carefully read the instructions provided in order to fully understand the execution logic of each parameter. OKCoin does not accept any responsibility due to incorrect parameter inputs or lack of understanding by the customer. Moreover, OKCoin accepts no responsibility if the outcome of the customer’s strategy differs from his/her expectations.
4. During extreme market conditions (including but not limited to price volatility), a customer’s anticipated results may differ from the actual outcome. Customers should therefore fully understand the risks and be cognisant of potential volatility when setting the trading parameters. OKCoin does not assume any responsibility if, due to extreme market conditions, the result of a trading strategy does not meet expectations.
5. Factors which are out of OKCoin’s control (including but not limited to network latency and computer system failure) may cause slow execution, suspension or cancelation of user’s trading strategy. OKCoin will endeavour to ensure its trade execution systems are stable at all times. Nevertheless, OKCoin does not assume any responsibility if such events cause the result of a user’s trading strategy to differ from the anticipated result.
6. The use of algorithmic trading tools may incur fees. OKCoin will always announce its latest fee structure through the “Algo” webpage on the OKCoin website. This webpage will always prevail as the most accurate source of fee information. When using the algorithmic trading tools, customers shall be deemed to have fully understood the fee structure and that the costs associated with a trading strategy will be deducted after the execution.
7. OKCoin reserves the right to add, remove or make adjustments to the algorithmic trading tools at any time. Such changes shall be made known through an announcement.
Time Weighted Orders Available At OKCoin
OKCoin has the option to do a Time Weighted Order. At the moment, BitcoinPriceLive does not grasp how this option works, and is still investigating. Parameters include: Price Variance %, Sweep Ratio %, Per Order Limit, Highest Buy Price, and Time Interval.
We ask our readers, is it good for the exchanges to provide advanced botting tools? What are the consequences when the bots malfunction, or the site crashes?