Step 1: Choosing exchange and currency pair

Choosing the right exchange and currency pair to trade

Choosing an exchange to trade on

On Luna there are quite a few exchanges that you can set up your bots on. They include Binance, Bittrex, Bitfinex, Poloniex, etc... We recommend Binance because their API is the most responsive and trading volumes are among the largest. Volumes are very important in trading, whichever exchange or currency pairs you choose, pick ones with at least sufficiently high volume.

Choosing currency pairs to trade with

Picking a currency pair to trade with is a very personal choice and depends on what you want out of trading. Below are a few things you need to understand or pay attention to when picking currency pairs.

Primary currency
  • The primary currency (or base currency) are the ones that you will use to buy other currencies, and also what you will get back when selling other currencies. Pick the currency that you have in your portfolio and that you want to earn profit on. If you have BTC and wants to earn BTC, pick BTC. If you have no ETH in your account, obviously the bot cannot do anything for you.

  • The alt currency (or quote currency), in combination with the primary currency, decides which market you'll be in. So if you pick BTC and ZEC, you'll trade the ZEC/BTC market. What happens is that the bot will use your BTC to buy ZEC, and then sell that ZEC for more BTC, giving you profit in BTC.

  • As always, pay close attention to volume. We do not recommend trading any currency with low volume, since it is very hard to get consistent results. We have conveniently added Volume next to the alt currencies so you can make your decision faster without having to check the exchange. Volumes information are updated hourly.

Choosing alt currency, with volumes information

Choosing to create a bot group

A bot group helps you setup many bots sharing the same configuration. Most people will want to setup a bot group because it is especially helpful to scan across many currency pairs at the same time. For example, if you trade BTC with alt coins, usually you would want to setup many BTC vs different alt coins bots at the same time.

To setup a bot group, simply select many alt currencies, and Luna will ask you to name your group. Give it an easy to remember name so you can refer back to it later.

Because all bots share their configuration within a group, remember that updating the group's config would also update it for all the rest of the bots as well.

Setup a bot group