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Web Telegram Bots have significant usecases and it is growing popular in the crypto industry, In this blog, We’ll see how to create one for crypto trading.
Web Telegram is a platform that has become increasingly important for businesses due to its high adoption level. Other key reasons are the emphasis on privacy, security, and user popularity. More and more businesses are turning to social media platforms to provide customer support services. Moreover, with its rapidly expanding user base, Telegram has become an essential platform for businesses to connect with their customers.
What Is Telegram?
Web Telegram or simply Telegram, is a secure chat messenger service that offers privacy and data encryption. Users can subscribe to business channels without sharing personal details. Customers can reach out to companies through the discover area. There are four peer types in the latest version of Telegram.
What are Telegram Bots?
Telegram bots are special types of users that are not human, but computer programs designed to serve companies or brands. They offer a wide range of features such as sending out information, reminders, playing music, ordering, and more. Bots can post messages in groups or channels.
Crypto Trading Bots
Web Telegram or Telegram trading bots can be integrated with the messaging platform via its bot API. Unibet is a Telegram crypto bot that allows users to trade cryptocurrencies within the app. Its features include DEX-based limit orders, copy trading, and protection against MEV bots. The market cap of Unibot is approximately $57.21 Million.
Usage Of Telegram Bots
Telegram crypto trading bots are used for trading tokens quickly by copying and pasting the contract address into the chat. Real-time trade updates can be obtained via the refresh function, and tokens can be sold through the bot using signed transactions.
Users can program stop-loss and take-profit orders using Telegram crypto trading bots. These can execute trades automatically based on the chosen conditions. Moreover, these orders are particularly useful for trading newer tokens that are not available on traditional exchanges. However, caution is advised due to the higher risks associated with such tokens.
Telegram crypto trading bots can provide specialized features for monitoring coin and token prices. Additionally, it can be used for technical analysis of specific coins. This ends up highlighting the best and worst performers within 24 hours.
Telegram bots can also be used to identify potential scam tokens prone to rug-pulls and honeypot frauds. These bots can spot suspicious transactions in the mempool, and exit positions before a rug-pull occurs. They can also protect users from falling victim to deceptive schemes.
Telegram crypto trading bots can be designed to monitor specific wallets, particularly those of whale investors. Users receive real-time alerts whenever a tracked wallet makes a transaction. This ends up enabling informed decision-making based on the tracked wallet’s activity. Examples of such bots include Cielo and EtherDrops Bot.
These bots can automate the process of mirror trading, which involves investors copying the actions of other investors. Telegram crypto trading bots can allow users to perform sniping with multiple wallets simultaneously. They do that by setting conditions for purchasing new tokens on decentralized exchanges (DEXs) as soon as they appear on the market to maximize profits.
How To Build A Crypto Telegram Bot
Setting up a new bot on Telegram is a simple but lengthy process. The process starts with naming the bot and providing it with a username. After that, Telegram will then provide the user with a token to use later. Additionally, the user must install the required Python libraries, namely python-telegram-bot and requests.
Afterwards, the user will need to write the code for the bot. This will include functions to fetch data from some of the crypto listing sites, as well as functions to respond to user commands.
The user can leverage some APIs to obtain data on a specific cryptocurrency. These can include the highest or lowest prices of a cryptocurrency in the last 24 hrs. Additionally, the user can also select filters like the circulating and total supply or the top 10 cryptocurrencies.
Furthermore, the APIs can also be used to fetch on-chain DEX pool data. Once the user has written their code, they can run it using a Python script which can be easily generated with popular AI tools like ChatGPT. Finally, the user can open Telegram and look for their bot using the username they created in the starting 2 steps. To interact with the bot, they can use commands.
Risks Of Telegram Crypto Bots
Although Web Telegram and Telegram crypto trading bots offer convenience, they come with significant risks. They have access to your private keys, which can make them vulnerable to hacks and exploits. Additionally, the absence of end-to-end encryption in Telegram bots presents an added risk from external parties.
There are some major risks of using Telegram crypto trading bots, including the risk of unauthorized account access. Telegram crypto trading bots are susceptible to the danger of unauthorized access to the account. For example, bots like Maestro clearly state in their T&C that they won’t be responsible for unauthorized account access.
Lack of transparency and regulatory uncertainty can be concerns with Telegram bots. There are assertions that these automated programs remove access to wallets upon transactions, however, their source code being ambiguous causes apprehension.
Many Telegram bots operate with closed-source, unaudited code. Moreover, they essentially require users to trust anonymous teams with their private keys and funds. Users may find the absence of transparency worrisome, particularly in light of the bots’ extensive access to their financial assets.
Summary
Telegram is a popular platform for businesses due to its privacy, security, and user popularity. Telegram bots are computer programs that can send information, reminders, play music, and more. Setting up a new bot on Telegram is easy but requires installing required Python libraries. However, lack of transparency and regulatory uncertainty can be concerns when using bots.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, s or related indexes comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
