Setting Up BravoBot
Adding API Key
The API key is the connection needed for BravoBot to interface with the exchange and to make trades on your behalf.
You will want to get your API key and add it to BravoBot. Currently, BravoBot only supports Binance. To get your API key, you can follow this guide and add it to BravoBot.
The Binance API keys permissions expire every 90 days. The user will manually have to go and adjust the permissions after 90 days. BravoBot has no control over this rule.
Notification settings can be found in the user settings. Currently, telegram notifications are being reworked. However, they can still be used by following this guide.
If the user has many bots, they might want to turn off the “Live Bot has Created a Position” to avoid spam since this means that the bot has entered a position; however, it has yet to make a profit or loss.
Creating a Virtual Wallet
To run a live bot, you need a virtual wallet per live bot. The rule is one bot per virtual wallet. This part is all dependent on your trading strategy. Even the BravoBot team does this differently per member. One has all of their BUSD in one wallet, only running one bot, another has five wallets, and another has 10. This is how you want to spread your risk. Remember, you can have more than one bot. Not all of their settings have to be identical.
More information about virtual wallets can be found here.
Note: Binance charges a fee of
0.1% each time a trade is made. The fee is always taken out of the trade leading to “dust” (fractions of coins). To negate this the user must have at least 10 BUSD worth of BNB in their SPOT wallet, to pay for the fees. Binance instead will take the fee from their BNB at a 25% discounted rate.
The user must manually enable this option on their
Binance dashboard . This is found in the bottom right of the dashboard.
This is required for BravoBot to operate.