According to estimates, 1.4 billion individuals are using messaging apps and are open to interacting with bots within those apps. According to many studies, using bots in customer service can cut expenses by as much as 30 percent.

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It can no longer be denied that chatbots have become an indispensable component of modern customer care, marketing, and lead-generating businesses. 

Many companies are embracing this new technology because of its adaptability and dependability in responding to customer inquiries. Although they are best known for their use on the Facebook Messenger platform, Trading bots built for Telegram are also making significant headway.

Why? Telegram is a massively popular tool for sending messages online; it currently has 500 million monthly users and a growth rate of 50% each year.

Smartphone Telegram
Image by Victoria Model from Pixabay

What does Telegram Bot Mean?

A Telegram bot is a short program having AI features that you may put on Telegram channels or public channels, similar to other chatbots you may have encountered on social media.

Telegram trading bots are analogous to special accounts that do not require a telephone number to set up. They replicate human connection and communication. Bots for Telegrams are capable of instructing, searching, playing, broadcasting, and integrating with other services.


How do they work?

The bots communicate with Telegram users using a bot API, which is third-party software. Images, locations, data, messages, Inline requests, and commands are some ways users can communicate with bots.

Now that we’ve gotten everything out of the way, let’s look at how to create a Telegram trading bot for a startup.

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Key Steps to Create a Telegram Trading Bot for Startup

Select the programming language to use

It is advisable to develop your bot using a known programming script. Python, Javascript, Perl, and C are the most popular telegram trading bot development languages.

Get a handle on your (APIs)

Before you start writing code, you will also need to acquire the application programming interfaces (APIs) for the exchanges on which you want your bot to trade so that it can connect to those exchanges. The good news is that all of the major trading exchanges offer application programming interfaces (APIs) that permit access to their respective currency data.

Links to the most crucial currency exchanges’ APIs:

  • Coinbase
  • Kraken
  • Bittrex
  • CEX.IO
  • Poloniex

Open an account with each of the exchanges

The process of creating an account is simple enough. Please keep in mind that the methods for creating new accounts on different exchanges can vary significantly from one another.

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While some exchanges demand users to provide their personal information before allowing them to trade, others permit users to remain anonymous.

Determine the architecture

The architecture of your bot will have a significant bearing on how it runs and what it can do. Determining the algorithms a bot will employ to make sense of the data it receives is essential to the bot’s operation. Trading based on algorithms is a big industry that brings in annual revenues totaling billions and billions of dollars.

Create your bot

After you have created an architecture blueprint for your bot, you can start chatbot development. Naturally, this will be the step that requires the biggest amount of time out of the whole process.

If multiple developers work on different aspects of the bot simultaneously, you must ensure that you have effective project management and communication processes.

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Live deployment

After you have resolved any problems that may have arisen, you are now prepared to unleash your brand-new trading bot onto the markets.

While you may have aspirations of creating a fortune overnight, you should remember that no platform has ever been introduced into the world without initially contending with growing pains.

Building a successful trading bot is an evolutionary process. The more effort you put into its growth, the more return you will see as a result. Keep a close eye on your bot’s performance at all times, at the very least during the first few months.


Conclusion

Telegram trading bots are similar to chatbots in that they are integrated trading APIs that connect digitally with a cryptocurrency trading website and can improve a trader’s profitability.

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Telegram trading bots are AI-Inspired, automated bots that operate within the Telegram network and cannot be compelled to install third-party programs other than their native APIs.

Read: WhatsApp vs. Telegram vs. Signal: Time to Switch?

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