thetradingparrot
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USDT becoming weaker - Use this DCA bot to profit from this
🕑 Added 2020-12-29 14:45:48 +0000 UTCLet's say you are like me based outside the US and initially deposited X amount of your local Fiat into Binance or any other exchange. In my case, GBP.
Everyday USDT losses strength vs GBP, pretty much since the beginning of 2020.
In our scenario we are accumulating a currency that is actually devaluating every day.
If you look at the chart you can see 8.8% down since September this year. Of course, you are going to tell me: "then don't trade using USDT pairs, use BTC instead - for example".
Well, that can be a great option, but bots are not performing well on BTC pairs since the the last bull run of BTC, they are struggling to outperform the current strength of BTC.
So what do we do?
Option 1: Well I'll tell you what I'm doing. I'm setting up a bot to profit from the devaluation of USDT vs GBP. You can do this with Binance as it offers the GBP/USDT pair. I'm currently using this bot for this option:
https://3commas.io/bots/2205454/shared_show?secret=af0511fb02
(I had to restart this bot yesterday so it's got a single panic sell I needed to do to change some final settings - please ignore that)
Option 2: You can keep some GBP on your Binance account and trade against GBP pairs: BTC/GBP, ETH/GBP, etc. Unfortunately there's not many pairs available against GBP at the time I'm posting this, but have a look at other base currencies if you live somewhere else! I haven't yet started any bot trading against GBP.
Binance has just announced that they won't be charging any fees for GBP pairs which is also a great opportunity.
This bot uses the basic TradingView signals to buy some fiat and sell it at a profit benefiting from the USDT devaluation against your local currency.
