NIOX Maker Overview | How Does it Work?
Autonio develops accessible, easy to use and affordable trading tools and services for the DeFi ecosystem.
They also developed a tool that helps the traders to earn money in a few clicks. The name of the tool is NIOX Maker.
What is NIOX Market Maker?
The NIOX Maker is a market-making module that makes trades faster and more accurate through creative algorithms, complex calculations, and thousands of data points gathered from the user’s exchange.
In simple words, NIOX Maker is an easy-to-use trading bot/tool. NIOX Maker allows you to connect your favorite exchange via API. You can choose from 1000+ different trading pairs and set up the bot with a few clicks.
- Easy To Set UP → You just need to get the API key from the exchange you want to connect and paste in the NIOX Maker settings section.
- Easy To Use → You just need to select the trading pair and enter basic details(order size, spread, etc.) to start trading. In case, if you’re facing problems, you can also read Quick Start Guide.
- No Minimum Amount Required → NIOX Maker doesn’t force you to start trading with any minimum amount but you need at least whatever minimum amount the exchange required.
- Supports Top Crypto Exchanges → NIOX Maker can be connected via API to the top tier exchanges including Binance, Kucoin, Loopring, Tomodex, Crypto.com, and AscendEX.
- Swarm Reward Campaigns → Users get a chance to earn extra rewards by building liquidity/volume for the active trading pairs in the campaigns section.
How Does NIOX Market Maker Works?
As you all know, the Crypto market is very volatile. The price of the trading pair changes every second.
Now imagine how much profit you will be able to make if you can buy and sell crypto every 10 seconds or every 30 seconds.
Can you buy and sell crypto in seconds manually?
This is the situation where NIOX Maker can be very useful for you. NIOX Maker can make 100s and 1000s of trade per day for you.
How Does NIOX Market Maker Make Money?
NIOX Maker has Buy and Sell spread setting. You need to enter buy and sell spread as per your requirement. Spread is the distance between the buying and selling price.
Order Size 10 XYZ Coin.
Refresh Time 30 Seconds.
Buy Spread is 0.5% and Sell Spread is 0.5%.
Current Price of XYZ coin is $1000.
Spread = $1000 (Current Price) * 0.5% (Spread) = $5.
Buy Price = $1000 (Current Price) - $5 (Spread) = $995.
Sell Price = $1000 (Current Price) + $5 (Spread) = $1005.
NIOX Maker will place a buy order for 10 XYZ coins at $995 USDT and a sell order at $1005 USDT.
NIOX Market Maker will reset the orders every 30 seconds, and the bot will cancel previous open orders and place two new buy & sell orders.
As you can see in the above example, If the above buy and sell orders will be filled, you will make $10.
This is just an example. Your profit can be more or less after 100s or 1000s of trades.
How To Setup NIOX Market Maker and Start Trading?
1. Open the NIOX Maker website in your browser.
2. You can use Metamask or Walletconnect to log in. I am using Metamask Extension.
3. Click “Login” then Click “Sing” in the popup Metamask window. After signing in, you will see NIOX Maker Dashboard.
4. Go to “Settings” → Select Exchange → Select Access Key Type → Enter API Details → Click Save.
Now, If you will go to the Dashboard and select the connected exchange, you will see all your funds from the exchange.
5. Now, Go to Market Maker. Here you can set up the bot to start trading.
Select Exchange → Select the trading pair → Select Main Setting, I selected “Smart Market Maker” → Enter Order Size, Refresh Time, Buy & Sell Spread.
If you want to enable an additional setting, you can use the Advanced Settings option.
After everything, Click Start Trading Button.
Done, The Market Maker will start running and you will also be able to see all the orders in the exchange you connected.
You can check the below screenshot for more details.
1. Refresh Time and Spread →
You should always set up refresh time and spread percentage properly.
For example, If you will enter 10 seconds refresh time and 5% buy and sell spreads, the chances are very high that the price of the coin will not change 5% within 30 seconds so none of your orders will be filled even after 1000s trade.
Also, Please remember that every exchange applies maker and taker fees. Make sure that your spread is higher than those fees.
2. Don’t Trade Long Term Hold →
If you will trade a coin that you’re holding for the long term, you might end up will less coins because the bot place buy and sell orders in a regular interval but sometimes one order gets filled and another doesn’t.
Two Advanced Trading Settings I Liked
1. Hanging Orders →
If one of the orders(Buy or Sell) gets filled then it will not cancel the other side of the order instead Hanging orders setting will keep the order open in the order books.
2. Staggered Orders →
Staggered orders allow you to divide the order size at the different spread(or price). For example, 50% of order size at 0.1% spread, 25% at 0.4% spread, 25% at 08% spread.
Now, This article has come to an end. I hope you found this article helpful. Please give your valuable feedback on this article so that I will be able to improve my writing skill.
I know this short article hasn’t explained everything about NIOX Maker. So if you have any queries and questions, please ask in the comment section below.