Hopefully we can answer any Gunbot questions that you may have with this general FAQ. Did we miss something? Feel free to ask more questions!
What are Gunbot's minimum specifications?
Next to nothing. You should be just fine with 2GB of ram, a 64 bit processor and at least 10GB of storage space.
What exchange works best with Gunbot?
Any of the supported exchanges will work just as well as the others.
It’s all down to your personal preference.
You may want to do your research as to which exchanges have the highest trading volumes though, as more liquidity means more opportunities. If you’re not in the USA, Binance is a reputable and highly used exchange with a very high daily trading volume.
When will I have to renew my licence?
NEVER! If you’ve bought a licence, congratulations, you own Gunbot for life. You will only have to pay if you wish to upgrade your licence or buy add ons.
Example: If you were on the Starter Licence and wanted more API slots, you would pay the difference between the your current licence and the new one.
Can I lose money with bots?
If any bot service guarantees you profit, run like hell.
As previously mentioned on this site, Gunbot is not a get rich quick scheme. It is a bot that only executes buy and sell orders based on the parameters you set.
If you haphazardly throw settings into your config file with no idea how they’re supposed to be implemented – you are asking for trouble. This is why we offer in-depth training of all Gunbot’s features at the Gunbot School.
If you are SPOT TRADING,
you only lose money once you sell the cryptocurrency you’re holding. Let’s say you bought 3 BTC during the 2017 bullrun at $19,000 USD. A few weeks later, the price crashes down to $10,000. You would have two options.
You could get scared that the price will slip further and sell all 3 coins at $10,000 with a total loss of $27,000
Or you could hold onto them and sell them in the current market 3 years later at $39,000 per coin… a profit of $60,000.
At no point in those 3 years would you ever have lost your money as you still hold those 3 BTC. Sure it might be soul destroying to see that $19,000 purchase drop to $6000… but up until the moment you sell – you haven’t lost a penny.
This, however, can not be said for Futures trading which is a high risk/reward scenario. With futures, you do not hold the BTC. You hold a contract between you and the exchange.
Futures use leverage to increase your position size up to 125x but one foul movement in the wrong direction will liquidate your position and you will literally lose every penny.
Gunbot can help with Futures trading in many ways.
One of which includes DCA which will add either a long or short to your position to counter-act the previous order. If the price moves in your favour on a previously bad position, you could recoup the loss of the original position and, at the least, break even.
Where do I purchase a VPS?
There are many providers available for your VPS. If you use this link for Google cloud, you’ll receive $350USD of free server time. Perfect if you’re getting to grips with Gunbot or learning how to set a VPS up.
What location should I pick?
The most important thing about picking a VPS is how close that server is to the exchange you will be trading on. You’ll want this connection to have the lowest latency possible so that Gunbot’s API calls are received and answered in a prompt manner.
Let’s say, for example, you were only trading on BitMex. Their exchange at the time of posting is currently ran from an Amazon data centre in Dublin, so selecting a VPS that’s hosted in Sydney would be highly detrimental for your trading. This is due to the latency between you and the exchange. The prices are likely to change in the time it takes for:
- Gunbot to send an API call to request the ticker data from the exchange (current price and indicator parameters)
- The exchange to send that info back to Gunbot.
- The Gunbot algorithm will process that info instantaneously and send an API call if conditions to buy or sell are met.
- The exchange to process Gunbot’s command and place the requested orders.
That’s quite the journey!
That one process would have travelled 51,612KM (32,070 miles). Plenty of time for the price to change and an error causing discrepancy to occur. My BitMex Gunbot instance is hosted near the BitMex server with a 6ms ping to BitMex. Something that is over 500ms if I connect from Sydney. That works out to a 619KM (385 mile) round trip or nearly 99% faster than my desktop computer in Sydney.
Of course, this doesn’t mean that you would select a European AWS for every exchange. Some exchanges are hosted on the other side of the world.
Where can I buy BTC to purchase Gunbot?
There are tons of places online, but I personally use crypto.com to buy BTC. They have great fees that they waive at certain times and there’s currently no mandatory KYC. You can always pay for your licence using Paypal via the Gunbot payment portal too.
I lost my private API keys. Do I lose my bot?
Absolutely not. If you ever lose the private SSH key that lets you connect to Gunbot on your server: first of all – delete that API from your exchange. For security reasons, create a new pair of keys. Get in touch with us via DM and provide us with your GUNTHY wallet address and PUBLIC API key. We will update your new public key to our database. We will NEVER ask for your private keys – it is vital that these are kept private and only known by yourself. If anyone approaches you via Telegram and asks for your private keys, block and report to us. If anyone poses as Gunbot staff to ask for money in order to help you, block and report. Gunbot staff or official resellers will NEVER message you first or ask for money in exchange for help.
Where can I buy BitRage and MarketMaker?
BitRage and MarketMaker are not available for public sale. They are exclusively accessible to Gunbot licence holders that also hold extra GUNTHY tokens.
Do you offer refunds?
- The User has the right to obtain a refund if the request is made within fourteen days of purchase and the software have been running for less than 6 hours. This only applies to the 1st order on the Users account and not future purchases.
- Refunds are available once per person or entity and will not apply if your account is in violation of our terms of service.
- Before a refund is granted, you must allow us to try and help solve any problem you have with our products.
- Refunds are not granted because of market conditions and performance of settings.
- Refunds are not granted if you simply bought the wrong product. All refunds need a valid reason before its granted.
- A refund normally takes between 5-15 days before the funds are back with the user.
- In case of a free trial, no refund is granted.
- We do not offer refunds on renewals, upgrades, api and config products.
If, for some unlikely reason, you are no longer happy with Gunbot – you are free to sell these GUNTHY tokens for BTC, USDT, or any other compatible pair. We aim to make the value of the GUNTHY tokens you receive in the airdrop correlate with the price of your licence.
We’re sure that once you realise the power of Gunbot and its potential, you’ll want to add more GUNTHY.
Does Gunbot buy and sell automatically?
Of course! Gunbot was programmed to never sleep, never spend time with family and friends & never get drunk. This leaves you to enjoy all these finer things in life while it works for you.
Gunbot doesn’t care. It’s an insomniac teetotaller that hates its family and only lives to serve you.