A lot of my friends keep asking me about investing in cryptocurrencies. The most common question? Where to invest, and where not to.
I’m sure you have been in that spot if you are the only one in your friend circle dealing in cryptocurrencies.
Most of us don’t have the time to track cryptocurrencies all day. And that is because we have day jobs.
But what if I tell you that there is a way to trade cryptocurrencies without sitting in front of your desktop for hours?
Yes, you heard me right!
Cryptocurrency bots and automation tools are being developed which can trade on your behalf while you sleep or drive.
But for this, you need to configure your trading bot once in a while with the right trading strategy.
One such automation tool or bot that does the job for you is Nazca.
So in this article, let us find out what Nazca is all about:
- What Is Nazca?
- How Does Nazca Work?
- Nazca’s Fee
What Is Nazca?
Nazca, also known as Nazcabot, is a cryptocurrency trading bot that makes it possible for anyone to formulate their robust crypto trading strategies with its backtesting, rebalancing, and allocation features.
That’s why Nazca is the only thing you need if you are not a full-time trader.
Nazca helps you in automating every aspect of your long-term strategy, from its creation to its backtesting and execution. Oh, it also has the cool rebalancing cycles that you can set as per your needs.
How Does Nazca Work?
Now that you know what it is let’s learn about its approach to doing things.
Nazca helps you make, test and execute your crypto trading strategy in three simple steps.
Step #1. Choose Your Diversification Strategy By Choosing The Right Distribution Model & Assets
In the first step, you can either select a pre-made investment strategy or customize it. Under the pre-made strategy, you have options, and according to the chosen option, the assets basket will change. You can see this very well in the images above and below:
In the custom strategy, you can select one of the distribution models and choose your asset weightage and rebalancing cycle.
Once you are done with that, you need to ‘select your assets’ as shown in the image below:
Once you are done with your asset selection, you need to time-test your distribution and rebalancing strategy on the historical data by clicking on ‘Run backtest’ (image above).
Step #2. Backtest & Visualize Your Strategy
See how your strategy would have performed historically over the past year, month, week, etc. In this test case, we have chosen two weeks.
Once you hit ‘Run backtest’, you will be able to see your backtest results on the data for the past two weeks.
Step #3. Validate API Keys & Execute
Now that you are satisfied with your backtest results it is time to execute this strategy in real-time by clicking on ‘Review and Execute’.
You will then be taken to a screen where you need put your Binance API keys and authorize the Nazcabot to trade using these keys and formulated strategy.
Note: As of now, Nazcabot only works with the Binance exchange. Do not worry, Binance has a wide range of coins/tokens to satisfy your crypto thirst.
Nazcabot is not a free tool but it can be subscribed for an economical monthly fee.
However, there are some important points to note before using Nazcabot:
- Enable “Using BNB to pay for fees” on Binance.
- Existing balances in your account will be sold at market price.
- Your total balance must be greater than $10 per portfolio asset.
- Slippage may occur on assets with low liquidity.
Roadmap & Conclusion
There isn’t much that I could find about their roadmap. More grit from its team members to present something on their definite roadmap would be appreciated.
As of now, they have these points in their roadmap:
- Pre-release beta testing. Live launch with free backtesting.
- Advanced diversification models and asset selection.
- Share your diversification strategy to earn referrals.
- Telegram bot alerts for account activity and strategy performance.
In addition to that, their feature through which any veteran trader can join their Nazca Shaman Program to create and share profitable investment strategies, and be paid back with a dedicated referral program is pretty cool.
I hope this detailed analysis and review of Nazca helps you in making a good decision.
If you are someone who has used this tool before or are using any other bot, please share your experience with us in the comment section below!
If you like the post, don’t forget to share it with your friends and family on social media!
Official Nazca Resources:
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