Telegram bots are all the hype lately — with Telegram trading bot, Unibot, leading the pack. Explore what telegram bots are and how they work!
In recent weeks, Unibot has garnered a great deal of momentum due to its potential to help level the playing field among traders and provide savvy investors with access to opportunities that were previously difficult to execute.
Here, we take a brief look at the platform’s capabilities and explore how to take advantage of its features.
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What Are Telegram Bots in Crypto?
Telegram bots are automated scripts that respond to specific commands or trigger keywords sent by users in a Telegram chat.
While these bots are not new, they have become increasingly popular in the crypto space lately due to their ability to automate tasks and provide users with easy access to crypto interactions. For instance, some of the use cases include:
- Accepting payments: Telegram merchants can integrate cryptocurrency into the bots they use to accept payments
- Trading: Telegram bot coins, such as UNIBOT, make it easier for users to trade cryptocurrencies on Uniswap and other decentralized exchanges
- Wallet services: The Open Network (TON) developed a Telegram wallet bot that enables users to buy, sell, trade, and store cryptocurrencies within the Telegram app
- Tracking: Developers can build Telegram bots to track cryptocurrency price and data and send regular updates to users
Telegram bots have become popular in the crypto community due to their encrypted messaging and ability to create group chats. They can also automate tasks within groups and chats, such as banning users, responding to questions, and linking users to useful resources for a project.
The bot is free to use and can be easily managed through its simple Telegram user interface. Per the official website, Unibot is reportedly 6x faster than trading manually on Uniswap, making it suitable for those looking to improve their trading efficiency.
Unibot has an extensive array of features, most of which are directly related to trading. Its most prominent features currently include:
- Limit Orders: Automatically execute orders when the market reaches a specific price — allowing traders to buy low or sell high on DEXes that don’t typically support limit orders.
- Sniper Tools: Copy the trades of successful and/or specific wallets automatically using the mirror sniper or catch new token launches using the method sniper.
- Fail Guard Sell: Test whether an order will fail ahead of time to save gas fees and maximize returns.
- PNL Analysis: Easily track the profit and loss for accounts managed by Unibot.
- Private Transactions: Create trades that are protected from MEV bots, reducing the chance of being caught in a frontrun or sandwich attack.
Security Concerns Over Telegram Trading Bots
A cryptocurrency bot first establishes a wallet for each user, giving them private keys to enable trading. Then, in order to begin trading, users are need to put money into these wallets. However, this is a problem because it goes against the idea of retaining secure self-custody of money.
BlockSec, a blockchain security company, has expressed concern about the expanding use of Telegram bots, highlighting the possible risks involved with transferring tokens to third-party wallets made by the apps or releasing private keys.
Although the bots excel at providing speed and convenience of use, security is frequently sacrificed, as there is an inherent risk associated with the ongoing storage of the private keys on the platform when these services automatically create wallets for users. A data breach or attack could be disastrous for users of bots and result in the possible loss of assets to hackers.
How To Use Unibot
As we previously touched on, Unibot is a Telegram bot — so you’ll need to have Telegram installed to leverage its features.
Fortunately, once you’ve got Telegram installed and an account created, getting started with the bot is a relatively simple process.
Here’s how to use some of its most powerful features:
Step 1: Load the bot
First, you’ll need to interact with the bot on Telegram. To get started, search for unibotsniper_bot on Telegram.
Step 2: Start the bot
Once the bot is loaded, click ‘Start’ to activate it. This will pull up a list of available commands.
The bot will automatically create three new wallets for you. You’ll need to fund these wallets if you want the bot to execute trades for you.
Step 3: Buy tokens
Next, we’ll explore how to buy tokens using Unibot.
To begin, click the ‘Buy Tokens’ command.
This will pull up the order parameters. Here, you can:
- Toggle on/off features like private transactions, fail guard and frontrun protection.
- Select which wallet to make the trade from (wallet 1, 2 or 3)
- Choose how much to buy or set a custom order amount
- Enter the contract address
After setting your order parameters, Unibot will attempt to place your trade after entering the token contract address.
Step 4: Use the Mirror Sniper
The Mirror Sniper is Unibot's built-in copytrading tool. It allows you to copy the trades of one or more supplied addresses automatically.
Here’s how to use it:
- First, you need to select a wallet from the available list (w1, w2 or w3)
- Use the ‘Add Addresses’ button to input Ethereum addresses you want to mirror
- Enter the maximum order size you want to execute using the ‘Max ETH’ button
- Toggle on/off duplicate skipping
- Decide whether you want to mirror snipe and/or frontrun the selected addresses.
After completing the above steps, Unibot will automatically execute orders using selected wallets based on the actions of the wallets tracked by the sniper.
Step 5: Use the Method Sniper
The Method sniper allows you to automatically purchase tokens immediately after the token is launched and liquidity is provided on a DEX.
To use the Method Sniper, you’ll need the contract address of the token you wish to purchase — this can usually be found advertised on official channels prior to launch.
Here's how to use the Method Sniper
- Choose the wallet used to fund your snipes
- Click the ‘Token Address' button and enter the contract address of the token you wish to snipe at launch
- Choose the amount you want to buy
- Determine your gas limit – this should usually be set high to improve your odds of being first to snipe
- Click the 'Max Purchasable' button and enter the maximum number of tokens you want to buy. Or enter "None” if there is no limit.
Once these parameters have been filled, click the ‘Add to Snipe List’ button to execute the strategy.