The team at CoinEx has released a free version of their transaction mining bot.
http://cx.transminerbot.com/cx_promotion/index
Users can verify that they signed up through the Transminerbot teams referral link and get this $350 bot for free.
What is CoinEx?
CoinEx is an asian based cryptocurrency exchange. Like Binance's BNB they created their own cryptocurrency called CET.
Each month CoinEx will buy back and burn a portion of coins based on their profit. The coins can also be used to receive a daily dividend paid out in each coin on their platform. The daily dividend is currently worth an average of 0.17% per day (with compound interest that means an 85% annual return just from dividends not accounting for buy-backs.
CoinEx is the 13th largest exchange on average, and has sometimes been the top exchange even beating Binance.
How do I earn CET?
You earn CET by buying it or through the process of transaction mining.
What is Transaction Mining:
Transaction mining is when a team gives out their token based on trades on their platform. Users get a "mining difficulty" based on how many CET tokens they have locked-up. This sets the maximum number of CET they are able to earn each hour by trading.
When a user makes a trade on any pair, they are eligible to earn a rebate in the CET coin as long as they haven't gone over their difficulty level. By trading pairs like BTC/USDT back and forth on automation people can earn CET all day.
Why do I want CET?
People previously asked the same about Binance's BNB coin when it launched:
For the past few years, Binance has done a quarterly buy back where they buy and burn coins with a portion of their profit. This means the number of coins in circulation goes down and the coins get more valuable for the next quarter.
This time last year, Binance's BNB was worth $0.70 and is now worth $9.80 - that's a 1300% increase in one-year, and Binance doesn't even support a dividend.
If CET were to perform the same then for every $1 you have in CET it would be worth $1300 a year from now. This is why people want to earn as much CET as possible.
How do I use the bot?
First download the CET transaction mining bot.
There are detailed instructions on the promotional link helping you to set up the bot. Basically, once it is set up you want to open your config file and replace the API key.
You'll make sure you've got some locked up CET for mining, and a separate balance of BTC or USDT for trading. To maximize the speed of the bot and make sure you can get all the CET you are eligible for it is advised your deposit roughly 0.05 BTC per 200k in CET. (Or 0.0025 BTC/$25 USDT per 10k of CET).
After that you can follow the instructions and click on the right startup executable for the bot. (On Windows be sure to use the start_miner.bat file as this auto restarts the bot after each cycle or a failed cycle).
Did you make this bot?
No. I didn't create this bot. I am simply a fan of the bot and CoinEx.
How do we know this bot is safe?
If you don't feel comfortable trusting the bot you can use a network monitoring tool or reverse proxy to packet sniff the transfers out of the bot.
Personally, I used Charles Proxy for this. The only data sent was a verification string to their site to check I had registered, and then standard commands to the CoinEx API. I was not able to detect anything malicious in their bot. You could also run it in a sandbox if you are worried about things like keyloggers.
You will also be using a new account (since you are required to sign up via their affiliate link to get the free bot) that will only contain the balance of CET and BTC/USDT that you need for transaction mining so your other cryptocurrency is safe.
Finally, you can set the CoinEx API to not allow the API to withdraw.
Why is the bot free?
A few reasons:
The transminer team is getting a referral fee of 20% of the transaction mining you do by signing up at their affiliate link. They obviously think CET will be worth a lot one day.
They sell a premium version of the bot for $350~ which allows you to set your own account as the referral and earn an extra 20% by being your own referral. Obviously by giving the bot away for free they will convince some people to upgrade to the premium version.
This is the most important. The more people who use CoinEx and the more people who mine CET the more valuable it will become. Unlike most trade bots that become less valuable when more people use them, the CET economy grows the more users it has.
Should I promote this bot?
Yes. You should promote the bot to as many people as possible.
In most mining bots, the more people who use it the profitability goes down, because there are only so many profitable trades.
But, with transaction mining the more people who use it the more value it has. This is because:
The CoinEx exchange will have higher volume, attracting more traders, which increases the daily dividend.
There will be more people locking up CET to do transaction mining.
Because of higher volume, CoinEx will buy back and burn more CET tokens.
The more people that use this bot, the faster everyone makes money.
Why do we think CoinEx and CET will get big?
CoinEx is created by ViaBTC one of the largest mining pools in China, it is also invested in by BTC.com (the largest mining pool in China) and BitMain (the largest creator of Bitcoin mining equipment).
BTC.com, ViaBTC and BitMain are advising their users to switch to CoinEx for trading.
Because CoinEx also supports Bitcoin Cash (BCH) as well as Bitcoin (BTC) big players in the BCH space are encouraging all BCH users to only use CoinEx.
Any tips to maximizing the profit of the bot?
Spread the bot. More miners = more money for everyone.
You can also check your CoinEx VIP Level which allows you to pay a monthly fee in CET to get a discount on fees. The bot is programmed to assume you have the standard fee, so if you pay for a lower fee then you will be making slightly more profit on each trade.
If you are a big trader ($1M USDT+) then you can also sign up for CoinEx Market Making to get 0% maker fees.
Sometimes the bot loses money?
If you aren't trading with a discounted fee, or if the market goes down then there is a chance your CoinEx portfolio value will show lower.
The bot tries to be as balanced as possible, but if you trade $100 USDT into $100 worth of Bitcoin and then the price of Bitcoin goes down 3% your Bitcoin would now show $97. This isn't the bot losing money, it is just normal swings of the market when you trade between USDT and BTC.
The other thing to remember is that you are using this bot to acquire CET, which you expect will grow in value over time. At the base level you can earn 3.25 CET/hour by trading, which if it grows by 1300% this year would be worth $16/hour.
Should I use the CoinEx referral program to refer people?
No. Using the CoinEx referral program you only get 20% of the CET they earn, which likely won't be that large especially if they don't use a trade bot.
If you refer them to the free promotional bot, and they sign up under the Transminer team, they are going to bot CET and will earn everyone much more than the referral program would.
Is 10,000 CET the minimum for transaction mining?
Yes. You need at least 10,000 CET to start transaction mining, but only 100 CET for the daily dividend.
Right now, 10,000 CET costs only $260 USDT, but in the future that will spike a lot. So if you don't start transaction mining now, you might not be able to afford to in the future.
If you can't afford to transaction mine, you can still lock all your CET for a daily dividend of 0.17% per day (85% per year) and keep acquiring CET until you are ready for transaction mining.
Why is the bot selling my CET?
The bot has a settings in the config file for auto selling CET you can set it to TRUE or FALSE.
Some people want to sell CET as they go to try and mitigate cost averages.
How can I decide which pair the bot trades on?
The Config file has those options. USDT/BTC is recommended due to liquidity unless you are a big trader or have market making status and then can safely trade other pairs.
Can I run the bot on more than one account?
You can. But, it isn't beneficial.
20,000 CET locked up on 1 account, is worth about 2.25x more than 10,000 CET locked up on 1 account.
This means if you spread your CET for transaction mining you will be losing money. You should stick with one account.
Where can I download the CoinEx Bot again?
You can download the transaction miner bot here.