This is a simple bot that helps you automatically and periodically buy selected cryptocurrencies on Kraken crypto exchange.
- Generate Kraken API key pair, instructions here.
- Edit contents of
index.jsfile, specifically theordersvariable where you shall declare which currencies to periodically buy and at what volume. - Copy contents of
index.jsto a cloud function. This script works on Google Cloud and has not been tested anywhere else but is likely to work on other cloud providers too. Google Cloud function setup instructions can be found on official Google Cloud documentation. - In order to run the bot periodically at a given time, it must be set up with a scheduler. Google Cloud Scheduler works wonderfully for this purpose and setup instructions can be found here.
The purpose of this bot is to take advantage of dollar-cost averaging which is an investment strategy where you periodically buy assets in smaller amounts rather than make large infrequent purchases. In this way you get to buy a given asset at an average price of that asset over a given period of time rather than at a single price point at which you happened to buy the asset. I prefer this strategy as you are not reliant on trying to catch price bottoms which I'm rarely successful at.
In case you get stuck, don't hesitate to create an issue. If there is interest, I will also create more detailed documentation.