Telegram has quickly risen among popular social media platforms, currently housing over 800 million users. It has become a powerhouse in the social media community, and this is greatly due to its easy integration and advanced use of chatbots. In this article, we are going to look at what these chatbots are, how they are influencing the De-Fi world, and the top seven bots for both new and existing users to make use of.

What are Telegram Bots?

Source: cashify

Telegram bots are programs that function like normal chat partners but are equipped with added functionality, such as the ability to perform independent tasks without the input of the user, send out information and reminders, play songs, inform and react, forward messages to different people and receive messages from different people. Each bot has a unique name given to it by the developer. This name is a unique identifier that users need to identify and add the bot to the messenger.

What Are Crypto Telegram Bots?

Crypto telegram bots are malleable automated applications that run on the Telegram application. They are connected to the world of Decentralized finance and are tasked with performing several De-fi-based tasks according to what the creator programmed and what the user ordered the bot to do. The bots are easily integrated through Telegram’s application programming interface (API).

This integration of the bots and the world of decentralized finance gives users access to trading bots that allow them to input orders over chats, get updates, and execute trades through buttons and designated text built within the telegram application.

How Do Telegram Bots Work?

Telegram bots are run using APIs, a third-party program that runs through Telegram. The bot API is an HTTP-based interface created for the development of bots for telegram. It allows users to interact with the bots by enabling them to send images, locations, texts, paragraphs, commands, and inline requests.

Telegram gives developers the option of two APIs to develop their bots with. The first one is a bot API, which allows users to create bots through the use of telegram messages and does not require prior knowledge of how the platform’s encryption protocol works.

The second API is the Telegram API and TDLib(Telegram Database Library), which grants the developer full customization over their bot. The TDLib handles data storage, network encryption, and network implementation details.

Once the bots are created to the developer’s taste, they are released to the servers and perform several tasks according to the initial program instructed by the developer.

Top 7 Telegram Bots

With their countless purposes and abilities, Telegram bots have become a major part of the De-Fi sector. Several bots have been created to meet the various user preferences and strategies they wish to adopt. These bots offer seamless and efficient trading as well as a way for users to keep in touch with market happenings in real-time. Here are some of the most popular bots adopted by users:

Unibot

Source: official website

Unibot is a Telegram trading bot launched in 2023 by Diamond Protocol. It runs on the Telegram app and lets users buy and sell crypto tokens directly on Uniswap V3. With the help of Telegram, the bot can offer speedy trades and create revenue for UNIBOT token holders.

With Unibot, users can sell and buy tokens from their wallet on Telegram. The bot creates three wallets that users can choose from, or the user can choose to import their wallet. The user then selects the wallet of their choice and gives the bot an order, which allows the bot to execute trades on behalf of the user using token pool contracts.

Unibot is a Leveraged Liquidity Provision (LLP) platform that has become popular among users since its inception in May 2023. It uses a liquidity provision system that is different from the usual method. This allows liquidity providers to borrow volatile tokens from the liquidity pool once they have provided a different token.

Liquidity Providers on Unibot can sell their borrowed volatile tokens. This means with Unibot’s liquidity provision model, LPs have an extra source of liquidity provision with ways to make a profit according to the market flow.

Maestro

Source: Official website

Maestro Telegram sniper bot is another tool that eases the trading process for traders. With the Maestro bot, users can buy and sell assets faster than their regular De-Fi exchanges. It is made up of a group of three bots that operate through Telegram, namely:

• Maestro Sniper Bot: This bot is in charge of buying and selling crypto tokens. They usually aim for tokens that are newly introduced to the market. This process is usually referred to as Sniping.

The Maestro trading bot is perfectly suited for purchasing new tokens early, granting users ownership to new tokens of recently released projects, and creating more chances for the user to make a profit when the value of the token rises. It charges a 1% tax on every successful transaction carried out by the user or by the bot.

• Maestro Whale Bot: This is a trading bot under Maestro designed to keep track of transactions and movements of whales. This bot monitors and analyzes large transactions by whales and uses the information gathered to locate what steps to take to maximize profit.
  By providing information on large market movements and analyzing past performances, the bot is able to provide insight into potentially profitable investments. Unlike the other bots, the services rendered by the whale bot are provided to the user for a monthly subscription fee.
• Maestro Wallet Bot: This helps manage and monitor users’ portfolios from different exchanges and wallets. The wallet bot helps track the prices of tokens and their performance over a stated period. It calculates the total value of a user portfolio and monitors the progress of the assets within the user’s portfolio.

With the Maestro bot, users get a centralized view of their assets along with helpful insight into the state of all assets in the user portfolio.

WagieBot

Source: Official website

WagieBot is a De-Fi bot released in 2023 to facilitate crypto services to the Telegram and Discord communities. It is a super fast trading bot, boasting speeds that surpass that of Uniswap and other popular exchanges. With WagieBot, users can track and copy transactions, trade, and perform sniping transactions.

WagieBot operates on separate nodes on the Arbitrum, Ethereum, and Binance Smart Chain networks. It is equipped with a smooth user interface and a fast data retrieval feature that makes it a preferable bot for users. The bot is also equipped with Miner Extractable Value (MEV) defenses. It is prepared to ward off attacks from malicious blockchain miners or validators who wish to abuse their position by extracting extra profit from transactions.

WagieBot has its token, which is used for subscription fees and serves other purposes in the ecosystem.

Mizar

Source: Official website

Mizar is a popular bot that allows users to stake the bot base token- MZR, trade different crypto tokens and assets, and finally copy trading. KuCoin Labs and Huobi Ventures back up Mizar and offer two main products, namely

DeFi (Decentralization Finance) Telegram Bots

The Mizar trading bot has a DeFi trading bot that supports Uniswapv2.0 and v3.0 on the Ethereum network. With this, users can access various features, including sniping, smart gas and slippage, anti-rug protection, and many more. It comes with a security feature that allows users to verify the security of the ERC-20 token.

CeFi (Centralized Finance) Trading Bots

The CeFi trading bot is available on the website but not supported on Telegram. The trading bot allows users to buy and sell tokens. It also allows them to copy trades by inputting the wallet addresses and automatically scanning and copying the trades and transactions of that wallet. The CeFi bot comes equipped with Dollar Cost Averaging (DCA), which allows users to reduce the risks involved in trading.

Banana Gun Bot

Banana Gun Bot is a trading bot with features like wallet generation, anti-blacklist, and many more. It recently released a feature on Telegram that allows users to purchase any token of their choice automatically. The selected token comes from a list of assets posted on any channel of their choice.

Banana Gun Bot offers two similar services- Manual Buy and Auto Sniper. These two services are quite similar, with Auto Sniper having the added advantage of auto-snipping on the user’s behalf. The Banana bot comes with its native token, BANANA, which can be burnt for in-bot credits used to get added benefits in the ecosystem.

OpenCryptoBot

OpenCryptoBot is popularly referred to as the best Telegram bot in crypto knowledge. It contains information on all things crypto and provides users with volume charts and price charts, candlestick options, price peaks, information on ICO, market cap, volume, news on the token, and much more.

Coinmatics

Source: Official Website

Coinmatics is a telegram bot that specializes in copy trading as a way to earn money for users who are new to the industry and veterans who are well-versed in the ways of the ecosystem. The platform has other features that include free market research tools, real-time ticker alerts, and detailed analysis of the happenings in the community.

Coinmatics provides a user-friendly approach that eases the user’s entry and enables quick onboarding. Its seamless strategy selection and transparent performance tracking are real-time game changers, giving new users the edge when trading for the first time.

Risks and Security Concerning Telegram Bots

Telegram trading bots have several benefits to users; however, they also come with their own risks and security concerns. Users need to understand these risks before delving into the world of automatic trading. The major risks involved with trading bots come from the Telegram platform itself. Since it is not created for secure financial transactions, it can leave sensitive data like private keys vulnerable to attacks from hackers and other dubious entities.

The platform has been criticized for its encryption method, which is not end-to-end protected like WhatsApp. This issue is also compounded by the fact that trading bots also require users to grant these bots a level of access to accounts and wallets, which could give access to cybercriminals, leading to considerable loss. Some other risks include:

Sim Swapping

Hackers can access your telegram account through telegram codes sent to your sim. By swapping sims, they could get your verification code, gain access to your account, and ultimately have access to your assets.

Lack of Transparency and Regulation

Users who make use of telegram bots have to divulge certain information to these bots, which is a severe risk since most of these bots are closed-source and unaudited, meaning the information provided is given to anonymous teams and individuals.

Best Ways To Secure Assets

Users who wish to make use of telegram bots and their several benefits to boost their trading experience need to adopt these steps to ensure their experience with the bots is problem-free and to also ensure the safety of their assets.

Perform Due Diligence When Selecting Bots

Users need to do enough research on whatever bot they wish to use. They need to research the bot’s track record, the developer, and their history with the crypto industry. The user needs to look for evidence of regular security audits to figure out if the bot is secure and reliable.

Wallet Hygiene

The user should ensure the safety of their primary wallet and never share their primary wallet’s private keys with a trading bot. They should instead create new wallets for those bots. Giving them access to only funds they are willing to risk.

Active Monitoring of Wallet

Users must adopt the habit of monitoring wallet activities by the bot to detect any unauthorized transaction. They should also learn to transfer their profits to a more secure wallet to prevent loss if a hack occurs or if the bots or the developers take dubious action.

Conclusion

Trading Bots are making waves in the crypto ecosystem, providing services that are useful to existing users and user-friendly enough to onboard new users. By leveraging the power of Telegram and other technologies, these bots have brought the world of crypto into the hands of the everyday user, boosting the growth of the ecosystem at large.