The "Total in assets in USDT on exchange" looks at the value of all cryptocurrencies held on your crypto exchange that have a trading pair with your chosen quote currency.
Therefore, if you own cryptocurrencies that do not have a trading pair with the quote currency you have chosen, the value displayed on Cryptohopper will be lower than in your crypto exchange account.
What is Quote Currency
A quote currency is used by your trading bot to buy other currencies and sell those back for your quote currency. For example, in a BTC/USDT trading pair, USDT is the quote currency, meaning your bot would use USDT to facilitate trades.
Assess Stability: If you prefer minimizing fluctuations in your trading balance, prioritize stablecoins like USDT or USDC.
Match Exchange Requirements: Ensure that your quote currency and selected exchange align with any tools or bots you use, such as the Cryptohopper Copy Bot, to avoid mismatched trades.
Define Your Strategy: If you are trading based on long-term appreciation, an asset like BTC might be more suitable.
How Does the Copy Bot Impact Currency Choice? If you are using a Copy Bot, the currency configuration of the bot must match the funds and exchange account you are using. For example, if the Copy Bot is designed to trade with USD, your account and funds need to be denominated in USD for successful operation. This ensures compatibility and avoids trading errors.
Choosing Between USDT, BTC, and Stablecoins
USDT (Tether): This is a popular choice for traders seeking stability as it is a stablecoin pegged to the U.S. Dollar. Trading in USDT is ideal for minimizing volatility.
BTC (Bitcoin): This cryptocurrency is highly preferred by those who believe in Bitcoin as an asset. However, it may not offer the same stability as USDT or other stablecoins.
USDC (USD Coin): Another stablecoin that mirrors the U.S. Dollar, USDC offers a strong option for consistency in trading due to its stability. It is often recommended as a reliable choice for a quote currency. You deposit funds corresponding to the quote currency, otherwise, your bot won’t have funds to buy cryptocurrencies with.