III. Choosing Tools
Last updated
Last updated
After initially filtering smart money, you need a “tool” — a bot or platform that allows you to copy smart money actions and quickly enter or exit trades. The market is flooded with bot tools and platforms, some focusing on sniping, others on all-in-one functionalities, and some emphasizing copy trading strategy optimization. In this tool ecosystem, selecting a “handy” tool is crucial.
The recent DEXX hack shocked the Meme community, causing over $40 million in total losses and bankrupting more than 8,000 Meme traders. Therefore, aside from considering operational experience and functionality coverage, users must prioritize security because in Memecoins, risks like private key leaks or hacks are as severe as the trading volatility itself.
Currently, most bot tools require users to import their private keys, which are often transmitted and stored in plaintext. This means that if their servers, network security, key management, or internal risk controls have vulnerabilities, users’ funds could be at risk of complete loss. These bots typically have small teams that can’t provide robust cybersecurity and internal risk management. Even if the team has no intention of Rugpull, facing state-level hackers like those from North Korea makes issues almost inevitable.
Can you trading without importing a private key?
Yes, some new platforms have started to offer solutions. For example, EasyCoin.AI manages user funds through smart contracts, Audited by reputable security firm BlockSec, eliminating the need for users to hand over their private keys. This is definitely a more secure choice for beginner.
Risk Diversification
Most bots still require generating or importing private keys. For these bots:
Use multiple accounts to manage funds; don’t concentrate all your funds in one wallet or tool.
Prefer tools with good user reputations, and strong security endorsements.
Test with small amounts before fully committing to ensure the tool’s functionality and security.
If a bot’s setup steps are too complicated and its functionalities are overly complex, beginners will struggle to learn it—just like trying to fly a plane. During this process, users are likely to waste money falling into traps. Opt for tools that offer clear instructions, user-friendly interfaces, and streamlined processes.
Traditional Bots’ Steep Learning Curves:
Traditional bots keep piling on features, making the learning curve steep and nearly impossible to master without tutorials.
Prioritize Tools with Clear Guides & Friendly Interfaces:
EasyCoin.AI uses a mini-app with an intuitive interface and simplified workflows through Telegram notifications, ensuring users don’t get overwhelmed by tool complexity in the hectic world of Memecoins.
AI Agents are the hottest trend in trading right now because they can understand complex trading intents and execute trades accordingly. With the AI boom, many tools are leveraging AI Agents to perform trades and copy smart money actions. For example, EasyCoin’s AI Agents significantly improve copy trade win rates and yield better returns after their introduction.
Quick Summary
Choosing the right tool depends on your trading habits and needs. For beginners, start with easy-to-use, secure tools and consider more advanced tools once you’re familiar with the environment.
If you’re focused on sniping strategy, then bots like Banana Gun are more suitable due to their faster reaction and advanced order features.
If you’re a regular trader or beginner wanting to effortlessly copy smart money and quickly replicate their actions, platforms focusing on steady copy trading and strategy automation like EasyCoin.AI are better suited.
