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Building a trading bot for XRP


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Hi everyone,

I am pretty new to XRP, and looking to get started. I am looking to create a bot in Python or any language that buys and sells XRP instanty. Where would I start to code this? On the XRP toolkit that is connected to a XUMM wallet?

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3 hours ago, XRPnoob007 said:

Hi everyone,

I am pretty new to XRP, and looking to get started. I am looking to create a bot in Python or any language that buys and sells XRP instanty. Where would I start to code this? On the XRP toolkit that is connected to a XUMM wallet?

Where do you want to trade? Exchanges or XRPL?

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Thank you for the response. This helps as I am just learning.

What is cheaper? the XRPL correct? I want to create a bot to trade on the XRPL.

I know how to create a bot on an exchange like Binance using the API, but where would I code a bot to buy and sell  for the XRPL?

Edited by XRPnoob007
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On 7/2/2021 at 4:08 PM, XRPnoob007 said:

What is cheaper? the XRPL correct? I want to create a bot to trade on the XRPL.

Cheaper in terms of what? Cost per transaction? Fees? Hardware to run the code?

On XRPL each transaction (also placing orders) has an XRP cost, which is very low but it can adds up. Moreover trading XRP for IOUs (Bitstamp USD for example) has a transfer fee cost which is usually between 0% and 0.2% of the amount traded. On some exchanges this cost is between 0% and 0.75%. On binance it's 0.1% so it's more expensive than some IOUs on XRPL (for example CNY RippleFox which is 0%) but cheaper than other IOUs (for example Bitstamp USD which is 0.2%).

Moreover to run a bot on XRPL it is SUGGESTED to have a XRPL node to have a more reliable node tu submit transactions, which increase hardware and mainteinance costs.

So it really depends on the application.

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