How To Use Baskets On Coinrule

Learn How To Use Baskets On Coinrule

​How to Create, Edit and Delete Baskets on Coinrule

Coinrule has introduced a new feature 'Baskets'. With Baskets, you can save your favorite coins as a basket and also ‘exclude’ them with the ‘Do Not’ operator. Coinrule’s latest product update allows users to program their rules to only operate on specific basket of coins whilst excluding all other coins in the market. Users can choose to create their own basket or use any of our curated Coinrule basket.

Curated Baskets

We have five available baskets ready to use with more being added soon:

DeFi- This basket will focus your rule to only trade coins that are related to decentralized finance. DeFi is targeting a $100 trillion dollar industry and is the biggest use case for crypto.

Top 10 Market Cap- This basket will allow your rule to only trade the 10 highest market cap coins. These coins should have strong volume and liquidity meaning they can work well when using limit orders. This basket excludes stablecoins that are in the Top 10.

PoS Layer 1s- This basket specifically features coins that are layer 1s and use a proof-of-stake consensus mechanism. Proof-of-stake secures the network through validators staking their coins and compared to proof-of-work is more energy efficient. Increasing ESG compliance has led to these coins increasing in popularity with high potential that this trend will continue.

NFTs- This coin basket bases all trades on coins that are NFT-related. When the NFT hysteria returns as NFT adoption increases, this is the basket to use! During the previous bear market, NFTs were also some of the hardest hit making them possible candidates for shorting.

Gaming- This basket allows your rule to only trade gaming-related coins. Gaming is arguably one of the most obvious industries for increased property ownership provided by NFTs and blockchain. Will the mass of gamers step on board the crypto gaming train?

Coinbase Portfolio NY- This basket includes coins that work on Coinbase for users in New York. This basket aims to solve the issue where the use of any "any coin" leads to errors due to Coinbase's geographic restrictions in the state of NY. We recommend that Coinbase users in New York opt for this specialized basket instead of using "any coin".

How to Create Personalized Baskets

Users can design their own bespoke baskets to trade with. When selecting coins on the rule editor page, simply add all the coins you wish to add to the basket then click “Create basket”:

After clicking ‘Create basket’ users will be required to name the basket according to their preference and click ‘Save’. Once this is done, the basket will be successfully created.

How to Edit Baskets

Once a basket has been created, users can edit the basket to add various coins and also add a description. To edit a created basket when creating a rule, simply click on the Coin list dropdown and scroll down to ‘My baskets’:

Users can edit an existing basket under the ‘My baskets’ list, by clicking ‘View/Edit’ on the right of the Coin list dropdown. After clicking view/edit, users will be directed to the Curated baskets section where they can edit the title of their baskets, add a description to the basket for a personalised experience and add to the basket by selecting from a variety of coins and clicking ‘save’ at the bottom of the page:

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How to Delete Baskets

Users can delete a basket while on the ‘My baskets’ page by clicking ‘Delete basket’ at the bottom on the page:

So what can baskets be used for?

Baskets can allow you to hone your rules to only operate on coins that are in line with your strategy. Imagine you’re very bullish on the future of the NFTs. You could design a bot that buys any coin in the NFT basket whose price has decreased by 5% in the past 24 hours. You could use this specification to prevent your rule from buying tops and automatically accumulate coins in the NFT space and hold them for the long term:

Similarly, if you don’t like your rules trading with gaming coins, you could simply use the DO NOT operator and specify your rules to not buy any coins contained within the ‘Gaming’ basket:

Futures Trading with baskets

You can now save your favorite coins as a basket when trading futures on Coinrule. This allows users to program their rules to only operate on specific baskets of coins whilst excluding all other coins in the market.

There really are a vast array of opportunities with baskets, we’re excited to see what you will create.

Whether you’re day trading crypto or have a more long-term approach, take your strategy to the next level with Coinrule’s baskets!

We hope you enjoy the new feature. Happy trading!