To connect a BitMEX bot to an exchange, you must create an account on the exchange. You will then receive an API KEY within the Exchange account and paste it into the trading bot panel. The BitMEX bot connects to exchange, and you can quickly turn on the bot and trade. Trades are made automatically, and you do not need to set buy and sell orders or perform analysis. Just turn the bot on and off. However, there are also stop-loss and take-profit settings and several other elements in the bot that are optional.