This article gives all the details you need to know about the Binance trading bots, how to add bots in Binance, and the best Binance trading bot.
What is Binance Trading Bot?
Let’s look at what the crypto trading bot is all about. Binance trading bot is a segment of automated software that has been primarily designed for automating your investments on the Binance exchange platform.
A crypto trading bot is an automated program that executes the order of buys and sells with no manual input when specific, pre-defined market conditions are met.
A cryptocurrency trading bot is a software segment designed to analyze crypto trading patterns and place buy or sell orders on a trader’s behalf.
A cryptocurrency trading bot can help you earn from cryptocurrency while you learn, automates your trades, works 24/7, and saves you time for other things.
Binance is one of the top cryptocurrency exchanges for trading coins like Bitcoin and altcoins available for trading.
It is known best for its low spreads and low trading fees, making it a popular exchange for algorithmic crypto traders and high activity.
Is Crypto Bot Trading Profitable?
Trading bots are profitable for as long as they can be appropriately configured. The best cryptocurrency trading bots will make a profit, and it is necessary to set to test them or have some guarantee before purchasing, and it is crucial to learn their ways of working.
Professional cryptocurrency bot trading works for as long as the bots are crafted with automation, prediction, and order execution or placement technologies to allow them to make profits in trading crypto. Making a profit also depends on how they are set up and your expertise in configuring.
Crypto bot trading is recommended to increase trading profitability and efficiency, eliminate the possibility of human errors, and improve trading speed.
How to Add Bots in Binance
Below is a complete step to adding a trading bot to Binance exchange
Create API Key
Firstly, sign in to your Binance account. Next step, select API Management from the drop-down menu at the top right of your screen. You will be requested to give your new Bot a name and click Create on the next screen.
This will trigger your two-factor authentication. After inserting your code, Binance will send an email to you to confirm you want to create a new bot.
After clicking on the link sent to you, you will be redirected to the API Management page.
Here you will find your Secret Key and your API key. There are also check boxes; leave the default selections the way they are.
Make sure to save your secret key in a secure place and make sure not to give your bot withdrawal right out to make sure your money remains secure on the exchange.
Connect Bot
Sign in to your Binance bot trading account and select Exchanges from the sidebar menu. Select Binance for the exchange and paste your secret key and API key into their respective boxes on the next page. Click on Connect, and your Bot is connected.
Create Your Own Rules
Now that your trading bot has access to your exchange account, you need to set up the rules for how your bot trades. Click on Rules on the sidebar.
Then, in the top right corner, click on Create Rule. This will take you to the Rule page. Click on Templates at the top of the screen.
You’ll be presented with a pop-up of the trading bot’s extensive list of templates that the team has created for you.
Each of the templates has a descriptive name and a short introduction to the basic strategy of the rule; click on the one you want and say Buy the Dips, and a more detailed description will appear. When you are done, click on Select.
The next step is to define the coin you, such as Bitcoin or Ethereum, then set the amount you want to trade. You can also allow the Bot to trade any available coin on the exchange if you would like.
Go Live
Give your rule a name and click on the number of times you want it to run. Select Launch at the bottom right of the page. You will get a pop-up with a summary of your rule, then click Launch Live.
Read also:
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How to Automate Trading on Binance
Automated cryptocurrency trading platforms are automated software that trades crypto for you.
To use an automated cryptocurrency trading platform, you need to have an online account with a trading bot and select the type of trading strategy to use.
Once you have chosen an automated trading bot, the program will buy and sell your crypto for you based on the parameters of the software you are using.
List of 10 Best Binance Trading Bots
- Trality
- Coinrule
- Pionex
- Cryptohopper
- Bitsgap
- 3Commas
- Quadency
- HassOnline
- CryptoHero
- ProfitFarmers
Amongst the crypto trading bots mentioned above, I’ll recommend you to start trading with CoinRule as it’s easier, trustworthy and a good crypto trading bot. Click here to get started with CoinRule.
A crypto trading bot is an automated program that can help you earn from cryptocurrency while you learn, automates your trades, works 24/7, and saves you time for other things.
Cryptocurrency bot trading works for as long as the bots are crafted with automation, prediction, and order execution or placement technologies to allow them to make profits in trading crypto.
Crypto bot trading is recommended to increase trading profitability and efficiency, eliminate the possibility of human errors, and improve trading speed.
Watch the video below to know the best Binance trading bots in 2023:
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