What Makes BinanceTrading Bots Popular Among Crypto Traders?
Automated trading is quite useful in any crypto exchange, and the reason is quite simple, it needs both attention and efforts from a trader. Additionally, normal order type or tools like stop loss, market orders, stop order, or limit orders are not enough if you want to make potential gains without watching the market trends or watching it overnight.
This high volatility of crypto trading market makes it extremely risky to leave an order hanging on Binance when you are not around. And, Binance trading bots are the most effective solution to it as this allows you to create an unlimited amount of orders or strategies automatically and they will be executed instantly as the set conditions are met.The best crypto trading platforms like TrailingCrypto allow their traders to buy and sell cryptocurrencies on Binance, by making use of automated trading bots. Create a bot strategy, or use the one with the preset rule to make potential gains.
How to use Binance trading bots?
The Binance trading bots fully automate the trading process and allow users to trade cryptocurrencies 24x7 on the exchange without constantly monitoring the computer. These bots allow you to create your own strategies while minimizing risks by using Take Profit, stop loss, and trailing orders. Trading bots for Binance connect to the user’s account via API of the exchange, and make transactions on the behalf of the user.
Binance trading bots use APIs which allow them to access the relevant information which they need to operate while taking full control of the trader’s account. And, yes! It is quite safer to share APIs with the Binance bots. But choosing the right crypto trading platform is equally important on the other side. However, one should never enable the withdrawal option while sharing the API keys. Enabling 2-factor authentication is also advised and will add an extra layer of protection to your trading account.
One more thing that a trader must keep in mind is that Binance trading bot works on grid strategy, but if you are a novice trader, and don’t know how to set a grid trading bot for Binance, then getting help from the third-party platform/terminal will beneficial.
Setting your own crypto trading bot Binance has gained huge popularity in recent times. One can either choose copy/paste bots that everyone is using or you may develop your own unique algorithms to outperform.
Benefits of Binance bots
Some transactions are quite difficult and complicated to carry out manually, and using Binance trading bots can help traders in an effective way.With crypto trading bot Binance, one can automate trading on Bitcoin, Ethereum, BNB and other popular cryptocurrencies. This exchange is quite easier to start with and suitable for both novice traders and experts.
When it comes to trading on Binance, a crypto trading bot can perform all the complicated and hectic tasks for its traders. It also automates your trading based on the preset strategy and is useful for traders.If you want to place trades on Binance, then a Binance trading bot can analyze the market trends,and changes in the price in market across all major crypto coins on Binance and place trades on the most volatile ones. It also keeps track of all the crypto coins bought by you, and then sells them according to the pre-specified strategies like take profit and stop loss set by the trader.
The best Binance trading bots 2022
There are many Binance crypto trading bots in the market, and choosing one is difficult. Following is a handpicked list of Top Binance Trading Bots that you may consider:
1. Bitsgap
The Binance trading bot at Bitsgap is created so as to let traders earn profits from both the rising and falling markets. This trading bot also takes advantage of the leverage and allows traders to earn returns much faster than the spot market.This platform supports grid trading for Binance which allows traders to set the range and limits for their investment, and then allowing them to open and close positions in that range automatically. The trading bot for Binance works on both the long and short strategies, and places orders. The platform also offers crypto signals to its users that could turn into a potential market opportunity.
2. TrailingCrypto
TrailingCrypto is one of the best trading bots in the crypto arena, compatible with various Bitcoin trading platforms like Binance. The Binance trading bot offers by this platform beats the competition when it comes to pricing as it is an affordable bot providing access to premium features at relatively low costs. The Binance trading bot works on grid strategy for Binance Futures. If you are a newbie, and don’t know how to set a grid trading bot for Binance, the platform is here to help you. If you choose a third-party profit or personalized strategy, you can not only automate it using this bot but you can also earn more profits on it taking advantage of the leverage offered with Binance Futures.
3. Cryptohopper
This is an all-in-one crypto trading platform that offers different types of trading bots like market-making bot, arbitrage bot, signals telegram bot, grid bot,etc. These bots work using different strategies with different market trends and let the traders earn profits. This platform has one of the best user interfaces. Cryptohopper uses API keys and hence doesn’t give permission to process withdrawals from the trader’s exchange platform.
4. CryptoHero
This is another popular crypto trading platforms that allow its traders to customize a Binance trading bot in many options such as long/short strategy, fund allocation, etc. Moreover, it also allows its traders to specify the market conditions including technical indicators or signals. Apart from this, it also specifies exit conditions such as stop-loss, take-profit, etc. This platform supports more than 10 exchanges and connects their trading bots to these platforms using API keys. The traders can customize their bots based on several technical indicators.