Binance is one of the world’s most popular cryptocurrency exchanges. With over 900 trading pairs and an average daily volume of over $3billion, it is an ideal platform for both beginners and experts to trade crypto.
However, it is not without risk and 90% of new traders lose money within their first year of trading. This is why we recommend using a trading bot to automate your trades and reduce your risk.
A trading bot is software that automates the process of trading cryptocurrencies on an exchange. They are able to trade on your behalf and execute orders at a speed that is impossible for humans to match.
Trading bots can also help you manage your portfolio and rebalance assets to ensure that your investments are evenly distributed across the market. They can also take advantage of price differentials between exchanges to maximize profits.
The most important thing to look for when choosing a bot is its reliability and ease of use. A good bot should be easy to install and setup and should not require any coding knowledge.
In addition, it should be able to run on a variety of platforms and be updated regularly to include new features and functionality. The best options for beginner traders are automated trading bots that have pre-set profitable strategies.
These can be found on many of the bot marketplaces such as Gunbot, Coinrule and Pionex.
Other benefits of a trading bot include the ability to monitor markets, track price movements and make decisions based on past history. These bots can also monitor news, social media and other data sources to predict future price action.
This allows the user to maximize their profits and minimize risks by closing positions when they are too high or opening new ones when prices drop.
Creating and using a bot is free but requires an account on Binance Trading Bot. You can create an account by visiting the website and submitting your email address and a password.
Then you will be asked to verify your e-mail and complete a short survey (3 questions) in order to start trading. After you have a verified account, you can connect your bot to your Binance account by visiting the Bots page and selecting the bot that you want to deploy.
Once you have a bot, you can then select a specific pair of currencies to trade and set up trading rules. You can also change the strategy to fit your goals and risk tolerances.
For example, if you’re a beginner, you can start with a simple trend-following bot or even create a custom one from scratch.
Another option is to rent a bespoke automated bot from a marketplace such as Trality. This platform provides state-of-the-art technology allowing you to easily rent or create a Python-based crypto trading bot, regardless of your experience level.
With blazing-fast in-browser backtesting, versioning and optimization tools, Trality makes it easy to create and rent the right bot for your needs.