The use of crypto trading bots and automated trading is becoming popular among crypto traders. With the ever increasing popularity of cryptocurrencies like Bitcoin, Ethereum, KuCoin, etc., traders are looking for the new and smart ways to invest their money to get some quick gains.
We all know that the cryptocurrency market fluctuates a lot within hours or even minutes. There are times when cryptos can fluctuate up to $10,000 positively or negatively. Trading on cryptocurrencies requires its traders to be alert on the current market situations, and thereafter placing trades swiftly. Additionally, it requires you to be awake for long hours to see how market is fluctuating. You have to study charts, observing how the price of crypto assets fluctuates between ups and downs across a period.
Here comes the role of smart trading methods!
The smart traders make use of automated trading methods like trading bots, signals etc. Binance trading bot works on grid trading strategy and allows traders to buy crypto at low price and selling at a higher price.
Binance is one of the most popular and biggest crypto exchanges in the world providing the best trading services to the crypto traders across the world. Moreover, the trading platform is adding more services and functionality to the exchange to attract more traders. And, automating your trades at Binance can acquire you a great deal of time.
Making use of automated trading system like Binance trading bots allows traders to execute trades based on predesigned strategy. The crypto trading bots enable traders to run their trading strategy 24/7 and automatically open and close positions on their behalf.
Before going further to know about Binance trading bots, let’s understand what the trading bots are first, and why are they useful?
Crypto trading bots
Cryptocurrency trading bots are the software programs which help you to automate your trading strategy. They let you take full advantage of the volatile crypto market.
These bots can perform trading actions based on your set trading strategy even while you are sleeping! Because of the added possibilities that trading bots can bring, more and more cryptocurrency traders are choosing bots to automate their trading strategy.
Let’s understand it with an example:
If you trade any cryptocurrency, say, Bitcoin, then you have to watch the market continuously to identify trading opportunities in the market and also to determine whether those opportunities match your trading criteria before executing a trade. This whole analysis requires patience and dedication from the trader.
But what if you could use a Bitcoin trading bot to do the work for you or to perhaps even execute trades on your behalf?
All this explains the usefulness of a Bitcoin trading bot or a trading bot that can be applied to multiple cryptocurrencies if you decide to diversify into other cryptocurrencies. In actuality, a crypto trading bot simplifies the trading process since the trader does not have to do the market analysis when there is a system that can be programmed to do the same thing faster and more efficiently.
These features provide the trader with more advantage in terms of more profit-making potential while reducing the margin of error at the same time.
How do crypto trading bots work?
By communicating directly with the crypto exchanges like Binance, and placing orders automatically based on your own preset conditions, the crypto trading bots offer exceptional efficiency, higher trading speed, risk diversification, less errors and emotionless trading.
In order to trade on any exchange, the traders are required to authorize a trading bot to access their account via API keys (Application Program Interface), and access can be granted or withdrawn at any time.
All type of crypto trading bots work in three essential stages including signal generator, risk allocation and execution.
- Signal generator
It does the work of the trader, making predictions and identifying possible trades based on market data and technical analysis indicators.
- Risk allocation
As the name implies, it is where the crypto trading bot distributes risk according to specific rules and parameters set by the trader. Usually, this includes how and to what extent, funds are allocated when trading.
Thisis the stage where the cryptocurrencies are actually bought and sold based on the signals generated by the pre-configured trading system. In this stage, the signals will be converted into API key requests that the crypto exchange platforms like Binance can understand and process.
So, it was all about crypto trading bots. Now, let’s move further to Binance trading bots!
Binance Trading Bot
With crypto trading bot Binance, one can automate trading on Bitcoin, BNB, Ethereum, and other cryptocurrencies. This platform is easy to start with and is very suitable for both novice traders and experts. When it comes to trading on Binance, a crypto trading bot can do all the hectic tasks for you. It also automates your trading based on the set strategy and is useful for many different sorts of traders.
If you want to place trades on Binance, then a Binance trading bot can analyze the changes in the price in market across all coins on Binance and place trades on the most volatile ones. It also keeps track of all the crypto coins bought by the trader, and then sells them according to the specified take profit and stop loss by the trader.
Growlonix is one of the best crypto trading platforms that support trading on Binance and other crypto exchanges without any hidden costs. Create your account on Growlonix and connect it to the Binance exchange. Now, choose the pair you want to trade and set up Binance Trading bot in minutes.
Setting your own crypto trading bot Binance has gained huge popularity. One can either choose copy/paste bots that everyone is using or you may develop your own unique algorithms to outperform.
A Binance trading bot, trades on your behalf based on the rules and strategies that you create for them. They execute functions and use algorithms to make all the buying and selling decisions automatically.
Growlonix Trading bots for Binance
Growlonix is one of the best trading bots in the crypto arena, compatible with various Bitcoin trading platforms like Binance. The bot beats the competition when it comes to pricing as it is an affordable bot providing access to premium feature at relatively low costs.
It also bangs in the competition when it comes to market orders it supports. It offers support to normal orders such as stop-loss, Limit Market, and trailing stop sell/buy. In addition, it also supports advanced market orders such as Orders: Custom OSO (Order Sends Order) and OCO (Order Cancels Order), Bracket Order Cyclic, etc.
The trading bot can also be used in a wide array of crypto exchanges such as Binance, BitFinex, Coinbase, Poloniex, among others.
When it comes to security, Growlonix adheres to the best industry practices made possible by 2-Factor authentication. It also offers user data encryption during storage, as well as SSL, DDoS and WAF protection.
The Binance trading bot works on grid strategy for Binance Futures. If you are a newbie, and don’t know how to set grid trading bot for Binance, Growlonix is here to help you.
If you choose a third-party profit or personalized strategy, you can not only automate it using Growlonix platform’s crypto trading bots Binance but you can also earn more profits on it taking advantage of the leverage offered with Binance Futures. Using higher capital and leverage can maximize your returns.
The Binance Futures trading with crypto trading bot Binance lets the traders divide their funds into smaller parts and buy the crypto assets at fixed intervals.
You can make a personalized trading strategy or the third party strategies in Growlonix.
With personalized trading, one may use technical indicators or any other tools, and automate trading of this strategy in Growlonix. To trade with leverage with your bot, you can connect your account at the exchange platform to Binance Futures. Once an appropriate exchange is connected successfully, the bot will activate the leverage functions.
In the third party strategy, you can also automate trading with third-party signals and connect it to the Future exchange to use leverage.
The platform has also launched the Binance Futures grid bot designed for Futures, which will provide the highest possibility to 10x your profits.
How to create Binance Futures trading bot?
- First, you need to sign up on Binance, open a Futures account, and create an API.
- Input API on the best crypto trading platform, Growlonix
- Create Futures Grid Trading bot with Binance
- Set Bot parameters
After setting all the parameters, you can tap create button to start trading. This trading bot lets the traders earn profit from both the rising and falling crypto market. The bot completely automates futures trading.
Are Binance Trading Bots safe?
Yes! Of course, the Binance trading bots are much safer to use as they use algorithms which will always use API that allows them to access relevant information which they need to operate.
However, you should always choose the trusted platforms like Growlonix when it comes to trading cryptocurrencies. Make sure to disable the withdrawal option while sharing API keys. Enabling 2-factor authentication is also recommended which will add an extra layer of protection to your account.
Step by step guide to trade futures with Growlonix
To trade on Binance Futures with Growlonix, one must have the following settings in the correct place:
- Go to your Binance account>settings>manage API
- In API settings, check if you have enabled Futures trading permission for that API Key.
The best Binance Trading bots other than Growlonix
With Binance being the best crypto trading exchange, there is no surprise in saying that all the popular crypto trading bots support this platform. Some of the popular Binance trading bots than Growlonix which one may consider for Binance trading are:
- Bitsgap – The first Binance trading bot
This is one among the best trading bots available in the markets, supporting 25+ exchanges. The trading platform allows its traders to test the bots in demo mode before applying them to their real trades. Recently, Bitsgap has also launched Binance trading bot for futures trading which will automate your trades with minimal risks.
The Binance trading bot at Bitsgap is created so as to let traders earn profits from both rising and falling markets. This bot also takes advantage of the leverage and allows traders to earn returns 1000 times faster than spot market.
The grid trading bot at Bitsgap 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.
- Cryptohopper – Second trading bot on Binance
This is an all-in-one crypto trading platform providing access to the best services to all its traders such as trading bots, copy trading, back testing, exchange arbitrage, etc. The platform has different types of trading bots like market making bot, arbritrage bot, signals telegram bot, etc.
These bots work using different strategies with different market trends and let the traders earn profits.
Cryptohopper primarily comes with different subscription plans for its traders including Pioneer, Explorer, Hero, and adventure. The Explorer plan allows its traders to get a free trial before investing more money. 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.
This is one of the popular crypto trading platforms that allow its traders to customize a 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. Apart from this, it also specifies exit conditions such as stop-loss, take-profit, etc.
CryptoHero offers three different plans for the traders, and one of these plans is available for free which will give you one active bot, all technical indicators, 1 connected exchange, and long& short strategies. 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.
This is another popular trading platform that offers trading bots for Binance and other exchanges. It helps traders to automate their trading strategies by supporting 15+ strategies. It also provides portfolio analysis, advanced charting options, market research from the experts, and more.
The Quadency trading bots are very easier to configure and offering one of the best user interfaces in the cryptocurrency market.
The grid trading bot by Quadency follows grid strategy to place buy and sell orders in specified grid. As the prices move up or down, the orders get fulfilled, and the new orders are placed accordingly. This is one of the most trusted crypto trading bots provider that uses API keys to connect your trading platform with bots.
How to program a Binance trading bot?
To program your Binance trading bot:
- Firstly, you need to connect it to your Binance account. You can do so by using your API keys of the Binance account.
- You may head over to API management from user section and then create a new API by completing 2-factor authentication. Paste the API keys to your trading bot provider and here you are all set to automate your trades.
If you want to use a free Binance trading bot, then you may head over to Growlonix. The platform offers trading bots along with advanced order types and tools to let you automate your trades by connecting with your Binance account.
Almost all the Binance trading bots providers are famous for one thing or another.
Firstly, Bitsgap has specific Bitsgap Binance futures trading bot, which opens and closes hundreds of positions every day. Secondly, CryptoHero offers AI-optimized bots that use pre-specified conditions to enter and exit markets.
Thirdly, Quadency offers various trading bots and is much easier to configure. The primary attraction of CryptoHopper is its MarketPlace which offers multiple trading strategies, crypto signals, etc. And finally, Growlonix is one of the most technically advanced crypto trading bots. With the launch of Growlonix’s Cloud management, it aims to be beginner-friendly. Growlonix’s trading bot is the best Binance trading bot with AI advantage. It’s not like other bots as users can take benefit from the well-tested strategies here. It will enable you to increase revenue and reduce the losses and risks.