Unlike stock markets, crypto trading markets never sleep and works round-the-clock. Watching the market trends 24 x 7 could be a highly stressful scenario for traders or even casual investors in the market.
Those who are familiar with crypto investments will also be aware of the awful or joyful feeling of waking up in the morning to be welcomed by a pleasant or unpleasant surprise when they check their portfolio to see gains or losses. Assets may grow or fall. This could be something which is out of control, and it’s important for the traders to keep this in control by setting some strategies or by automating the trades.
Many experienced traders use crypto trading bot which can trade on exchange on the traders’ behalf while they are sleeping or busy with some other work. Trading bots have become popular due to the volatility of the market as they never sleep. In addition, a smartly or correctly specified bot with the right strategy allows trades to be executed faster and more efficiently than you perform it manually.
The explosion of the popularity of the crypto market has given rise to the availability of different types of trading bots. Some of these bots are free, some are paid or available by subscription. However, not all of them are equally effective and you have to choose the bot smartly. The main goal of the trading bots is to increase your gains and reduce losses.
So, if you want to turn your crypto investments into major profits/gains, you need to devote all your time to it. Trading on cryptocurrencies requires its traders to be alert on the current market situations, and thereafter placing traders swiftly. Additionally, it requires you to be awake for long hours to see how the crypto trading market is fluctuating with each passing hour. You have to study charts, observing how the price of crypto assets fluctuates between ups and downs across a period.
And, making use of trading bots will make the whole process easier. Smart traders make use of automated trading methods like signals, trading bots, etc. Different trading bits work on different strategies and methods. Among these bots, Binance trading bot works on grid strategy allowing traders to buy crypto assets at low price and selling at the higher price.
Before knowing further about Binance trading bots, let’s understand about the exchange first:
Binance
Binance is thought to be one of the best cryptocurrency exchanges in the market providing the best trading services to traders across the world. Moreover, some features and functionalities are also added to the platform to lure the traders. And, automating the trades on Binance can acquire you a great deal of time. Making use if Binance trading bots allow its traders to execute trades based on the preset strategy.
Binance is certainly one of the biggest and largest exchanges based on volume, which further means that it offers a lot of liquidity to the traders and is regarded as one of the safest trading platforms.
Why you need to use a trading bot on Binance?
Automated trading is quite useful in any crypto exchange, and the reason is quite simple, it needs attention and efforts both. 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 overnight.
This high volatility 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.
Crypto trading market is highly-volatile, trades happen in seconds or less, and a human cannot do it that fast, that’s why crypto trading bots came into existence. Making use of trading bots on Binance allows traders to execute unlimited amount of orders while reducing human errors. Trading bots can monitor a lot of cryptocurrencies at the same time.
Are Binance trading bots safe?
Binance trading bots use APIs which allows them to access the relevant information which they need to operate while taking full control of the trader’s account. And, yes! It is safer to share APIs with the Binance bots. But choosing the right crypto trading platform like Growlonix is important.
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.
We all know that Binance trading bot works on grid strategy, but if you are a novice trader, and don’t know how to set grid trading bot for Binance, then Growlonix is here to help you out.
The best Binance trading bot
While Binance is one of the largest crypto exchanges in the world, there is no surprise that all trading bots support this platform. And, some of the popular ones are:
· Growlonix
· Cryptohopper
· Bitsgap
· 3Commas
My personal result with Growlonix’s trading bot
And, I have personally tested multiple bot solutions connected to Binance exchange and never experienced any issues. Some of the bot strategies were successful and some were not while using different bots. And, the best profit that I received so far was by making use of the Growlonix Binance trading bot. It allows you to run grid bots on Binance spot market and combo bots on the Binance Futures market.
I have tested different strategies and able to make a solid profits. Apart from this, Growlonix’s another strategy is based on trading indicators which give you a signal to buy cryptocurrency once it experiences a dip. With a take-profit order, you can sell the positions when prices move up.
Growlonix Binance trading bot supports advanced market orders like OCO, OSO, Bracket order, trailing stop loss, trailing stop buy/sell, and more. And, when it comes to security, this platform adheres to the best industry practices made possible by the 2-factor authentication.
How does a Binance trading bot work?
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.
A Binance trading bot is a program which connects to an exchange via API and places trades on behalf of the trader. Generally, it uses a predefined strategy which you can customize by specifying volumes, time, price, and other factors. Bots are quite popular in crypto trading market and allowing traders to place trades automatically.
Some transactions are complicated to carry out manually, and 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 cryptocurrencies. This exchange is quite easier 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 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, changes in the price in the 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 you, and then sells them according to the specified strategies like take profit and stop loss set by the trader.
Growlonix is one of the best crypto trading platforms that support trading on Binance exchange without any hidden costs. To use it, simply 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.
A Binance trading bot trades on the behalf of its trader based on the rules and strategies that they create for them. These bots execute functions and use algorithms to make all the buying and selling decisions automatically.
Automated strategies used by Binance trading bot
Bots are tuned for multiple strategies which can be used manually by the traders. At some points, they are even more effective as they can quickly spot a suitable entry or exit point:
· Market creation — This trading strategy allows you to compare the buy and sell prices of the spot market and derivatives to find the difference between the two. The bot further creates limit orders and profits from the price fluctuations. This strategy is highly competitive and attractive at the same time.
· Indicators — The best crypto trading bots are set up to track and analyze various trading indicators. The bot reacts to various signals like exiting from the channel or price intersections. Even free trading bots can perform such actions.
· Arbitration –This strategy aims to make a profit from the difference in prices on different exchanges. Binance trading bot can detect the difference in price, and can buy or sell the asset on time, and lets you earn profits from the difference.
You do not require huge investments to start trading using bots. The main thing to consider is the commission of the exchange. While choosing a Binance trading bot, consider its reputation. Among the little-known bots, there are chances to stumble upon hackers. While choosing the most popular and demanded trading bot, you must make sure that it can check the strategies using historical tests and detailed analysis. Make sure to check if the exchange provides 24 x 7 bot support or not.
How to create Binance Futures trading bot?
Creating Binance futures trading bot is very simple and one can follow the below steps to automate their trades using this 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 and strategies
After setting all the parameters, it’s time to click on the create button to start trading. Binance grid trading bot lets the traders earn profit from both the rising and falling crypto market. The bot completely automates futures trading.
If you want to use a free trading bot for Binance, 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.
Step by step guide to trade futures with Growlonix
Do you want to trade Binance Futures with Growlonix with Binance tarding bot, simply follow the below steps:
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.
Just like any other major platform, Binance has its own set of rules for its API trading bots. If you break any of the rules, there are chances that you might be restricted from using this platform.
Conclusion
Trading bots can assist traders in ensuring that they are interacting with the market and market trends, even if they are not available physically. At Growlonix, traders can make use of trading bots with Binance API. Growlonix’s trading bot is the best Binance trading bot with an AI advantage. It’s not like other trading bots in market as users can take benefit from the well-tested strategies here. It will enable you to increase your gains/profits and reduce the losses and risks.
In case you would need any professional help to set strategies on trading bots and integrate them with API of Binance or other crypto exchanges, you will get full assistance here.
So, what are you thinking? Save yourself sometime and choose the best Binance trading bot at Growlonix to start making great investments automatically. Good Luck!
