Binance Trading Bots and Why I Don’t Use Them!
When looking at cryptocurrencies and how they are having an effect on the world as well as how the world is responding to crypto many of you are probably wanting a piece of the pie as well. Crypto is becoming more popular day by day and more and more people are starting to want to get involved or have some on hand just in case “things get weird world wide”. More people means more competition. More competition means more people are looking for the edge and trying to get ahead of the next person. This edge is exactly what has given popularity to trading bots and automated systems that will buy at “the best price” and sell “at the best price” all while hopefully making your profits as well.
What Exactly Is A Trading Bot?
A trading bot is a type of automated system in order to help the user put in buys and sells without much effort from the user. Sometimes they can be very detailed and very specific and you could get hundreds or thousands of buys and sells per day. Sometimes they are not so much and maybe you get one buy and one sell per week, or anywhere between. The idea behind the trading bots is that they work for you and you are able to continue to do your normal activities and hobbies as well as taking emotions out of the up and down swings of crypto prices.
Binance Trading Bots — API
Application Program Interface or API are programs that are used to run other programs without the need for much input from the user. The API will take information that you are wanting to send and put it through the correct channels and make the programs run how you have intended them. So this is very good for many users however, there is a downside. I will give an example of how the API works and why there is some downside to it.
API programs need to be programmed somewhere. There can be several different points that it can be “housed” however it has to be somewhere. The second spot is it needs to have information “sent” to the exchange. From that point, the exchange reads it, and sends information back to the first point, so really we have three different points that we need to be working with.
Point A flows to Point B and then flows back to Point A.
Seems great right? Not so much. When people are trying to get the best bang for their bucks, they need to be quick, which is why SOMETIMES this isn’t the best idea. You see, there are three different points that the information needs to go to in order to have the actions actually happen. Each one of these points needs to be able to read the information, understand it, and then execute it in order for it to work. All of these steps take time. Yu]ou have heard the saying before, Time is money!
So What Now? Do What I do — Use The Built In Trading Bots!
With all of this being said, there is one way to speed things up. Use trading bots that are built into the exchange!
Pionex has 16 built in trading bots. This is the exchange that I personally feel gets you the best bang for your buck. You have Grid Bots, Trailing Buys, Trailing Sells, Dollar Cost Averaging, Leverage Bots, Margin Bots, and you also have the standard Spot Trading as well. I use this exchange because their bots are built into the exchange and have no need for an extra program to “read” the bots, and then execute the orders. They do it all right on the exchange, as well as have some of the lowest fees starting out at 0.05% per trade. If you want to learn more, feel free to sign up below or click on my YouTube Channel to see real bots and real features from the exchange itself! Here is an example of a REAL WORKING GRID BOT!
Gridbot Guru on YouTube: Click here!
Pionex for US citizens: Click here!
Pionex for Global citizens: Click here!
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