How to Implement a Crypto Trading Bot (for Dummies)— Part 1

Setting up the bot to run on your local machine

In this part of the tutorial we set up a crypto bot that performs trades on Binance. Check out the overview to get an idea of what we are building.

Get yourself a cup of ☕️ and let’s start!

Binance — Set up

• The first thing you need to do is to head over to Binance and create an account.
• Set up two-step authentication in “Security”.

Download the code for the bot

First, we create a folder which holds all the files for our project. Open the terminal or CMD and write:

$ mkdir crypto-for-dummies
$ cd crypto-for-dummies

The first command creates a folder crypto-for-dummies. The second command changes directory into that folder. Let’s keep the terminal open for now.

We use a publicly available trade bot. We are going to change this bot to our needs. A general guideline is that you shouldn’t trust code that handles your money if it is not your own code. I investigated the code of the bot. It is trustworthy to me and I am using it since February 2021. There is also a Discord channel where users are talking about the…