Cryptocurrency trading has become a lucrative business for many traders as they are able to take advantage of the high volatility of the crypto market and make good profits on fast price changes. But to achieve this, most traders end up spending their whole days looking at different charts and making constant analyses in order to make good profits. So what this means is that, if trading is not your main profession, it can be challenging to make constant profits from the crypto market.
But it’s not as bad as it seems for those who don’t have enough time to spend on crypto trading. There are those who saw this problem and decided to introduce a solution, which is a crypto trading bot. Currently, there are many different crypto trading bots, each designed for different stuff. In this guide, we will show you the best crypto trading bots for Binance.
Binance is the world’s largest crypto exchange based on daily trading volumes, so it is not surprising that many traders would prefer trading on this platform. So if these traders want to introduce crypto trading bots to their Binance accounts in order to automate their crypto trading, Binance makes it easy to connect these bots to their exchange. But which bots to choose? Let’s take a look.
Developed in 2018, Coinrule is an automated crypto trading bot that helps traders conduct 24/7 trading operations in a fast and effective way. It was developed in Britain by people from around the world, this is one of the best-automated trading bots on the market right now. It provides traders with many different and useful tools and 150+ trading templates.
What makes Coinrule a good trading bot to use with Binance is how easy it is to set up. Using simple if/then commands, traders can easily automate this bot and maximize the potential profits they can make. If you are not sure what strategy to use, Coinrule has a huge selection of templates that traders can take and adjust to their liking.
When you connect Coinrule to your Binance account, you will be met with a pleasant user experience. Once you start setting up your rules, Coinrule will show what impact your strategy will have and in what kind of market conditions will it operate. After making sure that everything is correct, you can simply launch the bot and let it do its thing, while you spend your time on other activities.
When it comes to security, Coinrule makes sure to protect its users’ information and funds as much as possible. They implement advanced security features and multiple layers of encryption to protect users’ API and private keys. Coinrule bot also does not receive access to funds withdrawal, which means that even if someone were to gain access to your trading bot, they will not be able to withdraw funds from your Binance account.
So now the main question, pricing. When it comes to prices, Coinrule offers both free and paid bots. Free bot, also called, a starter can only use 2 trading rules and has a maximum monthly trading volume of $5,000. From here we will be met with three paid versions of the bot, Hobbyist ($29.99/mo), Trader ($59.99/mo), and Pro ($499.99/mo), with the pro version having access to 50 trading rules, $3 million monthly trading volume, and many other benefits.
The second trading bot on our list is Bitsgap, which can even be categorized as a trading platform. Using Bitsgap, traders are able to manage portfolios, access multiple trading bots, provide signals, and more. It’s also relatively easy to set up and start using. Registration on the website takes only a couple of minutes, and once there you will be taken through the whole process of how to connect bots to Binance.
When it comes to features, they are never-ending. Let’s take a look at some of the features that will be welcomed by any trader. Bitsgap bots can be used for Arbitrage trading, and also comes with a trading terminal, so if you trade on Binance and some other exchange, you can control both exchanges from one space. Bitgap bots can also be programmed to trade futures contracts, and this is something that not many bots can do. If you don’t have any expertise in programming bots, you can also get a pre-programmed one based on the strategy you want to use. And probably the most interesting feature would be the Demo Exchange, where you can test out the performance of your bot, without risking real funds.
The most famous bot that Bitsgap traders use is the GRID bot, which lets traders set limits for investments. What this means is that, whenever the bot executes an order, GRID places the sell order for a price slightly higher than the market value. After this, GRID executes a new buy order and once again sets a sell order slightly above the market value. This process continues until the price of an asset remains within the limits defined by the trader.
When it comes to account prices, this is where Bitsgap is somewhat behind its competition. Bitsgap does not offer free bots, and you have to pay for their services. Currently, Bitsgap has three tiers of subscription: Basic ($29/mo), Advanced ($69/mo), and Pro ($149), with higher tier subscriptions receiving more features. But you don’t have to pay for a subscription blindly as Bitsgap provides a 7-day free trial to test out bots and determine if it’s worth it for you. You can also save money by making a 12-month subscription and save up to $360.
The last trading bot on our list, Zignaly is a relatively new trading bot on the market. Despite being young, this is a powerful-automated trading platform that comes in the form of cloud-based software. It can be used by both experienced and novice traders as Zignaly provides automation complexity for both levels.
Getting started with Zignaly is easy. Once you create your account and configure the bot, you simply need to connect your account to Binance using API keys. When doing so, Zignaly only receives permission to conduct trading activities, and it can never withdraw any funds from your Binance wallet.
One thing that makes Zignaly stand out is the ability to set up bots to copy trade. This is a great feature for newcomers, as most of them don’t know how to set up trading bots, and they can simply find a trader and bot they like and automatically follow their trading strategies. When it comes to setting up your own trading bot, traders can create their own strategies and signals, or look for free and paid ones available in Zignaly store.
When it comes to pricing, Zignaly is completely free. At first, it used to be only paid version, but ever since then, they removed it, and now it’s completely free. So for free, you will receive unlimited trading pairs, unlimited positions, and many more. The only things that you might have to pay for are the additional signals and strategies provided by other traders.
There are a few good trading bots that you can connect to Binance. But for us, Bitsgap has to be the top choice. It offers a good selection of tools, trading bots, and other important features. It does not come with a free version, but paying for this bot is worth every penny.
Yes. Binance supports third-party trading bots on its website. If you want to connect a trading bot to Binance, first find the one that supports Binance, our suggestion would be Bitsgap. Once you find the bot you like, simply connect API keys, and you will be ready to automate your trading.