Cryptocurrency is a volatile asset, and it takes a level of expertise to trade effectively. To trade like a professional, you would have to learn extensively and be an expert in controlling your emotions. While getting to trade like a professional is achievable, it involves so much work and energy to attain.
To reduce the stress and energy required to get to an expert level in trading Cryptocurrency, many companies and establishments have created trading bots that help people trade Cryptocurrencies on major platforms, even as a novice.
What is a Cryptocurrency Trading Bot?
A Cryptocurrency trading bot is a software that automates your trading strategy. It can achieve this using algorithms and technical analysis. For example, the bots analyze the market and determine the best time to buy and sell based on the user’s settings without manual intervention.
Binance and Cryptocurrency Trading Bots
Binance is the largest centralized Cryptocurrency trading site, and it supports the use of Cryptocurrency trading bots on its platform.
Below are some Cryptocurrency trading bots in Binance:
- Pionex:
Pionex tops the list due to its free 16 trading bots and low trading fee (0.05%). It also supports Dollar-Cost Averaging (DCA) besides beeing free.
- 3commas
It has many trading indicators for users to create strategies. It allows users to copy settings from other bots and use them on 3commas. Supports DCA
- Cryptohopper
It is cloud-based and allows users to create their technical analysis (T.A). It also has a friendly user interface.
- Shrimpy
It is a Cryptocurrency social trading platform. It uses the Federal Information Processing Standards (FIPS) to store its API key. Allows 24/7 days automated trading
- Trality
Trality allows you to create your trading bot, which operates as cloud-based live trading.
- Toscale
It allows you to create your trading algorithm instantly. It is safe, secure, and great for digital asset management.There are numerous trading bots on Binance with their advantages and disadvantages. The use of bots is great; however, you should always invest what you can afford to lose.
