Introduction
Binance is a popular cryptocurrency exchange that offers a wide range of trading pairs for various cryptocurrencies. It was founded in 2017 and is headquartered in Malta. Binance has quickly become one of the largest and most popular exchanges in the world due to its low fees and strong focus on security. In addition to its standard trading platform, Binance also offers margin trading and a number of other advanced trading features.
The Best Binance Bots
There are many different bots that are compatible with Binance, as the exchange offers a public API that allows developers to create their own trading bots. Some popular bots that work with Binance include:
- 3Commas
- Cryptohopper
- Bitsgap
- Coinrule
- Shrimpy
These bots can be used for a variety of purposes, such as automating trades based on predetermined rules, executing trades based on signals from other traders or market conditions, and rebalancing portfolios to ensure optimal performance. Some bots are more advanced than others and offer a wide range of features, so it’s important to research and compare different options before deciding on a bot to use.
Coinrule
Coinrule is a crypto trading platform that combines a user-friendly interface with a strong selection of trading tools and bot strategies. It offers its users the capacity to trade across the biggest crypto exchanges and employs the power of automation in all of its operations. With Coinrule, crypto traders can place orders to buy or sell assets at set times and then take the backseat as the orders are executed.
While it offers its users a luxury of features, chief among which is its contrarian trading and trend monitoring, it also tops it off with a robust security system. And with its encrypted API keys and 2FA features, your assets are secured against unsolicited withdrawals.
There are no limits to the options with respect to the trading strategies that are available for traders while using coinrule. There are Trend-following and Contrarian rules, not to mention its Dollar-Cost Averaging(DCA) option. These features can be used to trade successfully, depending on the trader’s creativity. As a trader, you can connect various blocks in each strategy with some protective measures to keep you in the loop. One such measure is to deploy a Stop Loss or Take profit order as soon as the set conditions are met.
Coinrule adopts the “If-this-then-that” principle, and it turns out to be effective for the most part. And if you’re still learning the ropes of crypto trading, it has made provision for you in the mix of things. There’s a demo exchange that you can use to try your hands on the system’s workings. And even when you’ve fully gotten the hang of it, you’ll find its backtesting feature to be particularly helpful. With backtesting, you can resort to historical data to test your trading strategy, and you can know how good your odds are in the process.
3commas
With 3commas, traders can adjust the trading strategy to suit their preferences, so they can be permitted to go in or out of any point of trade. Its major highlights are its impressive user interface and overall impressive website. And in its smart trading terminals and auto trading bot, 3commas holds two of the most well-rounded and effective trading tools.
But that’s not all; there’s the capacity to wean off other people’s portfolios when you backtest their strategies. It means that you can pick the brains of some of the best traders, implement their trading strategies, and probably replicate their success. And with its array of customization options, you can build a bot and arm it with your trading techniques or use their system-designed bots.
There’s its choice feature, the 3Commas Wallet, capable of trading in 45 significant cryptos. It is very popular with traders as they can easily buy, send, store, or exchange cryptocurrencies while using this wallet service.
Its offering of a well-detailed and adaptable technical analysis platform, replete with over a hundred indicators, will help traders make informed decisions about their trading. And as it is available for the mobile device audience(IOS and Android), it can be accessed from anywhere and by anyone.
Bitsgap
The makers of Bitsgap take pride in building an all-rounder trading bot with an automated system of operation suited to Bitcoin and other Cryptocurrencies. With Bitsgap, you get access to the array of custom-built strategies with which you can execute your trading. And with the help of an automated algorithm, you can go about your other businesses while a robot puts in the shift for you.
It is designed to work with Binance, Kraken, Coinbase, and other top crypto exchanges. Also, its Bitsgap bot and Trading Terminal come with a user-friendly dashboard that gathers all trades and balances across exchanges to help you monitor performance across board. There’s liberty in your portfolio use and access to many cryptocurrencies.
The Trading Terminal is host to over 100 of the most prominent indicators and customizable chart types. And with it, you can make basic and advanced order types, some of which include Take profit, stop loss, and shadow orders.
Then there’s the star feature, Signals, and rightfully so. With signals, traders will be well informed about the significant changes in the market. All the variations in prices will be brought to your attention, and you can use the information to plan your future trades in a more convenient fashion.
Cryptohopper
Cryptohopper is a cloud-based bot with a round-the-clock operation and a versatile utility that is impressive in all respect. While it supports many of the most popular exchanges, it can simultaneously work with 75 cryptocurrencies.
And if you think this is impressive, as you should, then you should check out its control system and its user-generated features. While the former makes for a thorough review of the trading terms before executing a trade order, the latter takes the cake with its provision for trading with signals, an industry first. The bot can also be wired to play according to your rules, with the trading signal as handy cues to keep you from veering off the right track.
Traders across different levels of experience count its flexibility among its biggest highlights. The experienced ones build their reputation through a series of successful trades with high yields, and they can leverage their expertise. These traders can draw on their wealth of experience to build their own automated bot–a replica of their proven trading strategy.
They can pass down this strategy to the market and even make some money from those who purchase it. The people that buy it are mostly the inexperienced traders who do so to get a headstart in the fast-moving crypto market. So if you’re a rookie trader and you’re not feeling exactly confident about creating your own automated bot, you’ll find the tons of proven strategies in the Cryptohopper marketplace to be very useful.
Haasbot
A subsidiary of HaasOnline, HaasBot is an online-based platform that allows its users to trade cryptocurrency using automated provisions. It mostly aims to facilitate the smooth trading of digital assets in the mold of Bitcoin, Ethereum, and other altcoins. Armed with a total of 15 bots
at different price points, it provides its users with a variety of functions and unique features that will help them navigate the market with ease. These bots can handle simple trades and more advanced ones in any volume, and they are equally adept at handling vital high-value cryptocurrencies.
Its backtesting feature is one of its star attractions, and users can leverage this provision to filter through a host of strategies and then come up with the one that’ll work best in live trading. With backtesting, you can draft your bot strategy by drawing from historical data and previous bot parameters that have a history of gainful market performance.
Haasbot has also been integrated with 20 of the most popular exchanges, so users have several options that they can trade on. The premium that it places on customer engagement fosters a community that is the brain behind some of the products and services they roll out.
FAQs
We sample a few of the most popular questions people ask when dealing with a Bybit trading bot in the following sections.
Are You Allowed To Use Trading Bots On ByBit?
The answer is yes, and it’s due to the flexible design of the application programming interface with which developers can blend their bot into the Bybit site. This has resulted in many bot providers adapting their trading bots to be compatible with its platform, using the bybit’s API keys.
Many of the biggest names in the bot trading industry have integrated with the bybit platform. This list will steadily increase as more people warm up to its huge potential. And with the surplus of available trading tools in the bybit platform, more traders are gaining confidence in its viability.
Are ByBit Trading Bots Safe?
While most of the Bybit-integrated trading bot platforms are secure, it helps to properly scrutinize each provider before getting into business with them. One of the biggest red flags is if they ever demand access to money you hold outside your trading account. It is your cue to break ties with them if they do, but this scenario is seldom the case.
They can only go as far as to view your balance, which is a long shot from demanding access to withdraw your money. And the API codes it uses to connect with your exchange can not on its own be used to undertake a withdrawal. It stores all of its client funds in offline provisions that are referred to as “cold storage.” And then, it will also manually examine each withdrawal request to eliminate the prospects of unauthorized withdrawals.
The fact that they never impose their bots on you lends further credence to their claims of transparency. Instead, they make room for third-party trading bots to work seamlessly with Bybit.
With features like “Mark Price System” and “Spot Price Index,” Bybit has put strong measures to lower the risks of manipulating the market. Then there’s the two-factor authentication that precedes every request for withdrawals and changes to the settings for user account security.
Before processing a withdrawal, users have to scan the QR code and randomly generate a unique six-digit 2FA code from inside the Google Authenticator App. And in its full SSL encryption, users also have a safe place to store their Recovery Key Phrase. All its users’ withdrawal requests are processed thrice daily–at 0800, 1600, and 2400 UTC. This means that there’s ample time to monitor your account and make any necessary amends in between each withdrawal.
The makers of Bybit lay claim to spending an industry-high 20% of its annual budget on the security of its platform.
Are There Any Free ByBit Bots?
Of course, there is a decent number of free Bybit Bots that you can do business with. Pionex is a good example of these free bots. It hosts an impressive array of free trading bots, while Cryptohopper offers a 7day free trial on all their trading platforms. However, the free trading bots offer just enough to get by with your trading.
If you feel that what you get from them is enough to meet your trading goals in the long term, then you can always opt for these free bybit bots. But if you want the full package and its potential for bigger rewards, we highly recommend the paid trading platforms. Most of these bybit bots save the best features for the priciest platforms, so you could do with some check and balance before settling for your choice of bybit bot.
The Bybit platform on its own also provides a couple of free services, chief among which is its testnet site.
On this site, traders can test their strategies and get acquainted with the bybit platform without investing actual money. This feature will come in handy for new traders who need a period of learning to stand any chance of success in the risky and volatile world of leveraged trading.
How Much Money Do I Need To Start?
While it is true that you don’t need to break the bank to get started on your bybit trading journey, the margin of profit largely depends on the size of your investment. Let’s say you start with a $400 initial investment; a 10% gain in your investment will yield an extra $40 in your purse. This sums up your total asset at $440 at the end of the tenure, and this is probably after having made deductions for commission and other associated charges.
This return looks modest on paper, but the potential for even more rests on the capital that you put in before you start trading. So if you want a higher return on your investment, the trick is pretty easy; in fact, it is no trick.
Under the same trading conditions as the former, a 10% yield on a $4000 outlay will return a margin of $400. And if you up the stakes to $15,000, the maths probably yields a similar pattern of results.
The best approach to trading is to ensure that you are not putting in money that you can not afford to lose. The volatile nature of the rapidly changing crypto market is such that you can not be too confident in yourself. And this is regardless of your expertise and previous trading success, so it pays to be cautious in this regard.
The bare minimum that is required in theory to start trading is just about a few dollars, about $5 or #10 with Bitcoin. However, some other crypto trading apps may have a lesser minimum investment requirement. It’s also worth noting that some of these trading platforms will take a part of your investment as a transaction fee. It is thus important to use a broker or an exchange that charges a minimal fee.
Are There Any Unique Pairs To Trade With the Bot On ByBit?
Trading pairs, also known as cryptocurrency pairs, are assets that can be traded for one another on an exchange. The most common exchanges that are employed in trading pairs are Bitcoin and Ethereum. On the other hand, the USD is the most popular fiat currency that is traded for most base currencies in the market. With bybit, traders can exchange a few of their supported exchanges for the USD with a leverage of at least 50x.
It means that they can convert a few of their supported coins to the dollar and facilitate the withdrawal of the same. However, the Bybit platform can not be used to trade across different crypto assets. This implies that you can not trade Bitcoin for Ethereum or vice versa. As a result, traders will mostly be unable to make the most of arbitrage opportunities and will not benefit from the differences in the prices of assets between markets.
Below is a list of Bybit’s trading pairs with leverage.
BTC/USD: 1:100
ETH/USD: 1:50
EOS/USD: 1:50
XRP/USD: 1:50
Coming back home, Bybit offers a number of trading pairs under the Spot and Derivatives market. They’ve added a few more pairs to their growing list in recent times. And we list out some of these pairs here.
Derivatives
BALUSDT | ACHUSDT | MTLUSDT | ICXUSDT | 1000XECUSDT
Spot
WBTC/USDT | BTC/UST | ETH/UST | MELOS/USDT | GST/USDT | GMT/USDT | BTC/DAI | ETH/DAI | CELO/USDT
What Is The Most Successful Trading Bot?
From ease of operation to trading styles, security and customer support, etc., the factors that traders prioritize in their choice of trading bot are pretty broad. A typical trader will place a premium on the most profitable factors under the minimum risk conditions. When choosing a trading bot, you should consider reviews from other users, security features, customer support, usability, profit-making potential, and price.
And to this effect, you may look no further than the following options: Coinrule, Pionex, and Cryptohopper. 3commas, Zignaly, and Bitsgap deserve mentions of their own for their array of customization options, but this list is not exhaustive, as you might expect. Coinrule is popular for its advanced trading indicators with which you can create your own trading rules and even allocate funds. And if you’re still getting the hang of crypto trading, the copy trading feature in Cryptohopper will come in handy.
Then there’s Pionex, with 12 free bots that you can use to try your hands on bot trading. If you’re one to keep tabs on the performance of your trading bot, Bitsgap and its TradingView chart will suit you well. As for 3commas, its array of features is its biggest strength. From its trading terminals and backtesting to its Signals and DCA trading, it is a hit among new and experienced traders.
All of these bots are successful in their own right. But as is the case with these bots, they still rely on you to set the trading parameters that they follow. So, in essence, you still have a role to play in the success of your trading bot.