Choosing the Best Binance Bot: Top List & Expert’s Tips to Get the Right One

Choosing the Best Binance Bot: Top 5
List & Expert’s Tips to Get the Right One
 

Trading bots are among the most popular tools used by amateur investors and pro experts to automate trading processes.
 
Simply put, a Binance bot is software that allows you to automate buying and selling processes and maximize profits.
 
This type of software has gained immense popularity among the business and virtual community. According to CNBC, trading software already controls 80% of the US stock market!
 
SafeTrading experts have crafted this Binance trading bot review so that you receive a detailed explanation of:
 
  • 5 most advanced crypto bots 
  • How profitable automated crypto asset trading can be;
  • Tips on how to trade crypto assets with automated software;
  • Types of crypto bots that are the most popular 
  • How to create a Binance bot for your needs.
Our team has also done dozens of reviews on the best free crypto signals and top gainful paid providers. All this information, as well as a considerable number of valuable tips about effective crypto trading, can be found right on our website.
 

Binance Bot: The Reasons for Popularity
 

binance trade bot features
Automated trading is a bold step towards the future of crypto trading. As the market shifts constantly, automated tools allow even amateur traders to capture profitable moments within seconds.
 
Let’s see why it happens:
 
  • There is no need to sit in front of the monitor for a long time to find a trend in time and buy a crypto asset.
  • A user can independently set the necessary parameters for the purchase and sale price.
  • A Binance trading bot can execute commands received via Binance trading signals from Telegram groups.
  • The Binance bot really makes a huge difference for traders of all levels.
However, the choice of trusted and highly functional bitcoin bot is still an issue for online users. So, let's share some light on it and find out whether trading bots are worth the effort.
 

Top 5 Most Technologically Advanced Crypto Bots
 

To save you time and nerves, we have compiled the top 5 software solutions you should not lose sight of.
 
Here are the top five of the best to date:
 
  1. Cryptohopper
  2. Zignaly
  3. Wunderbit Trading
  4. Cornix
  5. 3Commas
Let's not beat around the bush and do a quick analysis of each of them.
 

1. Cryptohopper
 

This Binance bot is a top popular trading software for its ease of use and broad functionality. It allows traders to automate trading processes and make long-term profits.
 
An equally important aspect is that the Binance bot can be customized for various trading strategies. However, its primary merit is the ability to use crypto trading signals from multiple Telegram groups.
 
Simply put, the Binance bot automatically picks up incoming signals and performs the buy and sell operations. Sounds like a blessing for hands-off investors, right?
 
Key features:
 
  • The Bittrex trading bot allows you to customize the functionality taking into account individual technical analysis.
  • The ability to integrate any trading strategy and use templates for other crypto bots.
  • Advanced security protocols to protect user accounts.
  • Intuitive user interface.
  • Detailed reports on all trading operations in real-time.
  • The software is optimized for mobile platforms.
  • The automated trading solution supports EMA, RSI, and BB indicators.
Price: $19– $99 per month, depending on the subscription package.
 
Exchanges: Bittrex, Bitfinex, Coinbase Pro, Binance, Okex, KuCoin.
 

2. Zignaly
 

This Binance bot is great for automated trading in the cryptocurrency market - even when you are not around.  The best Binance bot adapts easily to crypto signals from a variety of sources.
 
However, the main feature is that the software also considers multiple market changes in addition to opening or closing orders. In other words, you can set up a Binance bot for a specific crypto coin.
 
Key features:
 
  • Detailed software customization.
  • Manual trading option.
  • Integration with third-party crypto signal sources via API.
  • The ability to connect friends and third-party users to your trading algorithms.
  • A wide range of tools for managing buy and sell operations, including stop loss, take profit, buy stop, and so on.
Price: Free.
 
Exchanges: FTX, Binance, KuCoin, BitMEX, VCC Exchange.
 

3. Wunderbit Trading
 

This automated trading service often appears in the recommendations of crypto experts. This trading Binance bot was developed in 2018 by a team of Estonian professional traders. Due to their product's popularity, the developers later founded Wunderbit Exchange, a licensed cryptocurrency exchange.
 
Perhaps the crypto bot's main feature is its comprehensive functionality and the ability to customize the automated trading service according to a trading strategy.
 
Key features:
 
  • The bot has a spot trading feature on Binance, Bittrex, Deribit, and Kraken.
  • Option to integrate the software with forecasts from professional traders.
  • Trading dashboard, which contains all the detailed information about the value of your portfolio, history of profit and loss, open positions, as well as a list of professional traders that are used for trading.
  • Clients can use separate bots for each crypto pair.
Price: Up to $45 per month for the top package.
 
Exchanges: Bybit, Binance, Binance Futures, Deribit, FTX.
 

4. Cornix
 

Even newcomers to crypto trading must have come across this name while rereading the endless Binance bot Reddit forums. The long and short of it, the automated Binance bot is one of the most efficient software solutions available today.
 
In addition to the ability to use numerous crypto signals from Telegram groups, this best Binance bot has advanced functionality for automated trading, including:
 
  • Buying and selling coins
  • Signal following
  • Automatic calculation of possible investment losses
Key features:
 
  • The crypto Binance bot automatically runs all transactions, following the most suitable trading strategies. This function can be activated with one click and then work in automatic mode.
  • It has advanced trailing functionality that provides unhindered access to trading functions. Trailing stop is a feature that manages the “stop-loss” function. If the price goes up, the indicator follows it. As soon as the price “ups” stop and begin to move down, the trailing stop closes the order and fixes profit. Thus, you can track the dynamics of changes in crypto signals and optimize possible profit or loss features in time.
  • Setting individual configurations allows clients to customize the crypto Binance bot according to their own preferences and trading strategy.
  • Detailed report on all trading operations (updated in real-time).
Price: $24.90 - $47.90 per month
 
Exchanges: Bittrex, BitMEX.
 

5. 3Commas
 

It is an automated Binance trading bot suitable for traders of all skill levels. 
 
Some beginners use it to learn how to trade in the crypto market and earn their first money. The Binance bot club of developers constantly updates the software to supplement it with new functions and algorithms that consider even the slightest market changes.
 
Key features:
 
  • Crypto Binance bot functionality allows customers to buy and sell coins in a single window.
  • 24/7 automatic trading option. 
  • Users can copy and use the settings of their other bots. 
  • Traders receive reports on each transaction via a mobile app, browser, or e-mail. 
  • The function of using third-party crypto signals. 
Price: Up to $99 per month for the premium package.
 
Exchanges: Bittrex, BitMEX.
 
What is a Crypto Trading Bot?
 
binance bots you shouldn't miss in 2021
This is an automated software used for purchasing or selling crypto coins in the appropriate period.
 
There are many reasons why novice and seasoned users use crypto trading bots. However, the main one is an increase in income and a decrease in losses.
 
The main task of the Binance bot is to manage a user's crypto assets 24/7. A user does not need to monitor market changes and trade manually. Some bots can conduct automated trading, taking into account the peculiarities of each crypto coin.
 
All this became possible thanks to highly accurate algorithms that the developers improve from year to year.
 

When Should You Use Binance Bot?
 

An advanced Binance bot should have a wide range of valuable features, including:
 
  • Rebalancing: determine how much of their portfolio they want to allocate to each asset. 
  • Asset portfolio management: Binance trading bot determines investing time horizon, diversification of investments, and risk tolerance.
  • Collecting and analyzing market data: Binance bot searches and uses tons of factors that can shape a coin price.
  • Interaction with crypto signals: a user can connect a Binance trading bot with calls from one or more Telegram groups.
  • Copy-trading: a trader can follow the gainful strategies of top-level traders.
  • Smart order routing: Trading software can provide the buy and sell operations when certain conditions apply.
All of the above Binance bot functions can help a trader to automate most of the routine processes.
 
Cognitive and manual routine tasks often take up the bulk of the time and distract an investor from essential market changes.
 
A Binance bot for auto trading of crypto assets helps automate most tasks without any restrictions and direct user participation.
 
How to Use Binance Bot Effectively
 
best trading bot for binance
Perhaps one of the most striking examples of the effective use of a crypto Binance bot is the automation of the rebalancing process. Rebalancing is necessary to control and change the types and quantities of coins in a particular proportion.
 
Currently, a trader can rebalance an investment portfolio in two ways:
 
  1. Use an alarm clock and manually balance the investment portfolio every hour.
  2. Automate this process using a trading bot. You can activate this feature with one click. A Binance bot will start analyzing your investment portfolio and make the necessary changes automatically.
Timing is also vital for effective trading. To fix the profit, a user needs to sell the coin in the corresponding time. This implies constant monitoring of price changes to complete the required volume of transactions on time.
 
You can safely entrust a Binance bot with this routine and tiresome process. The software will closely monitor market changes and conduct sales and purchases when appropriate market conditions are met.
 
If you prefer to trade with different currency pairs, you need to pay attention to crypto bots with extended functionality. This way, you can connect a Binance bot for each specific currency pair and use customized trading strategies.
 

How to Start with Binance Bot Trading Efficiently
 

Nowadays, there is a massive amount of automated trading software. Unfortunately, not every free crypto trading bot can boast of high efficiency and reliability. Moreover, scammers actively use crypto bots to get hold of a trader's personal or financial information.
 
SafeTrading surveyed dozens of advanced crypto investors who use crypto bots to automate some of their routine processes. Let's share a few critical points to help you choose the best cryptocurrency trading bot.
 

1. Kick-off Your Journey with a Free Trial
 

Be sure to try the trial version of the software before signing up for a paid subscription.
 
The fact is that the free version of a Binance trading bot often contains limited functionality. This is more than enough to understand that a trading bot's functionality and effectiveness really deserve your attention.
 
Besides, the free crypto trading bot version will allow you to understand what functions you really lack. Thus, you can make the right choice of a paid package.
 

2. Employ Social Trading Function
 

Many pro traders recommend that beginners should learn the basics of trading and develop personalized strategies.
 
Nevertheless, far from every user is eager to spend time memorizing terms or analyzing the market situation.
 
In such cases, the option of following the successful strategies of other traders is the best solution. Choosing gainful methods allows a user to focus on one or several coins and make a profit, hands down.
 
Be sure to check the backtesting function before choosing a trading Binance bot. The procedure allows traders to test various trading strategies using historical data. Simply put, you can see how successful your system would be in the light of past price changes.
 

3. Consider Cloud Storage
 

The bulk of trading bots store information in cloud services. It is a highly effective solution that is mutually beneficial for both developers and end-users. If you come across a crypto Binance bot that assumes that information should be stored on your PC, it is better to refuse this option.
 

4. Evaluate Outside Perspective
 

It is no secret that many traders actively study experts' opinions on Discord, Telegram, or Reddit before making a final decision. This is a widespread practice. If the tool really demonstrates high efficiency, then the virtual community will definitely note this fact.
 

5. Study Educating Materials
 

Some free crypto trading bot developers provide their clients with all the educating materials they might need for trading, including:
 
  • Learning modules
  • Video lessons
  • Articles and expert blogs
  • E-books
All this is necessary to understand a trading instrument or choose the most optimal strategy.
 
More importantly, it saves you the hassle of spending a tremendous amount of time looking for precious information.
 

Binance Bot: Does It Really Work?
 

Top accurate binance trading bots
The effective operation of trading software depends on several factors:
 
  • Algorithms 
  • Technical analyses type
  • Risk management
  • Market indicators
Still, a Binance bot cannot always take into account the unfavorable market conditions and react in time. Trading algorithms are still far from perfect.
 
Experts recommend creating your own free Binance trading bot, taking into account an individual trading strategy and risk management. This will allow you to automate trading based on your preferences and control potential losses more efficiently.
 

How Profitable Can Crypto Trading Bots Be?
 

A crypto Binance bot is software that operates according to particular algorithms and nothing more. In other words, the free Binance trading bot analyzes only those parameters that the developers initially put into it and is not capable of performing miracles.
 
Ruud Feltkamp, CEO for Cryptohopper Marketplace, states that:
 
"It's vital for every user who's interested in bot trading to perform the same level of due diligence as they would if they were looking for a human investor to trade their money." (Full interview with Forbes is here).
 
That being said, trading bots are not a 100% way to make untold wealth while lying on a couch. This tool is capable of demonstrating tremendous potential and performance in the hands of experienced traders.
 
Nevertheless, a crypto Binance bot can also be helpful for novice users who want to better understand the trading of a particular crypto coin.
 

Is It Legal to Use a Binance bot?
 

A trading bot is nothing more than legal software designed to facilitate and unify routine processes in cryptocurrency trading.
 
Forbes mentions that trading bots and other advanced trading software are ubiquitous on Wall Street as well. Therefore, anything that is legal for different types of trading is also permitted for trading crypto assets.
 

6 Types of Bots for Crypto Trading
 

Nowadays, you can easily find a wide variety of different types of trading bots. Only some of them have established themselves as a reliable trading instrument.
 
Therefore, we decided to focus only on those types of software solutions that have received universal approval and have shown their effectiveness.
 
Top-level bots use the following core trading strategies:
 
  • Arbitration
  • Market making
  • Copy-trading
  • Medium reversal
  • Follow trend

1. Arbitration Strategy
 

This strategy involves the simultaneous purchase of crypto assets on one exchange and further sale. It is one of the first methods used by online users to fatten the wallet in the early days of crypto trading.
 
A trading Binance bot can track the difference between the same asset on different platforms, buy or sell a coin and accumulate profit on a user's account.
 

2. Market-Making
 

This is an equally handy feature of crypto trading bots. It is designed to prevent the effects of high volatility and price fluctuations. A trading Binance bot can limit orders to buy and sell an investment instrument at the most favorable price.
 

3. Medium Reversalv
 

The algorithms of the Binance trading bot are based on the assumption that if the price differs from the average value, then sooner or later, it will return to the corresponding value.
 

4. Copy Trading
 

The copying function of successful traders' strategies allows beginners and experienced users to make passive profits 24/7.
 
However, this feature doesn't guarantee that this tool will demonstrate a positive result 10 times out of 10.
 

5. Trend Following
 

This is an overall trading strategy based on changes in market dynamics. Trading bot algorithms consider market impulses and wave price movements and then decide when to buy or sell a coin in the most appropriate period.
 

How to Create a Binance Bot on Your Own?
 

Experienced traders rarely use publicly available crypto bots. The thing is that each user has individual preferences in choosing a trading strategy. Therefore, professionals often create their own trading bots that fully correspond to their goals and objectives.
 
Here are some key stages of creating a DIY (Do It Yourself) Binance bot.
 

History Algorithm Testing
 

This backtest allows a trader to make sure that the algorithms of a Binance bot are efficient. You can also check such parameters as slippage, time lags, and calculation of trading commissions at this stage.
 

Trading Algorithms
 

It is an essential component of any trading Binance bot. You must specify which calculations a Binance bot should use to buy and sell the asset when the particular conditions are met. Be sure to test your results with historical data.
 
If you are convinced that the Binance bot responds effectively to market changes, your strategy can be considered adequate.
 

Trade Automation
 

This is the final stage where a user needs to create a task scheduler. This step allows a trader to automate trading processes to follow the chosen trading strategy.
 

Binance Bot: How to Choose the Right One?
 

How to choose a Binance bot
Even Binance bot professionals do not always understand what criteria distinguish high-precision software from ordinary products. Since we are talking about the effectiveness of using trading bots, it will not be superfluous to discuss the most critical indicators that allow you to make the right choice.
 

Bot Developed by Professionals
 

If you plan to trade with hard-earned money and entrust your assets to a Binance bot, make sure that its developers really have an eye for trading crypto coins. If it concerns a reputable and highly qualified team that has already managed to earn trust among the virtual community, consider that it's as good as settled.
 

Step-by-Step Guide to Determine Expert Developer Levels
 

Here is a checklist for making sure the development team knows onions in crypto trading:
 
  • Check a team's reputation on one of the popular forums, including Reddit or Discord
  • Check their trading reports and make sure a Binance bot uses practical trading algorithms
  • Check for documentation on the full functionality of a trading Binance bot
  • Check out the source of income for the development studio<
Your main goal is to ensure that the Binance trading bot team is entirely transparent about their activities and software development.
 
This should show you that the guys are really responsible for their software product to the end-user.
 

Choosing Proper Trading Strategy
 

Almost every trader selects an individual trading strategy depending on the goals and objectives. Therefore, make sure that the Binance bot functions according to your strategy and considers the risk management criteria suitable for you.
 
Visit the trading Binance bot website and read a user guide. It will also not be superfluous to study the reviews that have been compiled by experts regarding this software. Note that some best Binance trading bots may not meet your expectations.
 
Still, the custom settings feature can make a difference. This is a beneficial option that allows you to provide individual settings in the Binance bot, namely:
 
  • The minimum or maximum purchase amount of the coin
  • Stop loss and take profit indicators
  • Trading on preferred exchanges and so on

Technical Support Level
 

Interaction with customer support is a crucial factor to pay attention to. Advanced software development studios offer 24/7 support. Thus, they can stay in touch with customers from all over the world.
 
Here's a short checklist to make sure you're dealing with professional support:
 
  • The support offers not one but several channels of communication
  • The service quickly responds to messages and user comments on Reddit or in the Telegram group

Paid Subscriptions Cost

Price is still one of the most important factors when choosing a trading Binance bot. Please note that most developers offer paid subscriptions with varying functionality. It's no secret that the most expensive Binance bot packages have more advanced features. If you are a beginner, then the free version can be quite an effective tool as well.
 
Once you test the accessible version of the platform, you will have enough information to compare it with the paid package and choose specific functionality.
 

Functionality and Ease of Use
 

If you are new to the crypto world, then a Binance bot can help you in the early stages. Software should be convenient, understandable, and practical, so even a beginner can run it.
 
Here are a few core features to consider before making your final choice on the Binance bot:
 
  • User-friendly interface. A trading Binance bot should have intuitive navigation. You should easily find and set such vital parameters as minimum profit and maximum loss.
  • Copy-trading option. The best choice for novice users is to choose a Binance bot that can copy successful traders' strategies and follow them in 24/7 mode.
  • Optimization for mobile platforms. Most advanced software solutions have excellent optimization for smartphones and tablets. Check if a software studio has a mobile app found in the App Store or Google Play Store.

To Sum Everything Up
 

Trading bots can become one of the most effective tools in the hands of experienced and novice traders. However, the correct Binance bot choice that will fully match the individual trading strategy remains the critical factor.
 
Note that Binance bot help complete most of the routine processes, but they do not guarantee 100% profit. In any case, you will need to control the bot's functionality and customize it to suit your needs.
 
On the positive side, it is worth noting that trading bots can function 24/7 and rarely miss the opportunity to make a profitable deal. Therefore, experts recommend limiting a Binance bot's functionality and letting it buy or sell an instrument and nothing more.
 

Frequently Asked Questions

  • Can You Do Automated Trading on Binance?
    • Yes, it is possible and does not require any technical knowledge from you. It is enough to set the parameters of the trading bot and customize the software to suit your goals and objectives. Please note that some strategies are riskier and suitable for experienced traders only.

  • Can I Use Binance Trading Bots?
    • Binance has never objected to traders using automated software. Today, you can easily find a vast number of trading bots that demonstrate fantastic accuracy. Our experts have compiled a list of the best trading bots for Binance. Choose one of the trading solutions of your choice.

  • Can You Make Money with Crypto Bots?
    • Yes, you can make money using crypto bots. However, you will need to find highly accurate software. In addition, the settings of a crypto bot also affect the final result. If you doubt that you can configure a bot yourself, consult the service that offers you a trading program.