The use of crypto trading bots has also begun to interest more traders who are willing to leverage the benefits of automated trading in their cryptocurrency trades. The global AI crypto trading bot market value was estimated at $21.69 by 2022. It is also expected to reach $145.27 by 2029, with a CAGR rate of 37.2%.
So, if you are interested in automating your crypto trading and looking for a way to automate crypto trading with SpeedBot on Binance, keep reading. Here, we will offer a complete guide on automating your crypto trade with India’s Best Crypto Auto Trading Platform, SpeedBot.
So, if you are interested in automating your crypto trading and looking for a way to automate crypto trading with SpeedBot on Binance, keep reading. Here, we will offer a complete guide on automating your crypto trade with India’s Best Crypto Auto Trading Platform, SpeedBot.
What Is Crypto Algo Trading?
Crypto algo trading is also known as cryptocurrency Algorithmic trading. It refers to using mathematical algorithms and computer programs to automate the buying and selling of cryptocurrencies. Crypto algo trading has become popular in the 24/7 open and ever-changing crypto market.
It is primarily because this algo trading software helps traders automate and execute trades almost instantly with the highest possible precision, which is quite impossible to achieve by human trading.
Therefore, crypto algo is a highly advanced form of trading that uses pre-programmed trading strategies and mathematical algorithms to automate trade execution. Crypto algo or bot trading enables traders to automate the entire trading process instead of manually analyzing and placing orders for each trade.
With such a trading facility, Traders can simply develop or purchase algo trading bots or software and connect them with their crypto, like Binance API keys, to leverage the benefits of automated crypto trading. Traders use various alternative names for cryptocurrency algo trading, such as automated crypto trading, high-frequency trading, API trading, crypto bot trading, etc.
It is primarily because this algo trading software helps traders automate and execute trades almost instantly with the highest possible precision, which is quite impossible to achieve by human trading.
Therefore, crypto algo is a highly advanced form of trading that uses pre-programmed trading strategies and mathematical algorithms to automate trade execution. Crypto algo or bot trading enables traders to automate the entire trading process instead of manually analyzing and placing orders for each trade.
With such a trading facility, Traders can simply develop or purchase algo trading bots or software and connect them with their crypto, like Binance API keys, to leverage the benefits of automated crypto trading. Traders use various alternative names for cryptocurrency algo trading, such as automated crypto trading, high-frequency trading, API trading, crypto bot trading, etc.
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Benefits of Doing Crypto Algo Trading
Crypto bot algo trading or crypto trading with strategy builder apps has become quite popular among traders as algorithmic crypto trading offers many benefits, from automating the trade process, to enhancing the trading experience. Here are some expected benefits of doing algo trading-
- Free of Emotional Bias: The first and foremost benefit of crypto bot trading is freedom from emotional biases in trading. Algo trading software such as SpeedBot automates the entire trading process using technical and fundamental analysis. As a result, it easily removes human emotions from trading decision-making.
- Diversification: Another major benefit of crypto bot trading is diversification. Algo trading can manage different cryptocurrencies and strategies simultaneously. Thus, it helps diversify the crypto investment portfolio and mitigate risks.
- Efficiency and speed: Unlike, humans algorithms are way more efficient and faster. They continuously scan for trading opportunities, so you do not need to monitor the market 24/7. Still, you will be able to make money from multiple trades in minutes.
- Smooth backtesting: Another notable benefit of algorithm crypto trading is the ability to perform smooth backtesting of trading strategies. With crypto bot trading, you can backtest your crypto trading strategies on historical data and assess their efficiency in current-day trading. Therefore, you can easily test and improve your strategies according to your needs and market conditions.
- Personalization: Another essential advantage of crypto bot trading is the ability to customize/personalize your trading algorithms. With this trading approach, you can easily personalize your trading algorithms according to your risk tolerance level, trading style, and other trading preferences.
- Scalability: Algorithms can also handle large portfolios and perform multiple trades at once. Therefore, if traders want to upscale their trading capacity, they can easily do it with algorithm crypto trading.
- Risk management: Lastly, crypto bot trading also helps with trade risk management. It lets you imply stop-loss and take profit orders to mitigate risks and increase your chances of making a profit.
How to Automate Your Crypto Trading with SpeedBot on Binance?
SpeedBot is the best crypto auto trading platform to automate your crypto trading on Binance. You must connect your exchange account to SpeedBot via API. This will help you configure your automated trading bot on Binance. Your bot sends and executes trading alerts from TradingView on Binance through API. Here is a step-by-step guide for your help:
- Step 1: Visit the API Management tab to create an API key-secret pair on Binance to connect your exchange account to SpeedBot via API.
- Step 2: After this, visit SpeedBot and add your API credentials on SpeedBot.
- Step 3: Next, you can create your trading bot by following the instructions on the SpeedBot page.
You can now easily send TradingView alerts to Binance. SpeedBot can connect TradingView’s alert system and the API exchange. Follow the below instructions to send TradingView alerts to API.
- Step 1: You must create API keys to connect your Binance account to external services such as TradingView. Create API keys from the API section of your Binance account. To do this, visit your Binance account, open settings, open the API section, and create API keys.
- Step 2: Allow only specific permissions for the API keys like account information and trading related.
- Step 3: Next, you must add your API keys to the SpeedBot. This will help to build a connection between your trading bot and your Binance account.
- Step 4: After this, configure trading alerts in TradingView. Begin by opening your TradingView chart and select the ‘Alert’ button.
- Step 5: Finally configure your TradingView alert conditions such as indicator crossover, price level, etc.
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Conclusion
Algo trading software has been quite popular in the past few decades. Along with global traders, traders of India also prefer to use trade bots to enhance their trading experience. In a word, options strategy builder or algo trading bots are the future of crypto trading.
The primary reason behind choosing algorithmic trading software like SpeedBot is enhanced speed, accuracy, and efficiency in trade, which is essential for the new-age crypto market. Above, we have discussed how you can automate your crypto trading with SpeedBot on Binance for trading advancement.
The primary reason behind choosing algorithmic trading software like SpeedBot is enhanced speed, accuracy, and efficiency in trade, which is essential for the new-age crypto market. Above, we have discussed how you can automate your crypto trading with SpeedBot on Binance for trading advancement.