Create or Rent Your Own Binance Trading Bot for Free

Does Binance have its own trading bot? Well, yes and no. Binance is one of the largest cryptocurrency exchanges in the world, making it an excellent choice among centralized exchanges for your trading needs. But Binance does not have its own crypto trading bot (or set of bots) that investors can use to automate their general trading on the exchange.

However, there is a caveat (or two). Binance does offer trading tools that use algorithms to automate specific types of trading. For example, if you decide to trade futures or want to dabble in spot trading, both of which carry additional risks, you can set up a grid trading strategy that automates these processes to buy and sell automatically based on predefined parameters that you establish.

But you won’t find any mention of bots on Binance’s website outside of grid trading for spot and futures.

Binance Crypto Trading Bots for Beginners

Now let’s say that you’re new to crypto and have been trying to time the market with manual trades. If you’re simply looking to automate your crypto trading without the added headaches of futures and spot trading, then you’ll need to look beyond Binance for trading bots. Luckily, however, there are a range for options for creating, and then connecting, your custom-made trading bot to your Binance account. And Binance makes the process of connecting trading bots to its exchange a seamless one by providing API keys.

There is a problem, though. Most bots on the market are generic, black-box options. You don’t know who created them. You have no idea if they’re crypto experts or just coders with a side hustle. And you can’t be sure that the bot you’re using isn’t being used by thousands of other people—not very transparent or promising in terms of potential returns. And the worst part is that these generic bots are extremely unlikely to meet your specific needs in terms of investment goals and risk tolerance. But there are proven, transparent, customizable alternatives.

In the following article, we’ll run through the many advantages of crypto trading bots, how you can create them with Trality’s state-of-the-art tools or rent them on Trality’s Marketplace, and, finally, how you can connect them to your Binance account quickly and easily in order to leverage the many benefits of automated trading.

What is a Binance Crypto Trading Bot?

The simple answer is that a Binance trading bot is a trading bot that you connect and use on Binance. You can use generic, anonymous bots and connect them to your Binance account, or you can create (or rent) custom bots tailored to your individual needs by using Trality’s features—Rule Builder for beginners, Code Editor for Python coders, or the Marketplace for everyone—and then deploy your bot on Binance.

The best part? Signing up to Binance is FREE and creating a bot on Trality is FREE.

Once you’ve created your free Binance trading bot, you’ll be among the 10% of smart traders who stand to profit from the many advantages of automated trading. By communicating with cryptocurrency exchanges directly 24/7/365 and placing orders on your behalf based on conditions that you’ve established in the bot-creation process, your Binance trading bot will outperform manual trading each and every time as long as it’s been optimized correctly. Trality even has a powerful, proprietary Optimizer to help you get the best results (more information below).

How Does a Binance Crypto Trading Bot Work?

As a first step, you’ll want to understand the mechanics of a crypto trading bot, which will ensure that you can fully leverage its many advantages.

So what are the moving parts and how do they actually work? Automated trading bots communicate with crypto exchanges and place orders based on predefined settings. Among their many advantages are exceptional speed and efficiency, fewer errors, and emotionless trading.

For bots to trade on an exchange such as Binance, they must be authorized to access your account via API keys (Application Program Interface). However, you are in full control—access can be granted or withdrawn at any time.

Broadly, trading bots work in four essential stages:

Data Analysis > Signal Generation > Risk Allocation > Execution

• Data is king, which is why data analysis is crucial to the success of a crypto trading bot. Unlike humans, machine learning-enabled software can identify, gather, and analyze mountains of data faster, smarter, and better.
• Once the data analysis has been completed, signal generation by a bot essentially does the work of the trader, making predictions  and identifying possible trades based on market data and technical  analysis indicators.
• Risk allocation is where the bot distributes risk according to a specific set of parameters and rules set by the trader, which typically includes how and to what extent capital is allocated when trading.
• Execution is the stage during which cryptocurrencies are actually bought and sold based on the signals generated by the pre-configured trading system. In this stage, the signals will generate buy or sell orders, which are sent to the exchange via their API.

Now that we have a clearer idea of the process itself, it’s time to create a crypto trading bot with Trality.

How to Get a Trading Bot for Binance

First things first. In order to trade on Binance with a Trality crypto trading bot, you need to have accounts on both. Only then can you connect the two accounts using API keys.

• Step 1: Create a Binance account
• Step 2: Create a Trality account
• Step 3: Rent a Binance trading bot with Trality
• Step 4: Or create a Binance crypto trading bot with Trality
• Step 5: Connect your Trality and Binance accounts using API keys

Create a Free Binance Account

The first thing you need to do is to create a Binance account (if you don’t already have one). Signing up to Binance is a quick and painless process for the vast majority of people, and so you should be good to go in a matter of minutes. (We’ve even put together a comprehensive review of Binance, which covers all aspects of the exchange, including creating an account.)

You can register for a Binance account from the Binance App, Binance website, or Binance Desktop App with your e-mail address or phone number.

Once you’ve entered some basic details, you’ll then be asked to confirm your identity through a simple KYC process, which typically involves a picture of a government-issued photo ID as well as a selfie and telephone number (this process might have slight variations depending on your location and nationality). Approval itself usually occurs in a matter of minutes.

To recap, the following are the steps when creating an account on Binance:

• Step 1: Register Account
• Step 2: Complete Verification
• Step 3: Deposit Crypto
• Step 4: Buy Crypto
• Step 5: Explore Binance Products

Now, you might already have a Trality account at this point. But if you don’t ,then we’ll quickly run through the steps to create one for free. Then you can get to the interesting work of creating your first Binance trading bot!

Create a Free Trality Account

Creating a FREE account with Trality is even easier, as it does not involve any KYC. Begin by entering your e-mail and creating a password.

You’ll be asked to verify your e-mail address.

There’s also a brief survey (literally 3 questions).

And you’re ready to go! You can start creating your Binance bot immediately.

Or save time by renting a bespoke bot from our Marketplace and connecting it to your Binance account directly.

Get a Binance Crypto Trading Bot with Trality

Trality provides innovative, state-of-the-art features to easily rent or create fully customizable and fully flexible crypto trading bots, whether you’re a complete newbie, a Python guru searching for the most advanced Python bot creation tools, or anyone in between.

Trality's Bot Marketplace

Trality's Marketplace is a one-of-a-kind copy trading space that brings together crypto trading bot creators and investors for mutually beneficial purposes. Unlike other platforms with anonymous bot makers and unproven bots, Trality’s Marketplace is a carefully curated space, one with hand-picked creators and the best Binance bots available.

Now you can rent profitable Binance bots tailored to specific risk tolerances (low, medium, and high) and your individual investment goals. A full suite of metrics is available, allowing you to decide on a bot based on clear, quantifiable data.

Receive updates in real time whenever changes are made to a bot Should a bot underperform, you have the ability to unfollow it at any time and select another bot. All Binance bots on the Trality Marketplace must pass a rigorous screening process by our Bot Selection Committee, which consists of industry experts with decades of collective experience.

Trality’s Code Editor

Trality’s state-of-the-art Code Builder is the world’s first browser-based Python code bot editor. It is designed for experienced traders who want to develop sophisticated trading algorithms using the latest technology.

Python programmers will feel at home using the Code Editor’s full range of powerful tools and innovative features to create and backtest their algorithms. In-browser editing with intelligent auto-complete as well as in-browser debugging provide a seamless process for the development of trading ideas and their eventual realization as profitable trading bots.

With a full range of technical analysis indicators and a growing number of libraries, including NumPy, the Code Editor provides maximum flexibility for customizing bots based on a variety of market conditions and a variety of short- and long-term trading goals.

Blazing-fast, in-browser backtesting also means that testing and fine-tuning algorithms can be done quickly and easily. Benefit from clear versioning and backtest history, while also having access to financial data with easy-to-use API. And our powerful new Optimizer will help you to optimize the parameters of your Python bot automatically.

Connect Your Trality Crypto Trading Bot to Binance

Having created a crypto trading bot or rented one, your next step is to connect it to your Binance account. In your Trality dashboard, simply navigate to “Funds,” which is located on the left side of the dashboard, and add Binance as an exchange.

Select “Add new exchange” on the right side and select Binance, which brings up the following menu.

Choose whether you want to add a virtual exchange account for paper trading (simulation) or a live account (real money) with your Binance account.

Note: If you want to add a live account, then you will need to prepare API keys (and potentially passphrases) beforehand on Binance itself. Check out our dedicated article on How to link your Binance & Binance.US account to Trality with an API key for step-by-step instructions. And Binance has a handy guide on how to generate an API key and passphrase.

With your new Binance exchange now funded and linked with Trality, the actual deployment of your trading bot is just a few clicks away.

In “Bots” on the left of the dashboard, choose the bot you wish to deploy.

After selecting the Binance account that you just linked, you’ll be greeted with a couple of questions. Read through them and then confirm that you wish to deploy the bot.

Congratulations, you now have a free Binance trading bot created with Trality!

Benefits of a Binance Trading Bot

According to conservative estimates, approximately 90% of crypto traders lose money. Most traders even quit within their first year of trading!

The hard truth is that, whether on Binance or another cryptocurrency exchange, if you’re trading manually then you’re losing money. The more you read about manual trading, the more you will recognize that it’s simply not the best way to trade when there are other, more effective (i.e., profitable) solutions available. Crypto trading bots are superior to manual traders in virtually all aspects of investing.

While there are many reasons for poor trading outcomes, one of the biggest mistakes that traders make is not leveraging the power of automated trading bots. If it sounds like new tech, then you’ll likely be surprised to learn that Wall Street has been using automated, algorithmic trading systems for decades. They're simply faster, more reliable, and more profitable than trying to be a disciplined trader amidst the crypto market's significant and, at times, unpredictable volatility.

Below are some of the key benefits of a Binance crypto trading bot built with Trality.

Crypto trading bots and lack of emotion

As previously mentioned, the old statistic goes that more than 90% of private investors aren’t making money at all. In fact, they are losing money due to a variety of factors. It’s hard to not get emotional on the wild rollercoaster that is the cryptocurrency market and traders are inclined to get FOMO (fear of missing out) or FUD (fear, uncertainty and doubt) which leads them to make decisions that are not based on hard mathematical calculations, particularly when the crypto market crashes or a crypto winter freezes everything.

Bots simply don’t have emotions and therefore use only cold, hard data to make their choices and usually - they are right.

Instead of being one of those 80-90% who are losing. You can make the change to be one of the minority of traders who are harnessing the power of automated trading to invest profitably, even during a bear market.

Crypto trading bots and speed

As we mentioned before, bots can execute far more trades than you can at any given moment. This is beneficial to any trader who knows that getting in and out of positions quickly can be the difference between making profit and losing. Are you beginning to understand why Wall Street institutions have been using this tech for decades? In fact, automation is driving FinTech forward in new and exciting ways, and automated trading is an important part of the equation.

Crypto trading bots and paper trading (or virtual trading)

This is one of the greatest advantages that bot traders have over manual traders. On Trality, you can automate your strategy, build a bot and backtest it on historical data until you are happy with it. In fact, you can also test it on current data via our awesome virtual trading feature that allows you to run your bot in a virtual environment therefore risking none of your valuable cryptocurrencies.

Why is this so important? Well, you can test and refine your bot to the point where you feel assured that it will perform.

Crypto trading bots and risk diversification

There is no getting rich quick in the crypto markets. Unless, that is, you have the luck of the Irish. Trading bots are not about being a money-making machine but instead about minimizing your risk and not banking on big bets. Running a couple of trading bots on different symbols allows you to spread out any risks associated with your strategy and try out different techniques while keeping your assets safe.

Crypto trading bots and discipline

To achieve anything in life, you need discipline. But that is easier said than done, especially when it comes to trading. Automating your strategies will help you attain some form of discipline over your investments because you won’t be doing it - your pre-trained bot will handle that.

Final Thoughts on Getting a Binance Trading Bot

Knowledge is power. Sure, it might be cliché, but it’s true. If you’re not careful, you can easily lose your shirt or even get rekt when trading crypto, but there are safeguards that can transform risky trading into profitable trading.

Join the millions of smart traders who are taking advantage of the collective knowledge and experience of one of Europe’s leading FinTech companies by adding bespoke automated trading bots to your Binance trading account. Trality provides innovative, powerful tech, bringing professional-grade tools to everyone who needs them.

And since we’re located in Austria, we’re sticklers for details. Actually, we’re obsessed with the details, which means that you can be absolutely confident that you are choosing the best performing bots on the market today.

But don’t take our word for it. Connect them to your Binance trading account and see for yourself!