When it comes to the world of crypto trading, trading bots are playing a large role. There are numerous trading bots that can be used in just as many exchanges, and many agree that using them makes the process of trading easier for them.
However, when it comes to Binance, this exchange doesn’t seem to thrilled with these bots. In fact, they even advised their users not to use them. This is likely out of fear of the user giving their API credentials to a third-party tool such as a trading bot. While this is probably an example of pure concern for the wellbeing of the user, there are still a few open source bots that are deemed safe enough for use.
3 Binance Trading Bots To Use For Compatible Trading
Blackbird bot is one that a lot of crypto traders are familiar with. Originally, it was created for arbitrage purposes, which is why it is coded in one of the most commonly used languages. This is a very important aspect which has had a lot of effect on the bot’s popularity. It allows users to change bot’s features in any way they like, as long as they have the knowledge how to do it.
Right now, the bot still doesn’t officially support Binance. However, its developers are constantly working on allowing the bot to access this platform. They would like to at least allow users to open long positions by using Blackbird. Obviously, this means that the bot is still under development, and it will be interesting to see what the future has in store for it.
2) Algobot / Binance Trading Bot
Some traders may know that the original project for a trading bot specific to binance was in development at one time, but for a while now, development has been discontinued. The reasons behind this are still unclear, and the developer has since changed the original code into an algorithmic trading bot for the stock market. However, the project still has most of its original functionality. The only difference is that it now takes advantage of an API integration model in order to increase its functionality.
Since the AlgoBot is still very much new, all of its users are advised to properly vet the code before use. This is one of the advantages of an open source bot since everyone knowledgeable enough can do the code vetting for themselves. With that in mind, checking whether or not the bot is functional and valid should not really take too long.
CCXT has quickly grown to be a favorite bot for a lot of traders in the last several weeks. The bot is basically a library that can connect with various crypto exchanges and enable trading. It has no built-in trading algorithm, but implementing one is easy, provided that you have knowledge about how to do it.
The bot works with a lot of big exchanges, including Binance, Bittrex, Bitfinex, The Ocean, and Kraken, among others. In total, this bot supports around 131 trading APIs and exchanges. As such, it is not exactly surprising that it managed to become so popular.