Spot

Premier crypto exchange Binance recently announced its shift towards automation with the introduction of Trading Bots.
According to Binance, the move also coincides with the migration of its previous bot features such as Rebalancing Bot, whose functionality is now integrated into the new (generalized) Trading Bot.

Introducing #Binance's updated Trading Bots.Automate trades using a number of strategies including:🔸 Spot Grid🔸 Futures Grid🔸 Rebalancing Bots🔸 Auto-InvestAnd more!Get all the details here 👇
&mdash; Binance (@binance) May 11, 2023

Crypto trading bots are software programs designed to execute buy and sell orders for cryptocurrencies at optimal times. Binance plans to release various functions to users by June 2023 as part of the implementation.
Automated crypto trading is a method of trading cryptocurrencies using software programs or bots that automatically execute buy and sell orders based on predefined rules and algorithms. This approach eliminates the need for manual intervention, allowing traders to streamline their trading strategies and capitalize on market opportunities 24/7.
The primary goal of automated crypto trading is to maximize profits while minimizing risks. To achieve this, traders develop strategies based on technical indicators, price patterns, and other market data. These strategies are then programmed into trading bots, which execute orders on behalf of the trader.
Trading bots can be customized to follow various trading strategies, such as arbitrage, market making, trend following, and mean reversion. 
In the case of Binance's new trading automation scheme, new spot and futures grids will be created. Users will have the option to run futures grids through their Trading Bots account while trading on the same symbol through their futures account simultaneously. Additionally, users will earn hourly trading fee savings for the Trading Bots account when utilizing their BNB balances.
The announcement of this new trading feature has increased on-chain activity for BNB Chain, with daily active users rebounding to a 5-week high over the 24 hours since its implementation. However, the chain's liquidity has continued to decline, with the total value locked (TVL) on the BNB Chain falling by over 3% to roughly $5.22 billion.
Recently, Binance announced its exit from the Canadian crypto market, citing unfavorable regulatory frameworks from the country. 
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Binance Launches Trading Bots, Shifts To Automation

Crypto Daily™

Outros artigos publicados em 15 de mai. de 2023

South Korea Takes Action Amid Controversy Over Politician’s Crypto Holdings

Will The Current Crypto Price Surge Have A Ripple Effect On Other Cryptocurrencies Like Uwerx (WE...

How Nordek Is Changing The Web3 Space ?

1st Report Of May 2023

Loopring Introduces Block Trade, Gives L2 Users Self-custodial Access to Multiple Liquidity Sources

Xapo Bank provides cheaper crypto payments

Join our free newsletter for daily crypto updates!