How to Get Started With the Binance Futures Bot? – The Binance Futures trading bot is a tool that allows users to automate their futures trading. Using this tool, traders can earn returns from rising markets, while reducing their losses when the market crashes. This trading tool offers three plans, ranging from $23 to $119 a month. However, the maximum amount of trading bots that can be active at one time is 20.
Before starting a trading session, you can choose the exchange where you want to trade and the desired trading pair. You can also create your own strategies or use the pre-built ones. It’s a good idea to choose an exchange that offers fair trading fees.
To get started with your binance futures bot, you’ll need to sign up with the Bitsgap app and link your bank account with the exchange. This will allow you to manage your account and launch or edit bots. Afterward, you’ll need to verify your account by providing your 2FA (two-factor authentication) code. During this process, you may be asked to enter your Binance API keys. Once you’ve verified your account, you’ll be able to create or modify your Bot.
You’ll also need to select a base coin for your Binance Futures bot. Once you have your coin, you can use the tool to automate your buy and sell orders. Additionally, you can use the tool to watch open positions to spot opportunities to make more profitable trades. As you increase the number of your extra orders, your Margin ratio increases. If the algorithm is set to cross margin, you’ll need to have enough collateral for the trades to be successful.
When you’re ready to begin using your binance futures bot, you’ll want to choose your preferred trading mode. Most traders will opt for leverage. Leverage is the amount of money you borrow when you open a leveraged position. For instance, if you want to invest $20 in the ETH-USD, you’ll need to loan a maximum of $200. By placing this type of leverage on your bot, you can minimize your position size and maximize your profit.
Binance Futures also supports the use of strategy trading. These strategies are available for advanced traders. Users can choose from several options, such as Market Maker, Inter-Exchange Arbitrage, Pin Pong and Intelli Alice. All of these tools will help you to maximize your profits. In addition, you can use the Smart Trade Terminal to set a stop loss and take-profit for a single trade.
One of the best things about Binance Futures is the ability to use multiple strategies. For instance, you can use the Neutral Grid to profit from in-range volatility, or you can use the Short Grid to invest in downtrending markets. Another option is to use the Long Grid to profit from an uptrending market.
There are several bots available for futures trading on Binance. The best of these is the 3Commas bot. This is a paid option, but you can download a free copy. Moreover, you can also try a seven-day free trial.