How to get started with a crypto trading bot on Binance in 4 easy steps

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Photo by Vadim Artyukhin on Unsplash

Have you ever wondered how to use a trading bot on an exchange like Binance or Binance.US? Worried that the process is too technical? Fortunately, it doesn’t have to be. Well, use the bot created by Coinrule as an example. The team there streamlined the process. Here’s how to get started:

1. Create your API key

First, log into your Binance account. Then, from the drop-down menu at the top right of your screen, select API Management. On the next screen, give your new bot a name and click Create.

This will trigger your 2-factor authentication. After entering your code, Binance will send you an email to confirm that you want to create a new bot. After clicking on the link that was sent, you will be taken to the API management page.

Here you will find your API key and your secret key. There are also checkboxes. Leave the default selections as they are. Make sure you keep your secret key in a safe place.

Do not give the Bot withdrawal rights to ensure that your funds stay safe on the exchange.

2. Connect your robot

Log into your Coinrule account and select Exchanges from the sidebar menu. On the next page, select Binance for the exchange and copy and paste your API key and secret key into their respective boxes. Click Connect and your bot is connected. Simple.

3. Create your rules

Now that your bot has access to your trading account, you need to configure your bot’s trading settings. These are called rules. For now, we’ll be using Coinrules models to streamline the process. If you feel up to it, you can create your own rules and customize them to your liking.

Click Rulers in the sidebar. Then, in the upper right corner, click on Create rule. This takes you to the Rule page. Click Templates at the top of the screen.

You’ll see a pop-up list of the long list of Coinrules models the team has created for you. Each has a descriptive name and a short introduction to the basic rule strategy. If you click on any of them say Buy Dips, you will get a more detailed description. When you have one that you are happy with, click Select.

The story continues

In the next step, you can customize the template. The only thing you need to do is set the coin the rule applies for, like Bitcoin (BTC), Ethereum (ETH) or Dogecoin (DOGE), and then set the amount you want to trade. You can also let the bot trade any coin available on the exchange if you wish, but you need to select it first. From the drop-down menu next to If, select your room. From there, you can customize more, but you don’t have to. You are ready to go.

4. Go live

Give your rule a name and select the number of times you want it to run. Click Launch at the bottom right of the page. You will get a pop-up window with a summary of your rule. If that looks good, click Launch Live.

That’s it! Automated trading is no longer just for the best hedge funds and banks – your bot is now live and trading on your behalf. For more information, strategies and tips, check out the Coinrules knowledge base here.

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