In case you want to turn crypto investment into your major source of income, you will have to devote all your time to it. However, you can make the process much easier by installing a trading bot. In this article, we will mention the names of the best free bots that work on Binance as we believe that this exchange is a universal choice for every trader.
The first step is to understand what a trading bot is. It is a piece of software, which can execute trades automatically via your accounts based on your settings. For example, there are arbitrage bots, which compare prices on numerous exchanges (as a rule, they vary slightly) and make deals to benefit from differences in their rates. And there are bots, which are set to execute trades as a response to certain price movements or other events.
If you need some extra arguments, have a look at this list of advantages:
- Advanced efficiency. Such a program is capable of analyzing huge volumes of data within a minimal time.
- Complicated procession. If you are a novice investor, you may get scared away by the complexity of crypto trading. Specialized software removes that problem, it will do all the analysis for you.
- No emotional impact. A crypto trading bot does not get distressed or confused under unfavorable conditions, which is a big problem for many human traders.
- Operation 24/7. After you activate such a program, it will work around the clock without any breaks and execute trades according to the parameters set.
- Such programs are often available for free. We will mention such services below.
Also Read: What Is the Best Crypto Trading Platform: Top Choices
At the same time, we must warn you that, if you want to get maximum advantage of this tool, you should put enough effort into its customization in compliance with your needs and strategy. Besides, you must keep the situation under control and regularly check its accuracy and efficiency.
Now, we would like to mention the most reliable bots among those compatible with Binance and available for free. To be objective, some of them offer free access for a trial period only, yet, their rates are still rather affordable. So, our top picks are CryptoHopper, Pionex, Coinrule, Mudrex, Reality, Bitsgap, TradeSanta, HaasOnline, Shrimpy, and 3Commas.
In sum, a trading bot is a great solution for those traders who seek time economy and automation, but, still, do not want to earn fully passively like in copy trading.