Johnny Rice
·3 min read
Photo by Vadim Artyukhin on Unsplash
Ever wonder how to use a trading bot on an exchange like Binance or Binance.US? Afraid the process is overly technical? Thankfully, it doesn’t have to be. We’ll use the bot created by Coinrule as an example. The team there has streamlined the process. Here’s how to get started:
1. Create Your API Key
First, sign in to your Binance account. Next, 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 you want to create a new bot. After you click 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 to save your secret key in a safe place.
Do not give the Bot withdrawal rights to make sure your funds remain safely on the exchange.
2. Connect Your Bot
Sign in to 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 exchange account, you need to set up the parameters for how your bot trades. These are called rules. For now, we are going to use Coinrule’s templates to streamline the process. If you feel capable, you can create your own rules and customize them to your heart’s content.
Click Rules on the sidebar. Then, in the top right corner, click Create Rule. This brings you to the Rule page. Click Templates at the top of the screen.
You’ll be presented with a pop-up of Coinrule’s extensive list of templates which the team has created for you. Each has a descriptive name and a short intro to the basic strategy of the rule. If you click on one, say Buy the Dips, you will get a more detailed description. When you have one you’re satisfied with, click Select.
In the next step you can customize the template. The only thing you must do is define the coin the rule is for such as 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 would like, but you must select that first. From the drop-down menu next to If, select your coin. From here you can customize further, but you don’t need to. You’re ready to go.
4. Go Live
Give your rule a name and select the amount of times you want it to run. Click Launch at the bottom right of the page. You’ll get a pop-up with a summary of your rule. If it looks good, click Launch Live.
That’s it! Automated trading isn’t just for top hedge funds and banks anymore - your bot is now live and trading on your behalf. For more info, strategies, and tips check out Coinrule’s Knowledgebase here.
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