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December 12 2022 Cryptocurrency

What does the term Binance trading bot mean?

If you are interested in crypto trading and Binance trading bot, this is the place for you! In the world of cryptocurrencies, there are many exchanges to choose from. Of the large selection, only a few can be considered reliable. Biance is a well known crypto exchange with a Chinese background. It is one of the largest exchanges in terms of turnover today.

What is Binance?

This crypto exchange was founded in China in the summer of 2017. It is owned by Beiji Technology. It was launched with an investment of almost fifteen million dollars. The company is headquartered in Hong Kong, but has interests in many parts of the world. It is the largest player in this market in terms of trading volume and daily users.

Why is it so popular?

There is a reason why it is one of the most popular cryptocurrency exchanges. They generally charge lower fees than other players in the market. Another advantage is that it offers a very large number of currencies to trade, with more than 200. The usability of the user interface is also outstanding. It is evident that considerable resources have been invested in developing the right user experience. Of course, there are drawbacks. Customer service has been the subject of much criticism. And the lack of a Hungarian language interface is cited by domestic customers as a flaw.

How can I trade on Binance?

The interface shows you which trading pairs you can use. The trading pairs are the most varied for bitcoin, ether, tether and Binance Coin (BNB), but there are almost 600 pairs to choose from in total. It is also possible to switch from fiat money to cryptocurrency, e.g. by card payment or SEPA transfer, or through integrated partners such as Paxos or Simplex. Of course, most of the trading is done via Bitcoin. Once you have chosen a merchant partner, you can then choose to buy cryptocurrencies. We can also look at their graphs and examine their historical data. Of course, you can also follow the current prices. 

Selling and buying is also easy, at the click of a button on the interface. That is, if you want to do it manually. If you change your mind and don't want to create a transaction at the price you've entered, you can cancel it by pressing the cancel button. By default, the system will deduct 0.1% for each transaction, but if you also have Binance tokens, you can set to pay with them after your trade. This allows you to trade on much more favourable terms, with a commission of 0.05%.

The Binance trading bot, or why use crypto bots on Binance?

Our automated trading software is an option for anyone looking for new investment opportunities and not afraid to take risks!

It pays to trade with automated bots on this crypto exchange too. In addition to the exchange's services, you can also use trading software from external providers. For example,  Tradensea's bots can also act as a bridge between traders and exchanges. They can also help you turn the Binance exchange into a passive source of income without having to sit in front of a computer day and night.

Is this system safe?

This exchange is considered one of the safest platforms. When you turn it on, you can only access your account with two-factor authentication and SMS notifications. Attempts to hack the system were made years ago, but of course failed due to the high level of security measures. 

This exchange is used by millions of people worldwide, with a huge daily trading volume. If someone wants to try trading now, it gives a pretty solid base to start from. It is compatible with all the most popular browsers. Importantly, you can use its services not only on desktop computers, but also on smartphones and tablets without any problems.




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