Introduction
Do you want to know how to use Binance trading bot to potentially earn $ or more completely passively every single day? Then this video is for you. My name is Mikael and I’ve tested hundreds of different ways to make money online. Many viewers have asked me if I could show exactly how to use the Binance trading bot for beginners to get started by just automatically using this bot to earn by investing in crypto. Therefore, I decided to record this video where I’ll show you step by step how to set that up, even if you have never tried it before. It literally just takes a few minutes, and I will also share a bonus code with you that can actually give you some benefits if you decide to use this trading bot.
Disclaimer
So before I log in and show you exactly how to set up a Binance trading bot, I just want to make it clear that this is not financial advice. No matter what you do, if you invest and if you invest in crypto, crypto is volatile. There is actually risk involved. What I will show you is not a recommendation about certain cryptos you need to invest in or anything like that. It is to show you technically how the bot would work and its potential. You can then decide for yourself based on that whether it’s for you or not.
Getting Started with Binance
Setting Up Your Binance Account
It will be an explanation for complete beginners. Even if you’ve never tried it before, it will be quite easy to get started. So let me now log in, and then I’ll show you exactly how it works. I have now logged into my Binance account. To use this, of course, you would need a Binance account. It’s free to create a Binance account. And actually, to use the bot, there’s no extra fee for that.
There are some software tools you can buy externally on other platforms that sell it, where you have to pay quite a lot of money monthly. But on a platform like Binance, you can actually use a bot for free if you are a member. So the only thing you would need is to create an account. I will also leave a link to that below if you join through that. That will also give you some other benefits that I’ll talk about later.
KYC and Deposits
To be able to use the bot, you would also need to go through this KYC process, where you verify your identity. Most crypto platforms will ask you to do that, so that’s just something you need to be aware of. Once that’s done, you’ll need to deposit funds. You can either use crypto from other platforms or deposit cash directly.
If you want to know more about the free ways I recommend to earn Bitcoin by doing small tasks online, I also leave a link to a list like that below. But for now, let’s focus on the trading bot inside Binance and how to set it up.
Setting Up the Trading Bot
Finding the Trading Bot Section
Once you have your account and everything is ready to go, you need to go inside Binance. Sometimes they do update the design, but you can usually find the trading bot in different places. You can see it under “Trade” and then “Trading Bots.” If you can’t find it in the exact same place, don’t panic. Just click around a little bit and look for something called “Trading Bots,” and then you’ll find it.
Creating Your First Bot
Once you’re there, click to create a new bot. You’ll be taken to the bot options, where you can choose from several bots. If you’re a beginner, I recommend the “Spot Grid” bot, which is very easy to use. The grid strategy buys and sells at different price levels. Whenever the crypto goes up, it will sell; when it goes down, it buys again. Every time a trade like that happens, you make a small profit.
You can then see the different settings, like the crypto pair you want to trade. For example, Bitcoin and USDT (Tether) are commonly used. Once you’ve set the pair, you can set the price range, number of grids, and other parameters.
Setting Up the Grid
After selecting your crypto pair, you need to decide on the price range for the bot to operate in. This means you set the lower and upper limits for the bot’s trading range. Then, you choose the number of grids, which are essentially the trade levels for buying and selling.
Each grid represents a point at which the bot will either buy or sell. The more grids you set, the more frequent the trades will be. For example, if you set a smaller number of grids, the trades will happen less frequently but at a higher value per trade. The more grids, the more frequent the trades, but the lower the value per trade.
Additional Settings
You can also choose to enable trailing, which means if the price moves beyond the upper target, the grid will adjust accordingly. You can also set a stop trigger to halt the bot if the price reaches a certain lower limit.
How the Bot Works
Understanding How the Grid System Works
The bot places red and green lines on the price chart. The red lines represent sell orders, while the green lines represent buy orders. Every time the price goes up and hits a red line, it will sell a little. If the price drops, it will buy again.
This process happens automatically as long as the price stays within the set range. The more volatile the crypto, the more trades occur. However, if the crypto doesn’t move much, you won’t earn as much.
Volatility and Risk
It’s important to remember that volatility is what helps you earn, but also what carries the risk. If you choose a crypto that is highly volatile but loses value over time, you might end up with a loss. However, if you select a crypto you believe in long-term, you can benefit from its movements up and down.
The number of grids, price range, and investment amount will affect your potential earnings. The higher your investment, the larger each trade will be. But, of course, the risk also increases as the price can swing.
Optimization and Customization
Testing and Fine-Tuning Your Settings
As I mentioned earlier, I just set up a basic bot to show you the potential. However, you can fine-tune the settings to optimize your earnings. I cannot give you exact recommendations for the best settings since it depends on various factors, including market conditions and the crypto you’re trading.
You can look into popular bots to get an idea of what other traders are doing, but always make sure to do your research and not blindly follow strategies that might not fit your goals.
Benefits of Using Binance Trading Bots
Bonus Discount on Fees
One of the benefits of using Binance is that when you sign up through my referral link, you can get a discount on the trading fees. This means you’ll get more out of each trade, which can add up over time. I’ll leave the link below in case you decide to use the bot, and you can get that small discount while supporting my channel at the same time.
Conclusion
Is This for You?
As you can see, setting up a Binance trading bot is super easy. You need some funds and a Binance account, but then it’s simple. There are plenty of ways to optimize it, but once it’s set up, it can potentially make a lot of money passively.
However, always keep in mind that there is risk involved, as it is crypto and the market is volatile. There is no guarantee that the market will always move in your favor. Make sure you understand how it works before diving in.
I hope this video and guide helped you understand how to set up your Binance trading bot. If it did, make sure to hit the like button, subscribe to my YouTube channel, and hit the notification bell so you won’t miss out on more tips and tricks for making money online!
