Bots are computer programs that can place orders on behalf of a user on an exchange. They can be used to automate trading strategies or to simply copy the trades of other users.
Binance is a cryptocurrency exchange that allows users to trade various digital assets. The use of bots on Binance is allowed, but there are some restrictions in place.
Bots can be used to trade any asset that is listed on Binance. However, users must first create an API key in order to use a bot. API keys are unique identifiers that are used to authenticate and authorize access to an exchange’s API.
Binance requires all users who wish to use a bot to create an API key with “Enable Trading” permission. Users must then provide this key to the bot developer.
The use of bots is also subject to Binance’s rules and regulations. For example, Binance prohibits the use of bots for wash trading, which is a form of market manipulation.
Additionally, all trades made by a bot must comply with Binance’s trading rules, such as its price limits and order minimums/maximums.
Overall, the use of bots on Binance is allowed as long as users take the necessary precautions and follow the exchange’s rules and regulations. Bots can be a helpful tool for automating trading strategies or simply copying the trades of other users.
However, users must take care to create an API key with proper permissions and abide by Binance’s rules in order to avoid any potential problems.