The Top Crypto Signal Auto Traders for Binance and BitMEX
For a very long time, we got tons of requests for an Auto Trader review post, a shortlist for the best auto traders, as our posts about the best crypto signals and the best BitMEX signals got a legendary status. However, it is really not easy to test them all, but I decided to make you a list of my favorites and the different kind of auto trader software solutions/tools that are common right now. After all, I am often asked which crypto signal provider offers which auto trading solution. Here is an overview – if you just want the info, just skip to the bottom for an “At – a – Glance table”.
Best Practice for Crypto Auto Traders
Reasons to Execute Binance & Bitmex Signals per Auto Trader
There are plenty of reasons why we get so many requests for auto trading solutions. We can feel the urging need for such a tool and why it comes in handy to many of you. However, despite the charm and attraction of the idea itself, it is essential to be aware and cautious. Scammers are always right next to you in crypto, and you should never forget about this fact. We would never promote a bitmex auto trader, which leaves the hint of a doubt that it could be a scam – too many of you guys have been scammed already, and we get quite a few messages like the one below:
We are a bit proud, to be honest, that we have been able to find you a handful of providers which can deliver reliable results and are not a scam. We stay in all these channels and speak to the admins a few times a week. Besides all of that, let’s go through the reasons why an auto trader for BitMEX and Binance signals can make sense and if it could be something for you:
- you don’t have the time to sit the whole day in front of Telegram and waiting for signals
- you are challenged with all the configuration options Binance / Bitmex offers
- you are a novice trader and don’t want to make a mistake
- you are challenged by your emotions and can’t stop amending orders or revenge trading
- you simply want a managed account by pros
- You are under the impression to live in another time zone then the rest of the world and you keep missing out.
setup a Binance or Bitmex Crypto Auto Trader?
Both Auto Traders, for BitMEX and for Binance are setup per an API connection. An API, short for Application Programming Interface, is a software intermediary that allows two parties to exchange information with each other. In our case, there is most often the chat tool Telegram, where the signals come in, and the API which transfers the signal information to Binance or BitMEX and places the orders for you there. This basically means, you have nothing to do, then to provide the API key and the secret. These are two sets of random characters and numbers, which you provide most likely to a telegram bot. This enables telegram to connect to BitMEX and Binance and transfer the needed information to buy and sell.
So we know now, that the Binance / Bitmex Auto traders are all based on an API connection to your Binance/Bitmex account. You can generate such an API key within your account settings (they won’t take your key if you have the withdrawal option enabled on it). You can define which abilities the key shall have you pass to signals, so basically, you don’t tick “Withdrawal” and they cannot run with your account funds. Once the key is created, they have access to trigger your account into any trades that are published by their Telegram channel. Building the needed API key is as easy as 1-2-3.
An Auto Trader is not for you…
- …if you are looking for fast money
- …if you want to trade yourself
- …if you are out for getting a “kick”
- …if you want to play in the traded account yourself
- …if you plan this for a short-term
It is crucial for this operation that you provide an API key for a funded account, solely traded by the signals group (you can have multiple accounts with Bitmex, register some more accounts here with discounted fees, thanks!) – if you log in and place your orders, interferences will mess up but still, you should feel comfortable. Crypto trading can be dangerous, and you have to know that you can lose everything. BitMEX signal providers will make use of some leverage, plus most of them trade alts on Bitmex often (where contract prices can be much higher, like on BCH).
These auto traders and the trading concepts behind are made for the long-term vision and should be seen as an investment. You enable professional traders to trade an account for you by paying a fee – that’s the magic behind and if you want to enroll, it is highly suggested, to have at least a few months in mind – there are no overnight riches to be found! Like with any investment, it goes both ways – if you run ETFs for example, you see the account has growth and loss, it comes in waves – it is important to keep up with the big picture and to see it as an experiment. This should not be your retirement fund, more an experimental high-risk option, where you won’t shed a tear once the money is gone.
Crypto Auto Trader Software for Binance
For Binance we found groups that used the following auto trader bots, scripts and apps:
Cornix for Binance
Cornix is an advanced telegram bot, that works on different levels. You can run it semi-automatically for order replication and also for full auto trading. Cornix comes with tons of options for staggered and entries and exits, many pre-set strategies to buy in and sell out. If Cornix is free or not depends on the signal provider and if they pay the fees for you or not. On some providers like Verified Crypto Traders you are all set and can use the bot with all features (depending on your plan). Other groups just use to offer you the Cornix features, but they require an active Cornix membership from your side.
All trading specific criteria can be managed with the bot:
- Amount of account balance at risk for the trade (10% max)
- Entry Price
- Stop Loss
- Limit and Market close positions for quick or predetermined exits
- Cancel and re-enter a stop loss (used to “Bullet Proof” positions and secure profit
- It can also trail the stop loss as the trade progresses and make use of several entry and exit strategies.
Cornix Pricing (on top to the Signal Group Membership fees, if not included)
Profit Trading App
Profit Trading is a very cool freemium app for iOS and Android. It is a cool trading app itself and for a small fee, you can buy extra features, like the ability to connect to a signal provider and to copy their signals with one click. Profit Trading enables signal providers to create a special link, which they can offer along with the signal. If you have the paid add-on, you just click it and have the signal copied into your account.
Many signal providers have chosen proprietary solutions. This means they hired a coder to bridge their signals to your BitMEX or Binance account. These are most often the most convenient solutions for you, as you have no configuration setup to process. You provide only the API key and the secret and the rest is done by the provider. All customers receive the same results. If you choose such a solution, please make sure the provider uses proper risk management as you likely cannot influence it yourself.
Crypto Auto Traders for Binance
(Cornix Bot, Profit Trading App – additional costs)
InfoCrypto is one of the most accurate channels we have listed and they offered manual trading only for a very long time. Due to the high demand, they have now offered the Cornix* and the Profit Trading App solution into their channel.
Binance Auto Trader Example:
Custom Trading Bots
Frankly, tech-wise, I like the bot solution by 4C-Trading the most. For Binance as well as for BitMEX they developed a very nice and strongly field-tested bot solution that works like a charm. However, the bot is used only for bigger coins with the volume fully automatically, as the slippage and poor fill rates with low liquidity coins caused some mess in the past. Since then, these coins are traded semi-automatically and you can choose just to place the order with these coins or market buy them. The coins with bigger liquidity are still done fully automatic if you wish. The bot has lots of features, and while everything can be configured to a pretty high level, it still remains easy and understandable. The menu workflow is clear and the execution flawless (if the market conditions allow).
Binance Auto Trader Example
Universal Crypto Signals
(Cornix Bot – additional costs)
Another highly accurate crypto signals provider for Binance, which provides his signals per Cornix Auto Trader. For this provider, you will need a separate Cornix subscription. Full Automation is recommended, as the signals are sometimes amended, especially stops come often later if the market sentiment changes.
Binance Auto Trader Example:
Fat Pig Signals
(Cornix Bot – additional costs)
Fat Pigs recently joined the Cornix party for a limited amount of members. Only new members have the chance to get their signals copied. With Fat Pig Signals you will need an active Cornix Subscription. As they have very successful signals often on smaller Binance coins, they apparently don’t want to create a pump and dump scenario. If you want to get into the FPS auto-trader programme, you have to get into the line first.
(Custom Bot – Included)
Coin Observatory developed their own custom bot with outstanding results! Not every trade is a winner, but it is surely a winner in the long run. The Coin Observatory guys developed their own great trade replication tool for Binance to copy their trades into your account. This Medium article contains more about their very special auto trader. You can download a sample performance sheet here:
Features of the Bittrex and Binance Auto Trader:
•User-defined exposure, 0.25%-15% of the account per signal.
•Automated Trade Execution:
• Stop Loss
• Profit Take 1/4 of remaining position at each Target
• Trailing stop to the previous target
• Live trade display, with % gain from entry
• Closed trade history with overall gain or loss
• Trailing stop of 8% once T4 is reached.
Crypto Auto Trader Software for BitMEX
BitMEX offers a great API as well. However, trading BitMEX over API won’t help you with overload issues or slippage on altcoin futures. There are basically two options channels are using for auto replication signals to your BitMEX account: Cornix and custom solutions.
Cornix for BitMEX
Cornix for BitMEX is not (yet) an optimal solution. The coding team behind the bot is still ironing out quite a few things. Recently, stops have been placed as limit orders, which was not really really good – but it is fixed now. Right now there are some problems in the order process flow, depending on the chosen strategy. It has still lots of potential, but I think it will take some time.
Custom Solutions for BitMEX
As there are not much alternatives on the market (besides buggy Chrome Add ons, etc.) many signal provider went their own way and coded their own auto trader solution for BitMEX. Most are hands-free solutions, so you just overhand your API key and your secret and let them roll.
Binance and BitMEX Crypto Auto Traders at a Glance
The Top Auto Traders for BitMEX and Binance
This table compares all Signal Providers with Binance and BitMEX Auto Trader Services and shows which technical solution they are using.
|Provider||Trading Style||Cornix||Profit Trading||Custom Solution||Review|
|Universal Crypto Signals||Binance||x||Full Review|
|Fat Pig Signals||Binance||x|
|4-C Trading||Binance||x||Full Review|
Conclusion about Crypto Auto Trader Solutions
Auto Traders and Crypto are yet in an infantile stage it seems. Cornix is a great solution when it comes to Binance but has some steps to go for BitMEX as well. TradingApp is a great solution with a perfectly working app for Binance signals. Proprietary solutions are often a great way to go if the signals and risk management are good. These hands-free solutions shall be seen as a long-term investment and not an overnight-riches solution. Anyone who has held an ETF or other Fund, stocks on and on, knows about the ups and downs of it. Crypto, however, is way more volatile, so you might observe a rollercoaster for your investment.
I would not use auto traders as my retirement fund option, but as my experimental long-term option for sure. There are some great providers in this list, but you have to get out the glass bowl mentality seeing 1-2 month and take 1-2 years instead. Great things can be achieved in this timeframe in Crypto. Another interesting experiment would be to run all of these providers as a kind of fund.