Binance has quickly become the world’s leading cryptocurrency exchanges, While the service offers a bit of everything for all kinds of traders, there are always things that can be improved upon. The SmartBinance platform seemingly offers some more advanced trading tools, although users have to share access to their account through an API key.
The Purpose of SmartBinance
Most people flock to Binance because the platform has a solid reputation and offers exposure to hundreds of different coins, tokens, and assets. Its overall trading interface is useful and suits most people’s needs. For those who are looking for more advanced trading tools, the exchange seems to offer some options as well. However, there is always further room for improvements, which is seemingly why SmartBinance was created.
The primary purpose of this platform is to let users create “smart orders”. In doing so, users can place orders which will only be executed when all of their determined thresholds are met. That is a different way of trading cryptocurrencies, tokens, and assets, although it will not necessarily be for everyone either. Moreover, the service claims there are no payments required and no commission is applied to users’ orders, which is something to keep in mind as well.
Among the advanced functionality are features such as setting a dynamic stop-limit, combining take-profit and sot-loss on the same order, et cetera. Several video tutorials and examples can be found on the website, which will provide more information. It is never required to use any of these features for users who simply want to trade cryptocurrencies, but having multiple options at one’s disposal is never a bad thing either. A separate “paid tier” is also available, although it is not required to access the platform.
To access this advanced trading functionality, users will need to share API key access with SmartBinance. That is not necessarily a problem, assuming users ensure these keys do not give the third-party service access to withdraw funds from Binance. While most traders take the necessary precautions to ensure nothing can go awry with their account balance, some novice users need to be aware of which API keys they share and how the permissions are set up accordingly.
The big question with services like these is whether or not they can be trusted. Since SmartBinance will access one’s API keys but can’t necessarily do anything wrong with them, the risks are mitigated somewhat. However, the users are still responsible for creating order conditions, and this service will not necessarily keep people from making major mistakes. It is a different way of trading cryptocurrencies on Binance, although one that may offer some minor advantages to more experienced traders.
Regardless of whether one sees merit in the service, the platform will bring more attention to Binance as an exchange regardless. Since this service only works with that specific platform, it is not unlikely Binance will see its user base grow even further. It is always advised to do one’s own research prior to effectively trusting a platform like this, albeit no real damage can be done if users take the necessary precautions.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.