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Creating A Copy Trader On Binance Using the Websocket API
As a copy trader, you’ll need to monitor the market and execute trades automatically. One of the most effective ways to achieve this is by leveraging the websocket API provided by Binance. However, navigating through the documentation can be overwhelming for beginners.
In this article, we’ll break down the key steps to create a simple copy trader on Binance using their websocket API. We’ll cover the essential topics and provide a step-by-step guide to get you started.
Understanding The Websocket API
The websocket API allows you to establish a two-way Communication Channel with Binance. It provides real-time updates, enabling your copy trader to react quickly to market Changes.
To start, you need to have:
- A Binance Account and registered for the Websocket API.
- Familiarity with JavaScript Programming Language.
Setting up the Websocket Connection
Create a new file named index.js in your project directory and add the following code:
`JavaScript
Const Socket = Require ('WS');
Const WSS = New Ws.Server ({Port: 8090});
wss.on ('connection', (ws) => {
console.log ('client connected');
// Handle Incoming Messages From Main Account
ws.on ('message', (message) => {
if (message.startswith ('mainaccount')) {
Const order = message.split (':') [1];
// Execute Trade based on the received order ID
Executetrade (Orderid);
}
});
});
wss.listen (8090, () => {
console.log (Websocket Server Listening on Port 8090);
});
This code sets up a websocket server with an address of ws: // Localhost: 8090. The ws.on ('Connection') Event Listener is triggered when a new client connects. When the message starts with 'mainaccount', it extracts the order id from the message and calls theExecutrade function.
Sending Updates to the Main Account
To receive updates from the main account, you need to establish a connection using the websocket API. Create Another File namedWebsocket.jsand Add the Following Code:
JavaScript
const socket = new ws.client ({
Host: 'Localhost',
Port: 8090,
});
socket.on ('Connect', () => {
console.log ('Connected to Main Account Websocket');
});
// Send Updates to the Main Account
socket.write (Mainaccount $ {Orderid});
This code establishes a websocket connection with the main account and sends an update with the order ID.
putting it all together
Create a new file named Copytrader.js and add the following code:
`JavaScript
Const Socket = Require ('./ Websocket');
Const Binanceapa = Require ('Binance-API');
// Set Up Binance API Credentials
Const apikey = 'your_api_key';
const apisecret = 'your_api_secret';
// Create a New Binance API Client
Const apical = New Binanceapi ({
APIEY: APIEY,
apisecret: apisecret,
});
// Function to Execute Trades
Function Executetrade (Orderid) {
// call the copy trader function here
console.log (Executing Trade $ {Orderid});
}
// Main loop
Setinterval (() => {
socket.emit ('Message',Mainaccount $ {Orderid});
}, 1000); // update every second
This code imports the necessary modules, sets up Binance API Credentials, and defines a ‘copytrader’ function that executes trades. The main loop uses the websocket connection to serve updates to the main account.
running the application
To run the application, navigate to your project directory and execute the following commands:
`Bash
node index.js
`
This will start the websocket server on port 8090. You can then test the copy trader by sending an update to the main account using a tool like curl or a trading platform.
Conclusion
Creating a simple copy trader on Binance using their websocket API requirements some technical knowledge and setup.
