Risk of using an autotrader

Binance

Cryptocoins Exchanges / Binance 38 Views

I lately found an autotrader and was serious about the risks related to this. This autotrader requires you to grant access by means of the Binance Spot buying and selling API.

Withdrawal dangers: I might categorize that is none, as they solely achieve access to create spot orders to buy and promote. I don't assume they might have the ability to just withdraw all funds from my account.

Spot buying and selling risks: I as soon as read a narrative on reddit where someones account was drained simply by trades. I couldn't find the publish, but I feel the trick behind it was to only decide some low volume coin and place orders at a weird spot in the orderbook to make sure that the sufferer buys orders are linked to the attackers promote orders. Nevertheless this trick will never work on Binance as it is going to all the time decide the perfect match when executing spot orders. For instance: If I place a sell order for BTC now at $1000 then it is going to simply discover the very best worth within the order e-book and promote for that (~$20700).

What risks do you guys determine?

Can anybody think of a approach that an account is drained (with the attacker getting away with all the cash)

Ps. This isn't concerning the efficiency of the auto trader otself and whether it is going to be profitable or not.

submitted by /u/Spastische_Eend
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