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BingX Introduces Spot Grid Copy Trading to Traders Execute Automatic Trading Str...

 3 years ago
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Making Copy Trading Easy for Traders

BingX, a premier crypto social trading platform has added a new Spot Grid Copy Trading tool to its platform allowing crypto traders to execute automatic copy trading strategies. The strategy combines the advantages of Grid Copy trading, employing professional traders' strategies to profit from crypto asset volatility. Grid trading works similarly to providing liquidity on AMM DEXs in that it sets up gradual buy and sell orders in a predefined price range. Users can profit reliably from price variations as long as the price oscillates inside the band.

Professional traders build the strategies, which BingX then scrutinizes. The inventor of the plan will receive up to 8% of the revenues of the followers, incentivizing them to be as efficient and productive as possible. Users can choose from a variety of methods, which can be compared based on investment amounts, past returns, expected annualized returns, and other factors.

Spot Grid Copy Trading is very useful for new crypto users because it is simple to set up and forget. In a flat range market like the one in early 2022, constant income can be extremely important.

Over 300 spot cryptocurrencies have already been listed on BingX, including Ape Coin, Chainlink, Shakita, STAKE, CVX, and IDEX, with plans in the works to improve the spot investment experience for customers.

The Rise of Social Trading Platforms

The Rise of Social Trading Platforms

What is Crypto Spot Trading?

Spot trading entails buying and selling financial products and commodities such as cryptocurrency, FX, stocks, and bonds on the spot market without any leverage. The asset is frequently delivered right away based upon the type of asset. Spot trading takes place in transfer-based or over-the-counter spot markets (directly between traders). There happens to be no leveraged or limit while trading on spot markets; you can only employ resources or assets that you possess.

In order to make trading easier, centralized exchanges for spot trading handle compliance requirements, privacy, custody, and other elements. Exchanges receive transaction costs in return for the services. On the other hand, decentralized exchanges use blockchain smart contracts to provide a comparable function.

Spot traders aim to thrive in the industry by buying assets and expecting that their value will grow. When the value of their assets rises, traders can trade them on the spot market for a profit.

One can buy or sell their shares at the current best spot price via a market order on an exchange. There’s no assurance that the market price won’t alter while your transaction is being processed. There may possibly be insufficient supply to fulfil your purchase at the desired pricing.

Spot prices are continuously updated and fluctuate when orders are filled. Spot trading over-the-counter operates differently. You can get a specified sum and price from some other party outside of an order book.

Understanding the Crypto Spot Market

Understanding the Crypto Spot Market

Based on the asset, delivery can be quick or take up to T+2 days. The trading date plus two business days is referred to as T+2. Physical certificates were needed for the transfer of shares and equities in the past. Originally, currencies were exchanged via physical cash, wire, or deposit in the foreign exchange market. With today’s computerized methods, delivery is nearly instantaneous. On the other hand, Crypto markets are open 24 hours a day, seven days a week, allowing for almost rapid exchanges. On the other hand, peer-to-peer or over-the-counter trade can take more time to deliver.

What is BingX?

BingX is a worldwide digital asset, spot, and derivatives trading platform that offers a user-centric and open environment with easy social trading features. It was founded in 2018. BingX is a safe, dependable, and user-friendly platform for users to trade their preferred assets. It was created to benefit the entire cryptocurrency industry.

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Image credits: Austin Distel and Jeremy Bezanger.

The content of this story DO NOT represent the views of HackerNoon and are meant as information only from the lens of the independent contributor. Please DYOR before investing.


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