BingX Introduces Spot Grid Copy Trading to Traders Executing Auto-Trading Strategies
Making Copy Trading Easy for Traders
BingX, a leading crypto social trading platform, has added a new Spot Grid Copy Trading tool to its platform allowing crypto traders to execute auto copy trading strategies. The strategy combines the advantages of Grid Copy trading, using the strategies of professional traders to profit from the volatility of crypto assets. Grid trading works similarly to providing liquidity on DEX AMMs in that it sets incremental buy and sell orders within a predefined price range. Users can reliably profit from price changes as long as the price oscillates within the band.
Professional traders design the strategies, which BingX then reviews. The inventor of the plan will receive up to 8% of subscribers’ earnings, 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 and forget. In a fixed-range market like the one in early 2022, consistent 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 underway to improve the spot investing experience for customers.
What is Crypto Spot Trading?
Spot trading involves the buying and selling of financial products and commodities such as cryptocurrency, currencies, stocks, and bonds in the spot market without any leverage. The asset is often delivered immediately depending on the type of asset. Spot transactions take place in cash markets based on transfers or over-the-counter (directly between traders). There happens to be no leverage or limit when trading the spot markets; you can only use resources or assets that you own.
In order to facilitate trading, centralized exchanges for spot trading handle compliance requirements, privacy, custody, and other elements. Exchanges receive transaction costs in exchange 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 their value to rise. When the value of their assets increases, traders can trade them in the spot market for a profit.
One can buy or sell his shares at the best current spot price via a market order on an exchange. There is no guarantee that the market price will not change while your transaction is being processed. There may be insufficient supply to complete your purchase at the desired price.
Spot prices are continuously updated and fluctuate as orders are executed. Over-the-counter spot trading works differently. You can get a specified sum and price from another party outside of an order book.
Depending on the asset, delivery can be fast or take up to T+2 days. The trade date plus two business days is called T+2. Physical certificates were required for the transfer of shares and holdings in the past. Originally, currencies were exchanged via physical cash, electronic transfers or deposits in the foreign exchange market. With today’s computerized methods, delivery is almost instantaneous. On the other hand, Crypto markets are open 24 hours a day, seven days a week, allowing almost fast trading. On the other hand, peer-to-peer or OTC trade may take longer to deliver.
What is BingX?
BingX is a global digital asset, spot, and derivatives trading platform that offers an open, user-centric environment with simple social trading features. It was founded in 2018. BingX is a safe, reliable and user-friendly platform for users to trade their favorite 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 does NOT represent the opinions of HackerNoon and is intended to provide information from the independent contributor’s perspective only. Please DYOR before investing.
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