BitMEX, a cryptocurrency exchange, has launched automated trading bots that may be customized for various trading approaches.
Seychelles-based cryptocurrency exchange BitMex is expanding its offerings with the launch of automated trading bots that enable users to implement customizable strategies for trading.
BitMEX stated in a news release dated October 10 that the tool known as “Trading Bots” is intended to carry out predetermined strategies or respond to indications from the market.
There are two levels of Trading Bots available on the platform: Basic Bots are designed for novice traders and allow automatic trading setup; Advanced Bots are meant for more seasoned users and include a variety of configuration choices, such as time intervals and technical indicators like the Relative Strength Index.
According to BitMEX, its trading bots offer consumers a wide range of trading methods by covering over 200 cryptocurrency contracts. Once a bot is set up, it will trade automatically according to the user’s view of the market.
The exchange further stated that traders have the freedom to modify or disable their bots whenever necessary to account for changes in the market dynamics.
Stephan Lutz, the CEO of BitMEX, remarked that the product launch represents an “exciting step forward at the intersection of cryptocurrency and AI-driven technology.”
Although it’s unclear if the bots use AI, Lutz stressed that they let traders of all skill levels make “data-driven decisions,” which is advantageous.
As previously said, there is ongoing debate on the efficacy of cryptocurrency trading bots. Experts concur that although they can be helpful, ordinary consumers with significant trading experience will likely make money.
Trading bots work best as automation tools for seasoned traders instead of being a quick way for novice users to become wealthy.
