Image Credit: Datawallet
BitMEX, a cryptocurrency exchange, has implemented automated trading algorithms that can be customized to accommodate various trading strategies
With the introduction of automated trading algorithms, BitMEX, a cryptocurrency exchange headquartered in Seychelles, is broadening its product line to allow users to implement trading strategies tailored to their preferences.
BitMEX stated in a press release distributed to crypto.news on October 10 that the “Trading Bots” utility is intended to execute predetermined strategies or respond to market signals.
The platform offers two levels of Trading Bots: Basic Bots, which are designed for new traders, facilitate automated trading setup, while Advanced Bots are designed for more experienced users and provide a variety of configuration options, such as time intervals and technical indicators such as the Relative Strength Index.
BitMEX asserts that its trading bots encompass a wide range of more than 200 crypto contracts, offering consumers diverse trading strategies.
Once a bot is configured, it will implement trades automatically by the user’s market outlook. The exchange also stated that traders can modify or deactivate their algorithms at any time to accommodate changes in market dynamics.
Stephan Lutz, the CEO of BitMEX, addressed the product introduction, stating that it represents a “exciting advancement at the intersection of AI-driven technology and cryptocurrency.”
Although it is uncertain whether the algorithms employ artificial intelligence, Lutz underscored that they enable “data-driven decision-making,” which is advantageous to novice traders.
The efficacy of crypto trading algorithms continues to be a contentious issue, as previously explained by crypto.news.
According to experts, it is unlikely that average users will profit without a significant amount of trading knowledge despite the potential benefits.
Trading bots are most effective when used as automation tools by expert traders rather than as a rapid route to wealth for inexperienced users.
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