BingX launches crypto platform in Germany

Rick Steves

BingX has expanded operations into Germany, following the opening of its Lithuania office in April, said the social trading exchange offering USDC options. 

German business цonfidence

The firm sees Germany as a strategic market as penetration and rapid growth in adoption of digital assets have not gone unnoticed.

According to data shared by BingX, as of 2021, approximately 2.6% of Germans have used or are using cryptocurrency and 44% of Germans are interested in investing in crypto.

BingX plans to expand into other European markets

Elvisco Carrington, PR & Communications Director at BingX, said: “Considering the growing adoption in Germany, BingX has decided to strategically expand into this market and support users in making crypto trading easy through our social trading platform. We will continue to expand into other European markets in due course”.

While BingX prepares further expansion to neighbour markets, the newly launched German operation will add resources to support its new users, enabling them to buy, sell and trade cryptocurrencies on the BingX platform.

BingX will also work on adding German, the native language of the country, to the platform. In the meantime, German clients can benefit from the platform’s community of users spread across the world.

With a second office now in Europe, BingX is committed to developing and building an open, inclusive, high-net-worth cryptocurrency investment market to serve investors around the world.

BingX added institutional liquidity and copy trading

BingX has recently opened access to WOO Network’s institutional liquidity solution, Wootrade, so that users can benefit from the deep liquidity pools on main pairs.

The partnership will have the Wootrade Network to act as a key liquidity support for BingX traders, who can easily “plug into” the network and access a rapidly growing list of assets with a peak daily trading volume of over $600 million.

BingX has added access to more than 300 new spot trading pairs and the number is expected to grow during this quarter and the next. The partnership with Woo Network is set to expand to further develop a more satisfying trading haven that yields profitability and offers more value to users.

The crypto exchange also upgraded its Copy Trading solution in order to offer more flexibility to users with the launch of a Spot Grid feature, which combines the benefits of Grid trading with that of Copy trading, using strategies from professional traders to earn money from crypto asset volatility.

Grid trading is similar to providing liquidity on AMM DEXs, as it sets up gradual buy and sell orders in a defined range of prices. As long as the price oscillates within the band, users can make reliable profit from these fluctuations.

The strategies are created by professional traders going through strict screening by BingX. Up to 8% of the followers’ profits will be given to the creator of the strategy, incentivizing them to be as efficient and effective as possible. Users are presented with a choice of multiple strategies, which can be evaluated by investment amounts, past returns, projected annualized returns and many more.

For new crypto users, the Spot Grid Copy Trading is particularly valuable as it’s fire and forget and easy to set up. The consistent income can be incredibly valuable, especially in a flat ranging market like that of early 2022.

Read this next

Institutional FX

NYSE and Tel Aviv Stock Exchange to promote dual listings

“This major step is intended to foster collaborations between the two exchanges and to encourage the dual listing of Israeli companies in their home market and on the NYSE.”

Technology

TT’s KRM22 selected as risk technology partner of Chicago-based RCM

“Broad product coverage and effective risk analytics performance are essential to proper implementation of risk management and risk analysis.”

Industry News

DXtrade FX/ CFD Platform Integrated with Your Bourse for Turnkey Liquidity

DXtrade brokers received access to 30+ major banks and Tier 2 liquidity providers with Your Bourse.

Executive Moves

Wave hires Harumi Urata-Thompson as CFO of SEC-regulated crypto investment company

“With extensive experience leading teams across both the traditional finance and digital asset sectors, Harumi is well-equipped to provide our team with the immediate strategic insights needed to optimize our financial operations. She is a fantastic addition to our team as we continue to strengthen our position as one of the leading digital asset managers and to deliver sophisticated financial services to our clients.”

Retail FX

TRADE.com enters United States as brokerage obtains license from FINRA

“We intend to be fully operational as a brokerage house in the U.S. by the end of H1 2023 and look forward to forging long term relationships with new business partners and clients.”

Technology

Pico launches Corvil Cloud Analytics as trading industry moves into cloud

“Since Corvil Cloud Analytics is software only, this accelerates our deployments and also provides an expedited avenue for proof-of-concept use cases. It’s now easier than ever for clients to access the platform so they can see firsthand what makes Corvil an industry leader in data analytics.”

Executive Moves

Finalto recruits Antony Parsons as head of liquidity

Finalto, the financial trading division of Gopher Investments, is making a broader push into the liquidity provision space, culminating in a new appointment focused on expanding the business into new markets.

Digital Assets

Huobi introduces Tether’s stablecoins pegged to euro, gold

Huobi, the world’s sixth-largest crypto exchange by trading volume, is set to introduce for its clients two stablecoins representing ownership of physical gold and Euro-pegged tokens.

Retail FX

Saxo Bank reports lackluster volumes for November; FX up 40% YoY

FX trading volumes through Saxo Bank’s platforms improved slightly in November, extending its volatile curve as investors continued to weigh central banks’ policy against concerns over a global economic slowdown.

<