BingX launches spot grid copy trading for 300 cryptocurrencies
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.
BingX has upgraded its Copy Trading solution in order to offer more flexibility to users. The crypto trading platform launched a Spot Grid feature to let anyone execute consistent trading strategies.
Spot Grid Copy Trading 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.
Grid trading is similar to providing liquidity on AMM DEXs
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.
Elvisco Carrington, Public Relations & Communications Director at BingX, said: “We are very excited to launch our Spot Grid Copy Trading Feature. We’ve promised to give our users new cutting-edge features throughout 2022 and we are doing just that. In an industry where innovation is at its peak, it is crucial for BingX to remain competitive by way of innovation. Both our product and marketing teams have been working tirelessly behind this scene to add more value for traders with the spot trading arena being the epicenter. We also understand that being a first mover in the industry comes with several advantages which we hope to capitalize on. Users can look out for more spot trading pairs being listed as well as other new innovative tools from BingX.”
BingX, which has already listed more than 300 spot cryptocurrencies, was founded in 2018 and offers social trading features coupled with access to digital asset, spot, and derivatives trading products.
The company’s US subsidiary has recently received a Money Services Business (MSB) under the Financial Crimes Enforcement Network (FinCEN) of the US Department of Treasury. Being designated a money services provider under FinCEN rules means BingX is now obliged to follow federal AML and Know Your Customer (KYC) regulations.
BingX CA Limited also secured a money service business (MSB) status with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in both FX and cryptocurrency trading. By becoming an authorized MSB, BingX will act in both the United States and Canada under stringent independent annual audit. However, the service is restricted to residents in states where money transmittal licenses (MTLs) are not required.