BingX taps WOO Network’s institutional liquidity solution for 300+ crypto spot pairs
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.
BingX has announced that its users will be able to freely access WOO Network’s institutional liquidity solution, Wootrade, in order to 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.
Market transparency, price execution, lower spreads
Ran Yi, Chief of Ecosystem Development at WOO Network, said: “WOO Network is excited to explore providing liquidity to BingX, a platform that plays a very innovative role in bringing crypto-asset trading to the global stage. BingX’s focus on compliance and security makes them an ideal partner to develop new markets and bring more volume to our network”
Elvisco Carrington, Global Communications Director at BingX, commented: “Recently, we’ve been adding several coins on our platform which we are happy to say has led to a spike in our daily average trading volume. That being said, it is critical that liquidity becomes a frontrunner at this juncture. BingX is continuously working to create a trading environment that minimises market volatility as much as possible. By partnering with Woo Network, we are confident that we are better able to achieve this goal.”
Deeper liquidity on BingX is expected to bolster investor confidence and improve the overall trading experience as well as an increase in order books for investors. This means more market transparency and better price execution, thus reducing the cost of trading.
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.
BingX launched Spot Grid feature
The crypto exchange has recently 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.