Bybit launches AI-powered trading tool TradeGPT
Singapore-based cryptocurrency exchange Bybit has introduced “TradeGPT,” a new AI-powered trading tool that leverages the ChatGPT language model along with real-time data from the Bybit platform. This innovative assistant is designed to simplify access to updated market analyses and provide clear answers to user questions in multiple languages.
Unlike ChatGPT, which doesn’t have access to real-time data and was last updated in September 2021, TradeGPT utilizes Bybit’s market data, trading analytics, and technical analysis tools. This allows Bybit users to access real-time market analysis, receive answers to their questions in multiple languages, and receive guidance on Web3 opportunities. TradeGPT can also offer market strategies and recommend suitable products based on the strategies being discussed.
Bybit unveiled ToolsGPT in June, revealing that it combines ChatGPT’s language capabilities with Bybit’s market data to offer technical analysis, price metrics, and personalized responses to user inquiries. The tool is free to use for all users and can analyze the price trends of various cryptocurrencies, including Bitcoin and Ether, while considering technical and historical indicators.
Vivien Fang, head of financial products at Bybit, said that ToolsGPT was developed to offer essential financial education and guidance, particularly to newcomers entering the cryptocurrency ecosystem without prior financial knowledge.
“Our analysts and tech team created ToolsGPT to provide the financial education and mentorship that is sorely needed in our hyper-financialized world. Essentially, we built the tool that we all wished we had when we began our careers in financial engineering and trading. We’re proud to offer this for free as part of our mission to become the world’s Crypto Ark,” Fang added.
“By integrating ChatGPT into Bybit Tools, we are able to provide users with more comprehensive information when making their decisions. ToolsGPT is a testament to our commitment to empowering traders with advanced tools and insights,” said Bybit’s CEO Ben Zhou.
Bybit also launched in April an AI-powered engine that provides personalized trading recommendations and strategies to users based on their unique trading habits and preferences.
Dubbed ‘Tools Discovery,” the new tool uses machine learning algorithms to analyze market data and identify potential trading opportunities. Traders can customize their strategies and receive alerts when specific trading conditions are met. By analyzing back tested data, the algorithm can suggest strategies that respond to current market conditions, taking the emotion out of trading and enabling users to make data-driven decisions tailored to their unique profile.