OKX adds ‘Trailing’ to perfect Spot Grid Trading Bot
The addition of the Trailing feature allows the trading bot to automatically follow the price and move or extend the grid upwards/downwards to continue working with a new range.
OKX has announced the addition of ‘Trailing’ settings to its Spot Grid Trading Bot to address the bot’s limitations in capturing the potential of rising or falling markets.
Spot Grid Trading Bot allows traders to set a manual price range or use a back-tested AI strategy according to which the trading bot will execute automated buys and sells.
‘Trailing’ allows the trading bot to follow the price and move or extend the grid
The original Spot Grid bot works well in a sideways market, buying low and selling high when the price fluctuates within a selected range. However, when the price exceeds the upper or lower limit of the grid, the bot stops trading and becomes idle until the price returns to the trading range. This limits the potential of rising/falling markets, which makes the Trailing feature necessary.
The addition of the Trailing feature allows the trading bot to automatically follow the price and move or extend the grid upwards/downwards to continue working with a new range.
The Trailing Up option moves the entire grid up at a time when the price crosses the upper price limit, while the Trailing Down option extends the entire grid downwards when the price falls below the lower price limit.
The Trailing feature allows traders to capture the potential of a market beyond the previously selected range. The new feature enables traders to automatically adjust the grid range to capture gains while minimizing risks. As a result, it reduces the risks associated with missing out on potential gains due to a rapidly rising or falling market.
The Trailing setting can be customized to fit each user’s trading strategy, allowing them to set a price limit. Additionally, the Spot Grid bot automates the buying and selling process.
OKX to open office in Türkiye, enters Hong Kong, leaves Canada
OKX has announced plans to open an office in Türkiye. The second-largest crypto platform by trading volume is determined to expand into Türkiye as it believes in the country’s potential for Web3 and blockchain innovation.
The firm offers self-custody solutions including the Web3-compatible OKX Wallet, which allows users greater control of their assets while expanding access to DEXs, NFT marketplaces, DeFi, GameFi, and thousands of dApps. The platform also publishes its Proof of Reserves on a monthly basis.
In March, OKX announced it has set up a Hong Kong entity for launching virtual asset services in Hong Kong with the goal of applying for the virtual asset service provider (VASP) license as well as the Type 1 & 7 licenses under the Securities and Futures Ordinance.
Hong Kong’s VASP license, under the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022, is scheduled to take effect on 1 June 2023.
The exchange formerly known as OKEx informed its Canadian users that it would cease operations and no longer be accepting new customers effective March 24, 2023. The industry’s giant seemingly opted to pull out of Canada, rather than comply with securities law or face regulatory scrutiny.
OKX described its decision to quit Canada as “temporary” and that it’s working with the nation’s regulators to solve the issue. Aux Cayes Fintech Co. Ltd., which operates the OKX platform, was under fire from a Canadian provincial regulator for allegedly violating Ontario securities law. This came at a time when major crypto players come under greater scrutiny after the stunning implosion of the erstwhile second-largest global crypto exchange FTX.
