Crypto exchange ByBit has launched a new futures trading bot to help traders reduce the risk and price volatility when trading the futures market.
Details of The Bybit Futures Grid Bot
The Bybit Futures Grid Bot uses an automated mechanism. It sells futures contracts when the price is above entry and buys when below. With this, users can profit from price volatility without actively managing their positions. According to ByBit, this “provides a safer and more assured operating environment for those seeking to experience and learn about futures.”
Furthermore, the Futures Grid Bot supports the use of leverage and utilizes ByBit’s industry leading liquidity depth, which can help reduce slippage. The Futures Grid Bot is currently in phase one so as to get users familiar with the functionality and operation of the Bot. Phase two, which will launch later, will have some more advanced tools and features to further boost the needs and confidence levels of advanced traders.
As ByBit stated in a press release, the Futures Grid Bot is explicitly designed for high-performing traders seeking more innovative and perceptive trading through automation. In addition, Bill Xing, head of financial products at Bybit, noted, “Our Futures Grid Bot is part of our continuous efforts to simplify trading for our customers and accelerate the use of automation and AI.”
Xing added saying the Bot is a core element of the company’s mission to balance the playing field and democratize financial services. It is a “perfect example of our trademark philosophy – innovation through iteration,” Xing concluded.
ByBit’s Stance In The Crypto Industry: Automation and AI Tools
Notably, the launch of the ByBit’s Futures Grid Bot comes after the crypto exchange launched a Spot Grid Bot and DCA Bot earlier this year. According to the crypto exchange, “Automation and AI are key elements of its larger plans to disrupt the status quo and allow easy and assured access to sophisticated trading environments for everyone.”
While the crypto exchange is launching more trading tools to help its users, Bybit CEO Ben Zhou has continued to preach its belief of being bullish on the future of crypto. As reported by Blockchain Reporter, Zhou sees “weaknesses in Traditional Finance” as a catalyst for a bullish crypto outlook.