BitMEX rolls out customizable bots for predefined trading strategies

Crypto exchange BitMEX has introduced automated trading bots with customizable options for different trading strategies.

Seychelles-based cryptocurrency exchange BitMEX is expanding its offerings with the launch of automated trading bots that enable users to implement customizable strategies for trading.

In an Oct. 10 press release shared with crypto.news, BitMEX said that the so-called “Trading Bots” tool is designed to implement predefined strategies or react to market signals.

The platform provides two tiers of Trading Bots: Basic Bots, intended for new traders, enable automated trading setup, while Advanced Bots cater to more experienced users, offering a range of configuration options, including time intervals and technical indicators like the Relative Strength Index.

You might also like: Best crypto trading bots for beginners in 2024

BitMEX says its trading bots cover a broad spectrum of over 200 crypto contracts, providing users with a diverse array of trading strategies. Once a bot is configured, it will automatically execute trades based on the user’s market outlook. Traders have the flexibility to adjust or deactivate their bots at any time, accommodating shifts in market dynamics, the exchange added.

Commenting on the product launch, BitMEX chief executive Stephan Lutz said it marks an “exciting step forward at the intersection of cryptocurrency and AI-driven technology.” While it’s unclear if the bots utilize artificial intelligence, Lutz emphasized that they facilitate “data-driven decision-making,” benefiting even beginner traders.

As crypto.news previously explained, the effectiveness of crypto trading bots remains a controversial topic. Experts agree that while they can be beneficial, average users are unlikely to profit without substantial trading knowledge. Most effectively, trading bots serve as automation tools for skilled traders rather than a quick path to riches for inexperienced users.

Read more: BitMEX unveils new basket index tied to major meme coins

Source