Cryptocurrency exchange, Bitget has launched position grids, a trading tool to enable users take advantage of market fluctuations in a bid to scale up activities.
In a recent press release, the exchange announced the integration of its trading tools to aid all users including helping low-capacity traders minimize their losses.
🚀 3..2..1.. The position grid has officially launched!
🎁 Take this opportunity and grab a share of the 30,000 BGB prize pool.
📅 Nov 17, 6 PM – Nov 24, 6 PM (UTC+8)
— Bitget (@bitgetglobal) November 17, 2023
Position grids can be described as bots utilized on futures and spot markets that automate buying and selling within a system-determined price range to benefit users.
Gracy Chen Bitget’s Managing Director said the move shows determination to carry along traders on different experience levels as they get introduced to the market.
“With the introduction of Position Grids, Bitget reaffirms its commitment to providing innovative tools for traders at all levels. This feature marks a significant step forward in enhancing the trading experience, aligning with our vision of making crypto trading accessible, and providing everyone a smarter way to trade.”
Over the years, several research papers have placed the technicalities of blockchain technology and crypto trading as reasons for slow adoption among potential users leading to executives creating more awareness. It should also be noted multiple companies have launched tools to make trading easy as part of wider efforts to drive adoption and protect investors.
According to the statement, Bitget’s position grids will intelligently suggest parameters based on present and past prices forming a price range while offering flexible use of assets on the exchange.
It is suited for fluctuating bull markets because of its range-bound functionality but the company warns that losses can be recorded during bear markets adding that it is designed to keep users one step ahead of the market.
Bitget upgrades as competition thickens
Per the statement, the new integration would improve the quality of assets for users who are indecisive about the right trading pair. It also removes issues of emotional entries as can be seen in some traders’ sentiments without adequate research.
Other highlighted advantages include low investment risk and entry barrier and an extended investment cycle with high liquidity without suffering losses from withdrawals.
The exchange looks to expand its operations and get more users amid tough competition from rival exchanges. This year, market leader Binance has recorded plunging figures due to the wider market downturn and regulatory challenges plunging its market share for consecutive months.
It has been reported that Bitget’s wallet will soon be introduced to the Turkish market as the country’s crypto adoption surges amid growing inflation.
Bitget has also faced challenges in recent times with the decision to leave Hong Kong abandoning plans of obtaining a licence and has announced a closure of business on Dec 13.