WhiteBIT Introduces New Spot Trading Bots For UK Crypto Users

WhiteBIT cryptocurrency exchange has introduced two new automated trading solutions for the UK. The platform launched its Spot Grid Bot and Martingale (DCA) Bot to expand on the spot trading features.

WhiteBIT Gains Major Breakthrough In UK

The new tools enable traders to automate trading strategies while maintaining control of important parameters. For traders, they are able to adjust parameters throughout a trading cycle. When they make changes they don’t have to let go of current employees.

This strategy is part of the trend of automated trading solutions becoming increasingly popular on global markets. For context, today, traders are seeking tools that can enhance execution, boost their efficiency, and respond swiftly to price changes, WhiteBIT believes.

The bots were developed based on these changing trading behavior, WhiteBIT said. The company also noted that the digital asset industry’s focus on automation continues to grow.

This represents a major launch in the UK market. Crypto derivatives are banned from retail investors in the country. The Financial Conduct Authority announced its decision to prohibit crypto derivatives (such as futures, options and CFDs) from being sold to retail consumers. This has made spot trading the major channel for retail users to be able to access digital assets.

WhiteBIT’s new tools are based on spot market strategies in the crypto exchange. The Spot Grid Bot is built to go after markets trading in a price range. It employs automated buy and sell levels depending on the traders’ parameters.

The Martingale (DCA) Bot works in a different manner. It’s intended for individuals who anticipate rebounding prices. The bot makes more purchases when the price of the product drops according to the strategy defined.

Both however come with risks. Unexpected market conditions can lead to losses from automated systems. The past performance of any product and/or any backtest does not ensure future performance.

How Is The UK Crypto Market Performing?

WhiteBIT also highlighted crucial the UK crypto market updates. The FCA’s research revealed that the number of crypto holders in the country has dropped from approximately 7 million to 4.5 million in the past year. Meanwhile, the average holding grew, suggesting that the value of investments among those who remained increased.

The data also revealed that centralised exchanges are still the primary source of access for UK crypto users, surpassing decentralised exchanges. They increased by 4% year-over-year: 73% of crypto users are using them.

The new update by WhiteBIT comes at a time when traders are demanding flexible trading solutions. The exchange will give traders greater flexibility in the management of their spot market strategies, while keeping an eye on their open positions.