The cryptocurrency exchange Bybit allows you to access the market and safely stake NFT and BTC coins, as well as trade spot and futures, and you can safely experience something called a grid bot. This is a new feature that has been released recently, and it refers to automated trading. In other words, this function is a strategic trading assistance BOT. However, be careful as it can cause large losses during large price fluctuations.
What is gridbot
Gridbot, a new feature released by Bybit, refers to an automatic trading system. The mechanism is simple; by setting the currency pair to be traded and an arbitrary price range in advance, the virtual currency will be automatically bought and sold within that range, so even beginners can use it. Basically it has the following characteristics: Virtual currencies are highly liquid and cannot withstand violent price movements, so please be careful when setting the upper and lower limit parameters for buy and sell orders.
Corresponding trading pair
Bybit supports BIT/USDT, BTC/USDT, ETH/USDT, XRP/USDT, SOL/USDT, MATIC/USDT, ADA/USDT, LINK/USDT, MANA/USDT, DOT/USDT. When placing an order, you can set it according to the market price. You can also freely specify the timing of the contract. If the price movement is normal, you can expect maximum profit.
Easy to set up
Creating a bot from scratch would require knowledge of programming, but with this grid bot, you can get the system up and running with just a few simple settings. The advantage is that it is easy to set up, even for beginners. Market and limit orders are available, and you can make a profit when the price difference reaches a specified amount.
Strong against range market
The biggest strength of the automated trading system is that it is strong in range markets. Since it is set to buy and sell within a certain price range, if the market is in a range, there will be many trading opportunities and the possibility of making a profit will increase. Customers should be careful about their token positions so as not to incur losses. It is necessary to adjust and analyze the details of the market until settlement is realized.
Weak against trend markets
On the other hand, when you encounter a market that moves in a big one-sided manner, you may lose a lot. Since it is set to buy and sell within a certain price range, there is a risk of losing all of the principal when the strength is clear. Therefore, please do not move the BOT outside the setting of the range.
24 hours automatic trading
Since it is a BOT, once you have finished setting it up, it will trade on its own. You can play or work during that time. Basically, you don’t need to be glued to the trading board and constantly check the price. However, you need to adjust according to the market conditions from time to time.
commission
The fees for transactions made with Gridbots are the same as for physical transactions. There will also be a spot trading fee of 0.1% for both makers and takers, and the same for gridbots. There are no additional fees, so there is no risk.
Copy trading function
Gridbot has a copy trade function. This will be a matter of copying gridbots created by others. Although it is a fairly innovative function, since it is a copy trade of automatic trading, there are copy trades that do not have discretionary eyes, and there are also dangerous ones, so you need to be careful.
Recommended for busy people
The grid bot function and copy trade function are basically functions for those who have work on weekdays and do not have time to look at charts. Therefore, it is a recommended function for those who want to entrust their funds to a professional. However, please note that there is no guarantee that you will earn money.
Recommended for beginners
This grid bot function is recommended for beginners who are not yet familiar with trading. You can also learn from other people how the chart works and what points you should enter, so I recommend it because it is also a study. Of course, grid bots have a better winning rate than beginners.
Introduced at virtual currency exchanges
Gridbot functionality has been widely implemented in crypto exchanges. When you click to buy, it automatically buys and sells, so you don’t have to bother looking at the charts. If you have a solid grasp of the latest market information, you can plan your strategic analysis in advance.
One of the trading methods
Gridbot tools are just one method of trading. There are various other functions such as spot trading, mining, futures trading, defi, etc. Bybit also covers major coins such as Bitcoin. You can use mt4 and there are many categories of indicators, so it is very convenient to use.
How to create a gridbot
Let’s create and use this new feature, a gridbot. First, log in to your account. If you do not have an account, we recommend opening a new one. Please refer to the article below.
You can open the setting screen by selecting the trading bot from the actual item in the upper menu.
There are several types of bots. Choose one and continue creating.
The following is for spot trading BOT. When you open the Manual tab, you can optionally set it. Please make the following settings.
| Specify physical pairs | We will select an arbitrary pair and create a bot. |
| Setting range prices | This is the range setting for trading. It will be specified that you will trade if it is a price range from how much to how much. |
| Specifying Grid Quantity | Grid quantity is the interval at which a trade is made. The narrower the volume, the more often the trade will occur. |
| Setting investment amount | Calculate the set number and set the minimum transaction amount, so please make sure to use more than that amount. |
You will automatically be redirected to your Grid bot page, where you can see your active Grid bots.
FAQ
Many people may not be familiar with Gridbot.
Recommended market prices for using Gridbot
Grid bots generally work better in range markets. When the market becomes trending, it is clearly easier to make profits by trading with discretion in the first place.
What kind of people is it recommended for?
Trading bots are recommended for those who want to reduce the burden of short-term trading. If you are not yet accustomed to virtual currency trading, it is best to use your discretion until you get used to it. This function is recommended for those who mainly trade in the short term and do not want to get stuck on the chart.
Where are the profits reflected?
The profits of the physical trading bot and the savings bot will be reflected in the physical account. Derivatives trading bot earnings are reflected in your derivatives account.
Can Gridbot win?
Gridbot tests your ability to read market prices. This is because the settings change depending on whether it is a trend or a range today. If the reading is wrong, it is natural that you will have to cut your losses. It would be best to get used to some degree of discretion before doing so. Of course, there is no guarantee that you will win as long as it is an investment.
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