In an effort towards allowing users gain from price movements, popular crypto exchange, Poloniex, has launched its futures grid trading tool. The crypto exchange announced the development in its Thursday blog post. In the announcement, the exchange said the new tool will further allow users to deploy the grid bot on a wide range of futures perpetual contracts.
Meanwhile, grid trading runs as one of the strategic trading tools that help to automate buying or selling of futures contracts at predetermined intervals and price range. Further, the grid tool is designed to automatically buy low and sell high. With this, users maximize profits amidst the volatility in the crypto sphere.
According to Poloniex, the tool allows users to set grid parameters, thereby determining its lower and upper prices as well as the number of grids. Notably, the system is expected to automatically buys or sells orders at present prices after the successful creation of the grid. Meanwhile, the crypto exchange did not disclose the fee structure of the new tool. But it maintained that the fee structure is similar to that of regular futures trades, promising not to apply extra charges.
Launching of Earn Program by Poloniex
Worthy of note that the launch of this grid trading comes barely a week after it launched its Earn program. Notably, the Earn program manifested so as to help users increase the returns on their crypto holdings. According to Poloniex, the program enables its users to access a suite of cryptocurrency investment products. Further, it reportedly offers high-yield investment opportunities, allowing users to grow their crypto holdings passively.
Over time, Poloniex has been unrelenting in its quest to achieve global presence. Recently, it engages in strategic partnership with Huobi, a fellow crypto exchange. Notably, the collaboration will allow both firms to work together on multiple fronts. These fronts include ecosystem expansion, project cooperation, liquidity support and global compliance. Since a month ago, Huobi Advisory Board has been assessing all Poloniex-based projects. Remarkably, Huobi plans to launch any of the projects that stand out on its network to further reach more users.
Last November, Poloniex also launched the beta version of cross margin trading. According to findings, this trading beta allows users to trade cross margin with spot accounts. This thus helps to bring the user experience to the next level. The crypto exchange plans to continuously launch more tools capable of aiding users in the nearest future.
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