The new automatic trading tools will be available from November 20, 2024.
Trading bots optimize cryptocurrency operations and reduce human intervention.
Binance, the exchange largest cryptocurrency exchange in the world, announced that from November 20, 2024 it will incorporate new pairs of tokens commercials and the enablement of trading bot services on its Spot platform.
Among the new listed pairs, Binance will add trading options trading for some of the memecoins most popular of the moment based on Solana (SOL), such as ACT and PNUT. As of November 20, the following trading pairs are available:
- ACT/BRL and ACT/EUR: ACT is the ticker or quote code of the token “Act I: The AI Prophecy”, a memecoin based in Solana. The pairs indicate their price against the Brazilian real (BRL) and the euro (EUR), respectively.
- PNUT/BRL and PNUT/EUR: PNUT refers to “Peanut the Squirrel”, a memecoin developed in Solana. These pairs show their price against the Brazilian real and the euro.
- CATI/USDC: CATI is the token by Catizen, a Telegram mini game based on The Open Network (TON). This pair shows its price against the stablecoin USDC, pegged to the US dollar.
- ETH/EURI: ETH represents ether, Ethereum’s native token, one of the main cryptocurrencies by market capitalization and EURI is a stablecoin linked to the euro.
- LUMIA/TRY: LUMIA is the token native to Lumia Chain, a first layer network. This pair indicates its price against the Turkish lira (TRY).
Additionally, for these mentioned pairs, Binance incorporated the option to execute algorithmic orders (Spot Algo Orders).
This algorithmic tool automates order execution according to specific rules defined by the user. In turn, these algorithms monitor market conditions such as order book depth, volatility, and volume patterns. Based on this data, they adjust operations.
These orders are especially useful in markets with high volatility or low liquidity, as they can minimize the impact of large transactions on prices and improve trading efficiency.
Binance adds automated trading for Cardano, Dogecoin and XRP on USDC
In addition, the exchange will enable automated Spot Grid and Spot DCA tools for some pairs of the largest market cap cryptocurrencies, such as Cardano (ADA), Dogecoin (DOGE), and XRP (XRP), as well as SUI, token native to the Sui first layer network.
These new pairs incorporated into the trading tools are: ADA/USDC, DOGE/USDC, XRP/USDC and SUI/USDC.
Spot Grid automates the purchase and sale of an asset within a predefined price range. The goal is to buy when prices fall and sell when they rise, capturing profits from market swings.
For its part, Spot DCA allows you to make operations with the strategy “dollar cost averaging”, which consists of investing a fixed amount of money periodically and automatically in an asset, regardless of its price.
Your goal is average a low purchase price in relation to the current price of the asset. Thus, users could reduce the impact of volatility.
What are trading bots and how do they work?
Trading bot services, such as Spot Grid and Spot DCA, offer automated strategies that aim to optimize or reduce human intervention when buying and selling financial assets.
They execute buy and sell order strategies predefined by users or default settings. These bots They are designed to operate continuously, following specific rules to reduce human intervention.
In turn, they work through algorithms that analyze the market in real time and make decisions based on patterns, technical indicators, or configured strategies.
Depending on the type of botthey can perform tasks such as price tracking, monitor market fluctuations to act at opportune times, or use indicators such as moving averages, support and resistance levels to make decisions.
In this way, starting today, November 20, 2024, users will have more options to automatically operate with cryptocurrencies.
