Intro to BmyBit
BmyBit is an automated trading system that allows users to create trading strategies within a web3.0 non-custodial environment that buys and sells digital currencies for a profit based on specific parameters chosen by the trader. Initially launched in 2015, BmyBit has undergone several years of development and has evolved into a secure and decentralized system, allowing users to control their funds while also benefiting from a transparent environment.
What makes BmyBit genuinely unique is that it is fully customizable by the user.
Learn more about the BmyBit trading bot on our Documentation.
What is Automated Trading?
Automated trading, commonly referred to as algorithmic or black-box trading, is the use of specific computer programs that define a set of instructions or rules (algorithms) that will be placed and followed on an exchange, that will establish both trade entries and exits and will be executed automatically via the program at market times.
This removes the human emotional side of trading and results in more precise trade execution, using predetermined entries, exits, and money management rules that will be executed automatically based on changes in the market price. Additionally, in theory, if executed correctly, an algorithm can generate more significant profits at quicker time intervals that are generally impossible from a manual execution.
Adding automation to trades has been predominant in the crypto industry since the early days, being valued at around $12,143 million in 2020, and projected to grow to $31,494 million by 2028, forecasting a compound annual growth rate of around 12.7% between 2021-2028. This has been driven by the increase in the popularity of automation within the cryptocurrency industry.
With centralized exchanges (CEX) dominating the industry over the last decade, crypto bots have increased the demand and volume of trades on these exchanges. Therefore, this has resulted in CEXs offering partnerships to brokers that provide services with an easier-to-manage B2C acquisition channel. This is usually done through a rebate on all trading fees triggered by the broker on behalf of its customers.
There are two main broker categories:
Custodial - where the broker has full access and permission over the traded funds.
Non-custodial - where the broker does not have full access to the funds and is often restricted to just some permissions such as intra-exchange or read balance and transaction history only.
Even though, in theory, non-custodial trading sounds safer, it can have its risk, as seen in the past with scams or non-trustworthy companies that scammed traders for millions of dollars. Furthermore, as permission to access users' funds is given via API keys, certain restrictions must be put in place, such as limiting the withdrawal permissions of a crypto trading bot and keeping the funds safe.
The Yanda protocol, and the Bmybit platform, have been devoted to enhancing the data legitimacy of transactions executed by the brokers’ software and avoiding frauds going unnoticed by creating a transparent and trustworthy ecosystem.
How Yanda started off as an automated bot for trading
Yanda started its operations in 2018 as an automated trading broker under the name of Bmybit. That has since remained the name of the trading platform, while the protocol has evolved and is now focused on Hybrid Finance (HyFi), making Yanda the first broker to switch to service the ecosystem. Since its launch, the platform has executed thousands of successful transactions as part of trading systems entirely run by crypto-traders. Learn more about the Yanda Protocol.
Brokers have the responsibility of executing transactions automatically on behalf of traders. Still, from a technical perspective, they use computing power to execute strategies. They, therefore, should be paid at the resolution of each task, as it occurs under Yanda’s protocol’s smart contract.
Bmybit has improved over time, focusing on making a technical and complicated process more efficient and straightforward. For example, users need to connect to Yanda’s smart contract via Metamask wallet to get started and, following that, add their API keys. This process generally would have potential security risks. However, as it’s now done directly via their wallet (Metamask), users remain in total control of their funds.
Watch how to connect your wallet to Yanda 👇
Bmybit allows you to create your investment strategy, building it with specific settings and parameters based on the traders’ preferences. This is currently available both on Binance and on OKX exchanges. In addition, the platform also allows for automated portfolio rebalancing. This parameters-free rebalancing tool allows you to keep your portfolio built in a specific way with a set amount of asset allocation, using built-in technical analysis indices.
Since its launch, Bmybit has improved further by integrating Yanda’s protocol; this allows for enhanced transparency, an issue often involving bots, by allowing real-time data auditing of trades by Yanda’s validators. In addition, by holding Yanda YND tokens, users can become a validator and earn from this process while securing the network.
Learn more about the BmyBit trading bot on our Documentation.
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