Integration with BitMEX
Taylor will integrate BitMEX into its Trading Assistant Service
A few days ago we released the Taylor Trading Assistant app to the Google Play Store. We planned to test it with a few users for a few weeks before starting inviting the community to test it for itself.
Although the app and the infrastructure are working well, our trading strategies weren’t generating many signals, making it hard even for these few users to test the service. Most of our strategies were based on a bullish market, and the fact is that the current altcoin market is not very friendly with long operations.
Besides that, the service is currently only integrated with Bittrex (Poloniex and Binance are partially integrated), and they are experiencing lower and lower trading volumes each month, a very different scenario from when we first decided to use Bittrex as our first integrated exchange. To avoid troubles with liquidity, our bot does not trigger signals from pair under a specific trading volume. This leaves only a bunch of pairs at Bittrex available to generate signals.
So we have made the critical decision to integrate our services with BitMEX, which is a Bitcoin derivative exchange with perpetual swap contracts and future contracts. In terms of volume, BitMEX is one of the few exchanges that grew during this bear market. At the time of this writing, it’s the number 2 exchange in BTC daily volume with $2,4B traded in the last 24h.
Apart from the liquidity, here are some other facts that made us take this decision:
- Since we will be working with limit/passive orders, instead of paying fees our users will be paid a fee rebate. The rebate will increase the earnings for each operation;
- We will be able to take advantage of leveraged trading, which is the ability to multiply your position (and profit) up to 100x. Leveraging will make it easier to achieve the expected profit for scalping trades;
- We will be able to trade not only Long positions but also Short positions, which will allow us to make a profit even in a bear market. Taylor is a crypto trading assistant, and we can not depend on a bullish market to help our customers make money. So we understand that this is a fundamental step.
That said, we are optimizing all our strategies and signals, and new ones are being developed. The integration with BitMEX’s API has already started as well. We will keep working on this for the next few weeks before start inviting users.
We firmly believe that this is a bold move for Taylor, and all of our customers and community will benefit from it. We keep counting on your patience, support and love.