What Is BmyBit?
BmyBit is the world pioneering decentralized automated trading system. The objective of this project is to simplify the trading of crypto assets. The BmyBit platform is built on Google’s Cloud Bigtable and its servers operate on Amazon’s Web Services (AWS). The deployment of such renowned infrastructures ensures that this service is online throughout.
How BmyBit Digital Asset Trading Exchange Works
The process of joining BmyBit is incredibly simple, with the only requirements being the possession of digital assets and membership to at least one of the several crypto exchanges listed on the BmyBit website. Notably, the registration process is free of charge.
To join BmyBit, an investor should follow the steps outlined below:
- Register an account with the supported digital exchanges. These include; Poloniex, Bittrex, GDAX, YObit, Kraken, C-CEX, CEX.IO, HitBTC, and Bitfinex.
- Retrieve an API key from the selected digital exchange. The API keys are used to connect the exchange to BmyBit.
- Automated trading
BmyBit users can individualize the automated trading strategies using the following parameters:
Intermediate Level Traders
Minimum profits expected by each order to buy and sell. This parameter directly influences the volume of transactions on either sides. Thus, the higher it is, the higher the margin of profits or losses.
Advanced Level Traders
Minimum profits expected by each order to sell. This determines the volume of transactions concerning the sale of digital assets. Therefore, the higher this parameter is, the higher the profit margins. Hover, a higher setting slows down the sale process substantially.
Minimum Profits Expected By Each Order To Buy
This defines the volume of transactions involving the buying of digital assets. Hence, the higher the percentage, the lower the margin of losses.
BmyBit Trading Strategies
BmyBit uses three trading strategies, which include:
Static Trading Strategy –
This involves the splitting of the initial investment into two equal sides, with one side being converted into the second cryptocurrency in the trading pair. For instance, in BTC-ETH, 1 ETH will result in 0.5BTC and 0.5 ETH.
Dynamic Trading Strategy –
This involves the automation of the buying and selling process to maximize profit margins. Every time the selling price soars or the buting price goes down, the strategy is restarted.
This intends to capitalize on the price discrepancies of the sma asset in various trading platforms.
BmyBit Investment Plans
BmyBit currently offers four investment plans, namely Basic, Silver, Gold, and Platinum. The pricing for these packages is 0.0175 BTC, 0.075 BTC, 0.125 BTC, and 0.5 BTC respectively. Notably, the costlier options are more feature-laden as compared to the budget options. For instance, the Basic package operates for only one month, while the Platinum package has a lifetime license. This also applies to the number of trading strategies a user can run concurrently. Nonetheless, all bouquets offer unlimited access to all the supported crypto exchanges.
BmyBit BYMC Token & ICO Details
The BmyCoin token (BMYC) is a functional token that operates on the MultiChain protocol. It is the native cryptocurrency of the BmyBit trading platform. The total supply of this coin is capped at 10,000,000 BMYC. Later on, BMYC will be exchangeable to other cryptocurrencies as well as fiat money when it is listed on popular cryptocurrency trading platforms.