BingX has expanded operations into Germany, following the opening of its Lithuania office in April, said the social trading exchange offering USDC options.
The firm sees Germany as a strategic market as penetration and rapid growth in adoption of digital assets have not gone unnoticed.
According to data shared by BingX, as of 2021, approximately 2.6% of Germans have used or are using cryptocurrency and 44% of Germans are interested in investing in crypto.
Elvisco Carrington, PR & Communications Director at BingX, said: “Considering the growing adoption in Germany, BingX has decided to strategically expand into this market and support users in making crypto trading easy through our social trading platform. We will continue to expand into other European markets in due course”.
While BingX prepares further expansion to neighbour markets, the newly launched German operation will add resources to support its new users, enabling them to buy, sell and trade cryptocurrencies on the BingX platform.
BingX will also work on adding German, the native language of the country, to the platform. In the meantime, German clients can benefit from the platform’s community of users spread across the world.
With a second office now in Europe, BingX is committed to developing and building an open, inclusive, high-net-worth cryptocurrency investment market to serve investors around the world.
BingX has recently opened access to WOO Network’s institutional liquidity solution, Wootrade, so that users can benefit from the deep liquidity pools on main pairs.
The partnership will have the Wootrade Network to act as a key liquidity support for BingX traders, who can easily “plug into” the network and access a rapidly growing list of assets with a peak daily trading volume of over $600 million.
BingX has added access to more than 300 new spot trading pairs and the number is expected to grow during this quarter and the next. The partnership with Woo Network is set to expand to further develop a more satisfying trading haven that yields profitability and offers more value to users.
The crypto exchange also upgraded its Copy Trading solution in order to offer more flexibility to users with the launch of a Spot Grid feature, which combines the benefits of Grid trading with that of Copy trading, using strategies from professional traders to earn money from crypto asset volatility.
Grid trading is similar to providing liquidity on AMM DEXs, as it sets up gradual buy and sell orders in a defined range of prices. As long as the price oscillates within the band, users can make reliable profit from these fluctuations.
The strategies are created by professional traders going through strict screening by BingX. Up to 8% of the followers’ profits will be given to the creator of the strategy, incentivizing them to be as efficient and effective as possible. Users are presented with a choice of multiple strategies, which can be evaluated by investment amounts, past returns, projected annualized returns and many more.
For new crypto users, the Spot Grid Copy Trading is particularly valuable as it’s fire and forget and easy to set up. The consistent income can be incredibly valuable, especially in a flat ranging market like that of early 2022.