As the blockchain becomes increasingly popular, more and more businesses are discovering the powerful benefits it has in many industries particularly in trading.
BmyBit is a decentralized fintech startup from the UK that has developed a series of innovative algorithms that work 24/7 with major cryptocurrency exchanges while at the same time, provide predictive analytics systems for efficient trading.
These systems are reflected in BmyBit’s Personal Automated Trading System (PATS), a cloud-based web application that helps traders make automatic trades in digital exchanges through the use of APIs and advanced analytics.
With PATS, users can use automated (and effective) strategies for trading pairs of selected cryptocurrencies and at the same time, compare prices between different markets to profit through arbitraging.
A strong advantage of the platform is that there is no need for deposits to use PATS. Just in case you’re confused, your funds are not held at all by the BmyBit platform; instead, they are stored safely in the wallets of exchanges you’ve been already using all this time like GDAX, Bittrex, and Poloniex.
The company plans to integrate with more exchanges before the end of the year to accommodate even more users.
BmyBit has the added benefit of being led by a strong team which includes Mario Stumpo, a former advisor for some of Italy’s biggest firms.
Aside from having extremely experienced engineers and developers, BmyBit also covers the legal and professional side by hiring advisers from respectable individuals, as well as individuals from some of the UK’s most acclaimed business schools.
To safeguard the BmyBit ecosystem, businesses connected with BmyBit’s APIs will be added along with AML (Anti Money Laundering) and KYC (Know Your Clients) procedures to ensure things run legally and smoothly.
First, users have to sign up for an account on BmyBit. The prerequisite for using the platform is that users must already hold bitcoins or any other digital assets in the wallet of the exchange they’re using.
If a user doesn’t have any cryptocurrencies in hand, they can do so by buying coins off any major exchange and then link their accounts with PATS by using API keys.
What is the use of APIs here, you might wonder?
As mentioned earlier, APIs are used to integrate PATS’ features with multiple exchanges.
An API is short for an Application Programming Interface which is essentially pieces of code utilized by computer programs to connect and interact with other; the Google Maps API for example, lets you navigate locations directly in apps like Yelp or Foursquare without leaving the app.
Every established cryptocurrency exchange should provide API keys to their customers which are usually accessed via the settings page of exchange websites.
If you’re not sure on what to do, there is also a tutorial section for users to connect PATS to their exchange immediately after signing up on the platform.
Some of the exchanges currently available for PATS are (with many more being added in the future):
Invest from as low as 0.07 BTC with PATS
With PATS, you don’t need to be a millionaire to invest and profit.
Everything related to your funds is in your control; for example, you will be able to decide the value of your investment per each automated strategy on the platform.
Maintain full control of your investments
Aside from controlling the value of your investment, you can also decide the exchange and the pair of assets you want to trade easily with PATS.
Control the risk and profit levels of your funds
BmyBit puts extreme attention to the safety and risks of their users which is why they allow users to choose their risk levels.
Starting from a minimum acceptable risk of 25% calculated on your initial amount invested, PATS gives you the ability to determine the percentage of capital invested that you want to expose to the risk of volatility based on the price of assets.
Aside from leveraging your risks, you are also allowed to decide the percentage of profits you want to target, starting from a minimum level of 0.5%.
Once your automated strategy reaches the percentage of net profits (which is decided by you), it will automatically terminate by itself and send a notification via email.
Make personalized trades according to your skills and knowledge
PATS allows users to customize their automated trading strategies through the use of several parameters.
For advanced traders or traders who already have a grip on the market, they can adjust a parameter which determines the minimum profits expected by each buy and sell order.
The higher the parameter’s percentage is, the higher the profits and the higher the chances of making a loss as well.
Automate the closing and documentation process
By automating the generation and execution of the documentation involved in a transaction, BmyBit is able to create a standardized documentation package based on the requirements of each legal jurisdiction which substantially reduces errors resulting in more reliable closing documents.
BmyBit will run a token sale for BmyCoin, the platform’s blockchain-based token.
BmyCoin aims to obtain the relevant FCA licenses needed to create the world’s first automated hedge fund for cryptocurrencies.
BmyCoin also allows users to be part of a decentralized system which helps them to keep full control of their invested funds and subsequently leverage their investments in the platform.
Another feature of BmyCoin includes the ability for token holders to receive a share of the profits generated by PATS. Shares of each user will be distributed quarterly and calculated based on the percentage of BmyCoin tokens they hold over the total supply.
Here are the details of the upcoming BmyCoin token sale:
Token name: BMYC
Token supply: 10,000,000
Token sale duration: TBA
Token sale target: $17,000,000 (hard cap)
Token exchange rate: TBA