LONDON: According to its creator, a fully automated and algorithmic Bitcoin trading robot that was developed in Jordan aims to revolutionize the way people generate wealth from cryptocurrency.
AYMBot was designed to address major issues and challenges associated with Bitcoin and cryptocurrency trading, including volatility and accessibility, CEO Ahmad Alsharqatli told Arab News.
“The problem with crypto, which people don’t realize, is that crypto assets, blockchain, this industry is still in its infancy; he is only 12 years old,” he said.
Bitcoin has become the best performing asset class of the decade, but it is difficult to access, trades 24/7, 365 days a year and is highly volatile.
“It’s just another day in crypto if Bitcoin, for example, loses 70% of its value,” Alsharqatli said. There is common wisdom in the investment industry, he added, that 90% of traditional traders will lose 90% of their funds in the first 90 days of trading, and that figure “is even worse in crypto due to volatility”.
Other issues facing crypto investors include how to get started in trading and converting traditional currencies to crypto, he added. AYMBot offers a “turnkey solution” and leads the market with its onboarding process, according to Alsharqatli, who was ranked by online magazine Entrepreneurs Herald in its 2022 list of the 5 most disruptive people in the financial industry. .
“In line with our vision to democratize data-driven trading for everyone, the minimum (investment) is 500 USD, which we believe is accessible to most people, especially in the region we are targeting. currently”, namely the Middle East and North Africa. and the Gulf Cooperation Council countries, he added.
AYMBot’s AI-powered solution aims to bridge the gap between traditional (or legacy) finance, crypto-assets and blockchain-enabled applications, allowing anyone to access the potential for Bitcoin returns while limiting the risk of systematic losses.
Alsharqatli started developing his algorithm in 2017 to help him trade with his own funds due to the cryptocurrency issues he found himself facing. He worked with local and international developers but to no avail until in January 2020 he started collaborating with Naje Isleem who is now his CTO. Exactly one year later, their algorithm was up and running.
Alsharqatli asked members of his social network to help with beta testing and received a positive response, with around 250 people willing to participate.
“It turned out to solve a problem for the masses with cryptocurrency (and) we thought, why don’t we sell it as a service?”
AYMBot started with three customers in June last year and by October 1,000 had signed up. It currently has about 3,000 customers and 12 people work there full time. It manages approximately $15 million in assets and generates over $50 million in monthly trading volume.
November 2021 saw the biggest monthly increase in users, and it also attracted institutional interest from some of the major regional investment banks and family offices, Alsharqatli said.
AYMBot, which is non-custodial and has no lockup period, has partnered with the Dubai International Financial Center – the leading financial center in the Middle East, Africa and South Asia – and Binance, the most largest cryptocurrency exchange in the world.
It takes five minutes to create an account and within 15 minutes the algorithm gets to work: it calculates when to buy, when to sell, how much to risk and whether the risk is worth taking. This way, it is able to generate passive income for clients over time whether the price of Bitcoin rises or falls.
Last month, AYMBot announced that it had started introducing “shorting” or “shorting” to the bot, which is when investors borrow, in this case Bitcoin, and sell it on the open market and then buy it later at a lower price.
Crypto markets, which have grown roughly by the factor of 2020 and are now worth around $2 trillion, still remain small compared to traditional financial markets. Nevertheless, they continue to grow rapidly, often faster than laws and regulations can be developed and imposed on them.
Newbie crypto investor Barakat Al-Nahar said that after being introduced to AYMBot, he decided it would be a safer option for crypto trading rather than trying to figure it all out on his own.
“After seeing that I’m not the best person to trade and invest based on my own knowledge, especially given the volatility of the market, I wanted someone who had a lot more experience and was more invested in crypto trading,” he said.
“AYMBot offered me this service of buying and selling Bitcoin without me having to intervene or be active.”
Al-Nahar, who is training as a lawyer at the Jordanian bar, admitted that he only had a basic knowledge of the ins and outs of cryptocurrency trading, after becoming interested in Bitcoin a while ago. a few years. Prior to that, he dabbled in stocks, commodities and the forex market, but said he didn’t have the best of experiences.
“My trading wasn’t based on calculations, it was more like ‘FOMO’ (fear of missing out) or trying to ride the next wave,” he added. “And that’s not the way to go when you’re negotiating. Trading should be much more consistent and calculated and not controlled by emotions.
He started trading using AYMBot in August and said that given that Bitcoin has been stagnant for nearly a year, he hasn’t suffered the losses he likely would have if he had made his own decisions. commercial.
“You can’t expect profits if Bitcoin itself isn’t profiting, but I’ve seen more positive signs and results as they affected short trading,” Al-Nahar said.