Arab-developed Bitcoin trading bot set to revolutionize the way people invest

In this photo illustration the stock trading graph of Bitcoin seen on a smartphone screen. (SOPA Images/LightRocket via Getty Images)
In this photo illustration the stock trading graph of Bitcoin seen on a smartphone screen. (SOPA Images/LightRocket via Getty Images)
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Updated 07 May 2022

Arab-developed Bitcoin trading bot set to revolutionize the way people invest

Arab-developed Bitcoin trading bot set to revolutionize the way people invest
  • AYMBot was designed to tackle the main issues and challenges associated with Bitcoin and cryptocurrency trading
  • The creators have also introduced ‘short selling’ or ‘shorting’ to the bot

LONDON: A fully-automated, algorithmic, Bitcoin-trading bot that was developed in Jordan aims to revolutionize the way people generate wealth from cryptocurrency, according to its creator.

AYMBot was designed to tackle the main issues and challenges associated with Bitcoin and cryptocurrency trading, including volatility and accessibility, CEO Ahmad Alsharqatli told Arab News.

“The problem with crypto, that people don’t realize, is that crypto assets, blockchain, this industry is still in its infancy; it’s only 12 years old,” he said.

Bitcoin has become the best-performing asset class of the decade but is hard to get into, it trades 24 hours a day, seven days a week, 365 days a year, and is extremely volatile.

“It’s just another day in crypto if Bitcoin, for example, loses 70 percent of its value,” Alsharqatli said. There is a common wisdom in the investment industry, he added, that 90 percent of traditional traders will lose 90 percent of their funds in the first 90 days of trading, and this figure “is even worse in crypto because of the volatility.”

Other issues that crypto investors face include how to get started in trading and convert traditional currencies into crypto, he added. AYMBot offers a “turnkey solution” and is leading the market with its onboarding process, according to Alsharqatli, who was ranked by online magazine Entrepreneurs Herald in its 2022 list of the Top 5 Personalities Disrupting the Finance Industry.

 

 

“In line with our vision to democratize data-driven trading for everyone, the minimum (investment) is $500, which we believe is accessible to most people, especially in the region we target right now,” which is the Middle East and North Africa and the Gulf Cooperation Council nations, 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 began developing his algorithm in 2017 to help him trade with his own funds because of the issues with cryptocurrency he found himself facing. He worked with local and international developers but to no avail until, in January 2020, he began collaborating with Naje Isleem, who is now his chief technology officer. Exactly a year later, their algorithm was up and running.

Alsharqatli asked people in his social network to help with beta testing and received a positive response, with around 250 people eager to take part.

“It turned out that it solved a problem for the masses with cryptocurrency (and) we thought to ourselves, why don’t we sell it as a service?”

AYMBot started off with three clients in June last year and by October 1,000 had signed up. It currently has about 3,000 clients and 12 people work on it full time. It manages about $15 million of assets and generates more than $50 million in monthly trading volume.

November 2021 saw the largest monthly user increase, and it also attracted institutional interest from some of the top regional investment banks and family offices, Alsharqatli said.

AYMBot, which is non-custodial with no lock-up periods, has partnered with Dubai International Financial Center — the leading financial hub for the Middle East, Africa and South Asia — and Binance, the largest cryptocurrency exchange in the world.

It takes five minutes to set up 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. In this way it is able to generate passive income for clients over time, whether the price of Bitcoin is going up or down.

 

 
 
 
 

 
 
 
 
 
 
 
 
 
 
 

A post shared by AYM (@aym_holdings)

 

Last month, AYMBot announced it has begun to introduce “short selling” or “shorting” to the bot, which is when investors borrow, in this instance Bitcoin, and sell it on the open market to then purchase it later at a lower price.

Crypto markets, which have grown approximately tenfold since 2020 and are now worth about $2 trillion, still remain small compared with traditional financial markets. Nevertheless, they continue to grow rapidly, often quicker than laws and regulations can be developed and imposed on them.

Novice crypto investor Barakat Al-Nahar said that after he was 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 would have a much more experienced background and who is more invested in trading crypto,” he said.

“AYMBot offered me that service of buying and selling Bitcoin without me having to interfere or be active.”

Al-Nahar, who is training to be a lawyer at the Jordanian bar, admitted he has only basic knowledge of the ins and outs of cryptocurrency trading, after becoming interested in Bitcoin a few years ago. Before that he dabbled in stocks, commodities and the foreign-exchange market but said he did not have the best of experiences.

“My trading wasn’t based on calculations, it was more of a “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 trading. Trading should be a lot more consistent and calculated and not controlled by emotions.”

He began trading using AYMBot in August and said that taking into consideration the fact that Bitcoin has been stagnating for almost a year, he has not incurred the losses he probably would have if he was making his own trading decisions.

“You can’t expect profits if Bitcoin itself isn’t profiting but I’ve seen more positive signs and results since they’ve affected short trading,” Al-Nahar said.


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RIYADH: Saudi Arabia’s main index has continued to recover from a sharp drop that was caused by concerns about economic growth.

The Tadawul All Share Index gained 0.94 percent to reach 11,120 Wednesday morning, while the parallel market Nomu started 0.34 percent higher at 19,786, as of 10:08 a.m. Saudi time.

Saudi oil giant Aramco started with a 1.02 percent gain, while Rabigh Refining and Petrochemical Co. added 0.3 percent.

The Saudi National Bank, the Kingdom’s largest lender, increased by 0.98 percent, while Saudi British Bank increased by 0.95 percent.

The Kingdom’s highest valued bank, Al Rajhi, rose 0.5 percent, while Alinma Bank gained 0.86 percent.

Anaam International Holding Group continued to lead the gainers for a third session with a 5.42 percent gain, after it turned into profits of SR1.6 million ($425,599) in the first half of 2022.

The Saudi Public Transport Co. gained 1.77 percent, after winning an SR88 million public bus transport project with Taif Municipality.

Maharah Human Resources Co. added 0.83 percent, after securing a long-term Murabaha loan worth SR200 million from Al Rajhi Bank.

 


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The process for institutional investors, which will end on Oct. 5, will be led by HSBC Saudi Arabia, Goldman Sachs Saudi Arabia, and SNB Capital, according to a bourse filing.

ADC is offering 30 percent of its capital, representing 26.7 million, in an attempt to join Nomu’s parallel market.

The retail subscription to 2.76 million shares, or 10 percent of the shares offered, will run from Oct. 18 to Oct. 19.


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RIYADH: Raydan Food Co. has invited its shareholders to vote on reducing the company’s capital from SR338 million ($90 million) to SR158 million.

This reduction plan was made in order to restructure the company’s capital structure to recover losses, according to a bourse filing.

Raydan Food reported earlier that its accumulated losses reached SR179 million in the first half of the year, representing 53 percent of its share capital.

Earlier this month, Raydan received the Capital Market Authority's approval for capital reductions.


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RIYADH: Stock markets across the Gulf closed in the green on Tuesday, with the Saudi index outperforming the region after falling sharply over concerns about economic growth.

The Tadawul All Share Index, known as Tadawul, gained 0.99 percent to reach 11,017 at the end of Tuesday’s trading, while the parallel market Nomu ended almost flat at 19,718.

Dubai's main share index snapped a four-session losing streak to close 0.7 percent higher, while Qatar’s benchmark closed 0.5 percent higher,

The Abu Dhabi index, on the other hand, closed lower by 0.7 percent, bucking the Gulf trend.

Outside the Gulf, Egypt's blue-chip index fell for the fourth consecutive session, slipping 0.1 percent at the end of Tuesday.

In energy trading, Brent crude traded at $85.15 a barrel and WTI crude reached $77.42 a barrel, as of 9:44 a.m. Saudi time.

Stock News

Riyad REIT Fund has invested SR62 million ($17 million) in a private closed-end Real Estate Fund that is income-generating and Shariah-compliant.

Al-Jouf Cement Co. has completed the sale of fractional shares worth SR359,132 following the approval of its shareholders to decrease its capital.

Naseej for Technology Co. won a SR10 million project award from King Salman Global Academy to develop an online platform that uses artificial intelligence for Arabic-language writing editing.

The Saudi Public Transport Co. has been awarded an SR88 million ($23 million) public bus transport project with Taif Municipality.

Advanced Petrochemical Co.will distribute SR0.5 per share in dividends to shareholders in the third quarter of 2022.

Raydan Food Co. invited its shareholders to vote on cutting its capital by 100 percent to SR158 million.

Maharah Human Resources Co. secured a long-term Murabaha loan worth SR200 million from Al Rajhi Bank.

Maharah Human Resources’ unit has completed the acquisition of 41 percent of Care Shield Holding Co.

Knowledge Tower Trading Co. intends to proceed with its initial public offering, floating 350,000 shares on the Kingdom’s Parallel Market, following approval from the Capital Market Authority and Saudi exchanges.

Arabian Drilling Co. has set its IPO price range at SR90-100 per share as it begins the book-building period.


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RIYADH: Oil prices fell more than 1 percent on Wednesday, pressured by a strengthening dollar and crude storage builds that offset support from US production cuts caused by Hurricane Ian.

Brent crude futures fell $1.08, or 1.25 percent, to $85.19 per barrel at 08.30 a.m Saudi time, while US West Texas Intermediate crude futures were down $1.03, or 1.31 percent, at $77.47 per barrel.

Robust EV sales in China to affect gasoline demand: PetroChina

China’s gasoline consumption growth will be affected by strong electric vehicle sales in the country, a senior Chinese oil executive said on Wednesday.

EV sales hit 6 million units in the first eight months this year, Wu Qiunan, chief economist at PetroChina International, told a forum at the 38th Asia Pacific Petroleum Conference.

“That’s a big replacement of gasoline consumption,” he said, adding this may lower gasoline demand growth even as consumption is expected to recover when China eases COVID-19 restrictions.

Norway to strengthen security at oil, gas installations

Norway will strengthen security at its oil and gas installations following gas leaks in the Baltic Sea and reports of drone activities in the North Sea, the Nordic country’s energy minister said on Tuesday.

Europe was investigating major leaks in two Russian pipelines that spewed gas into the Baltic Sea on Tuesday as Sweden launched a preliminary probe into possible sabotage to infrastructure at the center of an energy standoff.

“Based on the information we have seen so far, much indicates acts of sabotage,” Norwegian Oil and Energy Minister Terje Aasland said in a statement.

The government had consulted with the armed forces and operators of oil and gas installations, both on land and offshore, it said.

On Monday, Norway’s Petroleum Safety Authority had urged greater vigilance over unidentified drones seen flying near Norwegian offshore oil and gas platforms, warning they could pose a risk of accidents or deliberate attacks.

(With input from Reuters)