The world of crypto has been built by amateurs — people dreaming big but knowing little about finance. The lack of a professional approach has led to serious flaws in trading platforms and blind spots in exchange markets. Viktor Kochetov, CEO at Kyrrex, a digital wallet and professional cryptocurrency trading platform, discusses crypto exchange market, and shares his insights on a sufficient toolkit every trader should have.
At the moment there are around 500 exchanges in the market. The dominant majority of them — over 90% — are not regulated: there is no corporate or legal structure, no company per se. On average 2000 crypto cryptocurrencies are being traded, we expect more to come. The overall market cap exceeds $219 billion. Though crypto market expands, new players are mushrooming, there is a number of challenges that the industry still stumbles upon.
As per CoinDesk stats, crypto exchanges lose $2.7 million every day because of hacker activity.
If the exchange appears to be a scam, you as investor and trader have no one to sue. Again, when the crypto exchange is not registered, and operates without a license, it means no pressure in terms of accountability and transparency. Since trust is the most valuable business asset, the lack of credibility toward this sphere makes investors think twice.
In the context of user experience, platforms fail to provide a sufficient toolkit for their traders. The website is hard to use and the charts miss a variety of vital indicators. Seamless trading means having a digital workspace that can be easily tweaked, customized, adjusting the necessary analysis elements.
Around 95% of people trading cryptocurrency are passive, meaning, they are not professional traders. One might want to join the crypto community knowing all prospects, however, one might not want to delve into the industry’s depths. It is much better to delegate trading to pros with vast experience and expertise.
Kyrrex is a bridge between investors and traders, and its features are designed to make the process of trading convenient and easy. Multi Account Manager (MAM) module for traders helps an account manager to operate multiple client accounts, properly manage risk and allocate the accounts` load. It is a win-win option for beginners and experienced market players. Moreover, pro traders can increase their profit and generate profit for investors.
In a nutshell, the crypto exchange market has to be positioned as a welcoming place where trading is not that complicated. Today, none of existing platforms provide assistance and help with complex procedures. Auto-Advisor module fulfills the role of a personal assistant. The tool helps investors to select and create portfolios from available managers and instruments. Also, the module implies ready-made portfolios that are created on the basis of professional frameworks. This helps to avoid risks while working on portfolio.
High-speed automatic trade accounts are a large part of the classical market trade. Cryptocurrency traders require a new tier of interaction with platforms. In view of this, crypto exchange must be equipped with algorithmic robots that promptly and effectively react to the slightest market fluctuations. Algo Studio module is a helping hand for working on trading robots. While the newbies can order, buy or rent lucrative trading bots, professional traders upload their scripts, indicators, carry out back-testings and optimize their trading strategies.
In the realm of classical exchanges, institutional players are provided with a superb access to the trading platform. They rent space for their robots right beside the core to have an advantage over others. Kyrrex took this practice to crypto world via Algo VPN module. The service allows a trader to boost the speed of exchange interactions and instantly place or cancel orders. This feature is a must for pro segment characterized by high-frequency trading algorithms.
The development of any industry greatly depends on the state of its community, and in turn, the community relies on seamless communication, smooth thought and opinion sharing. Kyrrex developed Trade Ideas to become social network for traders across all levels. Platform users can take part in creation, discussing and realization of trade strategies on both a paid and free basis.
In the domain where liquidity and security are paramount, UI/UX provides much more than convenience; it tackles the existing blind spots in the market. Crypto exchange, when executed properly, takes the huge stack of knowledge and experience of classical finance accumulated through centuries and unites it with cutting-edge tech. This well-balanced alloy is the formula of healthy crypto trade.
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