Traders of cryptocurrency have a substantial amount of choices when it comes to the cryptocurrency trading process. Cryptocurrency trading is a sphere of interest for many people. Many novice traders who wish to enter cryptocurrency trading may actively look for trading opportunities and tools. New and established traders alike may choose to use a cryptocurrency trading software to make weighted and informed decisions when trading. Some may even decide to use a cryptocurrency trading app that can be accessed through smartphones or other handheld devices. This article briefly describes some features of a cryptocurrency trading app or cryptocurrency trading software.
Cryptocurrency Exchanges
Cryptocurrency exchanges or digital currency exchanges are brick-and-mortar or purely online businesses where cryptocurrencies can be traded. To trade cryptocurrency, you may need a trading account on at least one crypto exchange. Sellers and buyers of cryptocurrency come together on cryptocurrency exchanges and trade. They place orders according to the price band they wish to trade in and their quantity to trade.
When buyers and sellers match the price bands, they execute the trade with the cryptocurrency exchange. Thus, trading is done in price bands acceptable to both parties. Until the price bands between buyer and seller match, the orders are left open on the cryptocurrency exchange, and they appear on the order books. An order book on a cryptocurrency exchange is an electronic list of buy and sell orders for a crypto asset that are organized by price level.
There are numerous exchanges through which cryptocurrency traders can place their trades. Each of these exchanges may have a different set of functionalities. To avail of different features, some crypto traders may open accounts with multiple exchanges. Each exchange has its separate order book, and hence some traders may open accounts with various exchanges to access multiple order books. This allows them to find the acceptable price when they are converting a position.
As an option, having accounts with multiple exchanges can be necessary for traders who wish to indulge in cryptocurrency arbitrage trading. Crypto arbitrage trading involves buying cryptocurrency from one exchange and then selling at another. It can also involve trading different cryptocurrency pairs against one another.
Who May Need A Cryptocurrency Trading App?
Once a trader opens accounts with multiple exchanges, he or she may need to simultaneously track price movements on them. Cryptocurrency traders, in case of such necessity, can use a cryptocurrency trading app or a cryptocurrency trading software.
A cryptocurrency trading software can offer features that may complement some services provided by cryptocurrency exchanges. Additionally, some features of a cryptocurrency trading app can assist you with trading when you are away from your computer, e.g. such features as copy trading or crypto trading bots. This can be an essential aspect since cryptocurrency exchanges are open 24 hours a day and all seven days. There is a selection of crypto trading platforms online to choose from.
Torex is a cryptocurrency trading platform that provides access to some crypto trading tools, which you can consider using if their functionality fits your requirements. Torex uses API to integrate your accounts across several supported cryptocurrency exchanges to a single dashboard. This dashboard, which has not been developed in full as planned, may help to parallelly track the cryptocurrency market conditions across the exchanges with which you have accounts. With Torex, if it complies with the crypto trading strategy you use, you can sometimes use a single dashboard to trade from, instead of visiting the websites of individual cryptocurrency exchanges.
The Torex Cryptocurrency Trading App
Torex uses API keys to interface with those crypto exchanges with which you have accounts, thus allowing you to trade using Torex’s dashboard itself. Torex currently supports the Bittrex, Binance, BKEX, Huobi, Crex24, Coinsbit, Poloniex, KuCoin, and Bitfinex exchanges. More exchanges are considered to be added in the future. Torex has several features that can potentially help you in cryptocurrency trading.
Advanced Analytics
Torex offers you the ability to perform crypto trading analytics using its tools. The platform is also considering incorporating news aggregators. These aggregators would provide news from different sources, which in some cases may help you to analyze market conditions. As mentioned before, it also allows you to monitor your accounts across other exchanges parallelly. This can make it potentially easier for you to decide where and when to place your trading orders.
Analytics is an essential aspect of crypto trading. As a result of data analysis, you may be able to come up with reasonable projections as to which way the market price of a cryptocurrency will go. You can then pick a position accordingly or convert an existing position based on your data-backed analysis.
Multi-Exchange and Multi-Coin
Currently you can trade across nine exchanges that Torex can interface with. This allows you to potentially find prevailing market rates for a cryptocurrency while closing or converting your position. Since cryptocurrencies are volatile, these differences in prices may be significant at times. You can find current rates by fetching prices supported by Torex exchanges using the Price Checker Tool. You can also trade in multiple cryptocurrencies, which may open up newer trading opportunities.
The Price Checker Tools
You may wish to utilize the Price Checker Tool, which fetches the current prices of cryptocurrencies across the supported exchanges. This helps you potentially fetch the current rates for the trades you are about to place. You can then place your orders at the rates prevailing across several exchanges rather than be restricted to placing orders on a single exchange, which you monitored.
The Price Notification Tool
Cryptocurrency exchanges operate 24×7. However, it can be challenging to keep track of the prevailing market rates continuously. This can be especially important for traders who consider to trade in larger volumes and capitalize on smaller price differences. Day traders too may need to keep tracking the current market rates comprehensively.
Torex has a Price Notification Tool that can notify you on price changes of preselected cryptocurrency pairs. You can set your triggers and select the tool to notify you when the trigger condition is met. Once your trigger condition is met after setting the trigger, you will be notified via the Telegram App. You can set notification triggers when a price is equal to, less than or equal to, and greater than or equal to a chosen price.
Trailing Stop Technique
A trailing stop is a potentially useful feature that you can use while trading cryptocurrencies. It moves and adjusts beyond the market price. It can allow you to retain potentially higher profit without continuously charting the market trends. This feature can sometimes be helpful since cryptocurrency prices may fluctuate and lead to decrease of potential profit. Since a trailing stop order adjusts to the market movement, that feature can help a trader to fix the level of a profit and potentially increase it in case the price follows the direction supposed/presumed by the trader.
Advanced Crypto Arbitrage Tool
Spotting meaningful crypto arbitrage windows can be challenging since one may have to monitor different exchanges simultaneously. Just monitoring prevailing market prices may not be enough since prevailing liquidity and depth of order books also need to be factored in. Torex’s Arbitrage Tool automates the process of finding arbitrage windows to an extent. It allows you to select exchanges and then search for meaningful crypto arbitrage windows. You can set the amount of liquidity you require to exclude the tokens that don’t match your trading goals. Thus, based on your set parameters, Torex’s crypto arbitrage tool helps you find arbitrage windows that can be potentially suitable for you. You can then parse through the determined windows, and you may opt for trading using the ones that suit you.
The Torex App
It may not be possible for a crypto trader to be around a computer all the time. To help with this, Torex has launched a cryptocurrency trading app. You can access this app from your smartphone and then use it to place trades even when you are away from your computer. The Torex app is available on Google Play (for smartphones with an Android mobile operating system) and is considered to be launched on the Apple App Store in the future. Torex crypto trading app can be helpful for traders who prefer to trade cryptocurrencies using a smartphone.
Final Thoughts
Cryptocurrency trading platforms can be regarded by crypto traders who consider additional features that may be not provided by cryptocurrency exchanges. With the development of cryptocurrency trading apps, traders can now choose to trade on the go when they aren’t around their computers. The Torex cryptocurrency trading platform has not been developed in full yet, nevertheless some already developed features may suit your crypto trading needs. You can also download the Torex cryptocurrency trading app on your smartphone. Torex is also considering bringing in some features like crypto trading bots, copy trading, crypto betting, and traders’ ideas. To stay updated about the latest Torex features and utilize the existing ones, you are welcome to open a cryptocurrency trading account.
