Sirwin
Sirwin

Why the Crypto Industry Needs a Bloomberg Terminal Solution

By TradingBull | TradingBull_articles | 15 Apr 2021


Before the meteoric rise of the cryptocurrency industry in the past few months, there were already 50 million active crypto traders around the world in 2019 (source). Even with the growth, analyst have expected this number to double within 10 years. Each of these traders will use an exchange to buy and sell digital assets and the majority will use more than 3 exchanges to do so (source).

Traders use multiple exchanges because their investing needs cannot be met by a single exchange. Prices across exchanges vary widely. Fees do too. Not all assets are listed on all exchanges. User interfaces, workflows and tools are all vastly different across exchanges.

As traders become more familiar with the market dynamics and recognize the shortcomings of their earliest exchanges, they seek out other platforms to meet their needs. However, they also come to see the challenges of executing trades and managing a digital asset portfolio across so many unintegrated services.

Pain Points and Shortcomings

Beyond placing trades and managing a portfolio, both of which can be managed by thousands of different platforms, traders rely on a variety of market signals to inform their investment decisions. Like exchanges, these news, onchain data, and overall market information sources are also siloed, inefficient and at times conflicting. Traders soon realize that the different platforms they count on for their trading activity are often restraining their ability to execute their investment thesis.

Some primitive solutions have reached the market that aim to solve specific pain points experienced by traders. However, no solution today offers the trade execution, portfolio management, data analytics and tax/accounting efficiency traders need to take back control of their digital asset portfolio. By unifying all of the tool traders need within a single interface, digital asset traders are able to interpret the market signals, capture the trading opportunities, and maintain the portfolio level oversight that has not been possible in the market today.

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Manual trading on centralized exchanges can be a time consuming and error prone process. Before placing an order, traders will switch between their exchange platforms, comparing both the prices that different exchanges offer for assets, as well as the fees associated with placing the order. After comparing prices and fees between just 3 different platforms, the amounts change and the trading opportunity is lost.

TradingBull Advantage

After the trader grants TradingBull access to their exchange, the platform allows traders to view their different exchanges within a single interface through APIs and websocket connections. This allows the trader to view the price and fees offered by several exchanges at a single point in time, from a single view. The need to constantly switch between exchanges, with their differing views and workflows, is eliminated with the TradingBull platform.

Another added benefit is that trades are placed the same way every time, regardless of exchange. This reduces error and makes for a more consistent user experience within the TradingBull platform.

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Though many exchanges do not offer a full spectrum of different order types, traders will be able to place trades that are not natively supported by the exchange by using TradingBull. For example, if a trader wants to place a stop order to ensure that they secure their profits at a certain level, but the exchange does not support this order type, the TradingBull platform will automatically execute the specifications of this trade on the user’s behalf. Margin, future, and derivatives trading is also supported by the TradingBull platform.

The most reputable, secure and active exchanges will be prioritized for integration with the TradingBull platform, but the DAO managed community also allows for TradingBull users to take an active role in selecting the exchanges they would like to be integrated.

TradingBull is the Bloomberg terminal for Digital Assets. It is the complete interface every trader needs to unify their approach and take back control of their Digital Asset portfolio.

 

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TradingBull
TradingBull

Cross Exchanges trading and Digital Assets management platform


TradingBull_articles
TradingBull_articles

TradingBull publications about specialized blockchain research, news and industry-related topics.

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