Terminals for trading cryptocurrency on the exchange
Terminals for cryptocurrency trading on the exchange
To some extent, they are present on any cryptocurrency exchange. Everywhere you can, for example, make deals, build simple charts, etc. Cryptocurrency trading terminals are considered a more effective solution.
- WHAT ARE CRYPTO TRADING PLATFORMS?
Terminals for cryptocurrency trading are special services that provide access to a huge number of different analytical tools that can be used on the exchange. There are two types of terminals:
Online services. Usually, they are connected to the exchange via an API. The main thing is that such a terminal is compatible with the exchange itself.
Standalone programs. These terminals are downloaded to the trader's PC as a separate program and configured to work with a particular trading platform.
It is worth noting that not all exchanges support work with this or that terminal. Usually the available options are listed on the website. For example, the exchange Poloniex offered traders to use TerminalCoin, and VTS-E supported MetaTrader 4, one of the popular terminals in classic trading.
If a trading platform has an open API, then any cryptocurrency trading terminals can be connected to it.
- TERMINALS FOR CRYPTOCURRENCY TRADING: ADVANTAGES
The main advantages that cryptocurrency trading terminals have are:
Wide functionality. A set of different tools and functions, which are usually available in the terminal, allows you to do in-depth technical analysis of the cryptocurrency market.
Convenience. Cryptocurrency trading terminals allow to get rid of inconvenient exchange charts. The user has the right to select the terminal, which seems to him more clear and convenient from the point of view of use.
Adaptivity. Almost all of the terminals allow users to customize the interface in accordance with their needs. This provides an opportunity to place the tools more effectively and make them more accessible.
Automation of actions. Most terminals support automatic trading, just like trading bots do.
In addition, it's worth noting that most modern terminals are presented in different versions - mobile, desktop and browser. Accordingly, you can always install a program or application on any of your devices through which you trade.
- CRYPTOCURRENCY TRADING TERMINALS: DISADVANTAGES
True, terminals cannot be called an ideal service for trading.
Time lag. All developers are trying to achieve a minimum time lag between the exchange performance and the performance of the terminal itself. Most terminals have a lag of several seconds.
User fees. Most of the functional terminals are distributed on a paid basis. Monthly license may cost $20-500 depending on the chosen software.
Security. Using terminals for trading creates a new risk. A third-party software link to an exchange can become a new opportunity for hackers and crooks looking to steal your funds.
Of course, even exchanges themselves cannot be called completely safe, so it's not really appropriate to kick cryptocurrency trading terminals for that. Such services will be great helpers for any trader.
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