Exchanges Most Appealing to Technical Traders

Handy Tips / 11.10.2019

To effectively day-trade cryptocurrency or any instrument for that matter, many considerations and variables must be taken into account by any trader. The factors can be external and technical. External factors refer to the public perception, regulatory news, updates, profit statements and so on. External factors have to be studied carefully and updated. On the other hand, technical details may include the perceived future trend, long term and short-term positions, and so on.

For a trader, the external factors can be effectively managed by updating their portfolio based on the news they get and by the decisions they make. But the technical details differ from trader to trader. Each trader has a personal trading preference. Some like to do the technicals everyday with sophisticated mechanisms, while others like to take a laid-back approach and only apply the long-term trends.

It is important for traders to choose a trading platform that is best suited for their needs. If they like to chart their process, apply complex trading strategies or just do simple trend analysis, they must be able to do so without constantly shifting their platforms.

Cryptocurrency trading involves a great show of patience and risk-taking. The traders who engage themselves in day-trading allow themselves to be exposed to astronomical amounts of risk. For this reason, they must allow themselves to be completely open and knowledgeable. The exchanges involved in cryptocurrency are trying to achieve just that. To help day traders, exchanges are continuously updating their user interfaces and tying up with charting portals to integrate it into their platforms. This will give a certain appeal to the exchange, allow traders to effectively use the tools available to them and execute strategies without wasting time.

We picked three different exchanges that provide enhanced experience to traders. Let us look at them now.

Bitifinex

Bitfinex is one of the oldest exchanges, having been founded in 2012 and survived, although not impeccably, up to this day. All the while, and despite this turbulence, Bitfinex has proven to attract not only many traders but massive volumes – and is frequently regarded as one of the most important places where price action and discovery happens first, before leaking to other exchanges through market makers and natural forces.

Bitfinex allows users to trade with up to 3.3x leverage by receiving funding from the peer to peer margin funding platform. Users can enter an order to borrow the desired amount of funding at the rate and duration of their choice, or they can simply open a position and Bitfinex will take out funding for them at the best available rate at that time.

Bitfinex facilitates a graphical trading experience with advanced charting functionality which allows traders to visualize orders, positions and price alerts, tap to modify order properties, and annotate to their trading strategy.

Charts are front and centre in the main window in the Bitfinex platform and come powered by TradingView, which packs a comprehensive suite of 73 drawing tools, including 368 icons and 78 studies. One neat feature in the order books is the ability to add alerts on a specific price level from directly within the book, which is very useful for those who are watching various levels to determine optimal entry/exit or other price analysis.

The Bitfinex margin funding market provides a secure way to earn interest on fiat and digital assets by providing funding to traders wanting to trade with leverage. Users can offer to fund across a wide range of currencies & assets, at the rate and duration of their choice. In addition to this, users can use the Auto-Renew feature to renew offers automatically upon expiry.

Bitfinex is the top choice for many professionals who demand access to deep liquidity and competitive commission rates from a regulated broker, as well as active trader commission discounts.

Binance

Binance is a popular cryptocurrency exchange which was started in China but recently moved their headquarters to the crypto-friendly Island of Malta, in the EU. Binance is extremely popular for its professional trading experience among other things.

Binance’s Trading package is well established as one of the best in the industry. Its capabilities along with the smooth UI allows traders to make the most out of the platform without wasting much time shifting from one platform to another. In essence, retail traders can effectively devise long term strategies while day-traders can use the tools built by the exchange in leveraging their knowledge and expertise.

The Binance Platform has divided the exchange’s UI for two different sets of trading audience. The Basic trade setting has a simple layout that’s easy to understand. Only important information for making trades is displayed. You must remember that Binance is a professional trading platform, so even the Basic trade setting might seem too complicated for some newbies to use. The Advanced trade setting gives expert traders access to all the price charts and market data that they need to make complex trades.

Binance recently updated their entire platform. The revamp is about getting it right when it comes to user experience. This involves using a more consistent visual language across different parts of the website. These changes, which vary from icons used to font arrangements, may seem minor when seen individually, but each element contributes to an easier-to-navigate platform for trading and using the Binance account.

For a detailed review of Binance, click here

Don’t forget to check our Exchanges page for even more reviews of exchanges and options!

avatar
Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.