It’s no secret that bot trading drives a large percentage of volume on most cryptocurrency exchanges.
Through making use of an exchange’s open API, traders can deploy programs composed of algorithms to automate trading 24 hours a day, 7 days a week.
Individual traders who make trades manually simply can’t compete with the speed and precision of trading bots, which are also not prone to lapses in attention or capable of letting emotions cloud their judgment.
For the longest time, ordinary crypto traders had no access to trading bots on their own, other than through setting up an account on a website that conducted bot-driven trading for them.
This meant that not only did the investors in such websites have no say over what trades were being made, but they had to entrust the website to hold their money as well.
Now the game is changing thanks to Echoestrader, a marketplace platform that allows individuals to select and purchase their own crypto trading bots.
In addition, Echoestrader hosts bots developed by others and puts them up for sale directly on their website, with the proceeds going directly to the developer.
Making the most of a rapidly-advancing industry
As cryptocurrency exchanges have become more sophisticated over the years, they have opened up new ways through which traders can make profits, only limited by the creativity of bot developers.
The founders of Echoestrader, an Estonia-based company, saw the rise in dominance of bot-driven trading and recognized a massive potential in connecting individual traders with independent trading bot developers, thereby facilitating a win/win situation for both entities.
“It is well known to the general public that much of the trading market is already made by algorithms, not humans,” said Simao Relvas, CEO of Echoestrader.
“We can see this trend in all types of trading markets: stocks, forex, and now on crypto markets… I asked myself if the market shows an amazing demand and consumption of crypto trading algorithms, why is there not yet a massive adoption?
“It was clear to me that the market did not have a user-friendly solution for such a step to be taken.”
After his revelation of what needed to be done, Relvas soon put his plan into action, with the result being the world’s first crypto trading algorithm exchange.
With Echoestrader, clients can use the most efficient automated trading algorithms currently available or can develop their own and place it for sale through the platform.
Their website provides all the tools necessary to automate any crypto trading strategy – including the use and management of multiple bots – all from a single, customizable dashboard.
Built for traders, with flexibility and control in mind
Some of the major features of the platform include:
- automated buying and selling of specific cryptocurrencies,
- execution of orders and trades,
- setting bot trading and stop-loss/profit positions,
- selection of exchanges on which to trade.
In addition, the Echoestrader client handles all exchange API integration and automatically performs all updates that require immediate attention.
Clients can monitor advanced notifications in real-time while receiving customizable reports of performance revenue.
Bot performance can also be monitored through automated notifications via WhatsApp, Telegram, and e-mail services.
Echoestrader has plans to unveil its multi bot platform at the 3rd annual Malta A.I. and Blockchain Summit later this year.
In order to foster innovation in trading bot development and assess the talents of top bot developers, Echoestrader is also hosting a crypto trader contest competition.
All developers are encouraged to submit their bots for testing purposes and evaluation, with the winner being announced at the end of the first quarter of next year, on April 1st, 2020.
For more information about how Echoestrader works, how to purchase a trading bot, or how to get involved as a developer, please visit their website at echoestrader.com.