What is a trading terminal?
The cryptocurrency trading terminal contains information on cryptocurrency rates, trading history, price charts, and other useful data. Thanks to this, traders can easily track market changes and make the right decisions on buying and selling cryptocurrencies.
Differences from standard exchange interfaces
A cryptocurrency trading terminal has several differences from standard exchange interfaces. First, it has a simple and intuitive interface that makes it easy to conduct transactions with cryptocurrencies. Secondly, it has additional features that help traders make the right decisions regarding trading. For example, the terminal can provide recommendations for buying and selling cryptocurrencies based on data analysis.
What functions does the terminal provide
In addition to basic functionality such as buying and selling cryptocurrencies, the terminal may have a number of additional features that make its use even more convenient and efficient. Some of these features may include:
- The ability to set up automatic order execution. This feature allows traders to set order parameters, such as the price and quantity of cryptocurrency, and automatically execute them when these parameters are reached on the market. You can also set up various notifications, such as when a certain price is reached or other data appears.
- Various data analysis tools. The terminal may have built-in tools for market analysis, such as price charts, technical analysis indicators, and others. These tools help traders to get a more complete picture of the market state and make more informed trading decisions.
- Ability to work with several exchanges at the same time. Some cryptocurrency trading terminals allow traders to work with several exchanges simultaneously. This provides wider trading opportunities and allows traders to get better conditions for buying and selling cryptocurrencies.
Advantages of using terminals for cryptocurrency trading
Cryptocurrency trading terminals are a convenient and fast way to conduct transactions on the cryptocurrency market. They are an important tool for traders who want to reduce risks and get more accurate results in their operations. That is why using cryptocurrency trading terminals has many advantages, including the following:
Speed and accuracy
One of the most important advantages of using cryptocurrency trading terminals is their speed and accuracy. The terminals provide traders with quick access to the market and allow them to execute transactions in real time. In addition, the terminals ensure the accuracy of operations, which allows traders to reduce risks and get more accurate results.
Additional opportunities for market analysis
Cryptocurrency trading terminals also provide additional opportunities for market analysis. The terminals provide traders with access to a large amount of information about the cryptocurrency market, such as charts, news, analytics, and other data.
Another important advantage is time saving. Traders can execute trades quickly and efficiently without having to visit an exchange or use other complicated trading methods. In addition, some terminals allow automating the trading process and making transactions based on certain algorithms, which reduces the time and risks of executing transactions.
Convenience and ease of use
Another important advantage of using terminals for trading is their convenience and ease of use. Traders can easily conduct transactions in the cryptocurrency market without the need to use complex programs or technical knowledge. In addition, cryptocurrency trading terminals provide security of operations and protection against fraud and criminal activity, as the connection is made using API keys and the operations that can be performed on them can be configured independently.
Types of terminals for cryptocurrency trading
Scalping is a type of trading that involves opening and closing positions quickly in order to make a small profit from price changes. For scalping cryptocurrencies, terminals with low latency are used to get the fastest response to price changes. Such terminals have more accurate information about the current price of a cryptocurrency and allow you to open and close positions quickly.
List of terminals suitable for scalping cryptocurrencies:
Swing trading and Medium-term trading
Swing trading involves holding a position for several days to several weeks in order to make a bigger profit from price changes. For swing trading in cryptocurrencies, terminals with a large database of charts are used to track price trends over a longer period. Another important factor is the availability of tools for technical and fundamental analysis.
Mid-term trading is a trading style that involves holding a position for several days or even several weeks. Different terminals with different functionalities are used for this type of trading. One of the most important aspects of medium-term trading is to determine the entry and exit points of a position. For this purpose, various indicators can be used, such as MACD, RSI, Bollinger Bands, etc. In addition, strategies that involve setting stop losses and take profits can be used to reduce risk.
List of terminals suitable for swing and short-term cryptocurrency trading:
- ATAS (review) – free;
- Coinigy (review) – 7-trial, then $18.66 – $99.99 per month;
- TradingView (review) – is free, and there is also a paid feature;
- QuanTower (review) – 7days of trial, then $40 per month;
- Atani (review) – free;
- Altrady (review) – is free, and there is also a paid feature;
- HyperTrade (review) – free;
- Finandy (review) – free;
- Aurora (review) – free.
Algotrading is automated trading using software that executes trading operations according to a given algorithm. For cryptocurrency algorithmic trading, special terminals with the ability to program their own algorithms are used, which allows automating the trading process and reducing the human factor in decision-making.
List of terminals suitable for cryptocurrency algorithmic trading:
- ApiTrade (review);
- Cryptohopper (review);
- Cryptotrader (review) – 299€ /month;
- GUNBOT (review) – 3 days of trials, further from Ƀ 0.0036 – Ƀ 0.04;
- HaasOnline (review) – free, $49 – $149 /month;
- ProfitTrailer (review) – free, $49 – $69 /month;
- RevenueBOT (review) – free;
- TradeSanta (review) – free, $17.5 – $45 /month;
- Cryptorg (review) – 14 days of trials, further from $15 – $100 /month;
- Hummingbot (review).
Universal terminals are suitable for all types of cryptocurrency trading. They have a wide range of functionality that allows you to use various tools for technical and fundamental analysis, charts, news, quotes, etc. Such terminals can meet the needs of both beginners and experienced traders.
List of universal terminals for cryptocurrency trading:
- Bitsgap (review) – 7 days trial, then from $29 – $149/month;
- Capico (review) – 7 days of trials, then from $15/month;
- Moonboot (review) – is free, and there are also PRO versions;
- Moontrader (review) – free, advanced $20 – $100/month;
- 3commas (review) – free, advanced $29 – $99/month;
- Wunderbit (review) – free, advanced $12 – $90/month.
How to choose a terminal for cryptocurrency trading?
When choosing a cryptocurrency trading platform, you should consider your strategy. If you are an intraday trader, you need a scalper terminal. And for swing traders and medium-term traders, “universal” platforms are suitable.
Beginning traders are advised to use free software or trials of paid terminals. When you are convinced that trading is your calling, gain experience, and start making a steady profit, you can buy a terminal if you need paid software.
Algorithmic traders should choose platforms that allow them to create, customize, and launch bots for cryptocurrency trading. Before choosing a platform with bots, you should study their types, features, and other nuances. The choice should be made carefully: study the project, the principle of bot operation, tariffs, and commissions.
You also need to make sure that you have enough trading experience for algorithmic trading. Off-the-shelf bots usually work on a couple of technical indicators, which is not enough for profitable trading. Customizable and programmable strategies can be more useful. But to use them correctly, you need to have trading experience and an understanding of the market and its instruments.
Key points of terminal selection:
- Consider your cryptocurrency trading strategy;
- Beginners are advised to use free software or trials of paid terminals;
- For algo traders, choose platforms that allow you to create, customize, and launch bots;
- Before choosing a platform with bots, study their features and nuances;
- Make sure you have sufficient trading experience for algorithmic trading.
Which terminals are the best for beginners?
How to ensure cybersecurity when using cryptocurrency trading terminals?
Ensuring cybersecurity when trading cryptocurrencies is a critical task. Here are some tips:
- Use a reliable antivirus and update it regularly;
- Do not use the same password for all your accounts;
- Use two-factor authentication for additional security.
Do I need terminals to trade on crypto exchanges?
Cryptocurrency trading terminals are tools that help traders work more efficiently with the cryptocurrency market, but it is also possible to achieve their goals effectively without them.