The cryptocurrency market is attracting more and more traders because of the high profits that they yield. There is no high barrier to entry, and you can make x10 your investment in just two weeks, but you could also lose everything. This market, referred to as the “Wild West” by many experts, is the fertile soil for different algorithmic trading tools.
Out of all the robots and programs out on the market that are used for alogotrading, they are divided into two broad categories: bots, who ask traders for permission before taking an action, and then there are the bots that don’t need permission. Of course, every trader wants to use smart algorithms, which knows when to buy or sell and does so at just the moment.
So, what are the best tools for algorithmic trading?
1. You can use the bot that you wrote yourself for the a specific crypto exchange. It can also be used for several crypto exchanges, but in this case, it must include the API of all of the exchanges within its code. This way is suitable only for IT developers, who know at least one programming language and are familiar with trading. Although, there are languages out there is not terribly difficult to learn, such as Python.
Advantages: Customized for your needs, which you can always upgrade later.
Disadvantages: Hard to implement if you are not a professional coder.
2. Create your own bot with TSLab. This program offers wide functionality for algo traders, and it makes it possible to create your own robot, drawing it as a flowchart. TSLab will perform all of the program commands and scripts itself, you only need to specify the direction.
Advantages: It’s free.
Disadvantages: You should learn how to program and create the bot. There are also hardware requirements for your computer. For Windows, you must have a CPU no older than a Pentium IV 2GHz.
3. Use existing bots. For instance, NeuroBot is constantly analyzing prices on crypto exchanges, applying patterns from traditional technical analyses, and taking into account signal indicators. However, this bot might not be suitable for every trading strategy. And there are already some disappointed users, complaining that NeuroBot is not good at making predictions.
Advantages: A well-made bot that’s ready to trade for you.
Disadvantages: You must pay a monthly fee for use, and it may not meet your criteria or your trading view.
4. Trading platforms like MetaTrader4. This is a trading platform mostly for Forex, analyzing financial markets and using the strategies of financial advisers. You can also install MetaTrader4 on your iPad or smartphone and trade anywhere.
Advantages: Free to use.
Disadvantages: Works for only one crypto exchange – wex.nz, which is not very popular at the moment.
5. Solutions like Arbidex – Arbidex is a platform for trading and connecting major exchanges into one single-window interface. Right now, Arbidex is integrated with a number of crypto exchanges such as Bitfinex, Okex, Bittrex, Poloniex, Huobi, and Quoinex.
Advantages: Discounts on the exchange commission, no need to pass KYC for every single exchange, as this can be done only once on Arbidex.
Disadvantages: Not so many exchanges are integrated yet. There was a bug with withdrawing funds that was only recently solved by the project team. Uses only one trading strategy – cryptocurrency arbitrage.
To sum up, there is no ideal bot or program that can make you the highest profits, because the market is unpredictable. As Matthew McConaughey said in The Wolf of Wall Street, “Nobody knows where the market will go.” And algorithmic trading is difficult to use and, to be honest, an expensive tool. However, this is one of the most promising areas of the crypto market to date, which over time will only develop and get better. There is a chance to catch fat profits with a certain bot, and it isn’t a bad idea to give it a try.
Author – Maria Lobanova
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Machi X Beta launch sets pace for new Intellectual Property marketplaces
Machi X – an open marketplace for copyright and intellectual property rights -has officially launched its Beta version of the platform, setting the standard for blockchain-based tokenization of copyright and IP rights. Originally conceived by famous Taiwanese musician, Jeffrey Huang, Machi X connects fans and artists directly, enabling fans to purchase fractionalized ownership in artist creations [i.e., songs] via tokenized copyrights.
Artists and musicians have struggled to keep pace with the rise of P2P technologies that have largely precluded them from maximizing their opportunities for profiting from their work. Further, the prevalence of intermediaries in traditional music revenue structures has hindered better profits for artists.
Machi X changes that paradigm, by removing costly intermediaries and allowing content creators to focus on their craft, giving them the power to maximize the potential of their pieces.
Fans and supporters of musicians can buy tokens representing fractional ownership in song copyrights with ERC-20 compatible tokens [i.e., on Ethereum] and store them in collections on the market or in wallets – even cold storage wallets.
Users can buy copyright tokens using Machi X, USDT, and Maker Dai currently. The platform plans on expanding its support of other tokens following the Beta.
There are three current artists with IP tokens available on the Beta, including Stanley Huang, Nicky Lee, and Khalil Fong. In total, eight IP tokens are available for trading. Machi X is planning on extending their offering of IP tokens further into the creative landscape, targeting movies and TV shows on its future roadmap.
Jeffrey Huang came up with the idea for Machi X following his own struggles in consistently receiving royalty payments and losing out to expensive middlemen that extracted large portions from his bottom line. Founder of both Mithril and 17 Live, Asia’s largest streaming app, Huang strives to foster a new open era for both content creators and their fans to benefit.
Machi X is a ‘Mithril Forged Company,’ and expects to list the Mithril Token as a way to give back to the broader ecosystem that it is a part of.
Machi X offers an alternative funding option to artists outside the limitations of traditional licensing and intermediary-prone avenues. Based in Taiwan, the current artists are well-known and award-winning musicians in Asia.
Following the Beta, the platform will add support for more artists and musicians who can distribute IP tokens representing a stake in their work for fans to collect and profit from their market price and correlating royalty revenue.
Crypto companies beware-the risks of human error are too great to ignore
If there are three things we know about the human error, it’s that it can be costly, dangerous, and ultimately inevitable.
No matter how competent or intelligent a person is, they are bound to make mistakes, and a single error can lead to substantial losses and devastating repercussions to any company that does not take proactive measures.
This is especially true when it comes to managing or accounting for crypto. Although solutions exist to automate manual tasks and streamline finance workflows, many crypto companies continue to depend on a human workforce, leaving them susceptible, because no human is infallible.
Statistics show that overdependence on human skill is a liability not only in the world of crypto but in any company across many vastly different industries.
To demonstrate the severity of the human error and how it can impact your company, let’s take a look at some of the most telling statistics:
For businesses, incorrect or inconsistent data entry can lead to major issues when filing taxes or completing an audit. For crypto accountants, bookkeeping errors can lead to miscalculations of the business’s financial health and can result in inaccurate projections for reports, growth and total revenues.
Any professional will stress the importance of accuracy and verification for manual data entry. It’s simple, mistakes cost money, reputation and even trust from their customers.
Most crypto CFOs and CEOs are keenly aware of the overall need for increased cybersecurity. But they mistakenly approach the problem from the outside in, rather than the other way around. They believe the biggest threats are external and malicious, but nearly 90 percent of cyber attacks stem from human error.
This can even occur without an employee even realizing it, and many employees have exposed themselves and their companies by responding to phishing emails or using weak passwords.
The stakes are incredibly high in the world of cryptocurrency. One compromised employee account can result in potential financial losses for a company, or endanger the privacy of users or customers. It’s more critical than ever for crypto companies to mitigate risks originating from human error, and employ preventative solutions.
Instead of solely focusing on hackers [who rank fourth among all threat actors, according to Netwrix], c-suite leaders should be focused on investigating tools such as Blox.io, a crypto accounting and bookkeeping platform that provides automated and intelligent technical solutions to circumvent the issue altogether.
Humans are to blame for the vast majority of workplace mistakes. Crypto leaders should absorb this point in particular because people tend to trust human intuition over computer logic. But,over-reliance on employee accuracy could lead to serious problems for any company with too much trust, and not enough checks and balances in place.
On the crypto accounting side, employees may accidentally forget critical workflow steps, incorrectly calculate cost basis or mislabel transactions, or create organizational chaos across accounts, exchanges, and wallets. These acts aren’t intentional, but the consequences are undeniably detrimental to a company’s success, reputation, and bottom line.
Data centers are one of the most vital components to almost every industry in existence. They host our data, private user information, websites, cloud services, and essentially everything that takes place online is flowing through data centers across the globe. To exemplify, Facebook recently faced a social media backlash after its servers went down for hours, with many businesses suffering the loss of service and revenue.
When considering that 22 percent of unplanned data center outages are caused by human error, this should raise legitimate concerns over how data is stored and protected. Moreover, if an interruption in server uptime causes a crypto exchange to go down, the repercussions can mean a loss of millions and major backlash from users. The potential for disaster is real, and this is why businesses must be deliberate and proactive.
To conclude, humans are the driving force behind innovation, and employees are essential for critical thinking on high-level decisions and strategy. However, when introducing automation and technology, businesses can limit their exposure to the risks caused by a human error while still leveraging the experience and intuition of the human workforce.
For any company, crypto or traditional, the fear of human error is real and is unlikely to simply vanish. The only means to protect against human error is to use smarter and more innovative technology to assist and empower your human workforce. By integrating technical solutions, businesses can improve productivity, boost performance and protect against costly human mistakes.
Adam Efrima, Co-founder, Blox:
Adam is a blockchain entrepreneur and active member in the Chinese Financial and Fintech industry, living in Shanghai for over 8 years. Adam previously served in leading roles at the Chinese financial conglomerate, CITIC, and eventually founded the Shanghai office for eToro. After being deeply involved in the blockchain space for several years, Adam went on to co-found Blox.io, where he leads the Blox China headquarters, with plans to expand across APAC.
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