Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
Cryptocurrency Exchanges Most Appealing to Technical Traders
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To effectively day-trade cryptocurrency or any instrument, traders must consider many considerations and variables. The factors can be external and technical. External factors include public perception, regulatory news, updates, profit statements, etc. Therefore, 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 their decisions. But the technical details differ from trader to trader. Moreover, each trader has a personal trading preference. Some like to do the technicals daily with sophisticated mechanisms, while others like to take a laid-back approach and only apply long-term trends.
Traders must choose a trading platform best suited to their needs. For example, if they like to chart their process, apply complex trading strategies, or 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 let themselves be wholly open and knowledgeable. The exchanges involved in cryptocurrency are trying to achieve just that. To help day traders, exchanges continuously update their user interfaces and tie up with charting portals to integrate them into their platforms. This will appeal to the exchange, allow traders to use the tools available to them effectively, 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, 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 critical places where price action and discovery happens first, before leaking to other exchanges through market makers and natural forces.
Bitfinex allows users to trade 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 the financing at the rate and duration of their choice, or they can open a position, and Bitfinex will take out funding for them at the best available rate at that time.
Bitfinex facilitates a visual trading experience with advanced charting functionality, allowing traders to visualize orders, positions, and price alerts, tap to modify order properties, and annotate their trading strategy.
Charts are front and center 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 adding alerts on a specific price level from directly within the book, which is very useful for those watching various levels to determine optimal entry/exit or other price analyses.
The Bitfinex margin funding market provides a secure way to earn interest on fiat and digital assets by funding traders wanting to trade with leverage. Users can offer to fund across a wide range of currencies & holdings at the rate and duration. In addition, 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, competitive commission rates from a regulated broker, and active trader commission discounts.
Binance
Binance is a popular cryptocurrency exchange started in China, and it is trendy 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 and smooth UI allow traders to make the most out of the platform without wasting time shifting from one platform to another. As a result, retail traders can effectively devise long-term strategies, while day traders can use the tools built by the exchange to leverage their knowledge and expertise.
The Binance Platform has divided the exchange’s UI into two trading audiences. The Basic trade setting has a simple layout that’s easy to understand. Only necessary information for making trades is displayed. However, 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 they need to make complex trades.
Binance recently updated its 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. Still, each element contributes to an easier-to-navigate platform for trading and using the Binance account.
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