Cryptocurrency Trading Terminals: What They Are Meant For and How to Use Them

terminal cryptocurrency

Virtual currency market infrastructure is developing – there are already hundreds of cryptocurrency exchanges and different exchange services. This infrastructure exists not only online, but also physically – cryptocurrency ATMs are appearing in cities all over the world. Cryptocurrencies themselves are in fact similar not only to means of payment, but also to stocks. Since the very beginning of the cryptocurrency market, or precisely since 2010, when the first Bitcoin-exchange Mt.Gox was launched, users trade cryptocurrencies on exchanges. The supply and demand for digital coins, which is a key point in the determination of their value, is formed exactly on these trading platforms. Today The Coin Shark will tell about cryptocurrency trading terminals – an important software tool that advances trading of digital coins.

Contents:
(please click the topic to scroll down to it)

  1. What is a cryptocurrency trading terminal
  2. Browser cryptocurrency trading terminals
  3. Mobile cryptocurrency trading terminals
  4. Advantages of terminals

1. What is a cryptocurrency trading terminal

Traders used trading terminals even before cryptocurrency appeared. These information and trading platforms provide users with all the necessary information about market conditions and enable them to make deals. A cryptocurrency trading terminal is actually a software, a set of tools (scripts), that provide users with necessary market analytics and the opportunity to make transactions. Terminals (trading web-services) are part of the functionality of each exchange. However, what we call “a terminal” is rather a separate online platform that provides efficient trading tools. Exchange trading services usually have much less functionality than these terminals, where users can often adjust the interface or automate certain processes (for example, MetaTrader 4 even allows to create trading strategies templates).

2. Browser cryptocurrency trading terminals

Browser terminals provide access to trading functionality directly from a PC browser. Browser trading web-services are available on all cryptocurrency exchanges, as well as other separate cryptocurrency trading terminals. As a rule, such terminals show the graphics of a particular pair (for e.g. dynamics of dollar/bitcoin exchange rates), depth of market panel (the number of orders for purchase/sale of a particular cryptocurrency, which allows to determine its demand and supply), trading volume charts, etc.

Cryptocurrency trading terminals are usually connected to many large exchanges. For example, trading platform called WebTrade operates with Poloniex, EXMO, and Kraken. That enables users to quickly move from one exchange to another and make deals at the best prices available. Coinigy, leonArdo, WebTrade, CrypTrader are some of the popular browser terminals.

3. Mobile cryptocurrency trading terminals

As the technical and software capabilities of mobile devices advanced, most of the functions of ordinary personal computers became available to users in the subway, on the street, in a cafe, in a traffic jam – everywhere, if there is an Internet connection. Today a lot of people use smartphones and other mobile devices much more often than personal computers. So, it was no great surprise that all online services that were accessible from PCs via browsers, made sure their users could comfortably access them from mobile devices. Trading is no exception. Many services created their mobile apps (for example,TabTrader) to enable users to trade cryptocurrency on their smartphone or tablet. So, mobile cryptocurrency terminal is a mobile application that ensures trader`s access to the necessary information and trading functionality.

4. Advantages of terminals

The main advantage of separate trading terminals if compared to trading web-services of cryptocurrency exchanges, is their convenient and extended functionality. Many users complain about the limited trading tools and inconvenient user-interface of exchanges. Cryptocurrency exchanges first of all care about speed and safety, and therefore advanced trading opportunities is still not the top priority.

In addition, it is rather important that cryptocurrency terminals are usually connected to a number of cryptocurrency exchanges. This allows traders to follow several exchanges in order to find the best rate and best conditions to make a deal, moving quickly from one exchange to another.

In general, cryptocurrency trading tools and functionality provided by trading terminals and those provided by trading web-services of cryptocurrency exchanges are often compared with Photoshop and Paint. Broader functionality not only provides traders with additional information about market conditions. It first of all enables users to choose the best moment to make a deal and carry out all related processes more efficient. At the same time, many terminals with excellent functionality are paid (for example, leonArdo or Coinigy). However, the benefits of using advanced trading tools can quickly cover such expenses. Moreover, cryptocurrency trading terminals can be less secure than exchanges. Besides, exchanges are developing their software and may advance their trading tools in the future.

Beginners often do not actually benefit from using extended functionality of terminals, and basic tools provided by cryptocurrency exchanges may fit their skills. Also, there is a gap between the actual appearance of data on the exchange and when this data is displayed in a terminal. Some terminals measure this gap in minutes, but even if this gap is shorter, it is obviously not that good for traders.

Anyway, today terminals provide users with opportunities to trade cryptocurrency  more efficiently, and, therefore, play an important role in the development of the entire market.

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