Variations in dealing prices can be significant in the cryptocurrency market. As a deregulated and decentralized market, trading conditions on exchanges can be dynamic, and may vary from time to time.
For this reason, it is common to find traders jumping from one exchange to another in search of the best deals whenever they want to execute a trade. This is common when large trading volumes are involved, and you know that the accumulated fees could become some reasonable cost.
Traders adopt several methods to try to find out the best deals for themselves on a momentary basis during trading exercises. Some of the measures taken by traders include the following:
This is the most common way that new and inexperienced traders who most of the time trade in small volumes scan the cryptocurrency market for best prices. Many of the traders in this group are signed up with multiple exchanges at the same time.
What happens here is that before they enter a trade, they will go through all the exchanges with which they have signed up to, select the particular currency pair that they want to trade and compare rates. This is a crude and manual method of scanning the cryptocurrency market that comes with certain consequences.
Some of the consequences with this system is that considering the kind of volatility that exists in the cryptocurrency market, sometimes prices and rates can change so quickly that before the transfer of coins from one platform to the other is completed (when the best price isn’t where the coin is originally deposited), what used to be the best rate could turn out to become otherwise.
Another consequence is the possibility of accumulated transaction fees. This also happens when a trader needs to transfer the coins to another platform when seeking out the best price. Fees are always involved, and in the long run, all efforts to save cost might become futile.
Deploying Scanning Softwares
There are trading tools that exist today that can be used to study certain market indices and indicators in order to make good trading decisions. Some would analyse indicators to predict trends and outcomes, while there are tools that are used to analyse trading volumes, price actions and trading activities on trading platforms and exchanges.
A more complex deployment are tools that exist today which can scan through multiple exchanges within short periods of time and broadcast results to the interested parties. These tools are growing in popularity and helping traders make better decisions.
Analytic Trading Apps
Out of all the scanning systems that currently exist in the industry, this appears to be the most convenient and easily adaptable method used in engaging the complex cryptocurrency markets.
A perfect example of this system is executed by the tap app and cryptocurrency trading software. What happens on tap is that whenever a trader selects a pair of cryptocurrency to trade, his job is practically done. The internal workings of the app scans across multiple exchanges and finds the most competitive rates. The trade is executed on such rates and the trader receives instant value.
This method escapes the setbacks of jumping across exchanges, and saves users the headache of having to return and decide if the results are fair or not. The apps algorithm takes care of all that and delivers value in a seamless convenient manner. Obviously, the tap app is every trader’s loyal ally.
Cryptocurrency trading can be a complicated venture. The rate of change in the price of the markets can be crazy sometimes.
Adopting enabling tools that help in the decision-making process is a practice that a lot of traders have come to embrace. This is the aim of creating the app, so that user experience within the crypto industry can become largely satisfactory, while traders feel comfortable to practice within the dynamic ecosystem that they have found themselves.
It's only a few taps away.