Problem

๐Ÿ“ˆ Inability to execute advanced trade orders

As the popularity of cryptocurrencies continues to rapidly increase, more and more people are developing an interest in cryptocurrency trading. The suite of available trade orders greatly varies across each exchange. The majority of exchanges do not offer advanced trade order types (such as โ€˜stop-loss,โ€™ โ€˜trailing stop loss,โ€™ โ€˜one cancels the other,โ€™ and many more). The inability of traders to execute advanced trader orders may result in traders losing money and missing opportunities to make profits.

๐Ÿ˜ถ Poor user experience provided by existing exchanges

Existing cryptocurrency exchanges had not focused on user experience and accessibility when their interfaces were designed. Navigation between charts, portfolio management, and analytics tools is very cumbersome. The cryptocurrency world moves exceptionally fast, and often traders do not have sufficient time to access their PC to execute quick trades quickly. Most exchanges and trading tools currently do not offer mobile solutions for traders. A limited number of exchanges and trading tools do provide mobile apps; however, these apps do not provide the full suite of trading options.

๐Ÿ•น Fragmented cryptocurrency ecosystem and tools

To consistently make good decisions and trade successfully, the average cryptocurrency trader and investor has more than five cryptocurrency related apps downloaded on their mobile device.

There are three pillars to success in cryptocurrency trading: executing orders, performing portfolio analysis, and keeping up-to-date with the news.

Types of apps include:

  1. Portfolio management tools

  2. Exchange apps

  3. Price tracking tools

  4. News monitoring tools

  5. Third-party trading tools

There is limited integration between different apps, and often they are not automated, meaning the user must enter a great deal of data manually.

๐Ÿ’ผ Portfolio management is inefficient

Existing cryptocurrency portfolio tracking tools are time-consuming and not user-friendly. Even for casual traders, it takes a significant amount of time to manually input orders, and itโ€™s easy to make mistakes. Furthermore, existing solutions cannot track balances from non-exchange wallets, such as software and mobile wallets.

Another key missing feature is historical order analysis. Only a limited number of portfolio trackers allow users to analyze historical data, and this data is very helpful for any trader, from beginner to professional.

๐Ÿคฏ Using multiple exchanges is a challenge

Managing assets on multiple cryptocurrency exchanges is a tricky business. For many reasons, itโ€™s nearly impossible for a user to gain a complete picture of their portfolio and act quickly. Firstly, different exchanges have their own separate order histories, making it hard to analyze past transactions. Secondly, all exchanges have their own complicated user interface, which adds another entry barrier for users. Lastly, managing multiple accounts with multiple services is always an exhausting and time-consuming business.

Switching between multiple cryptocurrency tools is inefficient, often leading to missed opportunities that directly impact profits.

๐Ÿ”‘ API keys are not securely protected

The secure storage of API keys is very important for those who employ third-party tools for cryptocurrency trading and portfolio management. There have been cases where the misuse of API keys has lead to manipulation, which is detrimental for the API key owners and the entire cryptocurrency community.

Due to the current lack of trust amongst users regarding API key management, many community members are hesitant to use third-party tools that use API keys that connect to their exchange accounts. To integrate API keys into their third-party apps, developers must spend a great deal of time and effort to ensure the security and protection of the data, which is a big obstacle for cryptocurrency trading app developers. Furthermore, secure storage requires a lot of time and resources to maintain.

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