Crypto trading terminals are vital tools for any trader looking to stay ahead of the markets.
However, today’s trading terminals are plagued by the fragmentation of data, the necessity of juggling multiple interfaces, and a generally sub-par UI.
Traders on Wall Street have all the world’s financial data at their fingertips.
For $30,000 a year, Bloomberg terminals offer easily accessible data about any financial market in the world.
Crypto is the only asset class that is (for now) excluded from Bloomberg’s comprehensive offer. This is because any cryptocurrency is traded in a wide range of markets. Additionally, social media sentiment, news stories, and technical indicators play a larger role because cryptocurrencies have no widely accepted frameworks for fundamental analysis.
These somewhat level the playing field for retail traders. However, they still need to keep dozens of browser tabs open to staying on top of all opportunities.
Juggling multiple interfaces
Another issue faced by crypto traders is the necessity of juggling multiple exchange interfaces.
In order to get a complete picture of the markets, it is often necessary to use multiple exchanges and wallets. Prices and liquidity can vary significantly across different exchanges. Checking all this manually can be time-consuming.
Manual orders on multiple exchanges can also make tracking fulfillment and collateral management hard.
User interfaces (UI) of crypto exchanges are not designed to help users make educated trades.
There is no malicious intent. It’s simply because most users are newbies, and the exchange UI aims to simply onboard. The average user typically trades with a small deposit, loses money, and never returns. Or they might simply buy some crypto and hold.
As a result, active and experienced users might struggle to find the required information or place trades quickly and easily. While some terminals are starting to address these issues, there is still room for improvement in this area.