Multifunctional trading platform Torex says it proposes an integrated solution to the problems of centralized exchanges while encouraging experienced traders to mentor the next generation.
Imagine entering the cryptocurrency trading sector, and it is the first day on the job. A lot of questions arise as one approaches this endeavor, like, Which exchange should I choose? How do I track price fluctuations? and How can I organize the trading process in an efficient way? One of the most intuitive solutions in this situation might be to ask an expert. Luckily, there are platforms that offer this opportunity. One of them is the multifunctional blockchain platform Torex, where cryptocurrency first-timers and professionals can trade side by side.
And there is more to the company than encouraging young traders. Launched in early 2019, the company strives to offer an integrative solution to the most debated problems in the trading community.
According to Torex, one of the difficulties that traders encounter is the loss of efficiency due to the dispersive and fragmented nature of exchanges: Various analytical instruments are usually offered on external services instead of being integrated on the exchange. Moreover, activities such as monitoring of exchanges and arbitrage require data collection from multiple sources.
Furthermore, the company says that most of the currently existing platforms, such as Binance — leaving aside the debate about Binance DEX — stay predominantly centralized, which restricts the users in trading activities and pairs they can choose to trade with.
Another important point, according to Torex, is that trading platforms often fail to provide traders with convenient communication channels. This leaves trading enthusiasts not much of a choice but to move to existing communication networks, such as Telegram, which stays popular and almost indispensable in the cryptocurrency trading community.
Fighting the problems of exchanges
The aforementioned problems are still hot and might stay as such for a long time. However, Torex is one of the platforms that reportedly has a working solution.
Even though Torex is a centralized platform, the company strives to provide the community with convenient blockchain-based trading opportunities. It is said that the platform gathers all tokens and the most popular exchanges in one place with the purpose of offering a centralized tracking to the users. For now, Torex has integrated six exchanges: Binance, Bittrex, Huobi, Poloniex, Bitfinex and KuCoin, and the company says that they plan to add 17 more by 2020: BKEX, Crex24, Kraken, Coinsuper, IDAX, BitZ, LBank, OKEx, Bibox, BitMax, BitMEX, Bithumb, TOPBTC, HitBTC, YoBit, Exrates and Coinsbit.
Since one of the major difficulties of trading on exchanges is the need for external sources to acquire analytical tools and to be able to utilize such strategies as social trading, Torex vowed to solve this problem. According to the company’s white paper, the goal is to integrate advanced tools on one resource with a built-in news aggregator.
Apart from this ambitious endeavor, Torex’s platform is equipped with tools, such as a price checker and a modest but easy-to-talk-to Telegram bot that can support a trader with instant notifications when the price of an asset changes, or when a trader's personal information needs to be modified. Furthermore, in Q3 2020, the company plans to introduce a crypto betting tool that is reportedly powered by smart contracts. It will allow users to move their discussions from crypto forums to Torex and profit from their market expertise.
Lost time is a lost opportunity, but one shouldn’t have to take their laptop to lunch. This is probably why the company focuses its efforts on bringing trading to the level of advanced mobility. In 2020, Torex is planning on releasing a mobile version of the platform that should allow users to access all the features from their smartphones.
Making social trading great again
To support aspiring traders, Torex says it will soon launch Traders’ Ideas, which is a feature reportedly aimed at providing an “efficient community communication channel and a knowledge-sharing framework. The platform aims to attract influencers with a deep knowledge of the market, who could act as mentors for less experienced traders.” Even though the mentees will have to pay to get a recommendation or a deal suggestion, theoretically, such a tool could still have the potential to educate newcomers and raise awareness about trading techniques and strategies.
Round II starts on the 5th of December.
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