As cryptocurrencies are soaring in value, so is the number of investors entering crypto markets. Not wanting to miss out on this unique opportunity, millions of investors are pouring into crypto-markets, so that they can get a piece of the action.
Popular crypto-exchange, Binance, which executes almost $10 billion in trades each day, recently revealed that they are adding as many as 100,000 new accounts per day. Their platform demand was so high that they had to ban new account registrations temporarily. In a message to users, Binance explained. “due to the overwhelming surge in popularity, Binance will have to temporarily disable new user registrations to allow for an infrastructure upgrade.” They are not the only exchange with these types of problems. Bitfinex and CEX.io have temporarily halted new account registrations as well.
Meanwhile, Kraken, a crypt-exchange operating around the world, described their surge in popularity as “overwhelming,” and Coinbase CEO, Brian Armstrong, bragged to The New York Times that Coinbase “can’t guarantee the website’s going to be up exactly when you need it.”
Of course, many of these new users are anything but crypto-experts. They are novice investors who don’t to miss out on the cryptocurrency boom. It’s an understandable sentiment. As one Bitcoin investment fund put it: they are “counting returns in thousands of percentage points.”
For these new investors, exposure to crypto-markets can be a harrowing experience. Prone to wild price swings and unexplained market fluctuations, crypto-markets can make and then break millionaires. Sometimes on the same day.
Just this month, the total crypto market cap has transitioned from less than $500 billion to more than $800 billion and back below $500 billion again. This behavior is typical for crypto-markets, but it can make establishing a successful trading strategy incredibly tricky.
As a result, numerous crypto-trading bots have emerged in the past year. Bitcoin Magazine notes that a trading bot “will do most of the work for its users. It watches prices exchange rates, handles trading and more.” These investor tools have been around for a long time, and they are popular and prevalent in other markets as well. In a front-page feature by The Wall Street Journal, it’s reported, “Up and down Wall Street, algorithmic-driven trading and the quants who use sophisticated statistical models to find attractive trades are taking over the investment world.”
For crypto-traders, these services can be incredibly useful. However, they often require a subscription fee, and they don’t allow users to participate in the process by generating their own shareable algorithms.
In other words, it’s a limited opportunity at a high price.
For those looking for a more collaborative approach, there are crypto trading platforms that enable their users to create their own trading algorithms that they can sell to other crypto traders. They are a complete marketplace where investors can buy and sell the information the best trading strategies.
Signals and Enigma Catalyst occupy this space as competitors and exhibitors of this investment model. Both platforms offer a marketplace where copy traders can buy and sell their trading strategies. Moreover, both provide advanced metrics including performance and historical data points.
Signals is a more user-friendly platform that doesn’t require any coding skills to get started. Thanks to machine learning techniques, it’s a robust platform that includes research tools and visual components to help traders make the most informed decisions. In some ways, Signals is akin to a platform like SquareSpace that provides easy-to-use tools that anyone can use to create a meaningful product.
In keeping with their user-friendly ethos, Signals is developing a mobile app that meets the user demand
In contrast, Enigma Catalyst caters to Python users, and they don’t direct their services toward amateur developers. Enigma has many compelling features, but it’s unlikely the novice crypto investors will find it to be as beneficial.
When it comes to investing, the most obvious difference is the ability to change investment strategies with ease and speed. Because Signals is more user-focused, users can change parameters, and the platform will finish the work for them. Enigma Catalyst users have this ability as well, but it requires Python development skills.
Each of these platforms can be a helpful asset for those striving to trade cryptocurrencies successfully. For experienced developers, Enigma Catalyst is a compelling platform that allows traders to capitalize on their trading strategies. Signals achieves this same end goal but with a more user-friendly interface and more visual tools.
Regardless, these platforms are ready to help the millions of new crypto enthusiasts make the most of their investments.
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