BOLSTERING THE GROWTH OF CRYPTOCURRENCY THROUGH THE XCHANGERATE AUTOMATED TRADING PLATFORM.
Cryptocurrency since it's emergence has experienced a rapid and tremendous growth amidst a two year span ( The Bitcoin price index grew from $367 in January 2016 to $20,000 in December 2017). In 2017, between January to December, it reached an estimated growth of about $17.74 billion in January to over $512 billion approximately, reaching an all-time high from $1003.83 to $20000 per Bitcoin in early December, a price which is estimated to be doubled by Q4 December 2018. Bitcoin which is the fore-bearer of all the other Altcoins (Alternative Coins) retained atleast 50% of the market share during the second half of the 2017. Needless to say, Alt coins have experienced a significant growth as well. With the involvement of a few major financial institutions in the cryptocurrency trading such as The Chicago Board of Exchange, Goldman Sachs, NASDAQ, and the NYSE, one could only imagine the prospects to be perceived from this contemporary innovation. However, recent upsurges in cryptocurrency prices and the market growth can be largely attributed to consumers’ increasing interest in trading cryptocurrencies. Other influencing factors includes a consumer's desire for the democratization of the investing and saving system absent in the traditional banking system as well as increased personal purchasing power (PPP).
Among the many aforementioned benefits stated, it is gratuitous to say that the market needs an algorithmic tool not only to help users analyze the various cryptocurrency exchanges but relieve them from the responsibility of decision-making and also alleviate the risk involved in securing one's wallet. In other words, the market needs a robot, who works for them.The volatility of cryptocurrency as well as the barriers present during entry gives rise to the need for the development of a well secured and user friendly trading platform for investors in this promising market sphere. All of the present-day trading solutions available on the market can be divided into the following groups:
• INFORMATION GATHERING
Accumulating information from the Internet, collecting different types of information (news, analysis, research, etc.) useful for
traders on one easy-to-read platform (ex. Hade platform) making it easy for users to sort, filter, and process in order to make informed decisions.
• TRADING SIGNAL INDICATION
providing trading signals and predicting the market move (ex. Fintab, CoinFi, Signals, Taylor, Trademindx, Savedroid, Fox trading, Dropil, etc) basing on automatically collected and analyzed data or using the AI.
XchangeRate on the other hand provides a solution; an algorithm also know as a “robot” that uniquely ascertains user preferences based on the subscribers' parameters and makes intelligent trading decisions by means of gathering trading informations from the various cryptocurrency exchange markets. Users are no longer obliged to make every decision themselves and separately track trends and currencies as the XchangeRate robot makes these decisions on behalf of it's user empowering investors to trade popular currencies around the clock based on a set of criteria and interpretation of good data analysis proprietary to the XchangeRate platform.
The platform's ecosystem involves the incorporation of a number of complex but user friendly platforms which includes;
● The Coin Monitoring Board (CMB)
Is a console with a dashboard panel where the analyzed data from different data sources is tabulated and displayed in such a way so the subscriber can better sort and identify the market sentiments around available coins
on the exchanges. You can keep XRR tokens on your tokensale.xchangerate.io dashboard or use (e.g.) MyEtherWallet.
● The Automation Robot
The Automation Robot is the section of the XchangeRate platform where strategy settings can be issued to the robot to automate trades using API and secret keys.
● The Minimum Value Product (MVP)
This segment of the XchangeRate’s automation does not require user-name, password, API or secret key but uses a preset to filter markets with price actions.
● The Marketplace
For users who want to adopt strategy by implementing other user’s strategy in exchange for XRR tokens, the marketplace is the data hub where strategy, users and performances are tabulated.
APPLICATION METHODS
The XchangeRate robot has a console where the data read from over all the platforms is presented to the trader to help ease the decision making process. The trader can then make informed choices based on the strength of the indices provided. This console is known as the Coin Monitoring Board (CMB).This console provides the RSI (Relative Strength Index), MACD (Moving Average Convergence Divergence), PRR (Price Relativity Ratio), FR (Frugality Ratio) and the SI (Suitability Index) instruments which are very handy to the trader. However, the XchangeRate robot is designed as an automated tool to function as a smart buy and sell robot using these indicators as the elements used to filter coins on the exchange.
Some useful terminologies in the XchangeRate project.
XchangeRate robot (XRR)
This is an algorithm that aids investors navigate through the complex cryptocurrency market and make expert decisions based on the subscriber’s parameters.
XchangeRate (XRR) token/coin
A utility token that can be used to transact on thexchangerate.io. This is the only token that can be used to employ the services of the robot.
XchangeRate platform
This is the web based cryptocurrency trading application embedded with an intelligent algorithm XchangeRate robot (XRR) for the ease of trade.
KYC (Know Your Client)
This is the standard form requested of the cryptocurrency investors by investment advisors and management to fill so as to be learned on the details of every investor in the cryptocurrency sphere.
AML (Anti-Money Laundering)
This is the set of procedures, laws and regulations set in place to curtail the possibility of generating income through illegal actions .
RSI (Relative Strength Index)
A momentum indicator, that compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security .
MACD (Moving Average Convergence Divergence)
is a trend-following momentum indicator that shows the relationship between two moving averages of prices.
EMA (Exponential Moving Average)
is a type of moving average that is similar to a simple moving average, except that more weight is given to the latest data .
PRR (Price Relativity Ratio)
is a ratio that compares the global price of a coin and the Ask/Bid on the exchange.
Suitability Index (SI)
is the index that measures the average rate of coin traffic or demand on a coin on an exchange.
Coin Monitoring Board (CMB)
is a console the XchangeRate robot has where the data read from over all the platforms is presented to the trader to help ease the decision making process.
FR (Frugality Ratio)
is the ratio of the total payment of a mechanism to a desired payment bound.
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