A platform that says it offers an intelligent and faster way of trading cryptocurrencies has announced a collaboration with Binance, the largest crypto exchange in the world.
Koinfox believes the collaboration will mean that its intuitive tools will be available to a wider audience. The company claims it is the world’s first crypto platform to offer “Bracket Trading” across global exchanges — a tool that brings together buy price, sell price and stop loss into one place for individual traders. As well as enabling traders to receive live status updates about their brackets, the software helps them to keep track of daily earnings.
Other features include the ability to quickly cancel brackets in the event that market movements do not follow the direction a trader was anticipating, as well as access to a plethora of indicators so users can make informed decisions. It is also possible for Koinfox customers to emulate the bracket trades of reputed users, copying their strategies in a live environment, if they so wish.
Ankitt Gaur, the founder and CEO of Koinfox, told Cointelegraph: “The crypto community has seen in the past, huge gains and vis a vis downfall of various crypto assets which makes them as one of the most volatile asset class as on today. This puts it in a high risk and high gain class of assets. The mission of Koinfox is to help crypto investors trade profitably by enabling them to execute better decisions using our intelligent trading platform.”
Growing adoption
Koinfox launched in early 2019. Since then, the platform says it has enjoyed “significant acceptance and adoption by the global crypto trading community,” attracting more than 25,000 users in a matter of weeks since its launch.
Along with its intelligent trading tools, the company enables consumers to easily trade on a multitude of exchanges in one place. Meanwhile, a multichain wallet helps users to “store, earn, trade and spend any digital currency.” Available to download for Android — while the iOS version will be released soon — Koinfox says its wallet has been built using “best-in-class security protocols” and can be used to store Exchange API keys in a decentralized and secure manner instead of storing them on a central database, unlike other similar tools, the team says.
Further intelligent tools are set to launch in the future, including margin trading, mirror trading and derivatives.
Koinfox says that speed is an emphasis for its platform — with the company aiming to prevent “even a nanosecond delay” for its community.
Brackets explained
According to Koinfox, bracket trading gives users “the power of much increased leverage with increased protection” and helps ensure that profitable positions do not transform into losses.
The team says that they offer Bracket Order with an option of Trailing Stop Loss. Orders enable traders to specify an automatic exit point and a stop loss along with trail. As soon as one of these milestones is executed, the other order is automatically canceled.
Koinfox, which is headquartered in Australia, says it enables its users to try bracket trading through a simulated platform, where dummy tokens allow new traders to try out their strategies and see how they would have performed in a live environment. During its beta launch, access to this simulator is being provided for free, giving newly registered traders the chance to practice using a mock currency of $30,000.
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