CryptX Terminal Review
Without any doubt, it is a tad difficult to effectively track and manage the performance of one's crypto assets, especially when it is a diversified and active portfolio. More often than not, professional crypto traders require sophisticated tools to execute complex trading strategies across multiple exchanges. The absence of such tools limits chances of consistently generating profits.
And so, it is always a welcome development when solutions introduce improved trading management tools ideal for the crypto market. One of such solutions is CryptX Terminal, which launched in February 2021. In this guide, we will take a closer look at this product and highlight its pros as well as its cons.
What is CryptX Terminal?
CryptX Terminal is essentially a trading platform equipped with all the tools required to manage trading activities on multiple exchanges. In essence, CryptX Terminal is not an exchange per se. Instead, it allows users to access the trading terminals of a broad range of crypto exchanges.
With this, a trader with multiple trading accounts can sync all of his operations such that the tracking and managing of activities across all trading channels can be done on a single interface. This approach is way better than the conventional method of opening multiple tabs to keep up with the performances of trades on two or more exchanges.
Why is this crypto product important?
Once you successfully integrate all your exchange accounts with CryptX Terminal, you can then take advantage of additional functionalities designed to help maximize profits. For instance, this setup makes it easier to implement arbitrage-based trading techniques since you can seamlessly track price discrepancies across various exchanges. Also, the platform offers programmable trading bots to help implement some of your preferred trading strategies. You can also backtest strategies when using CryptX Terminal.
Another vital advantage that CryptX provides is profit-loss control. Since users are offered a vantage view of the crypto market, it is easier to spot market anomalies and adjust strategies accordingly. Traders can also access a comprehensive reporting system for determining the short-term and long-term performance of strategies. All in all, CryptX strives to enable a robust ecosystem that is ideal for crypto traders.
The development of CryptX Terminal?
CryptX Terminal is the brainchild of CryptX, a blockchain and fintech company. Time and again, this team has demonstrated its proficiency in crypto and blockchain technology. In 2018, CryptX launched its native wallet service, called CryptX Wallet. This was followed by the launch of a crypto exchange platform, Cryptal, in 2020.
Although CryptX Terminal officially went live in 2021, the initial development of this product began in 2018. Therefore, it is safe to say the team has taken its time to develop a viable solution -- at least, this is what the result tells us.
What are the features of CryptX Terminal?
Real-time integrations with multiple exchanges
CryptX has created a trading terminal, which is compatible with some of the most popular exchanges in the market. At the time of writing, the platform lets users integrate with 10 crypto exchanges, including:
- Coinbase Pro
- Binance US
In other words, you can connect to your accounts on any of the exchanges mentioned above. The good thing about this is that you can execute trades on such accounts via CryptX Terminal. In essence, CryptX Terminal allows you to execute all your trading activities from a single interface.
Auto trading bots
CryptX Terminal comes with pre-programmed trading bots which you can reconfigure and customize. With this, you can input your preferred strategy and authorize the bot to execute trades on your behalf. This functionality helps users eliminate emotions when trading. It also optimizes the effectiveness of strategies.
Knowing fully well that the success of automated trading techniques depends on the strategy programmed into bots, CryptX has opted to include backtesting functionality so that traders can determine the efficacy of strategies before deploying them.
Analytic and reporting tool
Another important feature found on CryptX was an analytic system. This tool helps traders to analyze their performance over time. With this, you can determine whether your trading activities are meeting your expectations. You can even compare performance with projections in order to get a clearer insight.
The trading terminal of CryptX
While researching the operations of CryptX Terminal, we decided to explore the platform’s trading terminal. One of the notable discoveries is that CryptX uses a flexible template that is compatible with the unique terminal designs of supported exchanges. This implementation allows users to switch between a TradingView chart and a depth chart, depending on the type of analysis they wish to adopt.
The terminal provides all of the tools required to interpret price charts. Also, it was seamless to switch between the supported exchanges.
CryptX Terminal implements two-factor authentication as an extra security layer for users. Additionally, it is ISO/IEC 27001 certified. This shows that the platform complies with strict information security standards.
As discussed earlier in this review, CryptX Terminal makes it much easier to capitalize on market inefficiencies. Note that the prices of crypto assets tend to vary across multiple exchanges. For instance, the price of Bitcoin on Binance may be slightly lower than what it is selling for on Kraken. In such a scenario, arbitrageurs will look to execute trades that take advantage of the price disparity. Here, they will buy Bitcoin on Binance and sell it on Kraken.
It is worth noting that the profitability of such trades depends on how fast the trader can capitalize on price disparities across two exchanges. This is because the profitability of arbitraging opportunities tends to diminish over time. As such, arbitrageurs need all of the help they can get. And judging by the multi-exchange interface and automated trading functionality that CryptX Terminal provides, we can say that the platform is suitable for arbitrageurs.
CryptX does not charge extra fees on trades executed via its platform. Instead, it adopts a tiered subscription fee structure. In essence, the amount you pay as monthly or yearly fees determines the type of services or features you can access. Currently, there are three subscription plans -- Starter, Advanced and Professional -- available to users. The starter plan is free and suitable for passive crypto traders.
In contrast, the Advanced plan subscribers pay $37 per month, while those interested in the Professional plan are expected to pay $74 per month. As expected, the higher your subscription plan, the more features you are allowed to access. Below are the services of each payment plan:
- One Account
- Two Exchanges
- $10,000 Monthly Trading Volume
- One Active Bot
- One Backtest per Day
- Monthly KPI Reporting
- Standard Support
- Unlimited Accounts
- 10+ Exchanges
- $1,000,000 Monthly Trading Volume
- Ten Active Bots
- One Hundred Backtests per Day
- Annual KPI Reporting
- Standard Support
- Unlimited Accounts
- 10+ Exchanges
- Unlimited Monthly Trading Volume
- Unlimited Active Bots
- One Thousand Backtests per Day
- Lifetime KPI Reporting
- Dedicated VIP Support
Note that you can take advantage of the Professional plan’s 30-day free trial to have a first-hand experience of how CryptX works. Also, those interested in creating enterprise accounts can access custom features based on their business needs.
Notably, CryptX does not impose KYC requirements on new users. In other words, you will only need to submit an email to begin enjoying the features of CryptX Terminal.
As part of its customer support initiative, CryptX Terminal answers some of the commonly asked questions on its dedicated FAQ page. You can also submit a request via the platform’s email ticketing system. Alternatively, you can send an email directly to [email protected] However, we discovered that there was no option for live chat.
What are the pros and cons of CryptX Terminal?
Having explored the workings of CryptX Terminal, let's discuss its strengths and weaknesses.
The pros of CryptX Terminal
It supports 10 top exchanges
With names like Binance, Kraken, and Coinbase Pro emerging as some of the exchanges supported by CryptX Terminal, it is easy to see why the platform appeals to traders. The decision to handpick some of the most popular and reputable crypto exchanges is arguably one of the factors responsible for the success of CryptX’s trading terminal.
CryptX Terminal optimizes arbitrage-based strategies
When using CryptX Terminal, It is possible to track the prices of digital assets across 10 crypto exchanges. This possibility offers a significant arbitraging advantage to traders looking to capitalize on market inefficiencies.
The platform provides pre-programmed auto trading bots
The automation of trades is fast becoming the norm in the crypto market. Therefore, it is commendable that CryptX has keyed into this trend by providing trading bots designed to implement various trading styles.
It supports backtesting
Not only can users incorporate and execute automated trading, but they can also carry out backtesting. This feature helps reduce some of the risks associated with automated trading.
CryptX Terminal allows KPI reporting
The platform provides the analytic tool required for tracking and scoring trading performances over time.
CryptX Terminal has a free and reasonable subscription package
It is rare for platforms such as this to enable a reasonably-loaded free subscription plan. Judging by the number of features available to CryptX Terminal’s Starter Plan users, there is no reason for passive crypto traders to pay before they can access all the features they need. It is also commendable that new users can enjoy a 30-day free trial of the platform’s Professional plan.
The cons of CryptX Terminal
It has an average customer support system
From our research, we discovered that the major customer support channels of CryptX Terminal are an email-ticketing system and a FAQ page. At Cryptolinks, we believe that 24/7 customer support is a core requirement for crypto platforms, especially those providing trading services. However, we noticed that CryptX listed dedicated VIP support as part of the features offered to Professional plan subscribers. Therefore, we do not know for sure whether live chat is a customer support channel limited to premium users alone.