As Encrybit gets ready for its initial offering of the ENCX tokens, the question on the minds of many traders and investors is probably, ‘Why do we need yet another exchange?’. No doubt Encrybit has already caused a stir in the crypto sphere with its surveys, with the second one involving over 10,000 crypto traders. The excitement is also helped by the immense promises in its white paper.
A second question arises from all the buzz Encrybit has made already; “Can they live up to the hype?”
First, Encrybit is not just another exchange, it is more like a revolution in the very act of trading, and this is the first of its kind and beginning of a new generation of trading platforms.
Secondly, the over 16,000 members in their official telegram group seem to be excited about the platform for a good reason. Encrybit’s promises are backed up by years of hard research and carefully executed designs to put together for some of the most necessary and revolutionary accessories we haven’t seen yet on a trading platform.
This piece is meant to take us through the standout features of the Encrybit platform in a bid to show us what treats they have put together for the trading community, and why it is a worthwhile investment to wager on.
A Close Look at Encrybit’s Standout Features
- Fast Order-Matching Engine
Crypto trading is a highly volatile market and thus often experiences sudden spikes in trading volume where millions of orders are suddenly queued within a short time.
It is at such times and not at the times of the low or steady volume of trades that the matching engine is tested. Traders have had to endure downtimes in trading due to the frequently crashing machines on different platforms as a result of an inability of their infrastructure to cope with the orders.
Encrybit has done their best to circumnavigate this obvious flaw by formulating their order engine on par with the best in the business and executing one million plus orders per second.
The infrastructure behind this impressive speed is because the Encrybit platform uses AWS infrastructure that includes a combination of HPC, EC2, VPC, S3, Lamda pools, DynamoDB, CloudFront and low latency custom enhancement services.
Its programming stack utilizes Java, Python, C++ as backend and node JS & Require JS for front-end rendering. This ensures a huge ability to sustain impressive speed even with extremely high volumes or orders.
- User Engagement Feature
Most exchanges do not do nearly enough to keep traders engaged and engaging with their platforms. Encrybit however, has integrated into their platform a steady stream of activities to build a strong engagement with the platform.
Among these activities are:
- Awards for Trader of the month
- Traders with maximum orders per month end up with some profit
- New coins/tokens holding and airdrops
- New challenging competitions among traders with prices and giveaways
- Exchange enhancement developer competitions to get constant ideas from traders on how to develop the exchange and reward on that basis.
- Token listing voting upon social crowd interest
- Fascinating trader referral programs.
- A commitment to increase or modify activities to align with the cryptocurrency trends.
This effusive effort at enhancing user engagement is guaranteed to build a very strong following and commitment to the Encrybit brand.
- Smart Alerts
During the extensive survey of over 10,000 traders. The question was asked, “Would you like to get an alert on sudden increases or decreases in coin price?” An overwhelming 90% answered in the affirmative and this sealed the place of this feature among the most necessary additions to the platform.
Encrybit exchange has added the “smart alert” feature to set reminders/alarms on specific price movement with a straight notification via SMS, in App notification, exchange website or via email. Because of the volatility of the crypto market this feature is necessary and is largely missing in most of the exchanges. Which is why traders go for third-party apps to get this feature and most of the times, it still falls way short.
This feature gives the traders the advantage of entering or exiting trades in winning positions. Users can set reminders from the alert system where they can fix it for both, up and down, trend movements. Traders can set multiple reminders and view them in the “Active” section where the user can modify them. All the triggered reminders will be added to the “Triggered” section.
This feature will give the trader some rest from watching the platform 24/7 in a bid to prevent losses.
2.Enhanced Social Trading
Social Trading has been a constant feature for forex exchanges and has recently found its way into many of the crypto exchanges as well. The survey showed this to be one of the favourite features for traders. 76% of people admitted that it was very helpful for trading.
Social trading is an exceptional way to educate beginners to get started with live trading on any exchange. In a nutshell, social trading defines a mentorship relationship of sorts between the expert trader and the follower where a new trader follows the expert and copies their trades from a shared portfolio.
However, this is where Encrybit’s approach to Social trading is different and of great benefit. In most social trading arrangements, the new user is locked into the copied trade and cannot exist even if the trade doesn’t seem to be working as they thought.
Encrybit introduces a smart functionality with a review algorithm that provides the new users with the ability to exit any time after the trade is copied. This feature is the flagship of the Encrybit exchange.
The outcome of the Encrybit Social trading design is that users can access a vast amount of expert traders and choose the most profitable one.
This design also aids those who cannot be on the terminal for long periods; they can follow the trusted expert and copy their trades, leaving most of the job to them and still getting their profits still.
3. Crypto Scanner
The Stock and Forex Market already has this feature in the guise of the Screener Tool which provides traders with inputs and statistics based on volume and price increase or decreases within a certain time frame.
The survey showed 43% of traders had used a scanner in some form so, Encrybit has included the Crypto Scanner to provide similar services to the crypto exchange sphere. This Crypto Radar feature provides professional and beginner traders with the facility to search different tokens and pairs based on their increase and decrease in value along with the well-known technical indicators like RSI, ADX, MACD, EMA, and SMA value and within an indicated time frame.
So a trader, for instance, can easily ascertain the movement and changes in the ETH/BTH pair within a space of an hour.
This feature is bound to create way smarter traders on the platform and significantly reduces avoidable trading losses.
4. Profit and Loss Reporting One of the most overwhelming results of the survey was the need for a reality available profit and loss report. 91% of people surveyed said that they would prefer to have details of their overall profit/loss readily available and downloadable on their dashboard.
Encrybit has incorporated this feature in their platform. Providing users with the chance to generate profit/loss reports from their account dashboard. The report is structured in BI (Business Intelligence) format to give a broad view of the trade history from the selected time frame.
The report is extensive and includes the traded cryptocurrencies, pair name, entry/exit positions, and profit/loss ratio summary from the particular trade in percentage. It also consists of the traded pair and the USDT price track from the time of entering and exiting the trade.
This feature largely enhances trader strategy as they can make comparisons between trades and find winning strategies.
6. Multi-Level Broad Order Book
The Encrybit survey also unearthed a desire by traders to have a comprehensive and broad order book that gives some thoughtful insight. 87% believed that a detailed order book would help them get a quick position in the market.
Order books are proven to be pivotal in the decision-making process for short-term traders, and it helps traders to make a better entry in a trade.
Encrybit has integrated the most detailed order book possible into its infrastructure. Its order book has a Color Bar functionality which will help quickly identify the short-term direction of the price trend and a Market Trend bar, which represents the tug-of-war between the buy and sell orders. In other words, the short-lived market mood for buying and selling.
The order book is divided into three levels; The Detailed order book, The Order Summary and the Time and Sales Section. This will largely impact on the speed of transactions and decision making among traders.
- News and Social interaction Feature
This feature was also included because an overwhelming 91% of traders surveyed considered it useful.
In response, Encrybit has included a section for the latest news and updates about the current coins/tokens and the upcoming ones, so traders are equipped to build a plan of action. The section has a Global Media News section and Social channels with Chat ability for user collaboration, use of hashtags to pass info, etc.
This feature largely affects the planning of traders and eventually profit.
The Encrybit Model is the first of its kind, and its striking features make everything about the Encrybit model including the ENCX tokens such an attractive investment for traders and investors alike.
Private sale starts from 1st November, 2018. https://encrybit.io/