Mini trading terminals are available on every cryptocurrency exchange, but standard exchange tools do not give an idea of the complex state of the market, and in this case, third-party trading tools with advanced functionality and flexible settings come to the aid of traders. They make it easy to work and monitor the situation on several trading platforms at once and provide information about all the cryptocurrencies presented on the market. Despite all the advantages, third-party programs have a large security vulnerability, so you need to approach their choice with full responsibility.
The vast majority of traders use only exchange terminal tools to track the market. They are available to everyone for free and usually include a few basic tools:
- standard line charts or Japanese candlestick charts;
- exchange glass;
- trading volume;
- simple technical indicators.
Trading exchange terminal
This functionality is quite enough to conduct an initial market analysis but not enough to make a comprehensive analysis. The limited nature of exchange instruments is determined by the need for high server capacity. Moreover, even to give traders a minimum set of tools, the exchange must have large server capacities, while small crypto exchanges are often limited to a basic set of tools, the speed of which is not maintained at a high level.
The difference in the functionality of an exchange and a third-party Crypto trading terminal can be compared to the difference between a simple graphic editor and a professional Photoshop.
Trading terminals, originally developed and tailored specifically for market tracking, have more advanced functionality compared to exchange terminals and provide comprehensive information based on data received from multiple sources. Their servers are designed for the high-quality performance of their functions and do not cause difficulties in the work for users.
Developers strive to minimize the time period required to update information. For high-quality trading, the gap between the actual change in the market situation and its display should take no more than a moment, but since the terminals work with several trading platforms at once, the gap for the most unsuccessful terminal options can reach several minutes.
Unlike standard exchange terminals, third-party services are less accessible. High-quality and fast working tools are usually provided on a paid basis, while anyone can use the exchange tools.
Trading through the exchange is less convenient than through the terminal, but the communication channels for making a deal are a security vulnerability. Therefore, the choice of a payment terminal must be approached responsibly.
The browser and mobile terminals
Third-party trading terminals can be divided into the browser and mobile applications. Browser versions provide all the tools necessary for trading in a browser window. All cryptocurrency exchanges are equipped with such web services. As a rule, their functions are to display the chart and the order book for the selected cryptocurrency pair. They make it easy to track data from exchanges through any device.
Advantages and disadvantages of working with the terminal
- professional market tracking tools;
- allow you to receive information from several exchanges at once;
- support the execution of a transaction in synchronized work with exchanges;
- allow you to customize the interface for displaying graphs by the desire of the user;
- have a high-quality display on different devices;
- advanced terminals support automated trading using trading strategies.
- communication channels for transactions are not secure enough;
- professional terminals are provided on a paid basis;
for low-quality services, the gap between the actual market change and its display on the charts can reach several minutes.