Part one: Behind the scenes of building CEX.IO Broker, a new margin trading platform
On September 1st, it’s been six months since we’ve launched CEX.IO Broker for testing in a closed beta format. For those who need a refresher, CEX.IO Broker is a platform for digital assets margin trading based on Contracts for Difference (CFDs). It provides professional trading tools wrapped in an intuitive interface and allows executing both simple and complex trading strategies across various markets and assets.
For a while, the team has been working quietly behind the scenes to improve the platform and incorporate the beta testers’ feedback. As we are preparing to open up CEX.IO Broker to the qualifying users soon, we wanted to give more spotlight to it and properly introduce it to the world.
For this article, we sat down with those who’ve been in the trenches with CEX.IO Broker from the very start – the support team. These guys know the ins and outs of the platform and have seen its powers in action. With the help of our beta testers, the support team has been instrumental in identifying the issues that required fixing and proposing improvements. We’ve asked them about the most exciting features of CEX.IO Broker and what potential users should anticipate in the upcoming public beta release. Their answers reflect the inputs from beta testers and months upon months of working directly with the platform.
Q: What is the most intriguing feature of CEX.IO Broker for you?
Ability to trade cryptocurrency-based CFDs with a lot of flexibility.
We, of course, keep a close eye on other CFD platforms out there, both in traditional forex markets and ones supporting cryptocurrencies. Traditional markets have specific “open hours” and only allow fiat as an account currency. Both factors pose limitations on users in the context of the globalized world. The emerging cryptocurrency platforms offering CFDs solved the “open hours” limitation and allowed clients to use cryptos for trading CFDs. Yet, they have restricted clients with fiat access to these markets. So it’s removing one straitjacket and placing the other back on.
At CEX.IO Broker, we strive to maintain as much flexibility as possible. That means 24-hour trading as a baseline. More so, we offer the most popular cryptocurrency pairs: BTC/ USD, BTC/EUR, ETH/USD, ETH/EUR, ETH/BTC, LTC/USD, LTC/BTC, with more coming. In addition, a user can choose to deposit either fiat or cryptocurrency. What it means is: one can have a trading subaccount in one currency (BTC, for example) and be exposed to price movements of the other (LTC/USD, for example). Pretty neat!
In other words, we combine the expertise with digital assets we’ve gained at CEX.IO and our knowledge of traditional financial markets to bring the best of two worlds together.
Q: How would you characterize CEX.IO platform overall?
One word that comes to mind – simplicity. CEX.IO Broker trading terminal fits the needs of both professional traders and those who want to test the waters and learn new instruments.
For professionals, the platform offers the tools they are accustomed to, from analytics to risk management. There is an intuitive onboarding, so someone can hit the ground running in no time.
For newbies, there is a simple way to start with a Demo account. There is no registration required, and all functionality is available in a simulated environment. A user can test the tools and get comfortable with the interface before progressing to a live account.
Of course, CFDs are complex instruments and everyone needs to gain sufficient understanding before trying them. We are committed to educating our users along the way and providing useful information in our knowledge base both about the platform and about CFDs, leverage, and margin trading in general.
Q: What features of the platform did our beta testers found the most useful?
There are plenty! Technical analysis tools, various order types, and one-click and double-click trading modes. Each of these plays its own important role.
Technical analysis is an integral part of trading. To make informed trading decisions, you need to analyze market trends and interpret price movements. Some people claim that they are able to “feel the market”, but it all starts with the ability to identify patterns. To help a user do this, CEX.IO Broker provides a diverse range of technical analysis instruments and advanced charting and drawing tools.
A variety of order types is also central for the successful execution of any trading strategy. CEX.IO Broker offers Market Order, Limit Order, Stop Order, One-Cancels-the-Other (OCO) order. More so, order protections, like Stop Loss and Take Profit are available right at the moment an order is placed. Both represent an inseparable part of a risk management process.
Finally, a trader on CEX.IO Broker can toggle between one-click and double-click trading modes. One-click trading is useful when a trader needs to rapidly send new orders, cancel working orders, and close positions. Double-click trading, on the other hand, allows a user to avoid impulsive trades and double-check every input.
Q: What is CEX.IO Broker’s superpower, in your view?
Without a doubt, it’s the professional and very dedicated support team! But this is coming from someone who works in support, so it should not sound surprising!
CEX.IO Broker is a product within the CEX.IO ecosystem. Hence, it inherits the CEX.IO’s battlefield tested approach to customer support. We care about our users, always get to the bottom of their issues, and do not stop until the matter is resolved. We believe customer support a foundation of trust and take our role seriously!
Of course, support aside, the platform itself is quite fascinating. You get the robust professional trading terminal that enables you to magnify your gains with leverage while protecting your downside with risk management tools. And it all comes with a straightforward interface. The technical team does a great job of melting together the flexibility and user-friendliness of the platform!
Another aspect worth mentioning is the level of attention the team pays to what’s going on under the hood. They work tirelessly on narrowing spreads and ensuring the liquid order book. Both are quite important from the trading costs standpoint! Surely the technical team is better equipped to tell more about it. And, when it comes to CEX.IO Broker support crew, we definitely cannot wait to open up CEX.IO Broker to the public!
Special thanks to Arden Crowley for his generous time and his insights! ✌️🙂
How the team combines the robustness of the platform with an intuitive user interface and much more – read in the upcoming Part Two article “What’s up with CEXBro, Bro?” Stay tuned to learn about the public beta release dates and get a glimpse of the behind-the-scenes CEX.IO Broker process.