Note: Automated trading is at the moment only available via web browser access and not also via the ICONOMI app.
Automated trading opens ICONOMI’s advanced trading engine for all users and assets, allowing them to trade automatically across several exchanges, looking for the best prices and executing the order within specific algorithm parameters.
No more order or asset limits, simply enter the desired amount, choose the algorithm and monitor how the order gets fulfilled. It is that simple.
Automated trading brings the following:
- Using Algorithms for trade execution
- Trading across multiple exchanges for best price and execution
- Time & Money saving for all size orders
- Trading of all assets supported by the ICONOMI platform (Coming Soon)
What is the difference between normal buy and Automated trading buy?
When buying single assets, users are currently limited to a maximum single order of 10k€ and have no control over how the trade is executed. All current trades are executed as market orders. Automated trading changes this, and brings much needed power to the user. On the other hand, simple trading allows users to get a 30-second offer where the price is guaranteed, while on Automated trading the final average price depends on several factors.
How does Automated trading work?
First and most important information is that Automated trading is a process and not an instant action. This means that each Automated trade gets its progress bar in our UI where users can monitor progress towards the end of the trade. Automated trading takes time because the trades executed by our algorithms follow several variables and constantly adjust to the market - keeping the rules of the algorithm in check. Since Automated trading is executed via several smaller trades, predicting the final average price of the asset is impossible. We can make sure that the trade follows the algorithm and is executed on the exchange with the best price for the order size desired by the user. In reality, Automated trading simulates what an experienced trader would do (across multiple exchanges) when buying or selling large amounts of assets.
Is this feature for advanced users and large orders only?
This feature brings several advantages to users that want to execute larger orders with a specific desired algorithm. Using Automated trading on ICONOMI saves time & money in specific scenarios, where users need to execute large orders and lack time or knowledge to do so manually. Instead of simply placing market orders and losing value, users can utilize the Slow automated order and wait until the ICONOMI trading engine trades the large order.
Since Automated trading is not instantaneous it might not be optimal for active trading. On the other hand, Automated trading is perfect for executing large orders via several exchanges where users would spend hours of trading or simply lose money by consuming market orders manually.
What algorithms are supported?
- Slow (default)
Places limit orders (best bid / best ask) and waits for them to get filled. If the price changes during this process, the algorithm automatically places new best bid / best ask limit orders.
- Medium - TWAP
Time weighted average price algorithm trades fixed amounts of assets over a fixed period of time.
Places multiple limit orders at best market price over a shorter period of time.