- Mudrex believe bots will help crypto reach a wider audience
- Users no longer need to have coding skills to create their own trade bots
- The motivation for the initiative is to democratize access to algorithmic trading
Mudrex is a crypto startup that was part of the Y-Combinator Winter 2019 contest has created trading bots that will help it reach a wider global audience. The platform has been operating in closed beta for several months now to enable crypto traders to automate their trading strategies without having to write a single line of code.
According to an article in the Economic Times, the Bangalore-based Mudrex now allows users to get into the platform to create predefined trading rules using a drag and drop interface through which their trading strategies can be backtested on historical data. Binance and Bitmex cryptocurrency exchanges currently support the bots, and more are likely to be added shortly. Commenting on the new development, Y Combinator partner Aaron Harris said:
“It seems obvious that the crypto markets, which were created by programmers, would be easy to trade using algorithms. Unfortunately, that’s not the case. Mudrex is making it easy for traders to build smart; signals based trading systems and launch them quickly. This feels like a natural part of the future.”
Automate trade in minutes
Mudrex CEO Rohit Goyal appreciates that millions of traders who trade manually because of the difficulty in building automated infrastructure requiring coding skills and the knowledge of multiple programming languages. It is estimated that a user needs over $100,000 and at least six months to create a system. However, with the entry of Mudrex into the picture, users can easily automate their trading in just a few minutes and don’t have to spend a dime or months creating a new system.
The motivation for the initiative is to democratize access to algorithmic trading and enable users to create their trading bots without much ado. Mudrex plans to run the service via a subscription model using different tiers, but it is free for the next two months.
Users Can Follow Trades Automatically
Mudrex co-founder Edul Patel told the Economic Times publication that the April 2018 cryptocurrency ban by the Reserve Bank of India (RBI) barring banks from servicing individuals and institutions trading cryptocurrencies came just a few days before their planned launch. He added:
“We were done with our beta testing when this announcement was made. So we spent some time thinking about what we could do.”
Crypto trading involves choosing from hundreds of exchanges and markets and setting up trading infrastructure to trade manually, and this is where Mudrex comes into the picture. According to the CEO, the platform plans to include social-based features like a marketplace between investors and traders so investors can follow trades automatically and become successful. The startup also plans to open the platform to automated trading on current markets.