How a popular crypto exchange empowers traders with customization and efficiency

Crypto trading demands precision, speed, and efficiency. Yet, newcomers often find the challenges outweigh the opportunities. The complexities of trading and the unique properties of cryptocurrencies can make navigating the market difficult.

Market volatility in crypto trading isn’t just common; it’s expected. Crypto is known for its high volatility, and for most traders, this necessitates split-second decisions across multiple trading pairs and platforms to secure profits. An ever-expanding array of crypto assets raises critical questions for traders, such as which crypto to buy, where to buy it and how to manage diverse holdings.

Most cryptocurrency trading platforms lack the tailored features traders need to manage diverse portfolios effectively. Platforms usually offer a single watchlist that doesn’t go beyond “favorites,” and that proves to be insufficient when dealing with multiple portfolios and strategies. This limitation may hinder proper decision-making and performance tracking,  leading to lost opportunities, especially when quick decisions are needed.

Exchanges challenged to match the pace

In a space where speed is vital, even placing an order on an exchange can be a hassle. Placing individual orders is a time-consuming process that may result in traders missing a profitable trade. Moreover, handling this process manually increases the risk of errors, such as incorrect order placement.

Cryptocurrency trading platforms often don’t have many order features, and such offerings tremendously restrict the scope of trading for both advanced and newer traders. Exchanges typically use best bid offer (BBO) to minimize slippage. However, this automatic process may leave traders at risk of unfavorable trades due to unexpected price movements.

As for advanced traders, scaled orders are usually only available in traditional crypto assets such as Bitcoin ( BTC ) and Ether ( ETH ). The exclusion of familiar pairs like ETH to USD may create a disconnect for traders who prefer this method. In most cases, the order can only be placed through limit orders, which may be a significant drawback for traders seeking more nuanced strategies. Phemex , cryptocurrency exchange that specializes in spot and derivatives trading, offers unique features to reduce these friction points many traders encounter.

Addressing traders’ needs

Phemex is a crypto spot and futures trading platform designed to offer flexibility and efficiency. For both spot traders and those looking to trade crypto futures, Phemex provides a secure, user-friendly platform. The platform is home to an extensive suite of unique tools crafted to enhance user control and minimize the risks associated with the traditional cryptocurrency trading experience.

Recognizing the importance of portfolio diversity and organization, Phemex allows users to create multiple watchlists to track varying trading strategies. Users can edit portfolio names to ensure clear identification and simplify management. Traders can also arrange the sequence of watchlists and trading pairs to prioritize specific assets. Multiple watchlists significantly reduce the likelihood of errors and help to improve trading performance.

Organizable watchlists. Source: Phemex

The Basket Order feature is another nifty tool to simplify the trading process. It enables traders to consolidate multiple trades into a single, streamlined process. With Basket Order, users on Phemex can add all trading pairs in a watchlist on an order with a single click, or build their combined order manually.

Traders completely control the trade as they can set a wide range of parameters, including allocation, entry price and even leverage. The feature allows users to save time when managing multiple trades and capitalize on favorable market movements.

Advanced orders for advanced traders

Phemex also facilitates user-friendly advanced orders for advanced trading. The platform offers USDT-based scaled orders to align with common practices and provide users with familiar options. Traders can use scaled orders for both entry and exit and set orders either with a standard limit order or a stop-limit order. These flexible scaled orders are particularly beneficial for high-net-worth individuals and institutional traders looking to execute large orders at optimal prices.

Source: Phemex

Iceberg orders —large orders that are divided into smaller orders— are easy to place on Phemex as well. Both limit and limit conditional orders can be converted into iceberg orders with a single click, rendering the order type more accessible and valuable.

To further improve user control and trading efficiency, Phemex allows users to set their own slippage tolerance for each trading pair. With traditional order book methods like BBO, the slippage that occurs during trades is determined by market conditions. However, the adjustable slippage tolerance puts users behind the wheel and lets them specify the acceptable slippage.

A flexible crypto trading journey

Phemex stands out by its focus on user-driven innovation among cryptocurrency trading platforms. The platform’s advanced functionality, as evidenced by tools like Basket Orders, multiple watchlists and adjustable slippage tolerance, streamlines the trading experience substantially and provides traders the flexibility and control they need for efficient and safe crypto trading.

The crypto market is always in need of more rapid growth evolving solutions. Trading platforms like Phemex can help traders on their journey to make the best out of their crypto assets.