Since the invention of Bitcoin in 2009, cryptocurrencies have become one of the hottest forms of digital assets. Nowadays, more and more people are buying, selling, and trading in these forms of digital currency. The high price volatilities guarantee great results for experienced traders, but this also poses a risk to newer players with less experience.
A lot of these traders leverage the use of trading bots to eliminate emotion and run trades purely by logic. The elimination of emotion enables traders to stomach higher risks and to execute high-risk strategies without succumbing to FOMO (fear of missing out), pump-and-dump, or other fear tactics the markets like to use to manipulate retail traders.
Because of that, lots of firms over the years have developed trading bot softwares to help traders overcome their emotion with cold hard logic. In this article, we will discuss one of the leading trading bot software developers, Trality.
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What is Trality
Trality is a company that develops trading bot creation software. This is different because instead of offering their own trading bots, Trality enables users to create and code their own trading bots. This unique take is very much appreciated by expert coders, however it’s still user-friendly enough for beginners to learn and start coding their own bots.
Trality’s fully cloud based web app allows you to build your customized trading bot without the need for special equipment or big software downloads. This enables users with weak computers to still use Trality’s bot creation application without putting heavy burden on the computers. You’ll just need a good internet connection to use it.
Beginners can use the rule builder’s drag and drop feature based on trading strategy. Expert coders and more sophisticated traders on the other hand can use the code editor to directly adjust the code for the trading bot.
All in all, Trality offers you all the tools to successfully create your own personalized trading bot without much hassle. If you want to start creating your own bots with your own brand of strategy instead of using a pre-made one, read on!
How to Use Trality
Using trality is very simple, you just need to sign up, create a bot or customize one to your liking, connect to an exchange, and start trading by activating your bot.
Signing up
trality’s registration is super easy, you just need to visit trality’s website, sign up, fill your email & details, and then click confirm on the link that’s sent to your email. After that, you’re good to go!
Creating a Bot
After you’ve signed up, you can start creating your own trading bots. This is probably going to be the most complicated part of your journey to using trality. Luckily, they have the code editor and rule builder feature to help you create your own bots. You can even use them to customize pre-made bots according to your liking.
Connecting to an Exchange
After you’ve created a trading bot, simply proceed to the settings menu and add your exchange account. Make sure that this is where you want your bot to trade cryptocurrency in. You’ll also need to provide API keys for live-trading using the bot.
Start Trading
This is probably the easiest step for you to do. Simply click the Start Bot button on the top right corner on the interface and you’re done. Your personalized bot will begin trading on the exchange that you’ve specified based on the previous step.
Who Can Use trality?
In general, everyone can use Trality because it doesn’t have a specific restricted user-base like some exchanges. However, you need to keep in mind that Trality can’t be used to trade if you’re not part of an exchange already. Because of that, your ability to use Trality to trade cryptocurrencies depends on what exchange is allowed in your country.
Currently, Trality supports these exchanges, you can connect to them using Trality’s API
- Bitpanda
- Coinbase
- Kraken
Trality Key Features
As an application designed to help you create customized trading bots, Trality’s features revolve around coding and creating your own bots. These features include
- Code editor
- Rule builder
- Backtesting
- Paper trading
Code editor
Trality is famous for its functional and user friendly code editor for it’s crypto trading bots. The company claims that it’s the first to have a completely browser-based python editor for creating trading bots.
The code editor allows users proficient in Python to benefit from their coding skills to write sophisticated trading strategies easily. To further increase the ease of use and efficiency, Trality’s code editor features a built in debugger and access to popular libraries such as NumPy, Pandas, Tulip, TAlib, and much more.
If you don’t want to create one from scratch, you can select one of the premade bot templates to serve as the basis for your future trading bot. You can customize and edit the premade bot according to your liking.
Rule Builder
For less tech savvy users, Trality has the rule builder feature. This is basically a drag and drop interface where you can create your own trading strategy from a pool of premade strategies. The rule builder is designed for people that are not into coding but still want to take advantage of trading bots.
Trality’s rule builder creates flexible bots using boolean logic. The logic is built by placing indicators and strategies in their respective order. You can tailor the order and the strategies to suit your trading style.
If you don’t want to create a strategy from scratch or simply don’t have enough time to create one, you can select a variety of predefined strategies. You can then edit and customize them as you go.
Backtesting
One of the cool things about trality is that they provide extensive support for backtesting your strategies. All good traders know that extensive backtesting is the core of any good trading strategy.
trality’s backtesting tool works very fast and accurately. This is supported by tons of historical data held in trality’s database. Another nifty backtesting feature of trality is that you can select various scenarios and custom time frames to test your algorithm.
All of your backtesting is recorded by trality’s system so you won’t have any problems with recalling the best and most profitable settings.
Trality Pricing Scheme
Currently, Trality is still in it’s beta phase, because of that, all of their tools are accessible for free, albeit at a lower performance compared to the paid plans. You can see the current price plan above. All of the features of the Queen tier are also available at the Free tier, however, the quality and quantity might be different.
The main differentiator between the tiers is the amount of trading bots available for each tier. Lower tiers have less active trading bots that you can use, while higher tiers have more. Higher tiers can also support a higher trading volume, so that’s generally a plus for high volume traders.
Trality Ease of Use
Trality has a very convenient and user-friendly UI/UX. The clean and well thought out interface caters to hardcore coders and beginner traders alike. You won’t be overwhelmed by the variety of options, data, and features.
We were impressed by the overall easy to learn interface. It took us (the testing team) less than 10 minutes to learn what to click and start experimenting with the rule builder. Besides that, it’s also very easy to get familiar with the code editor and backtesting features.
If you like to read technical documents, support pages, and troubleshooting guides before delving deep into the platform, trality also has that covered. They have a well written documentation and help page that’s guaranteed to be really helpful for newcomers.
Their blog also posts regular tutorials, reviews, and tips regarding the use of trality trading bots and trading in general. Recently, there are several articles written by a professional trader describing the bot creation process on a step-by-step basis.
If you’re still stumped or can’t seem to understand what’s wrong, you can slide into their telegram support chat to get expert help quickly.
Trality Trading Performance
trality doesn’t guarantee a certain percent of profits for every bot created using their platform. Due to the amount of customization and breadth of strategy available, it’s simply unrealistic for them to guarantee that.
The performance of the bots purely depends on your fine tuning, trading strategy, and the current market conditions. Don’t forget to test and test your bots over and over to ensure the best performance.
Is Trality Secure?
trality is pretty secure, the platform does not have direct access to your funds. The bots just send trading signals to exchanges which are authorized by the user. If withdrawal rights are enabled, the API key connection will deliberately fail.
When using trality, user strategies and algorithms are fully sandboxed and encrypted end-to-end. This means that no one except the user can access the strategies and algorithms, reducing the chance of hacking.
Is Trality Trustworthy?
Trality seems to have a solid reputation within the crypto-trading environment. This is reflected by the generally positive reviews both on it’s platforms and other social media. Positive reviews indicate that the provider has great reputation and service quality.
They are also quite reputable within the financing and venture-capital world. It has garnered a lot of support from big players in the cryptocurrency and start-up sector such as Tokentus, Bluerocket, and HK Incube.
Trality vs Competitors
As we’ve stated before, Trality is a terrific solution for creating highly customized trading bots that are tailor made to your specifications. If you have advanced knowledge of coding and trading strategies, Trality will allow you to tailor the trading bot to your liking, down to a T.
However, keep in mind that Trality offers only that, trading bots. Even though their offering is pretty good, the selection is very limited. If you want other types of bots, such as an accumulation bot or an arbitrage bot, Trality is not a good choice.
Pionex on the other hand affords you the same customization experience like Trality but enables you to utilize multiple types of trading bots, starting from the regular grid bot, to unorthodox (but still profitable) ones such as spot futures arbitrage bot.
The large amounts of bots allows you to utilize many different money management techniques to ensure that you’re still getting profits even in bearish markets. Because of that, if you favor diversity of choice and multiple strategies, Pionex is a great choice compared to Trality. This is compounded by Pionex not limiting the amount of bots that you can use.
However, if you need to customize your bots to do a specific thing, then Trality is your best bet at getting a hyper-customized and tailor made trading bot.