Tokenplace is the next generation of crypto trading platforms, transcending the fragmented landscape of individual crypto exchanges.
Building a better way to trade
It was founded by crypto traders with strong business backgrounds who saw inefficiency in the system of multiple exchanges. Since exchanges today offer varying prices and different trading pairs, traders must set up numerous exchange accounts and toggle between them as they trade. The ultimate goal is a seamless, single-KYC Tokenplace account that allows users to trade simultaneously on all exchanges. The entire landscape of exchanges can then essentially be seen as backend tech, hidden under the hood of a powerful trading and analytics cockpit.
Building this transcendent tool, the Token Trade engine, will require gathering a community of traders and creating liquidity pools on all the major exchanges. Therefore, we have built Tokenplace Elite: an API-based multi-exchange terminal with exclusive order-splitting smart orders that put it ahead of existing services such as Coinigy.
Multi-exchange trading 2.0
Tokenplace Elite is a subscription-based service with a monthly cost low enough to be paid for with the savings from a single trade, since our algos find the best prices on the market and break them down into optimally-sized pieces. There is also a free version, with basic order types and limited exchanges (paid users can connect 30+ top exchanges). Users may be attracted to the free version by the powerful yet simple trading terminal we have designed, but they will quickly see the benefits of the order-splitting algos provided by the Elite package.
Part of the Tokenplace vision is developing decentralized finance by making crypto trading more accessible and mainstream. Therefore, we’ve designed the terminal in a way that is friendly to beginners, while also providing all the tools needed for seasoned pros. There are two different views, allowing traders to choose their layout. The beta release of the product will be in June, at which point product demos and tutorials will also become available. The full power of Token Trade will be unleashed in Q4 of 2022.
Smart Order Routing and Splitting
At the heart of TP’s value proposal today are the order-splitting or order-routing algorithms, the most powerful of which is Smart Post. It is a relatively patient protocol, though it sometimes executes even large orders in a minute or two. The second base order type is SWAT, which is more aggressive, akin to a market order that you want to execute immediately.
To take advantage of Smart Post, the user selects multiple exchanges that they have connected via API, and places the order. Smart Post then acts as a “shadow order,” making sure not to move the market by revealing a large order all at once. It analyzes recent market activity to identify an optimal order size that won’t move the needle, and breaks the order down into those bite-size chunks. It then executes those sub-orders one by one, automatically finding the best price among all connected exchanges.
Clearly, in order to manually achieve the same price optimization as Smart Post, a trader would spend an immense amount of time and effort toggling between exchanges. And they would not be able to do the analysis to optimize order size. Tokenplace trading algos have access to a powerful real-time market data engine with order book info from 30+ exchanges.
Securing your API with Vault
As we build our user base and reputation in the crypto trading community, one key concern for everyone is security. We’ve chosen to integrate Vault, a leading secrets-management and encryption tool. As a small company, we realize the rigors of maintaining an airtight storage and management system for users’ API keys is best left to those who devote their lives to security. Vault is based on an open-source system that is constantly being tested and audited.
While Token Trade will be the first tool to truly transcend the era of multiple crypto exchanges, Tokenplace Elite already represents a new generation of crypto trading tools. We give the people back some of the power vested in crypto exchanges by providing smart multi-exchange algorithms to retail traders for the first time.