The crypto-investing arm of broker eToro (eToroX) yesterday announced the launch of its dedicated automated trading solution for institutional investors – AlgoX Prime API.
Commenting on the new product announcement, eToroX CEO Doron Rosenblum said. “Our new trading solution (API) offers institutional and corporate traders sophisticated trading capabilities. We believe it will open the door to algorithmic trading for traditional institutional firms looking to invest in crypto assets. This should significantly increase market liquidity.”
AlgoX Prime – a solution for implementing algorithmic trading strategies that should encourage mass adoption of cryptocurrencies.
As a reminder, an API or Application Programming Interface is an application programming interface or application programming interface. It allows you to customize your automated trading. Therefore, an API allows you to establish a connection between your automated trading algorithms and your broker.
Institutional users of the AlgoX Prime API will be able to leverage the deep liquidity of the eToro broker when implementing an algo trading solution. They will also be able to trade on favorable terms such as tight spreads and very competitive fees. The low latency offered will enable “professional-level connectivity with direct access to eToroX’s highly secure data center in Europe,” the company describes.
According to Yoni Assio, CEO of eToro, “the ability to trade using the API will help institutional traders connect to the cryptocurrency market and take advantage of eToro’s high trading volume.” More importantly, the new service should encourage mass adoption of cryptocurrencies, as eToro’s Asia CEO Jasper Lee explains.
“People are very engaged in the crypto world. We believe developments like our new API program will have a big impact on mass adoption,” he says.
More crypto assets available on eToroX
AlgoX Prime” is in line with eToro’s strategy. This is to bridge the gap between blockchain and traditional financial markets,” says Yoni Assia. It’s no surprise then that the company is working on cryptocurrencies available on its platform.
As we explained in our article eToroX adds 120 ERC-20 tokens to its wallet, eToroX wallet users can add new cryptocurrencies. It is therefore possible to invest in different pairs on the eToroX exchange. The most popular pairs include those related to the following cryptocurrencies:
Bitcoin Cash (BTCH)
Basic Attention Token (BAT)
US DollarX (USDEX)
Do you think such a trading service will be able to support institutional traders’ investments in cryptocurrencies?
The wallet and exchange services are provided by eToro X Limited (“eToro X”), a limited liability company registered in Gibraltar with a trading name of 116348 and registered office at 57/63 Line Wall Road, Gibraltar. eToro X is a licensed provider, regulated by the Gibraltar Financial Services Commission, of InvWallet and Exchange services provided by eToro X Limited (“eToro X”), a Gibraltar registered limited company with company name 116348 and registered office at 57/63 Line Wall Road, Gibraltar. eToro X is a licensed provider, regulated as a DLT by the Gibraltar Financial Services Commission and subject to the Investment and Financial Trust Services Act with licence number FSC1333B.