Tradewave's New Bot Creation Tool Does Away with Coding

Algorithmic cryptocurrency trading platform Tradewave has launched a new tool which will enable users to create their own bitcoin trading bots without using code.

Previously users could only use programming language Python to execute trading strategies. However, the new product opens up the automated platform to bitcoin trading newcomers or those without programming ability.

James Potter, the platform's founder, said:

"We looked at our collected experience over the past year, with our users coding thousands of Python-based strategies through the platform. It turns out that you can distil down 90% of these strategies into quite simple logical sentences. So we built a user interface around that hypothesis and stripped away as much as possible."

'Flattening the curve'

The new tool, called Scribe, works by taking trader's strategies and converting them into Python code "on the fly". Once a strategy is traded in live time, Tradewave hosts it on its servers and runs it for as long as it is required, placing trades on behalf of the user at their chosen exchange.

When asked about whether Scribe could run on the blockchain, Potter said the infrastructure "simply is not mature enough yet". He explained:

"Each of the exchanges that we support has their own custom set of APIs and so integrating those in a uniform manner has been a challenge in itself."

Potter said that a few companies had tried to come up with a solution to make automated trading more accessible to non-experts, but that most "overwhelmingly tend towards creating a drag-and-drop interface representing something like a flow diagram, with endless switches and options".

"We are flattening the curve considerably", said Potter, confirming that he also planned to focus on "growing the site, as well as adding support for more exchanges and other useful features".

Growing user base

According to the company, Tradewave received an undisclosed amount of "angel-sized" funding from the Digital Currency Group, which so far, is being used to "expand the team, improve security and help with marketing costs".

Potter said:

"We are approaching 3,000 users at this point. We have seen 50% growth in traffic this month since we rolled out a new site design and revenue is up seven times from December. A lot of our technology could be equally well applied to forex, equities and other existing asset classes."

The company offers several tiers of service, from a starter pack ($14 per month) with one trading bot, to a pro pack ($29 per month) with five bots, and a "Gekko" pack ($99 per month) with 15 concurrent bots.

Trader image via Shutterstock

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