It is hard to trust algo trading bots these days. Most of them promise high profits only to exit the industry as scams. So, when a trading bot called Mudrex was launched early February this year and had everyone touting its innovative features, experienced traders held back to watch how it would unfold.
Several weeks later, Mudrex is fast solidifying itself as the go-to trading bot for traders with zero knowledge of coding.
Mudrex is a cryptocurrency trading bot. For the uninitiated, an algorithm trading bot is a piece of software that uses artificial intelligence to execute trades. As a trader, you instruct the bot to buy or sell cryptocurrencies when the market moves in a certain direction. The bots work 24/7, enabling them to execute more trades than a human could ever do.
Mudrex sets itself apart from competitors with its zero-coding knowledge required and the ability to create and back-test strategies from scratch. To get started, users create an account using an email address. That’s it. With an account, you create a trading strategy or use one from the samples provided on their site.
The Company: Security of Funds
Mudrex is an India-based company launched in the first week of February this year by a group of software developers who’ve previously founded or co-founded successful startups. Their CEO, Rohit Goyal, is the founder of a popular mobile game called PaxPlay. Both their COO and CTO, Edul Patel and Prince Arora, co-founded Niffler, a shopping tool.
The Mudrex project is backed by some of the most respectable companies in the world of startups. Y-Combinator, for instance, is Silicon Valley-based and has funded major companies like Airbnb, Reddit, and Coinbase. Mudrex is the only Indian startup to have received funding by Y-Combinator.
To secure your funds, Mudrex is only programmed to execute trades. The bot cannot access your funds on Binance, Bitmex or any other trading platform. It can’t withdraw or help you make deposits. Instead, you only use it to execute buying and selling trades.
Mudrex Key Features
- Zero-Coding Knowledge required— Mudrex strives to become the most user-friendly trading bot there is. As such, they’ve done all the hard work to ensure beginner traders with zero coding knowledge can use their bot successfully and make profits. Any mechanical issues that occur to the bot are handled by the company, allowing traders to concentrate on what they care the most about, trading.
- Create a Strategy with Drag and Drop tools—Mudrex gives traders the option to come up with a trading strategy they could monitor, test and improve on it using a drag and drop mechanism. That’s the beauty of the bot. You don’t have to use the same trading strategies you used elsewhere and found them unsatisfactory. Simply configure the platform to execute trades based on your rules.
- Backtesting Engine–Many algo trading bots have one weakness. They only give you the option to use pre-selected trading strategies. You can’t create and backtest your strategies effectively. Mudrex has one of the best and fastest engines for backtesting. If something doesn’t work within your strategy, easily remove what you don’t like and add what you love. Use your strategy again and improve on it until it starts to execute trades smoothly. Mudrex stores your data securely and its drag and drop tools ensure backtesting takes a matter of minutes.
- Select a Popular Strategy—there are seven major trading strategies on Mudrex. Each one of them has been tried and tested in crypto trading before. Simply read the overview for each strategy and open trades with your preferred pick.
The first strategy is Ichimoku, a famous trading method invented by a Japanese journalist and trader. It’s based on a cloud of signals and you execute trades when prices cross certain marks.
Another strategy is Simple MA Crossover which uses uptrends and downtrends to help you make trades. The remaining popular strategies are Bollinger, the stable coin Oscillator, Directional Movement indicator, the Aaron Oscillator strategy, and the Bear Hangingman strategy.
- Discord Forum—to discuss strategies, learn about trading rules or ask for support, Mudrex recommends you to join their Discord forum. It’s easy to create an account and start contributing to discussions. A simple panel on the side helps you sort discussions easily. You can send messages to individuals, make a friend list or create a library of things you love.
- Exchanges Compatible—Mudrex is compatible with several trading exchanges, including Binance and Bitmex.
- Customer Support—if you can’t seem to get your questions answered on the Mudrex forum, visit the help page. You will find a library of articles and guides related to using the Mudrex trading bot and detailed explanations for their trading strategies. If that’s not enough, contact support on the live chatbot.
Mudrex supports trading primarily on the web through drag and drops features. The platform is barely one-year-old, which is probably why they haven’t rolled out mobile trading apps yet. On the upside, it’s extremely easy to use Mudrex.
If you love anything related to trading strategies on Mudrex, simply drag the features to your strategies. From charts to indicators, the platforms allow you to personalize it until you are satisfied.
Mudrex is always looking for ways to reward its loyal traders. The most recent promotion aimed at discovering the most profitable strategy on the platform. Competitors registered by February 22 and the winner stands to win ₹ 10,000.
Mudrex is a relatively new algo trading bot launched by a group of India-based entrepreneurs in February. It’s free to join at the moment and accepts members from all over the world. The project gained fame late last year after receiving funding by Y-Combinator, one of the biggest startup financiers in the US.
Mudrex also boasts of an easy to use, drag and drop platform to create strategies. When it comes to trading strategies, you select one from popular methods or create a strategy from scratch. There are guides on how to do this, and you can easily reach out to support if you get stuck.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Passionate about Blockchain and has been researching and writing about the Blockchain technology for over a year now. Also holds expertise in digital marketing. follow me on twitter at @sagar2803 or reach out to him at sagar[at]coingape.com