“Start by doing what’s necessary; then do what’s possible; suddenly you’re doing the impossible.” – Francis of Assisi
Towards the end of 2018, the crypto space was hit by perhaps what we can now call one of the worst bear markets since the industry started ten years ago. The public sentiment towards ICOs had turned, many projects simply shut shop while many cut down on their operations. Amidst the doom and gloom of the winter of 2018/2019, IDAP quietly persevered, redoubled efforts and released the IDAP TestNet. The IDAP TestNet is available through both the Web App and Desktop Trader. Moreover, to view the Web App, no login is required at all!
The IDAP TestNet went public on January 28th, 2019 and as the first reviews came in, the community’s positive reception was proof that our hard work had paid off. Since its launch, traders, both experts and beginners have tried out the TestNet, conveying their thoughts and suggestions to us via various channels. The response to the IDAP TestNet has continued to be thoroughly positive. With traders of varied styles and experience levels taking a go at the TestNet, we’ve been fortunate to receive diverse and healthy feedback, critical to our vision of continuous, user-feedback driven development. For many new entrants, the simulated trading environment has served as the safe-space they were looking to polish their trading skills. Numerous professional crypto traders, especially those with experience on traditional exchanges are excited at the prospect of a trading platform modelled after legacy systems.
“I like the web app!” said one of the users, adding, “The UI is comfortable and familiar to use. And the drag and drop layouts are cool. The custom themes are great too, I like the blue one.” The Web App, designed with the retail crypto trader in mind, offers a simple-to-use yet highly customizable UI. With a drag and drop panel setup, a user can arrange and rearrange to the entire layout as per convenience. Furthermore, the Web App supports four splendid themes: dark, grey, blue and light, as well as has a built-in news feed sourcing top crypto stories from across the web. “I began playing around with the IDAP [testnet] and it’s been really helpful! The data is consistent and doesn’t lag like many other testnets. It’s very realistic, it feels like I am trading in the actual market,” said one user, who now uses IDAP Web App for practicing trading.
The Desktop Trader, running as an installed Windows application is geared towards professional full-time traders, offering point-and-click ladder trading. Compared to the prevalent trading interfaces, a ladder interface is a superior way to observe market action. One user, who’s been spot trading and now looking to break into futures said, “IDAP’s Desktop App is a good way to learn futures trading. The interface with ladders took a bit of getting used to, there is definitely a learning curve there! But once you get the hang of it, you really appreciate how fast you can absorb all the market action.”
In a ladder interface, the bids and asks are displayed, on either side of the price, as cells within their respective vertical rows, thus termed ladders. Adjacent to the bid and ask ladders, their total open orders as well as any working orders the user may have placed. As the market moves, so does the price, up and down the ladder. Couple this with direct order placing/cancellation by clicking on the working buys/sells ladders, a trader can react to market movements almost instantaneously!
“Good to see the focus on customization and impressive Desktop trading interface. Point-and-click is handy when markets go wild. I also liked the multiple work-spaces feature, keeps things organized,” another experienced trader added. One user, who had been a veteran in traditional markets before starting in crypto said, “For a market as volatile as that of crypto, shaving off those extra seconds with one-click trading is the edge professional traders require today. IDAP’s Desktop Trader can set them leagues apart, from existing trading platforms.”
“I am surprised to see IDAP offered their Desktop Trader free, usually, this sort of set-up ends up costing a few hundred or even a thousand dollars a month if you use traditional trading software. Needs a few tweaks, like in the charting department. But overall looks good, will definitely attract more serious traders like me,” said another veteran trader.
We understand that the IDAP TestNet, developed during trying times for the entire industry and with limited resources, while simultaneously working on the main exchange is far from perfect. Thus, constructive criticism and what user’s feel can be improved are very important in helping us shape the final product.“I feel if the order types are expanded in the main exchange, strategizing using the platform will improve a lot. More tutorials or guides on platform use will also improve user experience,” opined one of the users.
Another user stated, “Trading through the ladder took some getting used to and as a Mac user, I would prefer if it was available in the Web App too. But the overall design is fresh and I hope to use the main exchange after some of the small bugs I encountered are sorted.”
We appreciate users trying out the IDAP TestNet Beta. We are also thankful to the community for their pro-active approach when it comes to feedback. We’re close to the creation of an amazing end product, that we’ll make public very soon.
If you haven’t already, try out the TestNet by visiting testnet.idap.io and leave your feedback in our Telegram group. Happy Trading!