We have been working hard for months on building the Sparrow Exchange platform and now we are ready to start Alpha testing. This is a truly exciting moment for us and we are counting on your support. We need your help to test the system and we want your feedback on the functions and usability of our platform. We will commence ALPHA onboarding from 15 November 2018.
How to register for ALPHA?
To register, email us at flywithus@sparrowexchange.com with the subject: ALPHA. We will progressively add applicants to the ALPHA program.
ALPHA will not be transacting using real cryptocurrency due to security concerns. We will supply you with representative tokens for testing the platform. We will NEVER ask you to deposit any of your digital assets at this phase.
To be clear, ALPHA testing is free. DO NOT transfer any of your crypto assets to anyone claiming to be from Sparrow for the ALPHA test.
We humbly ask for your patience as we work to fix the issues and build a platform we would all love to use to control risk.
Features in Alpha
- [NEW] User Account Registration process
- [NEW] Simple Order Book
- Place resting orders
- View resting orders
- Match orders in the Order Book - [NEW] Individual tabs for TradePROTECT (Buy option) and TradeBOOST (Sell option)
- LIVE aggregated price data
Good data is necessary to make good trades. - Instant Premium
LIVE API to calculate your premium instantly based on your customized trade. - Customization Panel
- Set your own Strike Price, Expiry and Quantity
- [NEW] Set Good til’ Cancelled (GTC) orders - Visual Strike
Set your strike price by clicking directly on the chart.
If you set a strike price above the market price, you’re creating a call option. If you pick a price below the market price, you’re creating a put option.
Sounds complicated? Let’s simplify.
Up — for upside risk.
Down — for downside risk. - [NEW] Balances and Position Panel
Check on your Funds, Current Positions, Open Orders, and Expired Orders easily. We’ve even added a countdown clock to help you keep track of your expiring positions. - Trade Review
Have you ever asked yourself “why did I make that trade?”
We save a snapshot of market conditions at the time of the trade to help you remember why you made that decision.
Upcoming Improvements in Development
- UI/UX improvements to the left panel (Funds, Open Orders and Positions)
We are working on reducing the number of clicks to view the information you need to make your trades. - Loading time optimizations of pages and charts
We are still working on improvements here to provide a fluid experience. - Page notifications
We will have a notification system in place to alert you of key information. - Full order book
- Bid / Ask price
- Market depth
- Open Interest
Frequently asked questions
What is TradePROTECT?
TradePROTECT is what we call buying an “out-the-money, European, covered option”. This means the buyer pays a non-refundable premium to obtain the right (not an obligation) to trade a particular digital asset at the end of a specified period for a specified strike price. As TradePROTECT is a covered option, this means there is no counterparty risk. It is the ideal instrument to protect digital assets against adverse market conditions.
TLDR: You pay premium, you buy a right to trade.
What is TradeBOOST?
TradeBOOST is what we call selling an “out-the-money, European, covered option”. This means the seller collects a non-refundable premium in return for selling the right (not an obligation) to trade a particular digital asset at the end of a specified period for a specified strike price. As TradeBOOST is a covered option, this means the seller would need to pledge 100% of the underlying digital asset. It is the ideal instrument to monetize digital assets when the market is quiet or if you have a longer-term view with short-term expenses to fulfill.
TLDR: You collect premium, you sell a right to trade.
Why do you need to call it TradePROTECT and TradeBOOST? Why can’t you just call it buying an option and selling an option?
Two reasons for this naming scheme:
- Non-professional users got extremely confused between buying/selling the option versus the right to buy/sell the underlying assets.
- We found out that “out-the-money, European, covered option” doesn’t quite fit into a user-interface easily.
About Sparrow Exchange
Sparrow Exchange is the world’s first peer-to-peer options platform. It offers fully customizable options on cryptocurrencies with no counterparty risk in an easy-to-use interface.
Website: https://www.sparrowexchange.com/
Telegram: https://t.me/SparrowExchange
Telegram Announcement: https://t.me/sparrow_ann
Twitter: https://twitter.com/sparrowexchange
