Bitcoin exchange Coinsetter undeterred by instability: invests in new innovations


Low-latency bitcoin exchange Coinsetter has unveiled a series of technological advancements which are aimed at enabling traders to test their trading systems, as well as monitor quotes and trade executions.

Bitcoin exchanges have been the subject of polarized opinions during recent months, with proponents and maverick bitcoin advocates championing their cause as the asset class of the future which circumvents capital controls and economic instability, however the wider industry and governmental officials have become well aware of the pitfalls which are associated with peer-to-peer currency, generated and issued by individuals, and exchanged on virtual exchanges which operate outside of the sovereign monetary system.

Coinsetter is therefore taking bold steps by investing in a series of new features which are aimed at refining the trading process, alluding to a somewhat long-term view being taken by the exchange.

Firstly, Coinsetter has majored on its new Streaming Websockets API. With this, traders can monitor quotes and trade executions on Coinsetter in real time. Through the Websockets API, traders can access the lowest latency trading experience available in the bitcoin market.

Another technological addition is Virtual Trading Sandbox. To help get new traders up and running on our REST and Websockets APIs, Coinsetter now offers a virtual trading sandbox that facilitates the testing of trading systems before connecting to the real-money production server. SMS Price Alerts have also been added, a service which sends price alerts to cellphones via SMS text message or email.

VWAP Quotes will send a real time quote from Coinsetter’s API based on the current state of its order book, and an API Lookback Parameter has been added to enable traders to refer to historical Coinsetter data via the “lookback” API parameter to obtain up to 500 historical ticks.

Additionally, Coinsetter has added a series of news alerts which present traders with the latest bitcoin news and other useful trading information in order to provide detailed information on market activity.

There has been considerable discourse regarding withdrawals from bitcoin exchanges recently, with MtGox having had a series of withdrawal-related maladies, culminating in the collapse of the entire venue and subsequent bankruptcy, leaving several customers high and dry with no means of reclaiming their investments. Coinsetter has responded to this discourse by promising faster Bitcoin withdrawals via its updated withdrawal system which, Coinsetter claims, substantially reduces the time it takes for withdrawals to be processed from secure cold storage.

The venue intends to launch further latency and security related enhancements in the near future. With Bitfloor having disappeared last year, and MtGox in the early stages of this year, could Coinsetter be preparing itself to be the last man standing?

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Bitcoin exchange Coinsetter undeterred by instability: invests in new innovations

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