Last updated on October 17th, 2017 at 12:53 pm
Smartphone apps and wider language support are two goals Coinigy hopes to reach with the help of $100,000 in new private seed funding.
Current Coinigy products are only available in English-language versions for desktop computers.
Founders William Kehl and Rob Borden are the former hobbyist traders who launched the US-based company. Its products allow users to monitor the performance of Bitcoin and over 100 altcoins. Coinigy products provide centralised access to pricing data from 24 Bitcoin exchanges, offering both real-time charting and technical analysis.
These products don’t only cover popular exchanges like Bitfinex and Coinbase. Indeed, their expanded exchange inclusion makes their altcoin coverage possible.
In a CoinDesk interview, Kehl explained that Coinigy’s design helps traders be more responsive to changing markets, improving their trading effectiveness. He said:
It’s definitely a benefit to traders in terms of increasing their profitability. We offer special order types that most exchanges don’t offer like trailing stops and stop losses, so those things can definitely help preserve profit.
Borden was more concrete, mentioning that Coinigy would use part of the money to complete apps for Android and iOS. Their launch will be in a matter of months.
Borden also alluded to wider language support by saying, “We definitely have in our plans in the near future to branch out. We’re vetting translators at the moment.”
Features and regulations
Kehl and Borden took time to discuss trading features, some of which are available now and some of which are under development.
As an example, they mentioned current support for stop limits orders. Related enhancement plans include support for stop-loss orders and trailing stops. These features should be available on all its supported exchanges.
Users must submit their public and private API keys to Coinigy to use these features, said Borden. “That gives them the ability to control the access of the site through our account, and at any time, they can disallow that access.”
The founders stressed that Coinigy does not hold customer funds or keys. It carefully avoids interference with exchanges’ efforts to follow anti-money laundering (AML) and know-your-customer (KYC) laws and regulations.
What’s more, the founders won’t use these features themselves, fearing a conflict of interest. As Kehl explained, “We want to make it clear we’re not trading for profit on any of these exchanges as we are privy to user information.”
Competition and monetization
Kehl’s market analysis defined two competitive levels and easily identified Coinigy’s strengths.
Kehl described CrypTrader, Cryptowatch and Bitcoin Wisdom as conceptually similar to Coinigy. They provide real-time charting, news feeds, and technical indicators. However, while the form of their products resembles Coinigy’s, Kehn believes his company’s product offers much more substance.
He didn’t level that criticism at Andreessen Horowitz-backed TradeBlock. Instead, Kehl suggested that TradeBlock’s market focus created opportunities for Coinigy. Said Kehl, “TradeBlock could be considered a competitor, but they’re mostly focused on institutional traders. We’re catering to both institutional and average investors.”
Coinigy will monetize its product with subscriptions, worth around $280 at press time.