Mudrex: An Intelligent Algorithmic Trading App

• 27 July 2020 | 1379 Views | By Mint2Save

Mudrex is a cryptocurrency trading platform that was launched by IIT alumni Alankar Saxena, Edul Patel, and others. It was launched two years ago in 2018 and is meant to remove the stress of trading. The Mudrex platform introduced easy drag and drop tools for creating and implementing strategies. 

Mudrex helps in keeping people engaged with their investment without any real effort. It marks up a trading strategy by using the Mudrex algorithmic trading platform. The app helps to build a number of portfolios with the help of algorithms drafted considering the risk management policies. 

The investor can opt to have a customized portfolio by studying the associated risk. Mudrex smartly allows buying and selling on behalf of its investors.

What is Algorithmic Trading?

Why Mudrex over other alternatives?

Adaptation of over 54 technologies, used by Mudrex for its own website that includes Viewport Meta, iPhone / Mobile Compatible, and SPF. 

Mudrex is offering its traders to get a smart, signal-based trading system within a lesser amount of time. The Mudrex seems like quite an obvious part of the future.

Mudrex would be like all in one app for all crypto traders. Users can readily access their predefined trading rules onto the platform by getting a drag and drop interface. And the users’ trading strategies can also be analyzed by referring to their past data.

Recently, Bitmex and Binance being the only two supported exchange trading apps, still, expectations are high to be added in the future.

Mudrex holds a subscription-based model that allows you to use and access the features according to preference. The lowest subscription tier aims to be free. Moreover, the entire platform is actually FREE to use for new users for two months.

It is engaged with the social markup features, including a marketplace between investors and traders. Investors can automatically follow-up on the trades created by its traders. Many plans are demonstrated to get automated trading onto traditional markets.

Mudrex Operational strategy

Mudrex, the first Indian crypto startup that can be counted as a successful startup next to Airbnb, Stripe, Coinbase, and Dropbox. The IIT graduates who designed Mudrex, had experience at Deutsche Bank, Twitter, Housing, Tapzo, Niffler, etc. Mudrex is sponsored by most of India’s blockchain investors, advisors, and sponsors like Encrypt, Speciale Invest, Anupam Mittal, Dulquer Salmaan, Nitin Sharma, etc. 

Mudrex, Bangalore based fintech startup enables the crypto traders to automate their trading strategies without writing code. Mudrex declared openly its unique invite-only trading competition, on the AMA held with its users on Telegram channel IndiaBits.

On 15th February, Mudrex opened registrations for its customers after finalizing a 3-month public Beta, where the traders traded over USD 500,000. In order to get the trading strategy to automate, traders tend a simple drag and drop based UI editor. Through API keys available on Bitmex or Binance the strategies can be easily tested against the previous data. 

The competition results in restriction over 25 shortlisted traders only. Traders can get registered through it’s the registration form. It’s stand up motive is to get out with the best trading strategy. Mudrex, crypto traders need to develop strategies with the motive of maximizing higher returns within the stipulated strategy. 

Mudrex, allows its users to make payments for marketplace and platform subscription. In order to get rid of credit card based auto-debit issues, Mudrex has established “Mudrex Balance”. Mudrex thereby provides users with a prepaid wallet where the users can deposit some USD which will be used for subscription, using their debit cards. Users can additionally add amounts through credit or debit card and the amount is evaluated immediately.

Objectives Oriented 

The top ten traders are operating their strategies on various trading platforms, Mudrex expects the same to grow up to 90 percent end users. Trade strategies range from $10 to $800. Traders are expected to hold 70 percent of the share in spite Mudrex manages to hold 30 percent for every trade closed.

Mudrex tends to have users all over from 50 countries, expecting 30 percent from India and the rest from the world.  The traffic of 1,500 users from Tradingview, Reddit, and Discord is gained by Mudrex already.

Investment of $25,000 by the founder into the startup Mudrex received $150,000, as seed money.

It casts the business and speculates that for trading algorithms the large institutional trading companies can work with them and casts the business as they possess at least 100,000 users.

Mudrex Pricing:

Mudrex can be used both as a free and premium platform. Users can get the premium in two ways, by paying monthly and annually (which gives 15% off). For now, the premium fee is $19 monthly and $192 annually. Mudrex is offering the publishers who have strategies for making more than $300 per month with a free premium plan.

In the end, though, both free and premium users need to pay some price based on the “Invested amount” monthly, and Obviously, there will be a lot of benefits for the premium users. 

While the basic ones like access to exchanges, indicators, and strategies are available for free users, other benefits including backtests, backtest accesses, support, Min tick resolution is limited in free accounts. The free monthly invested amount is up to $ 2500 dollars and for premium users, it is only $500 for free users and also the live fee is less for premium users being only 0.5% of the invested amount while it is 1% of the invested amount for free users. Another benefit that premium users enjoy is marketplace publishing which is not available for free users.

But, how does the “Invested Amount” based fee is calculated? 

In order to calculate the fee for the invested amount, they will calculate three things :

• Sum of amounts in dollars of their current investment
• The dollar value for their already paid fee
• Free amount of your plan

Let us indicate each of them in order with A, B, and C respectively.

The fee you need to pay would be equal to D * (A – B – C) where the value of D will be depending on your plan.

While in general the pricing is not calculated on the basis of trading volume or the frequency of your trade, but if you have the invested amount that exceeds $50,000, they have a special price for you! All you need to do is to get in touch with them through their support and they will set you up.

Referral Earning:

Mudrex also supports referral earning. By simply registering and getting your personal link, you can share the link to invite others. Not only you, but your friend can also get money!  Upon receiving the invitation and signing up, they will get a $25 credit gift, and for inviting, you will get 50% of your friends’ purchases. But this incentive is only valid for the first three months. 

But in order to withdraw the referral income, the following conditions should be met:

• You have a minimum amount of $500
• At least 1 month has passed since the credits are added into your account
• You have completed the KYC with Mudrex. 
• You have provided a bank account for the transfer

Here are the documents required for the KYC:

• Any Non-expired Government Identity proof (Both front and back)
• Two selfies: One with the above government ID in hand showing the front page and another with a piece of paper in hand that has MUDREX written in it with the current date.

After meeting all the conditions, you just need to send an email with the subject “Mudrex Referral Credit withdrawal” to the support with details regarding your names and addresses, then upon verification, they will reach out to you.

Level back improvement strategies

The users can get authenticated over their profit margin schedule via various stipulated run modes issued by Mudrex.

Users lead up strategies in 4 different trading modes first-  Long only. Second, Short Only. Third – Long-Short and the forth, Long-Close-Short.

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On just a click on Mudrex, users can backtest, paper trade, and go live on shorting based strategies. Can leverage highly sought features assembled with automated trading. 

Wrapping Up

Mudrex amalgamation with Bitmex offers its users to perform leveraged trading. Using leverage, users can backtest and paper trade their strategies.

A year back, Mudrex cleared out with it’s backtests speed which points to be  ~5x faster as compared to the earlier. Additionally, Mudrex managed to extend the tenure over which the backtests are operated with the heightened speed and can finalize long-running backtest  A backtest operates on over 2 years of data, ensured to end in under 10 sec.

Mudrex successfully deals with 200 concurrent backtests. Mudrex worked with around 30 other bugs and related issues in order to enhance users’ experience, trustworthiness, processing speed, and handle edge cases.