Securing solid data sources for Cryptocurrencies has been one of the main challenges for brokers and their clients. US-based online broker-dealer TradeStation, which is a subsidiary of Japanese Monex Group, has announced that it is teaming up with GXAD to deliver rep-time spot data rates on four cryptocurrencies for free.
The partnership between the firms secures clients of TradeStation the ability to get a better glimpse of the wider crypto market before taking their trading decisions. The four cryptocurrencies which the companies will provide data for are Bitcoin , Ethereum, Bitcoin Cash and Litecoin.
Commenting on the deal, the President of TradeStation Group, John Bartleman, said: “This data can be used to help guide trading decisions related to Bitcoin futures, as well to assess companies and market sectors – such as banks, credit card lenders and computer chip makers – that may be impacted by news related to cryptocurrencies or fluctuations in their prices.”
“The ability to access GDAX’s spot market data alongside Cboe and CME futures data will provide users with an enhanced ability to evaluate and trade the crypto derivatives market in real time,” added Adam White, Vice President and General Manager of GDAX.
Reliable data for cryptocurrencies has been an industry-wide challenge since the sheer number of exchanges globally is making arbitrage opportunities possible. Sourcing data from a reliable source can be the difference between making profits and losing trades.
Brokers that are market makers for CFDs and retail brokers can also have one more benchmark, provided that they have access to TradeStation’s new service.
