Although the cryptocurrency markets have been in a state of stagnation since the turn of 2019, daily trading volumes are as strong as ever. For example, at the time of writing in April 2019, 24-hour trading volumes are averaging the $31 billion mark, with Bitcoin amounting to around 30% of this figure. These volumes illustrate that although we are still in a prolonged bear market, significant trading opportunities are still highly present.
One such organization that are looking to bring these trading opportunities to everyday consumers is that of Kryll. The project has launched an online platform that allows investors of all sizes to create automated trading strategies in a simple way.
In order to ascertain how notable the technology is, we decided to explore the project’s potentialities ourselves. Within our review we will discuss what Kryll actually is, how the platform works, and essentially, whether it fits in with your goals as a cryptocurrency day trader.
What is Kryll?
- 1 What is Kryll?
- 2 Creating a Strategy: How Do Blocks Work?
- 3 Kryll Marketplace
- 4 Kryll Token & Fees
- 5 Which Exchanges can I use my Kryll Strategies on?
- 6 Similar Platforms
- 7 Kryll Review – The Verdict?
- 8 Kryll
- 9 Pros
- 10 Cons
In its most basic form, Kryll is an online platform that allows users to design and create their own automated cryptocurrency trading strategies. For those unaware, automated trading refers to trading activities that are executed by a pre-programmed script. As such, there is no requirement to choose trades yourself, nor do you need to actually execute buys and sells, as this is all performed in an autonomous manner.
If an investor is able to obtain such an automated trading protocol, it carries a number of key benefits. First and foremost, as automated trading does not require any micro-management, traders can simply sit back and let their strategies do their thing.
Moreover, automated trading strategies do not suffer from fatigue, which essentially opens up the doors for 24/7 trading. Furthermore, and perhaps most importantly, if an investor is able to design a strategy that performs well on a consistent basis, they have the opportunity to make ongoing profits in a passive manner.
Although we will explore this in more detail further down, Kryll allows both beginners and more advanced traders to create custom trading strategies via a user-friendly drag and drop style platform. These blocks consist of key logistical characteristics such as market signals, as well as variables that include market volume and technical analysis indicators.
The easiest way to get your head around the model is to think about a Microsoft ‘if/when’ sum. Effectively, the ‘if’ is the market indicator such as trading volume, and the ‘when’ could be volumes that exceed $10 billion in a 24-hour period, for example.
The notable thing about the Kryll project is that users can integrate their automated strategies into major exchanges such as Binance and Bittrex, with more integrations in the pipeline. Even better, you can test-out your automated strategies in demo mode, subsequently allowing you to make tweaks before going live.
In terms of the the team themselves, Kryll is led by CEO Luca Benevolo and CTO Philippe Longere. Supporting the key management team are a plethora of expects from within the fields of software development, trading, law, machine learning and economic sciences.
So now that we’ve explored what Kryll is aiming to do, in the next part of our guide we are going to take a closer look at how the block design system works.
The Kryll Dashboard
Creating a Strategy: How Do Blocks Work?
Although the Kryll platform has been designed to appeal to traders of all experience levels, the block system can appear somewhat confusing at first glance: this is what you use to create your custom trading strategies and is actually very well designed once you get the hang of it.
As such, we’ll discuss how this works in more detail so you have a better understanding of how the strategy building process works.
Creating a New Strategy in Kryll
To kick things off, the first block that you are required to create is your wallet. This represents the wallet portfolio for the specific strategy you are looking to create. This particular block is mandatory.
Price up and Price down
The purpose of the price up block is to trigger a movement when the market price of a specific cryptocurrency increases or decreases. Known as a ‘conditional’ block, you essentially tell your automated strategy to perform a certain action when a predefined condition is met. Here are some examples of what you can do.
- Market evolution: You can place an automated trade when a specific price action occurs on the exchange you have integrated your strategy with. For example, you can instruct your strategy to purchase a cryptocurrency if the price drops by 10%, and then goes up by 5%.
- Last order price: You can instruct your strategy to trigger when the price goes up or down by a certain percentage, in relation to your last trade. For example, if you purchased a cryptocurrency at $100, and the block specifies a movement when the price increases by 5%, then your strategy will trigger when the asset hits $105.
- Average buy order: This particular block is useful is you are looking to engage in a controlled profit strategy. Essentially, the strategy is triggered based on the average purchase price of previous orders of the same cryptocurrency. For example, if you purchase a token at $80, $110 and $170, you could execute a new trade when the the price hits $120.
The purpose of the volume blockchain is to trigger a new automated trade when certain conditions related to trading volumes have been met.
- Starting from last block: This is useful if you want to automatically execute a trade when volume goes up or down in comparison to the previous block. For example, if your previous block had a market volume of $1 million, and you pre-set the trigger at a 25% increase, then the trade would execute when volumes reach $1.25 million.
- Rolling: This allows you to execute a trade based on specific volume conditions, such as ‘volume vs time’. In other words, you could for example pre-set the block so that a trade is placed if volume decreases by 50% in a 24-hour period.
Other conditional blocks also exist, however the above examples should give you a better understanding as to how you lay the foundations for an automated strategy.
Next, you’ll then need to expand your strategy by increasing additional blocks. This will include an instruction linked to whether you want the trigger to buy or sell, as well as how much in terms of quantities. Moreover, you can also add in an ‘Or’ or ‘And’ block.
One again, this is very similar to the if/when function in Microsoft Excel, insofar that you can create additional layers to your trading strategy. In fact, the more layers you have within your strategy, the more advanced its trading capabilities will be.
Furthermore, for those with more advanced knowledge of trading, you’ll be able to insert blocks linked to technical trading indicators. This could include key trends such as the Moving Average Convergence Divergence (MACD) or Bollinger indicators.
So now that we’ve covered the basics of blocks, in the next part of our Kryll review we are going to look at the marketplace feature.
If you like the sound of automated cryptocurrency trading, but you’re not quite ready to take the plunge yourself, it might be worth exploring the Kryll Marketplace. In a nutshell, the marketplace contains ready-to-use trading strategies designed and built by other Kryll users.
Each strategy is completely transparent, meaning that results can be verified independently, and those using the strategy can leave public feedback and ratings. Moreover, you can even integrate your chosen strategy in to your demo platform, meaning you can test out the results for yourself.
While some automated strategies are free, others come at a cost. However, and as we’ll cover in more detail in the section, when you utilize a chosen strategy (whether it’s yours or rented from another user), you’ll need to pay fees to the Kryll platform.
The Kryll Marketplace
Kryll Token & Fees
The Kryll platform operates an online eco-system that aims to benefit all who use it. In order to fuel this ecosystem, the Kryll platform utilizes its own native ERC-20 token – which it calls the KRL token.
The KRL token has many functions within the Kryll platform. First and foremost, if you decide to use a Kryll automated strategy in live mode with one of the platform’s integrated exchanges, then you’ll pay a variable fee.
At the time of writing this amount to 0.0333% per day, based on the total amount of funds you have invested in your respective strategy.
For example, let’s say that you are using one of your strategies on Binance, which it trades the cryptocurrency equivalent of $1,000 in a 24-hour period. As such, you would pay a total of $1,000 x 0.0333%, amounting to $0.30.
These fees are highly reasonable, and would have very little effect on any profits or losses you subsequently make from the strategy.
We should also note that there are different fees depending on the amount of KRL tokens you currently have held in your account. If you hold no KRL tokens, then you’ll be accustomed to a daily fee of $0.06 for using the livetest feature, and you’ll not get any discount from your daily trading fees.
At the upper end of the pricing plan, a holding balance of 200,000 KRL tokens or more will get you a trading fee discount of 95%, plus reduced daily livetest costs of $0.01. Moreover, this plan gives you a total of 60 trading slots, as opposed to just 10 that you get with the most basic plan.
Furthermore, you might need to need to pay fees in the form of KRL tokens if you decide to rent a trading strategy that has been published by another user. This amounts to provider fees, and varies on a strategy-by-strategy basis. Some providers are also free, which incidentally does include some of the best performing strategies on the platform.
Which Exchanges can I use my Kryll Strategies on?
If you’ve found a strategy that you like the look of, or you’re ready to put your own trading strategy in to the wild, then there are a number of leading cryptocurrency exchanges that you can integrate it with.
At time time of writing, this includes:
Although this covers some of the largest exchange platforms in terms of trading volumes, the team at Kryll are looking to make more and more exchanges compatible.
In order to integrate your respective exchange account with the Kryll platform, you’ll need to go and obtain your unique API key. This effectively gives Kryll the authority to perform automated trades on your behalf.
Although your strategy will be operating in an autonomous nature, the Kryll platform does not have any access to your exchange login credentials, subsequently ensuring that your data remains secure.
The API process will differ depending on the exchange you are using, however in most cases you’ll need to get this from within your account portal. Once you do have it, you then simply enter it in to your Kryll account.
We have been covering this new wave of trading bots and platforms on Blockonomi for a while now, take a look at our guide to trading bots here for some more options. The following platforms are closest to the Kryll offering:
Kryll Review – The Verdict?
In summary, the team at Kryll have created a very unique product that essentially opens the cryptocurrency day trading doors to those that have very little experience of creating strategies, or those that simply do not have the time to day trade themselves.
Whether your Kryll platform strategies have any success is ultimately dependent on the specific strategy itself. If you are able to build a notable strategy, or you instead rent one from the Kryll Marketplace, then you have the potential to be sat in prime position on a 24-hour basis.
As such, if the underlying strategy finds a suitable trading opportunity, it can execute its strategy without you needing to be involved.
Finally, our review also found that the fee structure offered by Kryll is highly reasonable. The only caveat is that you will need to ensure that you have KRL tokens within your account at all times, to ensure that your strategies are able to trade on a 24/7 basis.