To use this function, the trader must set a default order size and a multiplier, hover the pointer over the orderbook and an overlay with buy/sell buttons will appear with the corresponding price.
The order is sent with a single click and, once processed by the server, will show up in the Open Orders pane. Once executed, the order will show up in the Trade History pane, in real time.
LakeBTC says the function is easy to use and should appeal to all traders, but especially those that trade more frequently. For those who prefer a more traditional approach, the app has a Manual tab that allows traders to fill in the price and amount for each trade.
Feature-packed charts
Additionally, the exchange claims the many different features packed into LakeTrader make it unique.
“There are loads of features available – BTC/USD and BTC/CNY charts in one, five, 15, 30, 60 minute, one day and one week intervals, with styles in bars, candlesticks, lines, areas, etc. You can also draw trend lines, trend angles, pitchforks, Gann box, Fibonacci retracement, ABCD patterns, Elliott Wave subminuette, and so on,” a LakeBTC representative told CoinDesk.
LakeTrader also integrates CoinDesk BPI data, which can be accessed though the ticker box in the upper left corner by selecting ‘CDBPI:USD’ in the drop down menu. Users can also compare LakeBTC’s USD chart with the CoinDesk BPI USD chart side by side.
LakeBTC was added to the CoinDesk BPI for USD and CNY prices in June 2014.
Test drive
CoinDesk put LakeTrader through a brief functionality test, placing and executing around a dozen small orders.
The user interface proved user-friendly and intuitive, and all trades were executed as expected. Since it is a cross-platform HTML5 app, the user experience should be identical irrespective of platform or device.
The app’s OneClick functionally can be very useful in certain situations, allowing users to pounce on a good offer in the blink of an eye.
The obvious trade-offs are that users need to keep their eyes constantly peeled and that it is not well-suited for big orders, as offers change in real time and in most cases they involve relatively small amounts of bitcoin.
Disclaimer: This article should not be viewed as an endorsement of any of the companies mentioned. Please do your own extensive research before considering investing any funds in these products.