In this article I’m going to show you how I went from a Binance button clicker to market making like a pro on FTX.com
I’m not a coder, I only have a small portfolio but it’s exploded into profit since I started focusing on order management.
My journey started when I was looking for a way to better manage my trades on Binance’s isolated margin markets. I was using 10x margin and market buying tokens most of the time. I love Binance and still use the exchange for hodling my long term portfolio.
However I started to realise that I was losing out from the start on every trade because of slippage and spread costs. That’s when I heard about @cryptomktgrp on twitter. They do market research and have a trading tools platform that includes an order management application.
You can use this to set up trades more efficiently. The app let’s traders hold leading bid/ask prices in the order book for example. This meant that I was market making rather than market taking resulting in less fees and no spread costs. The app moves the bid price with the other bots on the exchange so you are always in the top position.
It also lets you batch orders by breaking them down into smaller “mini-trades”. I use this quite a lot as it means I can get orders through without moving low liquidity markets.
It was shortly after this that I heard a lot of talk about FTX.
A futures exchange that I noticed is also one of the exchanges that the CMG tools supports. I signed up for an account and did KYC to get level 2 approval. Deposited some funds and discovered high leverage trading in a big way.
Whereas Binance max’s out at 10x leverage. FTX has 10x as standard and goes all the way up to 100x. This meant I could trade $1000 for every $10 I deposited.
The combination of CMG’s order execution platform with FTX margin meant that I could take up the market maker role by placing both buy and sell orders on the same markets.
The beauty of this is that there are currently no exchange fees for market makers on FTX.
I’d highly recommend Binance to anyone that is looking to start out trading. For people that know what they are doing but aren’t using bots or trading programs then you literally have to check out the CMG Pro Suite. Once you’ve mastered order execution start living on the edge and use crypto derivative margin trading to take it to a new level with FTX.