Mudrex AMA on Indiabits
We launched a trading contest on IndiaBits, of the largest crypto communities in India. Below is an excerpt of the AMA:
You can register for the trading contest here!
Q: Would be lovely if you could start off with a quick introduction of yourself and your team.
Thanks for the opportunity Joel, Gabru and the community here.
Just to give a quick brief about me: I graduated from IIT Bombay in 2011. I worked at Deutsche Bank for a couple of years in the risk and trading teams. Always had the urge to do something of my own. That’s when I started my first company called Niffler in 2013. We were building a deals and discounts platform which raise a $1Mn from SAIF partners and eventually got acquired by Tapzo.
After heading product at Tapzo for a couple years decided to start something in crypto. I am a firm believer of the underlying philosophy
That’s when our team came together.
Q: Can you give us a brief on your team too?
We are a team of 5 founders. 4 from IIT Bombay.. 1 from IIT Kanpur… All of us have known each other for the last 6–7 years atleast.
Rohit who is the CEO founded PaxPlay, a mobile gaming company having reached 3M users across the globe. Co-Founded Sabjiwaala.com, India’s first doorstep grocery delivery service.
Prince was with me at Deutsche, then my CTO at Niffler, then my tech lead at Tapzo and now my CTO here. We have worked together all our lives!
Alankar founded Zay, a grocery-on-credit startup. Earlier at Twitter where he was a part of the tech team working on twitter ads-api and user recommendations.
Snehil was the Co-founder and head of product at Housing.com
You can find out more about us here: https://mudrex.com/aboutus
Q: Can you give us a brief on what Mudrex is built for and who your target audience is?
At Mudrex.com we are building a platform that helps crypto traders automate their trading without writing code. User use a simple drag and drop based UI editor to create complex strategies.
These strategies can then be tested on historical data or live markets and if you like the results you can start trading directly.
Q: What inspired you to come up with it? Btw you might want to mention that the backtests are currently free :)
Haha. So not only backtests. But the entire platform is currently free. Users trade by submitting their Binance and Bitmex API keys so we never touch your funds.
We launched in Oct 2018 and have been growing rapidly. Just a few days back we hit 500kUSD traded through the platform.
Last year when we started, we were initially building a crypto exchange. We believe that to drive adoption of crypto among the masses giving tools to improve trading was the key. We were just about to launch in April 2018 that’s when the ban happened.
By that point multiple other exchanges were already in the market and there was no core value proposition. We went back to the drawing board to look at problems we were facing and there were 2 main challenges
1. Crypto is 24x7- Lots of opportunities came in when we were not in front of the screen.. how could i capture those
2. There are ~2500 tokens and possibly 100 exchanges. how can you trade in multiple places to make the best of it?
We realized that the only way this could happen is by automated trading.
Now we did know how to code so we built our systems up…. but when we spoke to other traders…. every one faced this.. and not everyone had the resources, time or knowledge to code the infra required for algo trading.
Also, traders know how to trade.. not all of them know how to code.
so we built Mudrex- a simple visual strategy editor, where you can use building blocks to make some very complex strategies and coupled it with backtesting, live testing and live execution infrastructure
Q: So basically, it lets you drag and drop different trade instructions depending on parameters/indicators a user sets?
Yes. Here is an example of a simple strategy users can make on Mudrex. I literally made this strategy in under a min
Q: Can you show us something more complex?
Sure. Below is a strategy we call Trend getter. It tries to catch trends and trade accordingly.
Q: Did you guys ever check out Tradewave while it existed?
We spoke to James Potter who was the founder of tradewave. His product was ahead of its time. He loves what we have built. Infact he even connected us with one of our angel investors.
Q: What is business model?
We will launch a trade fee + Subscription based model in sometime.
Q: Would you be selling strategies?
We will not be selling strategies but are currently running closed alpha for a Strategies Marketplace where investors can invest in other traders verified strategies.
Q: Does one have access to historical data for backtest?
Yes
Q: Crypto trade orders also sometimes really require great timing. How do you make sure your server latency is minimal with any target exchange?
Our system runs on candles.. the smallest is 1 min.. we have measured constantly that it takes <2 sec of us to fetch info, calculate strategies and send execution order.
That’s our 97 percentile number.
Q: What’s been the average order size on your platform so far and on which exchange?
Users typically put in ~1000 USD or ~0.3 BTC in a strategy on Mudrex. Trading on Binance. Bitmex was just launched.
These are current numbers.. :)
Q: And how long does the average strategy take to play out
Averages are a bad metric when you look at strategies.. considering that some can be of the kind that does 100 trades a day and still just make 1% while others can make just 3 trades a week and take 10% profit
Most trades we have till now build mid-term strategies, so strategies where on an average 8–12 trades happen in a week.
Q: And what’s the profit RoI on them?
Traders are able to get upto 3% returns per week. Here is an example of a strategy that the user shared
Q: Rather that using our UI to build strategy, can one code their on strategy by using your platform and data ?? If so, which programming language one can use?
Great question! We are working on a ‘Code Editor’. The code editor is the world’s first Pine to Python converter. You will be able to simply copy paste your existing strategies/ indicators built in trading view and use it here.
Q: And what’s granularity of data ?? It’s tick ?? And what about historical data ??
We have historical data at 1 min tick since Jan 2018 adding older soon. Binance and Bitmex are live.
Q: What’s next steps with Y Combinator and general product strategy over the next few months.
Y Combinator is helping us access some of the best crypto traders in the world. first thing is to be able to have a product through which they can build and deploy their strategies. The best traders naturally gravitate here because the infra is taken care of and building and testing is super fast
for the product bit, 3 things are in priority
- Shorting on Bitmex
- Code editor
- Marketplace for investors
and a few things like referral, versioning.. sharing of strategies etc
Q: Which YC batch did Mudrex join?
W2019
Q: What’s the goal with the competition in IB and why should users join it?
Coming to the competition. After 3 months of being in beta, we have just now opened the product up for everyone.
We wanted to give access to the tool to the best of India first. That’s why we reached out to IB. This community has been instrumental in helping us shape the product. In fact 6 months ago we did our first user study with users on this group.
The trading contest on Mudrex is not like what’s there on exchanges. It’s not about how much trading you can do. That’s a trick exchanges use to ramp their volume up.
We think of this trading platform as a hunt for some of the best traders in the country. The best traders are the ones who use discipline.. follow rules and provide consistent returns. The strategy with the best return wins!
If this goes well we will soon launch a much bigger global contest. Folks at IB then have a chance to prove against the best in the world.
Some quick dates for the contest
- Last date to register for the competition: 22nd Feb
- Deploy your strategy on live trade mode: From 25th Feb to 26th Feb
- Competition results to be evaluated: 5th Mar 23:59
-Competition results announcement: March 9th
The contests is invite only. We don’t want spam here. Quality is important.
Joel: I am sure more users will chime in over the weekend d. We’ll continue to share details of the competition here. Guess we can wrap up.on that note. Thanks for coming to Edul.
Once again thanks for giving us the opportunity.. @satoshi21 @Joel_john
for more.. pls reach out to me on edul@mudrex.com
Links
A few quick references below:
- Signup on Mudrex now and get $25 credits FREE! https://bit.ly/2C2Znms
- Support and FAQs: https://support.mudrex.com/hc/en-us
- Get support 24x7 on our Discord channel: https://discord.gg/huZz3qP
Mudrex is a platform that helps crypto traders automate their trading without writing code. You can signup here: https://mudrex.com
