Algorithmic cryptocurrency trading platform Tradewave has launched a new tool which will enable users to create their own bitcoin trading bots without using code.

Previously users could only use programming language Python to execute trading strategies. However, the new product opens up the automated platform to bitcoin trading newcomers or those without programming ability.

James Potter, the platform's founder, said:

The new tool, called Scribe, works by taking trader's strategies and converting them into Python code "on the fly". Once a strategy is traded in live time, Tradewave hosts it on its servers and runs it for as long as it is required, placing trades on behalf of the user at their chosen exchange.

When asked about whether Scribe could run on the blockchain, Potter said the infrastructure "simply is not mature enough yet". He explained:

Potter said that a few companies had tried to come up with a solution to make automated trading more accessible to non-experts, but that most "overwhelmingly tend towards creating a drag-and-drop interface representing something like a flow diagram, with endless switches and options".

"We are flattening the curve considerably", said Potter, confirming that he also planned to focus on "growing the site, as well as adding support for more exchanges and other useful features".

According to the company, Tradewave received an undisclosed amount of "angel-sized" funding from the Digital Currency Group, which so far, is being used to "expand the team, improve security and help with marketing costs".

Potter said:

The company offers several tiers of service, from a starter pack ($14 per month) with one trading bot, to a pro pack ($29 per month) with five bots, and a "Gekko" pack ($99 per month) with 15 concurrent bots.

Trader image via Shutterstock