# Insilico Terminal Free browser OEMS with institutional order types and a trading command line. *https://cryptomarkets.tools/tools/insilico-terminal · Crypto Trading Terminals* ## Facts ### At a glance | Field | Value | | --- | --- | | Vendor | Insilico Terminal | | Category | Crypto Trading Terminals | | Job | execution | | Website | https://insilicoterminal.com | | Pricing model | free | | Free tier | true | | Open source | false | | Licence | none | | Self-hosted | false | | KYC required | false | | Tested hands-on | false | | Last updated | 2026-09-21 | ### Pricing | Tier | USD | Period | | --- | --- | --- | | Free | 0 USD | month | ### Coverage | Field | Value | | --- | --- | | Asset classes | spot, perpetuals, futures | | Chains | none | | Venues | cex, dex, derivatives | | Data latency | realtime | | Platforms | web | | AI features | none | ### Interfaces | Field | Value | | --- | --- | | API | false | | Webhooks | false | | Scripting | Terminal CLI | | MCP server | false | | Export | none | ### Capabilities Yes: charting, automation, live_trading, news No: screening, backtesting, paper_trading, portfolio_tracking, exchange_import, tax_reporting, alerts, onchain_data, wallet_tracking, derivatives_analytics *Verified: pricing 2026-09-19; coverage 2026-09-19; capabilities 2026-09-19.* ## What it is An order and execution management system that runs in a browser tab, connects to accounts you already hold on fourteen-odd venues, and costs nothing. It is aimed squarely at the discretionary trader who has outgrown an exchange's own interface: ten execution types, a DOM, programmable hotkeys, and a command line sitting next to the point-and-click controls. The order types are the reason to be here. Limit Chase, Scale, Scale Side, Swarm, Stop Market and a client-side TWAP with frequency jitter and irregular lot sizes — the jitter exists so a running TWAP is harder for public trackers to spot, which tells you who the vendor thinks the user is. Basket Trading via the Complex Orders component fires a saved list of assets at once, across multiple accounts. Every one of these also has a CLI form, and the CLI is a real command language with variables, chaining, repeat and aliases; hotkey binding is done through it exclusively. Two interface modes: Classic, a single fixed layout, and Multi, where you place several components of the same type, tab between layouts and colour-code a link system so a chart, an order book and an order ticket follow each other. Multi Account switching is the other half — the product assumes you hold several accounts, possibly on several venues, and wants them on one screen. What it is not is a research product. There is no screener, no backtester, no alert engine, no data export and no public API. It shows you a market and places an order in it. ## Pricing **Free, with no pricing page to read.** `insilicoterminal.com/pricing` returns 404. The homepage says "100% Free" and the FAQ explains the model in plain words: "We have brokerage deals with exchanges which are comparable to referral link structure deals … they compensate us for the volume we bring in." So the exchange pays, out of the fees you were already paying it. **Hyperliquid costs one basis point on top.** The setup guide is explicit that this is not optional: you must connect once through a browser wallet extension "and sign the builder fee to use Hyperliquid with the Terminal", after which you may switch to an agent-wallet API key. The page states the rate as 1bps. That is the whole of the published direct cost of using the product. **No other per-trade fee is documented**, and there is no fee schedule page in the docs to check against — the terms of service and the FAQ are the only places a fee could have been stated, and neither states one beyond the Hyperliquid line. Kalshi Perps orders carry "fees applied from the Kalshi Prime schedule", which is the exchange's schedule rather than Insilico's. Registration is an email address and a password, or Google sign-in, plus a verification click. There is no identity check on the Insilico side; whatever KYC you did was your exchange's. ## Data & coverage **The venue list for order entry, from the homepage integrations block:** Bybit, Hyperliquid, Binance, Coinbase, Blofin, OKX, Bitget, BitMEX, Kraken, Crypto.com, Nado, Apex, Lighter and Extended. The docs carry per-exchange key-creation guides for all of those plus **Ondo Perps** and **Kalshi Perps**, and the v5.7.0 changelog adds Robinhood Lighter alongside the existing Lighter connection. Coverage spans spot, USDⓈ-margined and coin-margined futures, and perpetuals on both centralised venues and DEXes. **Two of the fourteen are no longer what the page implies.** Crypto.com is on the homepage list and still has a key-setup guide, but changelog v5.5.0 says it was "removed from production — it's no longer available for new or existing connected accounts". BitMEX is on the list and closing: v5.7.0 added an in-app banner warning that it shuts on 23 September 2026 at 04:00 UTC, four days after this card was written. **There is no merged order book.** The Orderbook component shows "the live stack of asks and bids on the selected instrument" — one venue, one instrument, with a pull/stack meter, imbalance, update-rate and weight readouts and your own resting orders highlighted in the ladder. What aggregates is the tape, not the book: the Trades + Liquidations component can "aggregate across Exchanges", and the separate Aggr component is a multi-exchange trade-aggregation panel. If you want five venues side by side, Multi Mode gives you five order books, not one. **Where the data list exceeds the execution list, the docs do not say by how much.** The Aggr page is two sentences and two screenshots and names no exchanges. The chart keeps its own "exchange coverage list", which v5.6.0 moved onto the vendor's servers for caching — so the chart reaches past the venues you can connect, but the size of that reach is not published and needs an account to see. Instrument stats — last price, 24h change, volume, funding and open interest — come from the Tickers/Instruments component, which is a sortable filterable selector rather than a screener. The homepage counts 6,700+ tradable instruments. **Execution routing is regional and disclosed.** Accounts are assigned on first connection to the closest execution region, "Japan, with Hong Kong as fallback", and the region is remembered per account. The vendor publishes no latency numbers to go with that. ## Integrations **API keys live in your browser.** The security page is unusually direct about it: a key added to the Terminal "is actually added to the local storage in your browser/device. It is not added to a central server or database", encrypted at rest and "decrypted just-in-time to sign transactions and then immediately discarded". It then tells you how to prove this yourself — open the devtools storage inspector, or sign in from a second device and watch the keys be absent. **Two opt-ins move them onto the vendor's servers.** Key Sync stores them server-side so they follow you between devices; it requires 2FA, verifies each device by email, lets you choose which accounts to upload, encrypts with AWS KMS, and disables the local copy on a device you revoke. Cortex, the server-side execution engine, requires the same upload so it can place orders on your behalf while your browser is shut. Both are off by default, and the Cortex page says so plainly: "If you do not enable Cortex, your keys remain entirely in the browser as before." That is the custody decision on this card, and it is yours to make twice. **Cortex is Hyperliquid-only today.** It runs conditional orders, trigger types and TWAPs "spanning days, weeks, or even a year", visible and cancellable from any device — and its supported-exchange list has exactly one entry, with "other exchanges coming soon". The News widget streams curated X/Twitter sources plus up to three of your own, detects tickers, tracks the price move since each post, and puts configurable buy and sell buttons on each item. There is also a Stream Deck setup guide, a PWA install guide, twelve interface languages, and Hobble Mode, which keeps the terminal usable through a connection dropout by pulling state from the exchange instead of waiting to be pushed. ## Limitations **Only Hyperliquid survives you closing the tab.** The client-side TWAP is capped at 12 hours and 5 minutes minimum, and the docs say outright: "Closing the Terminal will end the TWAP process." Cortex removes both limits and works on one venue. **Two venues on the marketing list are dead or dying.** Crypto.com was pulled from production in v5.5.0 and is still advertised on the homepage with a live key-setup guide behind it. BitMEX closes on 23 September 2026. The FAQ's own exchange list is a third version, last touched 6 July 2026, and omits Kraken, Nado, Lighter, Extended, Ondo and Kalshi entirely. Three vendor pages, three answers. **Bitget IP whitelisting is currently broken.** v5.7.0 added a warning telling users whose Bitget WebSocket login is rejected to "switch to an API key with no IP restriction until the connection can be routed through our servers". Turning off the one exchange-side control that limits a leaked key is a real cost, and the fix is not shipped. **No alerts, no screener, no backtest, no paper trading, no export, no API.** None of these has a page anywhere in the documentation index, 199 pages of which 98 are changelog entries. Cortex's conditional orders are order triggers, not alerts; the News widget's notifications are about posts, not prices. If you want to be told something happened while you were not looking, this is the wrong product. **No testnet or demo connection is documented either**, so the first time you use an unfamiliar order type it is with real size. **The vendor's own volume numbers do not agree.** The homepage says "$170B+ Volume Yearly"; the documentation's welcome page says "$10 Billion+ in traded volume". Neither is checkable from outside, and a card that repeated one as fact would be repeating a number the vendor contradicts elsewhere on its own site. **Free means the exchanges are the customer.** That is a coherent, disclosed model and it is why the product costs nothing — but the incentive it creates is volume, and the venue list is shaped by who signed a brokerage agreement rather than by where you might want to trade. Notably absent: Deribit, Gate, KuCoin, MEXC, Upbit. ## Alternatives If the reason you want a multi-venue screen is cross-exchange derivatives *data* — open interest and funding broken out by venue, rather than an order ticket — [Velo](https://cryptomarkets.tools/tools/velo) is built the other way round and puts order entry on two venues behind a data product. If you want the workspace rather than the execution engine, with scanners, a journal, portfolio and bots on a subscription, [Altrady](https://cryptomarkets.tools/tools/altrady) is the opposite trade-off: more product, more money, far fewer order types. [Quantower](https://cryptomarkets.tools/tools/quantower) is the other shape again — a desktop platform with order flow, multi-venue connections and a paid tier, bought by people who want the workspace on their own machine rather than in a browser tab. ## FAQ ### Where does Insilico Terminal store my exchange API keys? In your browser's local storage by default, encrypted, and decrypted just-in-time to sign a request. Nothing is on the vendor's servers unless you opt into key sync or into Cortex, both of which require 2FA and per-device email verification. The give-away that it is local — sign in from a second device and your keys are not there. ### Is Insilico Terminal really free? Yes, and there is no pricing page at all. The vendor's FAQ says it runs on brokerage agreements with the exchanges, comparable to referral deals, so the exchanges pay it for the volume it routes. The one fee you pay directly is on Hyperliquid, where connecting requires signing a one-basis-point builder fee. ### Which exchanges can I actually trade on? The homepage lists 14 integrations — Bybit, Hyperliquid, Binance, Coinbase, Blofin, OKX, Bitget, BitMEX, Kraken, Crypto.com, Nado, Apex, Lighter and Extended — and the docs add per-exchange key guides for Ondo Perps and Kalshi Perps. Two entries on that list are stale, which the card covers. ### Do my orders keep running after I close the browser? Only on Hyperliquid. Ordinary orders and the client-side TWAP die with the tab, and that TWAP is capped at 12 hours. Cortex moves execution onto the vendor's servers with no duration cap, but its documented exchange support is Hyperliquid and "other exchanges coming soon". ## Also worth comparing - [Paradigm](https://cryptomarkets.tools/tools/paradigm.md) — Institutional RFQ and block trading for crypto derivatives, settled at your own venue. - [SignalPlus](https://cryptomarkets.tools/tools/signalplus.md) — Free crypto options terminal — vol lab, live greeks book and an automated delta hedger. - [CoinRoutes](https://cryptomarkets.tools/tools/coinroutes.md) — Institutional EMS with a dozen named algos, smart routing and a consolidated book. - [Elwood](https://cryptomarkets.tools/tools/elwood.md) — Modular institutional OEMS over 40+ venues, sold to professional clients only. - [Talos](https://cryptomarkets.tools/tools/talos.md) — Institutional crypto OEMS — aggregated liquidity, execution algos, one-click settlement. - [Velo](https://cryptomarkets.tools/tools/velo.md) — Derivatives terminal with order entry on Bybit and Hyperliquid, and the API behind it.