Cryptocurrency trading is rising like a phoenix from the ashes. The number of cryptocurrencies and exchange platforms to trade them are growing parallel. Amidst this growth, the quality seems to be compromised. It can be witnessed on various forums and social media like Reddit and Twitter.
To improve the quality, a team of cryptocurrency and blockchain enthusiasts under the name Encrybit had organized an online survey to gather the opinion of crypto traders on real-time trading issues and to know other expected features for the trading platform. The survey received an overwhelming response by 1000+ participants.
The biggest concern revealed in the survey is security. It is the most common problem as cryptocurrency trading platforms are online, connected to the internet 24/7. Thus, easily accessible to hackers. It is obvious that the traders are concerned about their investments. And because of this few aspirants are holding back to try their hands on cryptocurrency trading. This indicates the dire need for a highly secured cryptocurrency exchange platform.
Another major concern is revealed on high trading fees. It is accepted that the exchange provides a platform for trading and in return takes commission in the form of trading fees. But the trading fees at some of the prevalent exchanges go so high that it becomes unbearable for traders doing frequent trader. The different structure for maker and taker fees was also expressed as one of the concerns under trading fees.
Lack of liquidity is the third major concern submitted by participants of the survey. Liquidity is the prime requirement of any market. And for trading purpose, it is inevitable. When the number of potential traders is less on an exchange, it becomes difficult to maintain liquidity on that particular platform. Traders fail to get a match for their order and thus cannot yield desired returns.
Other individual problems faced by the traders are:
Delayed and irrelevant response to severe problems like account suspension, withdrawal, loss of funds, etc.
Lack of good cryptocurrency pairs creates a hindrance for better trading strategies.
Inconvenient user interface makes it difficult to use most of the functionalities of the exchange.
High withdrawal fees is a problem for day traders and traders having accounts on multiple exchanges.
The traders await an exchange which overcomes their concerns and allows them to trader smoothly with highest possible payback.
Many popular exchanges like Binance, Huobi, Bittrex, Bitfinex and more have taken care of one or the other issue. But an exchange without any of these flaws is yet to build. Encrybit, the surveyor takes up this challenge and develops the finest exchange in the world.
