What do Cryptocurrency Traders foresee from upcoming Exchanges?
April 25, 2018 (Investorideas.com Newswire) So you have already grabbed few of cryptocurrencies. Or still wondering whether to get into it or not? Well, in whichever state you may be, the basis of cryptocurrency trading is an "Exchange platform".
There are about 70 to 80 exchange providers in the wosssrld. Now which one to choose from these available exchanges? A big and complex question. You might make a Google search for the best exchange and register at the top name popped up. But it may not turn right for you all the time.
Choosing a suitable exchange for oneself depends on a number of factors. First is you have to look for the countries supported as not all exchanges work for all of them. Second is cryptocurrency pairs supported. There should be some better ones which can yield good returns. Moving forward the trading fees, deposit and withdrawal fees are to be looked upon. They should not be more than the profit you earn.
The most important aspect while trading on an exchange is "Security". As the platform is connected to the Internet 24*7 and is vulnerable to hacker's attack. So, the security check is just as you'll be investing your hard-earned money for trading on the exchange. Stability of an exchange also plays a major role in its selection. Longer downtime and shutting down all of a sudden aren't beneficial to anyone.
These form some general checkpoints. But when you actually register and trade on an exchange, you are likely to encounter some real-time complications. Possibilities are the delay in verification of your documents which in turn delays your chance to trade. Improper order book or rather its display may require skilful trading ability. Exchanges incapable of maintaining liquidity are likely to shut down sooner. Locking withdrawal due to unwanted threats is also encountered. If you have been trading on exchanges, you are likely to add many more problems to the list. Moving on to our question: "What do Cryptocurrency Traders foresee from upcoming Exchanges"? Naturally, an exchange which can overcome these issues. To summarize, the future of exchange should have the following potential:
- Improved user interactivity and user experience - Whether you are a novice or expert trader, the façade of the exchange should be easy to use.
- Advanced Analytics tools - A gaze through some trading tactics which makes easy for you to trade.
- Improved order book - Chunked orders which makes trading more beneficial.
- Improved liquidity - This is one of the major aspects to be included.
- Robustness - An exchange should be strong enough to handle increasing number of users and orders. No more wish to see "Registrations Closed" or "Order Limit Reached".
- Security Standards - Exchange should implement best available security standards. Additional funds must be stored at some cold storage sites and only the funds required for everyday transfers and withdrawals are to be stored on the exchange.
- Clear terms and conditions - The conditions set by the exchange for trading and fork/airdrop policy and should not be very hard on the users.
This is just a basic idea. Regular traders will have a wider perspective on how the upcoming exchange should be. You definitely want to add your views and expectations and Encrybit has made a provision to do so. Encrybit is an organization who thrives to build the future of exchange, we would rather say people's exchange which reflects the views and expectations of people. And to fulfill this aim, they have organized an online survey which will help improve the state of existing cryptocurrency exchanges.
Encrybit's online survey to gather cryptocurrency traders' honest and genuine feedback on how the future of exchange should be is already live. Access it here: https://goo.gl/fhK8dG
It is to be active till 30th April 2018. You simply need to have some cryptocurrency trading experience to answer the questions asked in the survey. Just be precise and try to answer all the questions as possible as some really delightful rewards are waiting for you. Yes, you read it right!
Encrybit has decided to reward the top 3 participants with 100 XRP, 75 XRP and 50 XRP respectively. Isn't that amazing? You simply have to answers questions and that too your personal experience! And you'll also contribute to the making of the world's finest exchange till date.
To wrap up, Encrybit's aim is to launch an improved and highly security cryptocurrency trading platform. To overcome some of the real-time issues and know your expectations from an exchange, Encrybit has organized an online survey to know your valuable opinion. Make sure every opinion counts as each response is to be evaluated by Encrybit's expert panel. Hurry up and fill the survey now!
About the Author:
Yogesh Trivedi is a Blockchain & Ecommerce Consultant at Encrybit.io, a CryptoExchange which aims to help its users in understanding the investment benefits of Cryptocurrency. Yogesh expertizes in the area concerning Bitcoin, Blockchain and ICO. His consulting services to users aid them to reach maximum profit targets with this profound knowledge and altruistic attitude.
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