Information Technology is an industry domain where there is always a room for improvement. Continual growth and progress are directly proportional to improvement. Talking about the latest fad in the IT industry which is proclaimed by people of all other professions is none other than “Cryptocurrency”.
Instead of using cryptocurrency in our day-to-day life just as we use our fiat currency, its price volatility has made its use more for trading like forex and stocks. Now, a “Cryptocurrency Exchange” makes the base for trading crypto.
If you already trade with cryptocurrency, the word “exchange” and “trading platform” are quite well known. Those who do not have a clue, it’s an online platform where you register yourself, deposit some money, buy/sell cryptocurrencies and earn good returns. The exchange platform do charge some trading fees and withdrawal, deposit fees if any.
These trading platforms should be user-friendly and secure, so that the traders can trust it and deposit their hard-earned money for trading. But when you review the existing platforms, you will see that each one has pros and cons associated with it.
To get a better insight about traders’ feedback on existing exchanges and their expected features, Encrybit, an upcoming cryptocurrency exchange platform conducted an online survey. One of the question in the survey was:
What are the biggest problems that you see in currently available exchanges?
The Encrybit team had ask the participants to express their personal views for better idea. As a consequence, this question received a variety of answers.
Issues faced with Existing Cryptocurrency Exchange Platforms
- 40% of participants said that security is a major concern.
- 37% said high trading fees are the chief hurdle.
- 36% mentioned lack of liquidity as a concern.
- 33% of the participants say that unethical response time from exchange support team on issues like account suspension, 2fa issues, withdraw and deposit information, missing funds while trading.
- 22% complained about a lack of crypto pairs hindering good quality trading options.
- 21% said current exchanges are not user-friendly and have a non-interactive platform user-interface.
- 18% are upset with high withdrawal fees.
- 9% opted for nothing and a few had no idea about the issues on trading platform.
Looking at the survey results, it clearly states that there is a need for an improved and more secure exchange platform which is user-friendly at the same time. The Encrybit team will try its best to overcome these mentioned issues and make its exchange a “Trader’s Paradise”.