Survey by Encrybit: Current Cryptocurrency Exchange Issues and Traders’ Expectations for Improvement

Encrybit – The Future of Exchange, released a survey report on May 14, 2018. The survey was about gathering cryptocurrency traders’ opinion on the real-time issues faced at current trading platforms and their expectations for improvement. The objective behind organizing this survey was to develop a trading platform as required by its end users i.e. the traders. The survey was live from April 23, 2018 to April 30, 2018.

The survey was taken by 1108 participants to be precise. The questions asked in the survey are as follows:

  • What are the biggest problems that you see in currently available exchanges?
  • Which exchange do you like the most? Mention the features you’re fascinated by.
  • Which trading indicator or chart do you think is missing with the currently available exchanges?
  • What are the trading features you want to see in trading software within an exchange which fulfils your trading requirements?
  • What do you want to see in Level 1 and Level 2 features such as “Buy/Sell” and “Order Book”? Do you have any suggestions to make it better compared to currently available exchanges in the market?
  • Please add any other issues faced and/or your suggestions/expectations from an exchange.

The questions were framed by considering both professional and casual traders as the target audience. So, that the survey can be filled by both the categories and in return, an exchange platform can be developed which comes handy to both: newbies and professional traders.

Survey Result Summary

Each opinion differs and being different doesn’t mean wrong. Although some common stuff has been derived:

Most Common Issues Faced with Existing Trading Platforms

  • Lack of Security
  • High Trading Fees
  • Improper Liquidity

Most Likeable Exchanges in Today’s date

  • Binance
  • Huobi.pro
  • Okex.com

Most Common Expectations from Future of Exchange

  • More User-Friendly
  • Speedy Transactions and Withdrawals
  • Better Security

For in-depth survey statistics and insights, click here.

Conclusion from the Survey

Such an overwhelming response surely points toward the thought that there is room for improvement in the current cryptocurrency trading platforms. The fear of losing money has scared many users from actively trading with crypto. Unexpected shutdown of exchanges and unacceptable customer service are the succeeding cons to prevailing cryptocurrency exchanges. The traders demand an easy-to-use interface, good pair of coins and better volume for trading. Thus, a better trading platform will surely makes its position with all these required key components. 

About Encrybit

A team of Cryptocurrency and Blockchain admirers have pledged to develop an improved and secure cryptocurrency exchange. Altogether, Encrybit is a next level of trading platform in accordance with trader’s demand.

For detail survey insight visit: https://encrybit.io/insights/crypto-exchange-problems.html