Cryptocurrency exchanges are there in plenty and often time’s interested traders who trade in Cryptocurrency find difficulty in choosing which exchanges they choose to make their transaction. Cryptocurrency exchanges are used by the traders to store their asset or to trade Cryptocurrency. Most of the traders use multiple Cryptocurrency exchange to trade and carry out their daily trading, one to minimize losses or hedge risks and the other to maximize benefits or returns. There was a survey that was conducted by the BD centre digital agency and the Social Department of the Belarus State University. The survey was published in October of 2019. The survey was carried out and more than 800 traders were asked questions relating to the attractiveness of Crypto exchanges and the how would they like the system to improve.
The survey gave a proper insight, about what are the expectations crypto traders have with the platform. The survey revealed that most of the traders that participated in the survey were not satisfied with the experience that most of these exchanges lack simplicity, to which most of the exchanges fail to deliver. 80% of the participants in the sample admitted that they entered the market three years back and understandably sought tools for beginners. 71% of the participants make demo accounts, with video guidance also one of the major factors that helps make decision, of whether to join the exchange or not. 37% of these Cryptocurrency exchanges have easy to use interface while the remaining of the exchanges are loaded with features and diagrams.
There are various qualities a Cryptocurrency Exchanges should have, and besides from being beginner-friendly, good exchange must be fast and avoid charging customers for anything but the trading itself. More than half of the traders that participated in the survey said that deposit and withdrawal speed is the most important factor. The size of the commission is also the second most vital factor that comes to minds of the traders. The number in percentage terms is 54% and 53% respectively. The majority of the trader found that transaction fees these exchanges faced is affordable and is at par but when it came to fiat withdrawals the approval rate is lower.
Surprising number was the number of traders that overlooked the importance of safety. Safety concerns were not high on the many traders: only 37% named it among the priority which is just above liquidity (34%). Traders seem to rely on the exchanges with their money. Over 30 % of the traders and investors stored all their crypto assets there. This is extremely complex to figure out as the net losses these exchanges have gone through in the past year alone has exceeded $292 million. Still more than 65% of the respondents are considering moving to another exchange, in case their current exchange gets hacked. According to the survey, there is no such ideal exchange that satisfies all the respondents and practically there are no such exchanges that will fit the utopian model as all the exchanges will have some probability or the chance that it will have some loopholes in the design and structure or the way it operates.
Image Source: speedtrader.com
40% of the respondents told that they used multiple platforms for trading usually in excess of 3, and 19% of these exchanges used one. This is due to the issue of currency pair availability. Unlike the case of Forex exchanges that offer more or less the same pair of currencies, crypto exchanges differ widely in this regard. The survey was conducted from a period of from June 2019 to December 2019.
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