David McNeal

Encrybit Survey Result The cryptocurrency exchange issue online survey was conducted by “Encrybit – The Future of Exchange” between 23rd April and 30th April 2018 via Google form. Purpose of the survey As a matter of fact, an exchange platform serves as the base to cryptocurrency trading. The existing exchange platforms in the market do have some cons associated which needs to be overcome for expanding/increasing trust of traders and the newbies who are willing to trade but are feared due to the problems faced. In order to overcome these hurdles, an improved and secure cryptocurrency exchange platform is the necessity of time. The research team at Encrybit has the facts of what is required for the future of exchange. But it is also equally important to know trader's opinion on how they expect the things to be. That’s why Encrybit needs to know the feedback of traders regarding the problems faced while using current trading platforms and also other features which they wish to have and are not available right now.  Encrybit aims to offer the crypto community a "People's Exchange" which is in compliance with trader's demand. And the best way to gather trader’s demand from all over the world is organizing an online survey. About Encrybit and its team Encrybit is an upcoming cryptocurrency exchange platform. The team behind Encrybit is an amalgamation of Cryptocurrency and Blockchain experts who are working dedicatedly to develop the world's finest exchange. Survey Statistics and Result 1108 traders participated in the survey. Below are question wise responses and statistics: 1. What are the biggest problems that you see in currently available exchange? Each exchange is having its pros and cons. A few of them include some of the main key points while lack with generic necessities. Main issues faced with the exchanges today are: 40% of the participants said that security is a major concern. 37% of the participants said that high trading fees is the chief hurdle. 18% are upset with high withdrawal fees. 21% of the contestants say that the current exchanges are not user-friendly and have a non-interactive platform UI. 9% opted for nothing and a few had no idea about the issues on trading platform. Lack of liquidity was a concern for 36% of the participants. 22% said that less number of crypto pairs does not give them good quality trading options. 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. Other individual issues faced by traders are as follows: Issues with advance trading feature for buy and sell like stop loss isn’t working properly and missing of trailing stop loss functionality. Most of the traders expect to increase USDT prices when BTC is in downtrend zone but there are only few coins which available in USDT pair that makes a trader fill limitation with an exchange and ends in frustration. Largest exchange do not support fiat currency for buying and sale that makes them to buy BTC/ETH from other fiat supported exchange or shop and transfer that coin to the crypto exchange and trade with it. This process takes time as well the fee for transfer. Exchanges cannot keep their account creation feature open all the time due to influx of people. Because of this issue, many affluent traders were not able to register at their desired exchange. Due to lack of liquidity or slow system execution, sometime orders are not placed on time. Supply and demand is low on the exchange for some coin such that the trader has to wait for required buyer/seller to arrive on the exchange. Fork and airdrop policy works on basis of the wallet holder and thus on exchange a user won’t have the particular coin wallet as they are trading with the exchange wallet. So when a coin have fork or airdrop that amount of coin directly goes to exchange wallet and they are holding the account with the coin provider. Here the airdropped coins policy of an exchange vary for their users and in results some are giving away the coins to user and some are not. On high volatile market on time of profitable trade but due to exchange inability to handle high volume trades results in missing opportunity to earn profits as a day trader. Unexpected shutdown of trading platforms and take hours or days to get back in action and that all with no information or notification from exchange support. 2. Which exchange do you like the most? Mention the features you're fascinating to. The centralized cryptocurrency exchanges are still popular among the traders because they offer better user experience and are professional to use. Decentralized exchanges are still on the second choice of traders due to lack of regulation and not convincing to potential investors. 27% of the participants pointed towards Binance for its good volume and airdrop policy. 19% to Huobi.pro for its superior arbitrage opportunity. 14% of the participants prefer Okex.com because it’s trading platform and volume. 11% to Bitfinex - Best UI for on-the spot TA and algorithmic trading options, play with margin and directly withdraw in fiat currency 9% of the participants said that Bittrex is their favourite because it has good GUI, good coins, easy and simple to use. 13% of the participants have mix choice of different exchange they want to trade on as Kucoin, Bitstamp, Poloniex, Bithumb, Upbit, Coinbase (GDAX) and Hitbtc. 7% of the participants didn’t have any likeable exchange which indicates that there is a need for a better trading platform or they are comfortable with any of the trading platform. 3. Which trading indicator or chart you think is missing with the currently available exchanges? Every trader has personal choice for trading indicators. Moreover, it requires a lot of research to gain expertise over such tools. The existing trading platforms do have indicators but if a trader needs to change its signals value then is unable to do so. As most of the participants are normal or casual traders, 60% of them said nothing. 10% were not sure what trading indicators are. 30% of them are aware and said the following: [Trading Chart] Line chart and Candle sticks are most common, But Mountain, Bar chart, Renko and Kagi chart is missing. [Trading Indicator] ADX and Stochastics are not available on most of the exchanges. Volume, MACD, SMA, EMA, RSI (Lack of customization). 4. What are the trading features you want to see in trading software within an exchange which fulfils your trading requirements? Again this question received a wide variety of answers. As there are bunch of casual traders, 13% of the participants has no expectations for trading features. Other individual responses are: Back testing and Forward testing facility Alarm function which sends notification via email/sms when the price of a coin experiences sudden dip or rise. Multiple window options of the chart for better trading and strategy formation. Comparison of different crypto which helps in taking better trading decisions. Social trading is missing with CryptoExchange. Paper trading. Need all fundamentals and technical information about the new and current coin. 5. What do you want to see in Level 1 and Level 2 feature such as "Buy/Sell" and "Order Book"? Do you have any suggestions to make it better compared to currently available exchanges in the market? Difference between level 1 and level 2 is that, level 1 provides only top potentials bid/ask for listed price whereas level 2 provides all available potentials bid/ask for listed price. Some of the exchanges provide all the available orders in their level 2 order book whereas some of the exchanges provide only few of them with merging it with nearest price. Again a more technical and professional question. And so 65% said nothing. Stoploss and limit feature Alerts on below or above coin price Order book should have easy to understand UI There should be a graphical representation of Order book. Trailing stoploss to manage risk levels. 6. Please add any other issues faced and/or your suggestions/expectations from an exchange. Again a mixed response from professional and casual traders. The more general responses are as follows: 20% of the participants expect an exchange which is simple and easy to use with interactive user interface. 29% of the participants demand expedite fiat withdrawals to their bank account. 32% are concerned for security of their deposits. Other individual responses are: The exchange’s dashboard should have newsfeed which showcases latest updates of the crypto world. Integration with modern features like Face ID and NFC. Referral bonuses Trader’s community where all the traders share their thought and idea with each other such as a discussion forum or chat room. Same fee structure for maker and takers. Margin and lending facility with lower fee. Most of the traders expect transparent trading and holding policies along with low withdrawal fees. Some traders says they expect all famous coin in USDT pairs. Customer support needs to be in time. More security features like biometric verification via mobile (Face ID and touch ID). Knowledge and blog to educate new comers about CryptoExchange and trading features.