Things are blowing out of proportion and we are helpless. When it comes to cryptocurrency and its security problems, the central body becomes null and void. For the transactions being anonymous and irretrievable, there’s nothing anyone can do, but the blockchain developers.
There are now more than 500 exchanges operating across the globe, of which only 100 or even lesser could make to the public’s interests. Ever since the cryptocurrency was hit, many tried their hands and luck running their own exchange, so that there is less of loss and more of revenues. However, things did not seem to be this easy, in fact today’s exchanges are confronting many problems such as hacks, trade phishing, money laundering and lack of liquidity.
- 40% of traders have said that security is growing to be a major concern in today’s exchanges.
- 37% of traders have said that some exchanges charge cut-throat trading fees.
- 36% have highlighted lack of liquidity problem.
- 33% of traders have grieved about unethical response time by exchange customer support.
- 22% have grumbled about lack of crypto pairs which has resulted in lack of quality trading options.
- 21% complained about not-so-user-friendly exchange interfaces.
- 18% has a complaint about high withdrawal fees.
- 19% dropped their plan to join an exchange and rests have no idea what a cryptocurrency trading platform is.
Here are more personal experiences too that pretty much demonstrate the miserable times exchanges are going through:
- Some exchange have although come up with advanced feature such as ‘stop-loss,’ but that’s found to be not working properly and absence of ‘trailing-stop-loss’ functionality.
- Traders mostly wish for USDT price to surge while Bitcoin runs downtrend. However there are only some digital coins accessible in USDT pairing. This turns out to be frustrating and limiting for traders.
- Even most globally leading, largest cryptocurrency exchanges do not support fiat payment, which automatically leads the traders to converting their native currencies into BTC/ETH mostly. This conversion process is no easy and one has to wait long for their digital money to be credited back.
- Many exchange users have come up with a complain that says, exchanges have failed to keep new account opening facility available for 24/7 due to consistent influx of members. This now has raised an issue, big traders aren’t able to sign-in with their desired exchanges.
- There is a serious lack of liquidity or you can say sluggish system execution. Sometimes trades are not places properly and on time. Demand and supply is relatively lower on some exchange with some coins, making the traders wait for required seller/buyer to reach out to the exchange.
- As you know, cryptocurrency market is a highly volatile market, with cryptocurrency prices fluctuating every now and then. In such situation, even some profitable trades can’t make up to success as exchanges fail to the keep up with high volume trades.
When asked what exchange features traders like most, they come up with answers like –
- 27% of consistent traders like Binance for its high volume and policies such as ‘airdrop.’
- 19% of consistent traders like Huobi.pro for its outstanding arbitrage prospect.
- 14% of consistent traders like okex.com because it has a trading platform that supports high volume trades.
- 11% revealed their love for Bitfinex as it has perhaps the most advanced and best UI for algorithmic trading options and on-the-spot TA. They as well allow direct withdrawals, that too in fiat currency.
- 9% of users love Bittrex because of their good GUI, easy and simple interface and good coins.
- 13% of them expressed their preference for a mix of exchanges and they primarily include Bitstamp, KuCoin, Poloniex, Upbit, Bithumb, Hitbtc and Coinbase.
- 7% of users have loved the concept behind Bitsmo, which are better liquidity, super security and faster transaction.
Here’s what else makes this developing crypto-exchange a talk of the town – this platform will feature KYC and AML both. These processes will be applied through third-party integration or in-house procedures. Apart from this, Bitsmo is also in the process of attaining license as Estonia Regulated Exchange. In addition to this, Bitsmo is eyeing onto developing a platform that will no more disapprove acceptance of fiat currency. Although, presently the platform is accepting only BTC and ETH, but they are still exclusive with their special bond with crypto-friendly financial institutions, which significantly expedite the conversion time.