The Near Future of Cryptocurrency Exchange
3 take home points from a survey of crypto traders
Encrybit has released the results of the second crypto survey. This time the survey is centered around trading activities. Over 10k crypto traders participated and the results were interesting. Here are a few insights from the survey:
57% of the survey participants indicate that they use more than 3 exchanges to trade. This supports the claim that traders need the features of different exchanges to gain the advantage in the crypto market. Personally, I currently have 2 exchange accounts and 2 wallet accounts that have exchange markets embedded in it. While there are several reasons for having more than one account, Encrybit wants to make sure that you can get all your desired features in one place. And by the way, only 18% of the participants use just one exchange as you can see.
Another important takeaway from the survey is that 91% of survey participants would like to see the latest news and updates about the coins they hold on the exchange. News and latest information are often seen on social media, chats, and forums. There would be a time lag before the trader can get to the exchange to react or find the relevant information while already on the exchange. When traders come to the exchange, they come to make a decision and make it fast. Timely information is very useful in making trades. The lack of it has cost a lot of people money. I don’t know of any existing exchange that does this. The foresight to achieve this by Encrybit is remarkable.
Finally, there was the issue of helping beginners to get their feet in the game. 39% of the participants chose the social trading feature. This also includes the 21% that chose a combination of all the options. The other options included; educational blog, handy expert advice, and paper trading. Social trading is a function that enables other traders (especially beginners) to copy the trades of expert traders with an open portfolio. This auto-copy function makes beginners enjoy the profits of trading done by an expert of their own choice. This is a feature Encrybit looks to make available on their platform.
In conclusion, traders want more features. Traders want tools not just to see opportunity but to get in (and out) in time. Encrybit plans to create the best exchange from a features perspective and the team is working towards the delivery.