Survey Insights Shed Light on what Traders Want in a Modern Cryptocurrency Exchange

Survey Insights Shed Light on what Traders Want in a Modern Cryptocurrency Exchange

The results are in. The official Encrybit Cryptocurrency Exchange Evaluation Survey has been a tremendous success, and now we know what traders want from an exchange. Encrybit will work diligently to build the modern cryptocurrency exchange that traders want. The proof of this is the surveys that we gave soliciting the opinion of traders from around the world on how to do that.

First, there were a total of 10,003 traders who participated in the second survey. For that we are grateful. Of those traders, 87% were male and 13% were female. They were from 160 different countries, with the United States having 23% of those who responded. 35% described themselves as position traders, 27% as day traders, 20% as swing traders, and 18 % as scalpers.

These insights tell Encrybit that men are more apt to trade cryptocurrency than women by a long shot, the United States is the most active cryptocurrency trading nation, and traders are cautious about their money. Of course these insights don't speak for all traders in the world, but it's a large group of people from a wide variety of backgrounds giving us a clear picture of what a trader wants. The historic survey, being the first of its kind, was informative on how to build Encrybit to be the best exchange on the market.

As for what traders wanted in an exchange, it didn't take a rocket scientist to listen to what they had to say. Here at Encrybit we are glad to hear what are the most important needs for traders at an exchange. To put it bluntly, we are grateful in every way that the participants responded.

The majority of the traders are wise. Only 8% didn't know what type of exchange they trade on. 39% of the participants trade on Centralized exchanges, while 35% of the participants trade on Decentralized exchanges. 18% of the participants trade on Hybrid exchanges. While there wasn't a clear difference in the type of exchange traders prefer, it does show a large part of them prefer a Hybrid exchange which could play out well for both Encrybit and traders.

Traders proved they use a diverse selection when it comes to an exchange, 57% say they use more than 3 exchanges to do their business. 18% say they use 1 exchange, 14% say they use 2 exchanges, and 12% say they use 3 exchanges. This relates to the answers in the first survey where respondents say liquidity is a problem. There are more than 5000 cryptotokens in existence with more reaching the ICO phase every month. Not all exchanges have every crypto token available.

An overpowering majority of traders demand social trading as a tool to explain cryptocurrency trading to beginners. 39% feel being able to speak with experienced, active traders would be the best way to teach beginners all about the crypto market. Encrybit is going to install social trading on its trading platform thanks to the responses of the traders in the survey. Social trading not only helps beginners, it can expand the business range of the average trader, as well.

Traders want to have detailed order books and alerts to help them make the best decision possible. Encrybit is once again using their advice to build a detailed order book and alert system to answer the overwhelming demand of the traders. The order book will have a detailed user interface with a graphical representation of a trader's order history, along with an alert system to give traders every advantage in trading.

Another function traders wanted was to have detailed profit/loss information in their user interface. Encrybit recognizes the demand of traders for overall profit/loss information in your dashboard. After all, it's a lot easier to see a graphic with numbers than go through all the reports to know where you are.

A large contingency of traders, 91%, wanted to get all their cryptocurrency news and information from one website. Currently, traders are using news aggregators and other websites to keep up to date with cryptocurrency information. Encrybit will work hard to bring you current cryptocurrency news and information on our platform. This will help traders sift through the information as not to get caught up in a false breakout, another major concern noted in the survey.

Traders were undecided on whether an exchange should be web-based, or mobile. Encrybit is going to have both web based and mobile apps to accommodate all the traders in this aspect.

We asked what is the most important thing for a cryptocurrency exchange to have, and traders answered. Security, liquidity, low trading fees, customer support, coin pair availability, and ease of use were the answers given in the first survey, and 47% said they consider all these factors when choosing an exchange. This is because the wisdom of the traders needs an all around solution to finding a cryptocurrency home. Encrybit would like to make sure you that all these factors will be implemented on our exchange.

There were other questions not covered in this article, that doesn't mean they aren't important. To see all the results go here to get a detailed view of the responses. Encrybit is now working hard on building the best exchange for cryptocurrency traders and that is all thanks to the participants in the exchange survey.

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