Newest fad in the digital world? Evidently, “Cryptocurrency”. The high frequency fluctuation has let to trading of these cryptography assets. Henceforth, the exchange platforms are blooming.

When you look for the best cryptocurrency exchange, it will not be narrowed down to one name. Instead, you’ll see a list of 7 or 10 exchanges. Do you know the reason behind this? It’s simple logic. There isn’t any exchange in the present which provides the best of all. Each exchange has one or the other flaws which prevents the trading process from being smooth.

You must have heard the famous quote, “There is always a room for improvement”. And this supremely pertinent for the digital world.

Coming back to exchanges, the traders were asked in a survey whether they have any expectations from upcoming exchanges. And a wide variety of answers were obtained. This stunning response clearly indicates the need for improvement in the prevailing exchanges. The survey was conducted by Encrybit – an upcoming cryptocurrency exchange which aims to fulfil trader’s expectation and resolve the current trading issues.

Let’s have a look at the amazing responses by the traders. Focusing on the more general responses first:

A simple and easy-to-use exchange

From an entire lot of participants, 20% demanded a simple exchange which is easy-to-use and at the same time highly interactive interface. This undoubtedly states the interface of current exchanges as inconvenient and complex.

Fiat Withdrawals – Fast and Direct to bank account

As you may know, not all exchanges support fiat. There are a handful like Coinbase which links your bank account and allows fiat withdrawal. Rest only trade in crypto and there isn’t any crypto to fiat conversion. 29% of the participants demand this feature. Not sure about fiat, but the upcoming exchanges can surely make the withdrawal process quick.

High Level of Security

This is the most common expected feature with highest percentage i.e. 32%. Safety of funds deposited on an exchange for trading is on top priority. Hacking and stealing are the major threats which fear the traders. Hence, a highly secure exchange which ensures trust is the need to time.

Source: https://www.statista.com/statistics/864797/expectations-of-traders-cryptocurrency-exchanges/

These are some general expectations from casual traders. Let’s have a look at the expectations of professional traders.

• Back testing and forward testing facility – For the newbies, let’s brief these terms in short. Starting with back testing, it is about going back to the past and check the performance of coin based on historical data. Forward testing, also known as paper trading picks a realistic approach. It’s only on paper and you are not doing any actual trading. You can refer to it as a practice test. It helps in understanding the present stage of market in a better way without risking your money. A kind of a simulator. Both these testing facilities are equally important and should be used simultaneously. Back testing might be available on a couple of exchanges, but the traders even demand forward testing as well which is very much genuine.

• Alarm function – No not the alarm to wake up from sleep! If trading is your side business, you won’t have time to keep on checking the dashboard for any significant price changes of your favourite coins. So, this alarm function alerts you via SMS/email when the price of coin fluctuates over given threshold points. Thus, saving you from missing an important opportunity.

• Multiple Charts in Single Window – Again a feature required by professional traders who form their trading strategies by analysing the charts. Currently, most of the exchanges have the facility to view single chart in a tab and other charts can be opened in new tab/window. It is difficult to carry out the analysis by switching between tabs. Chrome does provide an extension but it does not work as per expectations.

• Social Trading – The famous cryptocurrency exchanges have still not incorporated the social trading feature to help out the newcomers. It’s a feature where the new entrants can either follow or copy the trade of experienced traders. This way, they can save themselves from initial losses and learn the trading tactics. In return, the experienced trader receives commission as agreed upon.

• Fundamental and Technical information about coins – At the moment, there aren’t any specific sections on existing exchange platforms which conveys the factual information about coins. Traders have to surf through other coin websites like coinmarketcap and cointelegraph for gathering the reliability of interested coins. If this and comparison facility is available on the exchange platform itself, then it going to be a big timesaver.

• Up to date Dashboard – The exchange’s dashboard should be up-to-date with latest updates in the crypto world. It can help traders plan their next step.

• Chat Room – An instant messaging feature where the traders can discuss about next steps to follow.

• Same fee structure of makers and takers – If you are aware, there are different fee structures for maker and taker. Takers are usually charged higher fee than the makers. Traders demand equal fees for both.

• Margin and Lending Facility with lower fee – When a traders does not have funds on hand but still like to trade, then margin and lending feature comes to the rescue. The exchange lends money and allows you to trade on margin. But again higher fees are charged which ceases the trader’s wish to trade. A lower fee could have boosted up the number of traders using this facility.

• Timely Customer Support – This is a very basic demand for any online service. The prevailing exchanges are running out of staff who can provide timely and accurate answers for trader’s ticket. Here, every ticket would be urgent as it involves their money.

• A next level security feature – This may sound weird, but it’s a trader’s demand. An enhanced security feature like Face ID and NFC so any further chances of security breach are prevented.

Final Words

Long list, right? So, you can think of the level of improvement and/or enhancements required with existing cryptocurrency exchange platforms. If you think a feature of your choice is missing, you are absolutely free to comment!