June 21st, 2018
Encrybit is coming up with the Revolutionary Cryptocurrency Trading Platform
Encrybit comes with the solution of cryptocurrency trader’s problems faced while trading on the exchange. An upcoming cryptocurrency trading platform which is user-friendly, with attractive features and safe at the same time. The team behind Encrybit is working with an aim to develop the finest crypto trading exchange till date which will be easy-to-use and provide helping hand to traders for addressing the current issues faced with the other crypto exchanges. Also, the security concern will be taken care of with utmost responsibility and attract more users to the world of cryptocurrency trading.
Problems faced with existing Cryptocurrency Exchanges
According to a recent survey organized by Encrybit, the traders from the crypto community were asked to pen down the issues faced on current exchange platforms while trading. Let’s take a look at the statistics:
40% were concerned about the Security
Obviously, security is a major concern for cryptocurrency trading. Although they run on highly secured and decentralized blockchain technology, when it comes to trading platforms, they are at risk due to various hacking attempts for gaining control of exchange wallets and data.
37% were given to high trading and other miscellaneous fees
Exchanges being a middleman in cryptocurrency trading, they are likely to charges fees because they provide you a platform to trade. Apart from high transaction fees, spreads, slippage and other fees like deposit and withdrawal fees, credit card charges, and other minimal amounts of charges are also added.
36% of the participants were worried about the Liquidity
Liquidity is a foremost requirement for the trading of any assets. Not all exchange platforms are capable enough to attract potential investors and institutional people. This creates an obstacle in generating good trading volume, nominal spreads, less slippage and thus better liquidity.
33% of the participants were displeased with Unethical Support
An exchange is a bind to give answers to the traders as it is dealing with their money. But obviously, everything isn't error free and issues are faced at the exchange. The tendency to solve these issues should be increased and within a specific time limit.
22% are unhappy with lack of Good coin pairs
Traders are willing to perform the trade when there are good returns available. There should be a good pair of coins which can generate a better trading volume and in turn a better liquidity. Even if rest of the exchange features are up to the mark, but does not host a good pair of coins, then the traders are not likely to stay.
21% were unhappy with Inconvenient Trading Interface
Not all the traders are tech savvy and need a user-friendly interface to use the trading platform. It is even more difficult for newbies to trade on these non-interactive exchange platforms. Some are not able to use a few advanced features because of non-friendly UI and lack of education on how to use these tools for maximizing their profit.
How will Encrybit overcome these issues?
The Encrybit team is experienced in the field of Cryptocurrency and blockchain and are actively dedicated to working on correcting these issues. Let’s check out on their plan of action.
The cryptocurrency trading platform by Encrybit will be in compliance with information security and cryptocurrency standards. Other than that, micro-withdrawal wallets with multi-layer encryption will be at user’s service. In the context of preventive measure, Encrybit will store miscellaneous funds in cold wallet and only keep the required funds on the exchange. It will carry out the periodic check on account balances to ensure everything is safe. One more preventive measure is to allow withdrawal from whitelisted IPs associated with trader’s account.
Trading fees as low as possible
Encrybit is releasing this improved and secure cryptocurrency trading platform to lend a helping hand to the crypto community and increase its members with a passage of time. The intellectual minds behind Encrybit want to see more number of users getting engaged with cryptocurrency trading. So, it will try to take care of every trouble faced by the trader. Further classification of fees will be revealed soon.
An exchange can provide good liquidity when it has a fair number of potential investors, day traders, market makers and institutional people. Encrybit will make it a point to attract such users and other professional and casual traders so that better liquidity is maintained.
Dedicated and Experienced Support Team
The members of Encrybit have tried and tested many popular exchange platforms and the support ticket response rate is inadequate. This made them include an in-house support team of experienced and dedicated professionals which can solve user tickets with quick and wise attitude.
Check for coin’s stability before adding
Apart from attracting more users to maintain proper liquidity, it is also necessary to have good coins which are favourable to traders. The admin team at Encrybit will check for coin’s stability before adding it to a pair on the exchange. At the initial stage, BTC, ETH, USDT and ENB (Encrybit coin) will be supported.
User-friendly and Feature-Rich Interface
The exchange will have an interactive interface which is easy-to-use by both rookie and professional traders. And giving a simple interface does not mean compromising on advanced features. The exchange will host the trading indicators and charts as required by the professional traders.
Thus, Encrybit’s highest endeavour is to develop the best exchange for cryptocurrency trading which depicts as every trader’s paradise. For detailed survey insights or to lear more visit their website: https://encrybit.io/insights/crypto-exchange-problems.html