Bitcoin Forum

IF A NEW CRYPTO TRADING/EXCHANGE PLATFORM WILL RISE, YOU WOULD WANT IT TO HAVE...

What features? weaknesses of current existing platforms that you don't want?

What will make it the best and outstanding exchange platform?

- NO KYC or if exchange is registered and bound to some regulation than they should still allow unverified account with high daily withdrawal limit.
- Zero trading fee for market maker and only fee for taker.
- Margin trading with upto 1:10 leverage and less price spread/commission
- Instant withdrawal for small amount and manual verification might be ok if amount is big
- No any sudden changes in policy, proper notification should be given to users before making any big changes.
- Also proper security of the account as well as cold wallet.

Decentralized exchanges are not worth these days because of poor functionality and user interface so if there will be new easy to use decentralized exchange without KYC than it can get massive attention in no time.

Aren't decentralized exchanges meant to tackle the issue of platforms asking you to do something you don't want?  ::)

I haven't seen a decentralized exchange ever subject its users to KYC.

Either way, the only bright future is to distance ourselves from exchanges entirely. With time local services will be widely distributed enough to allow you to enter and exit the market conveniently, where LN will allow you to swap one currency to another without the need of any exchange or whatever platform; we become the exchanges ourselves. Less fiat, more crypto to crypto trades with Bitcoin as base.

Decentralized exchanges will never be able to solve the problem of incorporating fiat in a truly decentralized manner so we should forget about that.

Features in the sense you can find the all in the most of the top exchanges bro. So feature you please think that can you make the exchange that can work with the both the banks and cryptos in one place to get the money out easily with the exchange debit card.

I do not find this feature in all the top exchange you may try out and let us know.
Then weakness in the sense you need to override the hacking issue from the exchange you gonna make nothing else updated needed apart from this bro.

I have to agree here. Decentralisation is the only way to bring about these desired changes. More efficiency, less overheads, can be physically translated to the operations as lower fees and doing away with the need for KYC.

I still have faith in DEX. I know they've just been so slow to take off, but that's only really because users still want to flock to centralised ones, who are, yes, improving and getting better at everything. I was wrong to think they'd become the major way to exchange by this year. But that doesn't mean they won't yet displace the Binances of the world.

I also agree that things like LN means we won't need so much exchanges. But people still do want to trade...

I definitely agree with the first part. Though the only decentralized exchange I've personally used is EtherDelta, the UI/UX is definitely a nightmare. I didn't know how to use it at first that I had to Google most of the functionalities. Looking forward to Binance' decentralized exchange for sure. Hopefully it would be far far easier to use.

I don't know how DEXs could accept KYC though, as they're decentralized. lol

For now I don't see any too much demand when it comes to another new exchange considering on the current numbers of exchangers do exist on the market and I don't see necessary features yet most of them are already available but since you do ask about features and things I do prefer then KYC should be removed. Security would be always the top priority which is normal for an exchange to focus on, Fast support responsive, Low fees, Lite GUI and preferring to have technical tools can be used up on charts.

That's certainly possible through LN, just like it is through OTC markets.

The only thing you need is people to trade on exchanges to set the price, and that will always continue to happen. The markets (LN and OTC) operating outside the reach of exchanges will adapt and move with every increase or decrease, which is called the market effect. No one wants to have its coins listed too expensive, because people won't be buying them, and no one wants to have its coins listed too cheap, because you'll be out of coins quickly.

I am sure that with time LN trades will and can settle faster than a trade does through centralized exchanges right now.

Now that you mentioned it, I wonder why there hasn't been any exchange effort to trial trading on btc pairs via LN. They certainly have the motivations as well as the resources to do it. Might even be a specific project just aiming to do only this, there's definitely demand.

Maybe even better to have even more Bitcoin trading outside the reach of volume tracking. I'm happy with all that trading staying under the radar.

Currently everything is still in beta, and technically, right now you can only swap BTC>LTC and vice versa. I am sure that we'll be seeing a whole lot more LN innovation in the coming months, but we need to have patience. Coins don't necessarily need Segwit (it however is highly recommended to run Segwit when it comes to Bitcoin forks) to implement LN, which makes LN a whole lot easier to deploy on a large scale.

Everything is far too techie right now and too 'buggy' to completely trust. Great thing about LN is that everyone can build on it, so it's not related to just one camp that is responsible for development, we all to a certain extent could be. That's why we don't have to deal with nonsensical scaling discussions anymore. We want it, we can do it.

Have a FUCKING GOOD CUSTOMER SUPPORT. DON'T BE A DICK TO YOUR USERS. Hire hundreds of employees just to manage customer support.

Don't block your user's accounts without valid reasons and give a notice before blocking.

Don't take millions for dollars for each and every coin to get listed.

Find an alternative to hot wallets because they suck big time homie.

Keep the exchange updated with the latest changes. Eg: segwit.

Give access to private keys for users.

Don't give a fuck about governments. Go to a country which would avoid the exchange and its users from any KYC obligation. If it doesn't exist, buy a private island and do so, for all I care.

Keep the UI neat and simple, but convenient at the same time.

I'm not sure if exchanges have the motivation to use something that pretty much makes them obsolete for a large part. The more exchanges promote alternative ways to trade, the more fee income they eventually lose out on. On top of that, what if exchanges have deals with miners to have their transactions confirmed as quickly as possible, but in return for less to no support for certain implementations? If we look at Segwit utilization, it's still well under 50% which is the result of a certain part of the industry not willing to cooperate for whatever reason. It helps Bitcoin in every possible way, and the utilization is still under 50%, that definitely reeks of toxic incentives.

While this is a Nobel goal, it's just not going to happen. Governments are going to step in to make the first thing a reality -- yes, even if the company tries to setup shop in some random country the US SEC will reign down on them for doing transactions with US customers. At a certain point, you're going to have to do some KYC regulations. No withdrawals will EVER be processed without KYC (at least if the withdrawals are going to a bank account rather then staying in crypto)

Though the rest of the things I do like, this is a pretty solid list.x

security!

and i am talking about their some sort of guarantee that they can secure the funds i deposit in my account there in case their platform was compromised. for example they need to register some sort of assets to prove that they can provide the money that gets hacked and stolen from them. because it is going to happen eventually and they are responsible and have to pay us back. so if they have some sort of backing assets they can. and possibly some regulations so that the "pay back" can be enforced by the law and they can't escape it.

ForkDelta claims to fix some of the issues that EtherDelta does while using the same ETH contract and I suggest looking at their site if you're still interested in DEXes, but it's still not very user-friendly, and Googling information is still needed for some features on the site. It's a shame most of the DEXes out there are so complicated to use; I would personally use them a lot more if they had more users, volume and a more simplified design- but not so dumbed down that important features are missing. Perhaps we'll get more adoption of DEXes if more and more exchanges start utilizing KYC. I guess only time can tell.

Of course,if it will eventually rise, a high expectation of the best, and an improvement on the already existing ones should be my take otherwise it will never make waves, and will definitely go into extinction within a short time.

Hands down with this one! lol

Customer support would always be my concern when we do talk about exchange features where they must really be responsive because having problems towards the site cant really be avoided and everything should have corresponding email or announcement on what are the sudden changes that had been applied and about user account blocking its good to hear out whats the reason.

Buy their new island? Impossible thing. haha If they are located on a place where government do need kyc implementation then they wont really have any choice but to go in the same path. I dont expect too much that anytime they can avoid it.