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one of the concerns about the current exchange is about its safety. security should be a top priority on an exchange, because the exchange holds a lot of assets of its users. may be some exchange does require to provide features an account with level of verification.
Thats true. Unfortunately a lot of the current exchanges including the largest ones are unregulated and with 'average' security at best. |
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Well Binance is pretty good for me.
If you are complaining about fee. Maybe you can buy at BNB paired market because they have a discount on it.
But if you are willing to pay less fee, try to join CobinHood. That's a zero fee exchange if I'm not wrong.
Just took a look at CobinHood, indeed no fees which I find odd, but who's running it and where? Also, their volume is superbly low |
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Hi fellow traders,
I am currently mainly using Binance for my trading but not 100% happy about it. It's not regulated, it's based in a country that's definitely not well known for stability or safety and my personal pet peeve is that even though the fees are low, they stack up fast on bigger trades.
I often buy & sell eg. $20k worth of a coin and the fees are effing annoying.
If I found an exchange that offers a flat fee for trades such as Forex brokers do (eg. $5 per trade, regardless of volume) I'd switch.
What's your #1 thing you'd like to see in an exchange that you currently use, that is lacking?
Perhaps we can give them some good ideas
Cheers!
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I would be a happy camper if those exchanges have a live support that will answer you right away 24/7. If banks can do it, why not exchanges? I believe they are handling big transactions too that needs immediate attention. They should have a responsive customer support.
There's also an increase of new registrations lately and it pushed the exchanges to halt new registrations and for me that's a good move but they should have anticipated that from the beginning if they really plan to go big in this kind of business.
True, especially that the support queries are usually fairly simple - "where is my withdrawal" "can you check on my verification documents" etc. This can be done with people trained in 1-2 days |
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Many are just crashing these days. Coinsmarkets, stocks.exchange.. I believe an influx of users is the major cause. They should fix it. Made a transfer on stocks.exchange yet to be credited. Have issues with deposits and withdrawals right now. 24 hours temporary freeze.
Yeah its the huuuge increase in users and trading, that's quite understandable, it's hard to prepare for that. But what about the other problems? There should be exchanges with good support, flat fees etc. it seems the whole market is just soooooooooo similar, only differentiating factor is 0.1 fee vs 0.2 fee lol Not to mention professional, big 4 accounting firms should be auditing these huge companies |
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I am doing all my business on cex.io and it worked great since the January of 2017 but things got worse by the end of 2017 (December) and continued up to the day. Each day site goes off, registration for new user disabled, withdrawals delayed, even had to deposit my visa just to reactivate it. I am considering some other options in recent days.
Cex io is a fast one but the fee rate is high there as far as I know because some of my friends are using it. The problem with the rest, their systems are very slow for day trading. Sometimes getting stuck and it's terrible when you want to sell or buy tokens. The slow trading sucks, I agree, although that is mainly due to the huge increase in volume lately. |
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What do you think is the biggest problem/what's lacking with current crypto exchanges? There are quite a few of them, they're making hundreds of thousands a day and yet I can't help but notice some things like...
-> Terrible, inexistant support (on most)
-> Verification takes weeks
-> Reliability (uptime) sucks
Personally what I'd like to see most is an exchange with FLAT FEES. Wtf why are all percentage based? With stocks you usually pay like $5-$10 per order. Here you end up paying hundreds if you trade bigger amounts.
So... what's yours?
Agreed with verification, some sites like bittrex is very sucks to verify our account. It takes more than 3 weeks in my case and still no reply from the support to verify my account. About the fees, it's hard for an exchange to take a flat fees. You know, the bitcoin network is different, when it crowded the fees become so high and the exchanges won't cover it. True, but correct me if I am wrong - they dont actually pay any fees on trades (the bitcoin or altcoin that you trade isn't actually *sent* anywhere when you buy or sell). The transaction fees only come into play when withdrawing from the exchange (as they have to *sent* the BTC/altcoin to your chosen wallet) I don't understand why something like this wouldn't be possible - 0.1% fee for trades <$7k $7 FLAT fee for trades above $7k I just don't see a fair reason for people to pay hundreds of dollars for placing big trades |
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My biggest problem with crypto exchanges are high cost in withdrawal transactions. As exchanges are considered to be susceptible to attacks I will feel safer if my investments are in my wallets. Having said that, transaction fees in general should come down if crypto currencies trading is to pick up pace.
I dont think they can do much about it (I am guessing you're mainly talking about BTC) - considering that a BTC transaction costs something like $30-40 now (wtf) they need to charge an appropriate fee to cover that |
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A lot of these problems are currently caused because Bitcoin got a lot more popular in these last couple of months.
I think that a solution would be for exchanges to temporarily close registrations until they can handle the influx of new users.
Another thing I'm a bit worried about is that some coinbase do not get their deposits credited, even after waiting months for it and contacting support several times.
I am yet to receive any kind of ticket reply from CoinBase... and waiting to have my limits increased since October 3rd (with zero replies so far) |
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The main and the biggest problem for me I think is their customer support SUCKS. They always do, they don't reply to you or even take days to reply to you just saying "we will look into that matter". WTF They replied after few days and you will have to wait another few days to get resolve.
Lol, a few days is still good haha  I wonder why? I mean, they surely don't lack the financials to hire more support personel. Yes, there are probably hundreds/a few thousand tickets per day, but what's the problem with ramping up their customer support to eg. 100 people? I run an online business with 25 virtual employees and hiring the 25 just by myself was no problem at all. Especially when you consider that 'customer support' isn't exactly the most demanding position in the world... |
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-> Reliability (uptime) sucks
This is weird, I never experienced a downtime this past few years. (at least during my time online) What I meant is them shutting down trading or new registrations during the most important (peak) periods |
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For now i would go for Support thing which people do really need this thing which exchanges should really be responsive on any tickets from users because people would really like to have a responsive support-(including me) but on the current situation most of them do have poor support or doesnt really respond at all.
FLAT FEES? Its not possible. They are doing business on here which means any orders would have a corresponding %/order.
Why not? Essentially all forex and most stock brokers work this way. Placing a trade costs for example $10. I don't understand why wouldn't they implement a similar structure? |
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1) Poor support giving no answers
2)Asking for photo ID
3)Wanting Google 2FA even when it is not possible on a laptop.
Interesting, yeah 2FA is annoying! I got like 20 now on my phone and lovely bittrex asks for it every damn time... with no other backup way of logging in However I cant really see what they could replace that with |
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What do you think is the biggest problem/what's lacking with current crypto exchanges? There are quite a few of them, they're making hundreds of thousands a day and yet I can't help but notice some things like...
-> Terrible, inexistant support (on most)
-> Verification takes weeks
-> Reliability (uptime) sucks
Personally what I'd like to see most is an exchange with FLAT FEES. Wtf why are all percentage based? With stocks you usually pay like $5-$10 per order. Here you end up paying hundreds if you trade bigger amounts.
So... what's yours?
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