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Author Topic: What kind of 'killer feature' would you like to see on an exchange?  (Read 259 times)
bartertrade (OP)
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July 03, 2019, 01:09:34 PM
 #1

As the title suggests. What (trading) feature would you like to see an exchange have? What would be a 'game changer' or something very interesting to you for you to make use of an exchange. We are doing some research on this and would love to hear all of your suggestions.

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July 03, 2019, 06:36:01 PM
 #2

I could enjoy a gold exchange standard system.
Physical offices would be nice, too.

I used to be a citizen and a taxpayer. Those days are long gone.
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July 03, 2019, 07:10:46 PM
 #3

As the title suggests. What (trading) feature would you like to see an exchange have? What would be a 'game changer' or something very interesting to you for you to make use of an exchange. We are doing some research on this and would love to hear all of your suggestions.


I cant think of a "Killer feature" to see into an exchange.If i do have that thing on my mind then i wouldnt bother to tell it at all.hehe
Just joking though,I cant see truly on what the community needs but if you do try to look up on whats Binance is offering then most likely that would be
the best feature for you to focus on.

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July 03, 2019, 07:27:27 PM
 #4

As the title suggests. What (trading) feature would you like to see an exchange have? What would be a 'game changer' or something very interesting to you for you to make use of an exchange. We are doing some research on this and would love to hear all of your suggestions.

there's no feature that alone could be a "game changer". as far as centralized exchanges go, it's all been done before.

the single most important thing is a superior trading engine. exchanges like kraken and coinbase are still struggling in this department. advanced stop orders and especially OCO (one cancels the other) orders would be nice.

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July 03, 2019, 09:32:58 PM
 #5

Not trading itself, but I'd want verification that meant I was verified no matter what. I do not want unknown limits triggering and freezing me. I want full confidence that whatever I put through there won't be fucked with. It doesn't appear anyone can do this so I'll never use an exchange beyond piddling amounts.
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July 03, 2019, 10:42:33 PM
 #6

As the title suggests. What (trading) feature would you like to see an exchange have? What would be a 'game changer' or something very interesting to you for you to make use of an exchange. We are doing some research on this and would love to hear all of your suggestions.

there's no feature that alone could be a "game changer". as far as centralized exchanges go, it's all been done before.

the single most important thing is a superior trading engine. exchanges like kraken and coinbase are still struggling in this department. advanced stop orders and especially OCO (one cancels the other) orders would be nice.

Thanks for the suggestions. We actually have an OCO called Pie (see www.bartertrade.io). Let me know what you think of it and if there are some other things you may be interested in.
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July 03, 2019, 10:43:36 PM
 #7

Not trading itself, but I'd want verification that meant I was verified no matter what. I do not want unknown limits triggering and freezing me. I want full confidence that whatever I put through there won't be fucked with. It doesn't appear anyone can do this so I'll never use an exchange beyond piddling amounts.

Could you elaborate on this please? Did you have any bad experiences as an example?
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July 03, 2019, 10:54:15 PM
 #8

Could you elaborate on this please? Did you have any bad experiences as an example?

Exchanges like Bitstamp are famous for demanding extra verification and some outrageously invasive information like tax documents if you trigger some unstated limit when you're supposed to be fully verified already. Others do it too.

I haven't experienced it myself because I've never sold enough but there have been enough cases I've read about.

If they want outrageous info then they should ask for it upfront before they have your balls in their hands. If I ever need to sell significant amounts I'll be using OTC operations that give you personalised service and leave you knowing exactly where you stand throughout. With an exchange you're just another ticket number.
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July 03, 2019, 11:53:38 PM
 #9

All I ASK FOR IS: I want an exchange which is decentralized, operates worldwide, no user login, relatively better customer support, which kinda works like shapeshift, no verification/kyc, has all of the mainstream cryptos listed, an option to buy crypto with fiat and same for selling(and not like buying bitcoin and exchanging them, no, buying any crypto with fiat), incorporated into many websites and wallets like in Ledger Live, offering anonymity by using Tor/vpn, not blocking user's funds, having good how to guides and FAQs, and a live chat for issues .

Find me that exchange, I DARE YOU! Listen up, you business fellas, a golden opportunity for you guys, make me the dream exchange, and the crowd will follow.

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July 04, 2019, 12:40:11 AM
 #10

All I ASK FOR IS: I want an exchange which is decentralized, operates worldwide, no user login, relatively better customer support, which kinda works like shapeshift, no verification/kyc, has all of the mainstream cryptos listed, an option to buy crypto with fiat and same for selling(and not like buying bitcoin and exchanging them, no, buying any crypto with fiat), incorporated into many websites and wallets like in Ledger Live, offering anonymity by using Tor/vpn, not blocking user's funds, having good how to guides and FAQs, and a live chat for issues .

Find me that exchange, I DARE YOU! Listen up, you business fellas, a golden opportunity for you guys, make me the dream exchange, and the crowd will follow.

i think the bolded parts are contradictory. shapeshift provides liquidity by market marking multiple altcoin exchanges. this requires centralization and trust. with a completely decentralized order book (and this technically can't be done yet in a trustless way), you won't have such clean access to liquidity. what you see is what you get.

fiat is also problematic because transacting with it at all requires trust---bank and e-wallet transfers can be reversed, accounts frozen. and the very idea of "customer support" for a DEX seems like a conflict.

in order for a DEX to be truly decentralized---and therefore safe from government pressure, meaning seizures and blocked funds aren't possible---we can't have these centralized conveniences. it needs to be 100% built on smart contracts, distributed p2p servers for decentralized order books, decentralized domain. there can't be a centralized point of failure.

we are still several years away (at least) from this sort of breakthrough IMO. i really don't know what will happen re governments in the meantime.

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July 04, 2019, 12:54:30 AM
 #11

Pay out a percentage of staking rewards to depositors of POS coins. This would allow customers to "hold" the coins and reap staking rewards while simultaneously setting limit orders in case of a price increase.

I'm not aware of any exchange that does this -- and maybe there's good reason for that. I haven't thought through all the logistics.

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July 04, 2019, 12:58:09 AM
 #12

-
Also, most people ask for decentralized solutions but still prefer centralized platforms due to its speed, liquidity and cheapness. There are already many decentralized solutions - that while they are not perfect - don't have even enough volume to be considered a okay-ish alternative. And because of that, they just die on the spot before even getting to be used.

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July 04, 2019, 01:24:58 AM
 #13

As the title suggests. What (trading) feature would you like to see an exchange have? What would be a 'game changer' or something very interesting to you for you to make use of an exchange. We are doing some research on this and would love to hear all of your suggestions.

Don't want to overact here since it's really impossible to have a perfect exchange.

Usual problems:
1) Customer Support
Minor or major problems, it should be addressed and solved within a day. The investigation should only last within a week but only on serious or major ones or much shorter if the user was able to provide all proofs. In other words, customer supports should be active 24/7 and responding quickly the moment the customer sent a ticket.

2) KYC
Don't ask too much of the details. Yes, it's mandatory since exchanges are complying with the law but not too much to the point that, National ID is given, Driver's license is given but still not passed the verification. The verification process should be done in just within a few hours.

3) The smoothness of the transaction
No more delays especially in the deposit once it was confirmed in the network. Traders want a fast phase!

Don't jump into a new feature. Instead, focus on improving the usual exchange concerns first.

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bartertrade (OP)
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July 04, 2019, 11:22:36 AM
 #14

As the title suggests. What (trading) feature would you like to see an exchange have? What would be a 'game changer' or something very interesting to you for you to make use of an exchange. We are doing some research on this and would love to hear all of your suggestions.

Don't want to overact here since it's really impossible to have a perfect exchange.

Usual problems:
1) Customer Support
Minor or major problems, it should be addressed and solved within a day. The investigation should only last within a week but only on serious or major ones or much shorter if the user was able to provide all proofs. In other words, customer supports should be active 24/7 and responding quickly the moment the customer sent a ticket.

2) KYC
Don't ask too much of the details. Yes, it's mandatory since exchanges are complying with the law but not too much to the point that, National ID is given, Driver's license is given but still not passed the verification. The verification process should be done in just within a few hours.

3) The smoothness of the transaction
No more delays especially in the deposit once it was confirmed in the network. Traders want a fast phase!

Don't jump into a new feature. Instead, focus on improving the usual exchange concerns first.

Interesting. Thanks for sharing. We actually focus on all 3 points a lot already since we did extensive market research and many agree with your points. With regard to KYC privacy we have to look more into it.
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July 04, 2019, 04:03:23 PM
 #15

Pay out a percentage of staking rewards to depositors of POS coins. This would allow customers to "hold" the coins and reap staking rewards while simultaneously setting limit orders in case of a price increase.

I'm not aware of any exchange that does this -- and maybe there's good reason for that. I haven't thought through all the logistics.
Binance does that for few coins/tokens, It would be nice if they did it for all the POS coins. Coinbase has started staking service for Tezos and they might add more like it. I personally like staking by myself for the obvious reasons.
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July 04, 2019, 04:14:27 PM
 #16


Low trading fee and high volume. TRON is good to trade but I wish to see the trading fees reduced. With the amount of volume of TRON, the exchange should be able to gain still even with low withdrawal fees.


Pay out a percentage of staking rewards to depositors of POS coins. This would allow customers to "hold" the coins and reap staking rewards while simultaneously setting limit orders in case of a price increase.

I'm not aware of any exchange that does this -- and maybe there's good reason for that. I haven't thought through all the logistics.
Binance does that for few coins/tokens, It would be nice if they did it for all the POS coins. Coinbase has started staking service for Tezos and they might add more like it. I personally like staking by myself for the obvious reasons.


And they give the GAS for NEO as well. Most of the exchange does an airdrop of some tokens I never knew. I like that but should just pick the ones with good value.

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July 04, 2019, 10:26:44 PM
 #17

Pay out a percentage of staking rewards to depositors of POS coins. This would allow customers to "hold" the coins and reap staking rewards while simultaneously setting limit orders in case of a price increase.

I'm not aware of any exchange that does this -- and maybe there's good reason for that. I haven't thought through all the logistics.
Binance does that for few coins/tokens, It would be nice if they did it for all the POS coins. Coinbase has started staking service for Tezos and they might add more like it. I personally like staking by myself for the obvious reasons.

We are developing a customer relationship management framework with membership cards. What about membership card holders receiving a stake based on the card they have (either silver or gold)? You can only buy these membership cards with our own token when we launch it.
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July 04, 2019, 11:43:38 PM
 #18

i think the bolded parts are contradictory. shapeshift provides liquidity by market marking multiple altcoin exchanges. this requires centralization and trust. with a completely decentralized order book (and this technically can't be done yet in a trustless way), you won't have such clean access to liquidity. what you see is what you get.

fiat is also problematic because transacting with it at all requires trust---bank and e-wallet transfers can be reversed, accounts frozen. and the very idea of "customer support" for a DEX seems like a conflict.

in order for a DEX to be truly decentralized---and therefore safe from government pressure, meaning seizures and blocked funds aren't possible---we can't have these centralized conveniences. it needs to be 100% built on smart contracts, distributed p2p servers for decentralized order books, decentralized domain. there can't be a centralized point of failure.

we are still several years away (at least) from this sort of breakthrough IMO. i really don't know what will happen re governments in the meantime.
Boy did I not think this through enough. Fair enough on the buying crypto thing, I am a knucklehead for not thinking about it.

If my dream exchange is only gonna be in Unicorn land, then I at least ask for the original shapeshift kinda exchange to come back, it was hella convenient when you don't have to sign up and when no kyc is required.

Don't want to overact here since it's really impossible to have a perfect exchange.

Usual problems:
1) Customer Support
Minor or major problems, it should be addressed and solved within a day. The investigation should only last within a week but only on serious or major ones or much shorter if the user was able to provide all proofs. In other words, customer supports should be active 24/7 and responding quickly the moment the customer sent a ticket.

2) KYC
Don't ask too much of the details. Yes, it's mandatory since exchanges are complying with the law but not too much to the point that, National ID is given, Driver's license is given but still not passed the verification. The verification process should be done in just within a few hours.

3) The smoothness of the transaction
No more delays especially in the deposit once it was confirmed in the network. Traders want a fast phase!

Don't jump into a new feature. Instead, focus on improving the usual exchange concerns first.
This. A live chat for customer support would be even easier, and convenient.

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July 05, 2019, 12:32:00 AM
 #19

i think the bolded parts are contradictory. shapeshift provides liquidity by market marking multiple altcoin exchanges. this requires centralization and trust. with a completely decentralized order book (and this technically can't be done yet in a trustless way), you won't have such clean access to liquidity. what you see is what you get.

fiat is also problematic because transacting with it at all requires trust---bank and e-wallet transfers can be reversed, accounts frozen. and the very idea of "customer support" for a DEX seems like a conflict.

in order for a DEX to be truly decentralized---and therefore safe from government pressure, meaning seizures and blocked funds aren't possible---we can't have these centralized conveniences. it needs to be 100% built on smart contracts, distributed p2p servers for decentralized order books, decentralized domain. there can't be a centralized point of failure.

we are still several years away (at least) from this sort of breakthrough IMO. i really don't know what will happen re governments in the meantime.
Boy did I not think this through enough. Fair enough on the buying crypto thing, I am a knucklehead for not thinking about it.

If my dream exchange is only gonna be in Unicorn land, then I at least ask for the original shapeshift kinda exchange to come back, it was hella convenient when you don't have to sign up and when no kyc is required.

Don't want to overact here since it's really impossible to have a perfect exchange.

Usual problems:
1) Customer Support
Minor or major problems, it should be addressed and solved within a day. The investigation should only last within a week but only on serious or major ones or much shorter if the user was able to provide all proofs. In other words, customer supports should be active 24/7 and responding quickly the moment the customer sent a ticket.

2) KYC
Don't ask too much of the details. Yes, it's mandatory since exchanges are complying with the law but not too much to the point that, National ID is given, Driver's license is given but still not passed the verification. The verification process should be done in just within a few hours.

3) The smoothness of the transaction
No more delays especially in the deposit once it was confirmed in the network. Traders want a fast phase!

Don't jump into a new feature. Instead, focus on improving the usual exchange concerns first.
This. A live chat for customer support would be even easier, and convenient.

Live chat feature we will work on which is part of our customer relationship management framework. We want to make each customer a loyal long-term customer. Based on our model, the more you utilize our platform the more monetary and non-monetary rewards you will receive. This can also mean VIP customer service if you are in the 'top tier'. Naturally others will also get high-quality customer service but we can create special treatment for our most loyal users. Let me know what you think of this new customer relationship philosophy within the crypto space.
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July 05, 2019, 10:02:53 AM
 #20

This. A live chat for customer support would be even easier, and convenient.

It would be convenient for the user, but not so much of a viable option for exchanges that are looking to operate a cost efficient suppert desk.

I know from experience that most of the users who seek support through live chat are doing that for the most silly (non support related) reasons, which is something you can't protect yourself against. Another thing is that when for whatever reason the live session ends, you will need a ton of luck to connect back to the same person you were chatting with.

More manpower behind email support would be appreciated. If they can operate so that you get a reply within a few hours, that would be ideal.

The main thing is that people expect too much from exchanges that are clearly profit oriented. They will never be perfect, not even remotely close.
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