FREE advice for exchanges to make crypto trading easier

[DashingAgent]

FREE advice for exchanges to make crypto trading easier

It is a FREE advice for exchanges to make crypto trading easier, I just noticed that people get confused because they do not understand bitcoin, Many newbies get confused when they see the cryptocurrency price in usd or btc because USD and BTC are not their local currencies, furthermore there is a trading fee applied to each trade thats why they many time lose money during trade because most of their profit deducted by trading fee. The easiest way to offer them a better fix is that that  crypto exchanges must show the current token/coin price in their local currency and also show them that how much money or trading fee will be charged from them in their local currencies, if that happens then many newbies will welcome bitcoin trading and most of them will not lose most of their trades. They know that trading is a thing which need to be learned first but if this technique applied by the exchanges then most of the people will avoid their hesitation to join crytptocurrency trading.

[Silberman]

FREE advice for exchanges to make crypto trading easier

It is a FREE advice for exchanges to make crypto trading easier, I just noticed that people get confused because they do not understand bitcoin, Many newbies get confused when they see the cryptocurrency price in usd or btc because USD and BTC are not their local currencies, furthermore there is a trading fee applied to each trade thats why they many time lose money during trade because most of their profit deducted by trading fee. The easiest way to offer them a better fix is that that  crypto exchanges must show the current token/coin price in their local currency and also show them that how much money or trading fee will be charged from them in their local currencies, if that happens then many newbies will welcome bitcoin trading and most of them will not lose most of their trades. They know that trading is a thing which need to be learned first but if this technique applied by the exchanges then most of the people will avoid their hesitation to join crytptocurrency trading.

To me that will make trading more complex and not easier, the reason why the BTC price is showed on dollars terms is because that is what you are trading, the BTC/USD pair is the most popular and it makes sense that the fees and everything is showed on those terms by default, adding your local currency into the mix will just make things more complicated and many newbies will probably make mistakes like mixing the USD and their local currency and making bigger or smaller traders than what they actually wanted and will lose opportunities to make money or will lose more capital than what they wanted opening the exchange to even more support requests and complains, which is exactly what they do not want.

[harizen]

New people entering the crypto-trading just have to be used to it. They are the ones that needed to adjust rather than the exchanges or trading platforms should adjust to them about that specific concern. For me, it's not a big deal and a simple matter.

Obviously, during the early period of involvement in crypto or trading itself, there are difficulties especially in understanding the basics and interface of a certain platform. Now to solve that, then just spend time learning the site's interface and layout. If they are really eager to learn (since they consider entering the world of crypto-trading) then they will soon learn how to use it. No need for this modification of target currencies as I think it might confused them more.

As long as they were serious about this crypto-trading stuff, they will overcome that difficulty. If those newbies before turned into experienced ones, then newbies today can also do it.

[Serious475]

FREE advice for exchanges to make crypto trading easier

It is a FREE advice for exchanges to make crypto trading easier, I just noticed that people get confused because they do not understand bitcoin, Many newbies get confused when they see the cryptocurrency price in usd or btc because USD and BTC are not their local currencies, furthermore there is a trading fee applied to each trade thats why they many time lose money during trade because most of their profit deducted by trading fee. The easiest way to offer them a better fix is that that  crypto exchanges must show the current token/coin price in their local currency and also show them that how much money or trading fee will be charged from them in their local currencies, if that happens then many newbies will welcome bitcoin trading and most of them will not lose most of their trades. They know that trading is a thing which need to be learned first but if this technique applied by the exchanges then most of the people will avoid their hesitation to join crytptocurrency trading.

There is a lot of people that is entering crypto trading now maybe because of the corona virus that makes them cannot go outside of their house. What ever is the reason, it is a good thing because the demand of every crypto currency will surely go higher and higher every time one user manage to buy. If this continues to happen, the crypto world will surely get bigger and might occur the mass adoption that all of us are waiting. But before all of that, all of us need to have enough knowledge to trade successfully so that no one will get disappointed that they only waste their money.

[Bitcoin_Arena]

There are a number of crypto portfolio tracking tool that can help a trader view the value of the portfolio, profits and loses in real time without going through the hustle of calculating trading fees, and PnL.

All you need is export your exchange's API Key to one of the tools and it will do the work for you. The ones I am familiar with are Delta app, Bituniverse and 3commas.

[TokenBot_]

HODLing is also a strategy.

[goaldigger]

There's a third party app that you can use to see your holdings on your local currency and I think its blockfolio, I'm not sure though.

This is a world market and the easy way to understand the value of this market is through USD so better to familiarize yourself first before investing hard. Newbies will learn this easily, all they have to do is to focus and have patience on learning things. Exchanges are doing fine, and they can't adjust that easily just because the one person are having a hard time to convert their cryptocurrency into their local currency rate.

[Salauddin1994]

The crypto market is constantly changing after a while it becomes difficult to understand the market value the best way to make crypto trading easier is to increase your knowledge of the market before doing market analysis also the best way to hold. Here the risk is less and it is possible to make a profit very easily but it will take a long time to wait patiently.

[pakhitheboss]

If you are talking about trading pairs then local exchanges do offer trading pairs in local currencies. Global exchanges like Binance offer trading pairs in UDS and other stable coins.

About trading fee yes there are exchanges which hide what will be the fee for trading in this pair but eventually when you are completing the trade they do inform you about the fee being charged.

I personally use local exchanges then those big exchanges because of the convenience in trading in local currency.

[shield132]

FREE advice for exchanges to make crypto trading easier

It is a FREE advice for exchanges to make crypto trading easier, I just noticed that people get confused because they do not understand bitcoin, Many newbies get confused when they see the cryptocurrency price in usd or btc because USD and BTC are not their local currencies, furthermore there is a trading fee applied to each trade thats why they many time lose money during trade because most of their profit deducted by trading fee. The easiest way to offer them a better fix is that that  crypto exchanges must show the current token/coin price in their local currency and also show them that how much money or trading fee will be charged from them in their local currencies, if that happens then many newbies will welcome bitcoin trading and most of them will not lose most of their trades. They know that trading is a thing which need to be learned first but if this technique applied by the exchanges then most of the people will avoid their hesitation to join crytptocurrency trading.

In any way, bitcoin's price is determined in USD. When you say that people should see bitcoin's price in their national currency, I want to remind you that in such cases, for example if you live in Russia and use RUB, then exchange may show you price that will be converted into USD -> RUB and this convert takes some fees, that's why they show you price in USD because it's like a global currency and price is shown in it. If you choose national currency, then you have to keep in mind that convert from USD to national currency isn't free service. Finally, it's like double trading.
And believe me, exchanges have some experts and analysts that research a lot of things and make changes according to statistics.

[batang_bitcoin]

The easiest way to offer them a better fix is that that  crypto exchanges must show the current token/coin price in their local currency and also show them that how much money or trading fee will be charged from them in their local currencies, if that happens then many newbies will welcome bitcoin trading and most of them will not lose most of their trades.

Showing the price of a token or coin in local currency has been happening. This was being done by exchanges because they do detect the IP of their traders and they have a local support for that particular country. But if they can't do that to your country, who do you think needs to adjust? the exchanges? we do, the users. There's no other thing that we can do, the exchanges are open for suggestions, you do email them with their "contact us" details on their websites.

[Lorence.xD]

My only problem with exchanges is that they should create a refreshing UX(User Experience) and UI(User Interface). I do not like crowding when it comes to website, they should test their sites on different types of devices because some are neglected and the resulting hodgepodge is a disaster. The services is good but I do not see guides when I peruse some exhcange websites. I do not have a problem when it comes to currency because there are some apps in my country that does the work for converting it.

[Wexnident]

Having it in USD actually just makes you used to it for the long run, plus there are some discrepancies in the conversion so there may be some issues there, don't really know for sure since I've never tried converting to my local currency when trading. You know what simple advice beginners should get before trading? Think not once, twice or even thrice, keep thinking if there's something wrong, always check everything before starting something. Especially since you're new to trading where money is involved.

My only problem with exchanges is that they should create a refreshing UX(User Experience) and UI(User Interface). I do not like crowding when it comes to website, they should test their sites on different types of devices because some are neglected and the resulting hodgepodge is a disaster. The services is good but I do not see guides when I peruse some exhcange websites. I do not have a problem when it comes to currency because there are some apps in my country that does the work for converting it.

Well, exchanges are already relatively refreshing in terms of UI imo. It's just rather difficult for a newbie to take it in since there's a lot of numbers and the like, which makes it seem like it's quite difficult and intimidating. Bit of studying and getting used to is mostly needed in that part.

[AakZaki]

Binance is an easy exchange that can be configured so that the token price can be seen against the price of your local currency. Moreover, Binance currently has a p2p platform that will make it easier for you to make withdrawals at no cost, aka 0% fee. Trading fees set by Binance are also not that expensive and are standard like other exchanges. There are many exchanges nowadays that charge roughly the same amount of trading fees. so that it will not harm us as traders. Choose the best and popular exchange today like Binance, so that there is no doubt about joining cryptocurrency trading.

[Lakai01]

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The easiest way to offer them a better fix is that that  crypto exchanges must show the current token/coin price in their local currency and also show them that how much money or trading fee will be charged from them in their local currencies
-snip-

We have to distinguish here what kind of exchanges we are talking about. There are exchanges that focus primarily on easy access and beginner friendliness. An example would be Bitpanda. Bitpanda supports local currencies (at least the Euro, which is important for me) and shows exactly which fees are due:



At the end of the picture you can see exactly what Bitpanda charges for a trade.

In my opinion, exchanges that focus on traders - such as Bitfinex - would be completely overloaded with such "entry-level features". At professional exchanges, trading is highly automated, fees and other costs are well known.

-snip-
if that happens then many newbies will welcome bitcoin trading and most of them will not lose most of their trades.
-snip-

I'm not sure if I understand you correctly.
If someone loses money because he/she can't calculate the fees or because he/she can't convert his local currency to USD, then professional exchanges are not suitable for this person anyway. We all started small, but a cost accounting for the trades should be part of the "basic equipment". The next feature request would otherwise be to warn the user if he makes losses with a trade

[Silberman]

New people entering the crypto-trading just have to be used to it. They are the ones that needed to adjust rather than the exchanges or trading platforms should adjust to them about that specific concern. For me, it's not a big deal and a simple matter.

Obviously, during the early period of involvement in crypto or trading itself, there are difficulties especially in understanding the basics and interface of a certain platform. Now to solve that, then just spend time learning the site's interface and layout. If they are really eager to learn (since they consider entering the world of crypto-trading) then they will soon learn how to use it. No need for this modification of target currencies as I think it might confused them more.

As long as they were serious about this crypto-trading stuff, they will overcome that difficulty. If those newbies before turned into experienced ones, then newbies today can also do it.

Agreed, I can understand the frustration that people may feel at not understanding what they are seeing the first time they try a new exchange and this is even more true if you have never traded in your life, however this happens in every single new activity that you try to learn, so modifying the exchange platform just for newbies is not really appealing since experimented traders will then probably complain to the exchange claiming the UI is even more confusing than before, so it is up to the newbies to adapt and if they cannot do it then that simply means that trading was not really meant for them and they should try to find other ways to make money in the markets.

[DashingAgent]

No UI will be changed if they just display local currencies next to the crypto currencies.

New people entering the crypto-trading just have to be used to it. They are the ones that needed to adjust rather than the exchanges or trading platforms should adjust to them about that specific concern. For me, it's not a big deal and a simple matter.

Obviously, during the early period of involvement in crypto or trading itself, there are difficulties especially in understanding the basics and interface of a certain platform. Now to solve that, then just spend time learning the site's interface and layout. If they are really eager to learn (since they consider entering the world of crypto-trading) then they will soon learn how to use it. No need for this modification of target currencies as I think it might confused them more.

As long as they were serious about this crypto-trading stuff, they will overcome that difficulty. If those newbies before turned into experienced ones, then newbies today can also do it.

Agreed, I can understand the frustration that people may feel at not understanding what they are seeing the first time they try a new exchange and this is even more true if you have never traded in your life, however this happens in every single new activity that you try to learn, so modifying the exchange platform just for newbies is not really appealing since experimented traders will then probably complain to the exchange claiming the UI is even more confusing than before, so it is up to the newbies to adapt and if they cannot do it then that simply means that trading was not really meant for them and they should try to find other ways to make money in the markets.

[Nellayar]

If you are going to trade in cryptocurrency or even forex, you have to consider the exchange rates in your country, as we talk about the us dollars. It is not a big problem specially when you already know the conversion of these currency in your local currency. Having a local currency in your dashboard can help you if you are a newbie. If you want to be sure in your trades, you can compute it manually. I am sure that you are going to learn when you always trade that pair (BTC/USDT). We don`t need to have modifications to it as other amateur traders can trade without it.

[Strongkored]

Preev will help you convert crypto (BTC) into your local currency. Understanding BTC-USD or so is the basics, would be better to understand it first.
For trading fees you have to learn about it on exchange web.

[adaseb]

I don't think they need to convert to local currency. Most people always price Bitcoin in terms of US dollars. Even if you are trading in Euros or Pounds, you generally price Bitcoin in terms of US Dollars. If Bitcoins breaks $20,000 Euros or Pounds, nobody will care they will care when it breaks $20000 BTCUSD.

The only thing that exchanges should do in my opinion is to force 2FA and explain the risks of margin/leverage trading. Way too many people enter a trade using high leverage only to find out later that they were quickly liquidated when BTC or other cryptos had those -10% days.