Nowadays, there are a lot of cryptocurrency exchanges used by holders to store their digital assets or trade cryptocurrencies. With hundreds of exchanges available on the market, one study revealed that experienced crypto traders prefer using laptops rather than smartphones when trading on crypto prices.
The latest cryptocurrencies news show that there are hundreds of exchanges available today and it can be difficult for cryptocurrency holders to choose which one best suits their needs. In fact, most traders use more than one exchange – mainly to hedge risk and minimize benefits.
In a survey by the BDCenter, it was found that experienced crypto traders prefer to trade on laptops – and a lot of other insights. Teaming up with the sociology department of the Belarus State University, BDCenter analyzed more than 800 traders from 75 countries and asked them 30 questions. Researchers were especially looking for answers to the following four groups of questions, including:
- What makes a crypto exchange attractive: Is its low fees, a large number of available pairs, fast withdrawals or something else?
- Do Forex traders often switch to crypto trading?
- What do users expect from a trading platform?
- Does trading behaviour vary from one demographic or regional group to the other?
One of the key takeaways from this survey is the fact that experienced crypto traders look for simplicity which most crypto exchanges fail to deliver. The Bitcoin news now show that 80% of participants in the survey admitted to having entered the market less than three years ago and sought tools for beginners. In contrast, 71% of the participants make demo accounts with tutorials, while 37% of the exchanges have an intuitive and easy to use interface. The rest are overloaded with features and diagrams, the report states.
A key insight from experienced crypto traders in this survey is that for an exchange to be successful and good, it must be fast and avoid charging customers for anything but the trading itself. The deposit and withdrawal speed was a crucial factor (for 54% of the participants), followed by the size of the commissions (33% of them think this is important). The majority (65%) found that transaction fees are fine – but only 36% of the participants think that a fee on withdrawing crypto is acceptable.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]