With CoinMarketCap listing of cryptocurrencies crossing the two thousand mark, the fact is undeniable: crypto assets are here to stay.
Yet, the pool of crypto coins and tokens has grown into a vast sea today. The digital gold rush is upon us. For traders, the wide array of tokens represent an opportunity to make profits. This is where crypto exchanges come in. Digital platforms that allow people and organizations to trade their assets. The market has grown immensely large. There are literally, hundreds of exchanges around the world that work 24 hours a day.
With so many exchanges out there, it is surprising that, for traders, there is still much left to be desired. Every exchange claims it is the best, but until now, all have ignored one or more aspects of trading that has left traders wanting more.
A recent cryptocurrency exchange problem survey of some 1108 traders from the different countries has revealed some startling issues:
- 40% said that exchange security is paramount.
- 37% see high trading fee as a major hurdle, especially day traders who cash out at the end of their trading session.
- 36% were very much concerned about the liquidity issues.
- 33% said unprofessional attitude and lack of proper customer support worried them.
- 22% complained about lack of crypto trading pairs, forcing them to use multiple exchanges.
- 21% saw the user interface too complex to trade.
- 18% saw high withdrawal fee as hindrance.
Only 9% traders from the survey were either satisfied or had no knowledge of the issues faced by other traders.
The survey clearly indicated that modern crypto trading platforms are not user friendly and lack the necessary systems and services to satisfy an increasing trading community.
Encrybit: Research Based Crypto Exchange
Jitendra Rajput saw the void that crypto exchanges failed to fill. Instead of just building and launching another exchange, he and his team spent thousands of hours researching the current market. They looked at the issues from multiple angles, such as exchange trends, user interfaces, security, network architecture and algorithms.
The result is their offering, Encrybit, an exchange that is designed not only with trading, but the trader in mind. Mr. Rajput said about his exchange, “Encrybit is solving some of the most prominent problems being faced by existing cryptocurrency exchanges, such as: major security concerns, poor and inadequate crypto exchange UI, lack of in-built technical analysis tools, high trading fees and the lack of a unique social trading reward ecosystem”
For more insight from Jitendra Rajput, the CEO, check out his exclusive interview.
The Encrybit is a modern trader’s dream come true. The platform has been designed with not only trades in mind, but the traders too. The platform has some unique features that set it apart from others:
- Market Research: Encrybit offers its users market research tools such as trading strategies, social feeds, data analytics and more to make a sound judgment on trades.
- User Interface: The Encrybit interface has been designed from the ground up, keeping in mind that traders are novices and experts. The result is an interface that is like none other in the market.
- Multilingual Support: Encrybit team understands that users come from all corners of the globe. It has plans to support a wide array of languages, enabling everyone to trade and operate in a language they are comfortable with.
- Clear Policies: The platform has clear cut policies on different matters, such as listing charges, airdrops, trading fee etc. There is no fine print involved that may lead to confusion or hidden charges.
- Low Fee: The exchange has nominal fee, including just 0.1% on trades and even half of that, if the native token is used.
- Security: The platform complies with a number of digital security regulations, making it one the most robust platforms out there.
- Trading Pairs: It can be frustrating for an active trader to not find a pair for his or her token. The platform is planning to continually include not only tokens, but different trading pairs for them.
ENCX: The Research Based Token
To power the Encrybit exchange platform, the team has developed a specific token, the ENCX. It will be the primary medium of exchange on the platform. The token will have a limited supply of 270 million, of which, 172.8 will be in total circulation and 162 million will be available in sales (To start on 1st of November). During the whole sale, ENCX will be available to investors for a price of USD 0.2.
With extremely low rate of 0.1% on trades, users will be able to use the ENCX to bring it further down to 0.05%. Tokens will be acquired by the platform every quarter, using 10% of its profits and will be burnt, making ENCX more rare and ensuring inflation does not occur.
With a focus on traders, Encrybit has the right characteristics that will set it apart from other crypto exchanges.