In today's digital currency craze, digital currency exchanges play a vital role. What kind of digital currency exchange can be called ideal? To uncover this mystery, we conducted a survey and asked 800 crypto traders what their ideal digital currency exchange looks like. Through this survey, we will dig deep into the advantages and disadvantages of digital currency exchanges and present you with a comprehensive guide to digital currency exchanges.

 Ideal digital currency exchange characteristics

What characteristics should an ideal digital currency exchange have? According to the survey results, we can see that security is one of the most concerned issues for crypto traders. An exchange with high security and full protection of user information can attract more traders. The bankruptcy of Bitcoin exchange Mt.Gox is a clear warning that user asset security must not be ignored.

In addition, the transaction fees of the exchange are also an important factor for traders to consider. Low transaction fees can save costs for traders and improve the trading experience. The success of exchanges such as Binance is partly due to its low transaction fees, which attracted a large number of users to join.

 User experience and transaction convenience

In addition to security and fees, user experience and transaction convenience are also important criteria for judging a digital currency exchange. The survey shows that users prefer to use exchanges with user-friendly interfaces and easy operations. For example, Coinbase's simple and intuitive interface design allows users to quickly get started and conduct trading operations, providing users with a good trading experience.

At the same time, the trading varieties and trading depth of the exchange are also important considerations for users to choose. Some large exchanges such as Bitfinex provide a rich variety of trading varieties and depth, meet the trading needs of different users, and attract more traders.

 The credibility and supervision of the exchange

In the digital currency market, credibility and supervision are directly related to the asset security and transaction fairness of traders. An exchange supervised by a regulatory agency can provide users with a more reliable trading environment. For example, the Gemini exchange in the United States is supervised by the New York State Department of Financial Services, providing users with higher security.

In addition, the credibility and reputation of the exchange are also important factors for users to choose. An exchange with a good reputation and high credibility can attract more users. As one of the world's largest cryptocurrency exchanges, Binance has attracted a large number of users from all over the world with its high security and good reputation.

 Innovation and future development

With the continuous development of blockchain technology, digital currency exchanges are also constantly innovating. The rise of decentralized exchanges has provided users with a safer and more transparent trading environment, and has been favored by more and more users. Decentralized exchanges represented by Uniswap realize direct transactions between trading pairs through smart contracts, providing users with a more convenient trading experience.

In the future, digital currency exchanges will face more challenges and opportunities. The continuous improvement of the regulatory environment will bring more compliance pressure to digital currency exchanges and will also promote the healthy development of the industry. At the same time, with the continuous emergence of emerging fields such as DeFi, digital currency exchanges will also usher in more innovative opportunities and provide users with more diversified trading options.

 Conclusion

In summary, an ideal digital currency exchange should have the characteristics of high security, low fees, good user experience, convenient transactions, and high credibility. Through a survey of 800 crypto traders, we can see that traders pay more attention to the security, fees and user experience of the exchange. With the continuous development of the digital currency market, digital currency exchanges will also usher in more challenges and opportunities. I hope this article can provide you with some inspiration and thinking about digital currency exchanges. I hope you can find the most suitable exchange for yourself in the world of digital currency and achieve wealth appreciation and investment goals!

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

What does the ideal look like?

"Traders seek simplicity, which exchanges fail to provide. 80% of participants have been in the market for less than 3 years and they look for tools for beginners in the exchange; 71% of users consider demo trading accounts and guided tutorials as key factors in choosing an exchange; 37% of users consider intuitive, easy-to-use interfaces very important, while most exchanges' interfaces are filled with intricate functions and charts."

With hundreds of active in the market, it is difficult to decide which cryptocurrency exchange best suits your needs. In fact, most traders use more than just a platform: they use it to both avoid risks and maximize returns.

But how do they choose? To find out, the BDCenter
Digital team began to survey more than 800 cryptocurrency traders from 75 countries and regions around the world in the summer of 2019, and the results were surprising.

01. What does the ideal exchange look like?

In addition to being beginner-friendly, transactions must be fast and avoid charging customers any fees other than the transaction itself.

Among them, 54% of respondents believe that deposit and withdrawal speed is a key factor, and 53% believe that the scale of fee collection is an important factor. While 65% of people feel that mining fees are OK for withdrawals, only 36% think that transaction fees are acceptable.

When it comes to fiat withdrawals, the acceptance is even lower (only 29%).

According to the data, the five most important factors for traders when choosing an exchange are:

Deposit and withdrawal speed - 54.26%

Transaction fee amount - 53.18%

Diversity of trading pairs - 44.5%

User-friendly interface - 37.21%

Ease of verification process - 29.77%

Surprisingly, traders are not very concerned about security: only 37% ranked it as a priority - slightly higher than liquidity (34%).

Traders seem to trust their money: 32.5% said they store all their crypto assets on an exchange. Still, nearly 70% of respondents said they would consider switching to another platform if their current exchange was hacked.

The least important factors, according to the data, are the availability of third-party programs and interface localization.

User rewards, margin trading and analytical tools are considered decisive for less than 17% of traders.

This phenomenon can be explained by the relatively young age of the cryptocurrency market: most users have no more than three years of experience.

71% of respondents said that they need to open a demo account to learn how to trade and get familiar with the interface. The demand for this feature is widespread.

In the "Other" chart, traders are allowed to specify other factors that they consider important but are not mentioned in the required options.

02. One exchange is never enough

Even though there are hundreds of cryptocurrency exchanges on the market, it seems that no exchange meets users' expectations of an ideal exchange.

40% of participants said that they use three or more exchanges regularly, while only 19% use only one exchange.

This may be partly due to the availability of trading pairs. Unlike forex platforms, which offer more or less the same trading pairs, cryptocurrency exchanges vary greatly in this regard.

Some exchanges have hundreds of trading pairs, while others have less than 12; some allow fiat withdrawals, while others do not. 44.5% of traders prioritize the diversity of trading pairs.

It is also worth pointing out that exchanges’ efforts to attract an audience through trading contests, membership programs, etc. have been largely unsuccessful: 57% have participated in at least one airdrop, but trading contests and other events attracted only 10% and 13% of customers, respectively. Only 11.6% prefer exchanges with invitation bonus programs.

More than any other region, traders in Russia tend to rely on only one exchange (27%) and rarely use decentralized exchanges (23%). Their choice of exchange depends on the type of trading pairs (60%) and the size of the transaction fee (52%). Compared with users in other regions (64%), Russians are more inclined to trade in altcoins, but have the lowest percentage of OTC service users (17%). This is also the region with the most female users (12%).

The survey also found that crypto platforms have poached some traders from the FX market: about 17% of respondents came from FX, while another 9% continue to trade on both systems.

Compared with the well-established FX broker mechanism, cryptocurrency exchanges still lack the understanding of user needs and therefore fail to provide them with all the necessary tools. For example, forex traders can use a demo account, which will help them learn how to trade faster and get used to the platform interface. While this feature is widely used by forex brokers, crypto exchanges have almost no such feature. Considering that 80% of the respondents have been trading for less than 3 years, a demo account will play an important role for them.

In addition, traders interested in analytical tools or other options on the exchange (such as lending) have already entered the industry from the forex or securities market. At the same time, for those who are trading cryptocurrencies for the first time, simplicity is more important than added features.

When trading with smartphones, users pay less attention to cross-platform usability than those using the desktop version, but show more interest in the exchange's rating:

The exchange's rating becomes important when considering that 69% of traders use the exchange for trading purposes: only 20% of respondents would consider ignoring the rating once the exchange's rating drops. This phenomenon can be described by the saying "there is only one chance to make a first impression".