What would you change about crypto Exchanges? - page 4.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: Reid on June 20, 2018, 04:52:33 PM

Their KYC's is just too much.
Photos, and even videos and they also want photo of you with a note of something while holding the ID.
That is way too much that I hate to do it sometimes but just have to so that I can exchange whatever token that I have back to bitcoin.
Even when you change your phone and want the 2fa code from google authentication to be transferred to another phone need a picture with a note of 2FA change. Crap.

I agree it is too much for you as customer, but exchanges need to carry out all that their authorities have determined, it is too much work for them also, but they need to adapt or loose licenses. The idea of anonymous currency simply can not exist in the global world, governments want to know as much data as possible and BTC is not fit in that plans. When we consider terrorism, drug trafficking, arms trafficking, smuggling of people and many other bad things people do these days, flow of money needs to be regulated.

Of course there will always be those who will use false data and some better anonymous cryptocurrency to hide their tracks.

Reid

hero member

Activity: 2912

Merit: 642

Their KYC's is just too much.
Photos, and even videos and they also want photo of you with a note of something while holding the ID.
That is way too much that I hate to do it sometimes but just have to so that I can exchange whatever token that I have back to bitcoin.
Even when you change your phone and want the 2fa code from google authentication to be transferred to another phone need a picture with a note of 2FA change. Crap.

Cactushrt

sr. member

Activity: 952

Merit: 250

What i don't like is some exchange will freeze or disabled your account without reason and the most painful they will not allow you to withdraw your funds.

yugyug

sr. member

Activity: 616

Merit: 256

Transparency and security and good support of the exchanges is what most traders and investors are concerned about. KYC and transaction fee is not a big deal as long as they have good customer support which is fast and convenient.

ShineftChaos

full member

Activity: 378

Merit: 100

I LOVE ADABS

Quote from: FindExchangeICO on June 12, 2018, 09:47:32 AM

Hi everyone!

What do you not like about crypto exchanges? What do you think exchanges could do better?

Curious as to what you guys think!

The best cryptocurrency exchanger will be determine on how long it was being used by different people, in this way you will know if the exchanger is trust worthy enough to hold your coins and not just a scam like every ico does sometimes.

Pearls Before Swine

sr. member

Activity: 1190

Merit: 306

Better customer service (looking at you, yobit).

Transparency about where they're located and who their owners are.

Those are the two major things I'd like to see. Some of these exchanges are so shady that it's hard to even believe they exist in the first place. Obviously they're not being regulated like stock exchanges are. I don't know if regulation would be desirable, but at least you wouldn't have to worry about exchanges pulling a Gox or cryptsy. You never see that happen with stock exchanges.

Harlot

hero member

Activity: 1806

Merit: 671

Quote from: LeGaulois on June 12, 2018, 12:43:02 PM

- Apply KYC
Why asking for KYC documents if the user is not dealing with a bank transfer (in or out)

KYC is required by the government even if they don't have bank transfers. KYCs are not only for the purpose of bank transactions, we need KYCs legally as it is also the government's way of protecting their country as well as citizens. You don't want to have a currency exchange run in your country to be used as a laundering business for others. It is like there way of identifying the users are real or not. By not requiring KYC potentially millions will be lost due to tax evasion. Plus account verification are also acting like a KYC from what I know of, providing some valid ids as well as selfies are enough identification that you are a real person.

Wolfwar

member

Activity: 630

Merit: 10

Quote from: mersal on June 20, 2018, 02:53:40 PM

Quote from: FindExchangeICO on June 12, 2018, 09:47:32 AM

Hi everyone!

What do you not like about crypto exchanges? What do you think exchanges could do better?

Curious as to what you guys think!

The most irritating thing for me is their high transaction fee still even the meme pool is empty right now so they have to add customizable transaction fee which maybe a good inclusion in my opinion and also they need to have more support because nowadays it takes too much time to get response for support ticket.

It seems to me that any innovation on most crypto exchange markets is understandable and I like it. First of all, I welcome KYC and two-factor authentication. but I do not like when the resource depends on the power of the computer or mobile device.

mersal

member

Activity: 1204

Merit: 38

Quote from: FindExchangeICO on June 12, 2018, 09:47:32 AM

Hi everyone!

What do you not like about crypto exchanges? What do you think exchanges could do better?

Curious as to what you guys think!

The most irritating thing for me is their high transaction fee still even the meme pool is empty right now so they have to add customizable transaction fee which maybe a good inclusion in my opinion and also they need to have more support because nowadays it takes too much time to get response for support ticket.

Prodigye

newbie

Activity: 294

Merit: 0

Exchanges fake volume and that's disgusting, investors are fooled by them.

vishudda

member

Activity: 406

Merit: 10

The established exchanges are good in terms of technology and the withdrawal rules, it should not easily allow selling less number of coins, which makes other investors sell their coins because of the low volume tradings of each person. there should be a community which should show the guidelines of a perfect Exchange which will allow the new exchanges to follow the guidelines to become more popular. I have seen some exchanges who just follow the bounty programs in order to make the user/trader active, but instead of creating bounty programs they should try expanding the investor base initially and then they should start the listing part. otherwise, even though the project is good, the coin price will never increase. The major pain part is support, exchanges should have a good support team considering the user issues as major problems, end of the day a trader gives the business than the coin listing. The exchanges should think innovatively to withstand the heavy competition with the established players.

LTU_btc

legendary

Activity: 3080

Merit: 1338

Slava Ukraini!

Obviously - support. Mostly exchanges have extremely slow support staff. Sometimes it's impossie to get support ticket answered. It's very common problem not only in exchanges, but in all crypto seevices in general.
As said above - bad UI. Some exchanges are laggy, it's impossible to use it on smartphones, not many exchanges have their own apps.
We still can't trust in exchanges to keep big amounts of money there. They can be hacked, closed by government and etc.
And I'm feeling uncomfortable to do KYC on unlincensed exchanges. We don't know what they will do with our personal information. We don't even know who is behind mostly exchanges, they are just registered as offshore company in one of tax heaven countries.

VitKoyn

full member

Activity: 490

Merit: 106

Quote from: FindExchangeICO on June 12, 2018, 09:47:32 AM

Hi everyone!

What do you not like about crypto exchanges? What do you think exchanges could do better?

Curious as to what you guys think!

Most cryptocurrency exchanges have poor customer service and some even don't answer any inquiries and complaints, so what I want to change on exchanges is they should improve their support by hiring more employees that can provide good customer service experience to all of their users. Another thing is the security, we all know that exchanges are prone from hacking and we've seen a lot of exchanges got hacked and lost millions of dollars and the one that suffers are the customers, not getting any refund which is not their fault, so enhancing their system security is a must. And lastly, all exchanges should be regulated by government because this is the only way that people will have confidence that those platforms are safe.

bering

legendary

Activity: 2814

Merit: 1006

Leading Crypto Sports Betting & Casino Platform

the common issue regarding almost every the current exchange such as low respond or high fees that this is necessary to change to makes us more comfortable use the exchange but the most important is every exchange should have high securities of level to ensure the costumers funds are safe

lavishlifing

newbie

Activity: 143

Merit: 0

This is a great topic, I guess you're planning to establish a new exchange? my ultimate concern about exchanges is their slow support system, hopefully they will make a telegram group/discord/etc. for a quick response regarding concerns, no to email support. I hate that

DonFacundo

full member

Activity: 1344

Merit: 102

Some of crypto exchanges that which I do not like that needs KYC in order to withdraw, setting high price bitcoin transaction fee mostly 0.001, but still slow when it comes processing, and slow support mostly it takes 2 weeks or more that they reply like cryptopia exchange.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: LeGaulois on June 12, 2018, 12:43:02 PM

- Ugly UI
I have no problem with ugly websites as sometimes I like the old-fashioned websites like in 1990 but the "night mode" sometimes used as the main template really hurts the eyes

- Not so secure
It's maybe the most important thing when it's about an exchange if it can't protect its users while would they want to use the service.

- Low support reply
Support needs to be a priority too, you deal with the money of people and they can be frustrated when it's about money. They don't contact the support to get the weather for tomorrow.

- Not a lot of coins listed
for example Site 1 to trade coin A, site 2 to trade coin B site 3 to trade coin C and so. People prefer to use only 1 exchange having all their favorites coin listed

- Apply KYC
Why asking for KYC documents if the user is not dealing with a bank transfer (in or out)

I can agree with your thoughts, first impression is sometimes very important, perhaps the most important thing to user even register to exchange. Security is maybe most important factor regarding exchange, when you send coins on exchange in fact you have no more full control over them. Because of that all users coins should have insurance in the event that hack it happens. I know there are some companies in Japan who have offered such services, but I do not know if any exchange use insurance.

Support is weak point of most exchanges, given the amount of money they earn it is funny that you need wait for days to get answer on support ticket. Solution is simple, employ more people and give your users proof that they are appreciated and respected.

pickledmuffin

newbie

Activity: 89

Merit: 0

Quote from: FindExchangeICO on June 12, 2018, 09:47:32 AM

Hi everyone!

What do you not like about crypto exchanges? What do you think exchanges could do better?

Curious as to what you guys think!

I think more focus on customer service. Put more of those trading fees back into people who can answer support tickets quicker.
It's really frustrating when your money is held for days without any response.

brascopck

full member

Activity: 392

Merit: 100

Quote from: FindExchangeICO on June 12, 2018, 09:47:32 AM

Hi everyone!

What do you not like about crypto exchanges? What do you think exchanges could do better?

Curious as to what you guys think!

Bot, because that bot is really fucked up the price by always beat our sell/buy order by only 1 satoshi different which is really sucks to see. I hope bot never happen in exchange, so only real people that can trading, not bot. Second is the fee, I hope they can reduce more the fee.

Quidat

hero member

Activity: 2548

Merit: 533

"CoinPoker.com"

Quote from: FindExchangeICO on June 12, 2018, 09:47:32 AM

Hi everyone!

What do you not like about crypto exchanges? What do you think exchanges could do better?

Curious as to what you guys think!

Exchanges has had a tight competition regarding the fee, speed of transaction, easy to use tool, and other technical means. But, one thing than the best exchange must possess is excellent customer service. This is one of the main concern i dont like with several exchanges, their customer service. Slow response and takes too much time to reply to your ticket.

Topic: What would you change about crypto Exchanges? - page 4. (Read 733 times)