What's the biggest problem with EXCHANGES right now?

janbrzeski

newbie

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Quote from: b3llsf1l3s on January 13, 2018, 12:29:11 PM

one of the concerns about the current exchange is about its safety. security should be a top priority on an exchange, because the exchange holds a lot of assets of its users. may be some exchange does require to provide features an account with level of verification.

Thats true. Unfortunately a lot of the current exchanges including the largest ones are unregulated and with 'average' security at best.

surfinonmyownwavebaby

full member

Activity: 252

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Decentralized Ecosystem for User-Generated Content

I can't say the support thing pisses me off too much because they got a bunch of users real quick that would happen to any business. What gets me is that each websites sets their own fee pricing, I don't understand why it cant be uniform across the board. I do however like the fact it is a % instead of a round number as this helps the little guy get skin in the game.

b3llsf1l3s

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Send&Receive Money Instantly, w/ no hidden costs

one of the concerns about the current exchange is about its safety. security should be a top priority on an exchange, because the exchange holds a lot of assets of its users. may be some exchange does require to provide features an account with level of verification.

tushkanych

full member

Activity: 196

Merit: 100

After the recent closure of the stock exchanges and hacker attacks on them. I'm just afraid to make money. And even more so to put a long-term orders. Don't know whether you go tomorrow or not.

cybersofts

copper member

Activity: 658

Merit: 284

Quote from: milewilda on January 04, 2018, 03:53:36 PM

Quote from: janbrzeski on January 04, 2018, 12:37:11 PM

What do you think is the biggest problem/what's lacking with current crypto exchanges? There are quite a few of them, they're making hundreds of thousands a day and yet I can't help but notice some things like...

-> Terrible, inexistant support (on most)
-> Verification takes weeks
-> Reliability (uptime) sucks

Personally what I'd like to see most is an exchange with FLAT FEES. Wtf why are all percentage based? With stocks you usually pay like $5-$10 per order. Here you end up paying hundreds if you trade bigger amounts.

So... what's yours?

For now i would go for Support thing which people do really need this thing which exchanges should really be responsive on any tickets from users because people would really like to have a responsive support-(including me) but on the current situation most of them do have poor support or doesnt really respond at all.

FLAT FEES? Its not possible. They are doing business on here which means any orders would have a corresponding %/order.

I think the major problem with today's cryptocurrency exchanges is the up-time. People no longer have the guarantee if any of the major would work tomorrow or not. Whenever you are going to the exchange the only guarantee you have is when you type the domain name and see it is working that is the only guarantee. There is no doubt, if any of the exchanges went down today or tomorrow for that matter. I even heard the Kraken is down for about 48 hours now without any good information about what is really happening.

Victorycoin

hero member

Activity: 1134

Merit: 517

Quote from: Koro-Sensei on January 04, 2018, 06:56:51 PM

Quote from: janbrzeski on January 04, 2018, 03:19:59 PM

Quote from: tora on January 04, 2018, 02:17:51 PM

1) Poor support giving no answers
2)Asking for photo ID
3)Wanting Google 2FA even when it is not possible on a laptop.

Interesting, yeah 2FA is annoying! I got like 20 now on my phone and lovely bittrex asks for it every damn time... with no other backup way of logging in

However I cant really see what they could replace that with

You cant help it they are just tightening their security so no excuses allowed if they are hacked and it would be difficult to hacked if every users has 2FA.

Aint you down playing the fact that the hacking and scamming so far at exchanges have always had an insider, so that all those security measures are only as good as an exchange let them be. Looking back, I am afraid exchanges are and would remain the worse place to leave some significant amount of money better and unlike banks, their are hardly physical locations to turn to just in case.

IgniHash

member

Activity: 224

Merit: 10

One Token to Move Anything Anywhere

Quote from: janbrzeski on January 04, 2018, 12:37:11 PM

What do you think is the biggest problem/what's lacking with current crypto exchanges? There are quite a few of them, they're making hundreds of thousands a day and yet I can't help but notice some things like...

-> Terrible, inexistant support (on most)
-> Verification takes weeks
-> Reliability (uptime) sucks

Personally what I'd like to see most is an exchange with FLAT FEES. Wtf why are all percentage based? With stocks you usually pay like $5-$10 per order. Here you end up paying hundreds if you trade bigger amounts.

So... what's yours?

There are many problem with some exchanges right now. Especially with the security issues. So here are my list:

1) Too much maintenance activity
2) Too lagging and sometime return to 404 error page
3. Withdrawal / Deposit transaction time, sometimes take a long time that activity will be processed.

atulvatsa

member

Activity: 75

Merit: 10

If you want the best exchange experience then please visit www.coinswitch.co

You can buy 100+ cryptocurrencies at best rates from there. https://coins.newbium.com/post/8967-coinswitch-co-the-first-cryptocurrency-and-altco

Darmanin

member

Activity: 119

Merit: 10

Glab Trotter

the thing I do not understand is that we trade currencies decentralize on centralized exchanges ...

crypt0heaven

full member

Activity: 182

Merit: 100

Quote from: janbrzeski on January 04, 2018, 12:37:11 PM

What do you think is the biggest problem/what's lacking with current crypto exchanges? There are quite a few of them, they're making hundreds of thousands a day and yet I can't help but notice some things like...

-> Terrible, inexistant support (on most)
-> Verification takes weeks
-> Reliability (uptime) sucks

Personally what I'd like to see most is an exchange with FLAT FEES. Wtf why are all percentage based? With stocks you usually pay like $5-$10 per order. Here you end up paying hundreds if you trade bigger amounts.

So... what's yours?

Exchanges simply cannot handle the traffic atm. They are also absolutely terrible at customer support. It just shows that the entire way people handle crypto is still in its infancy.

Babebottle

member

Activity: 112

Merit: 10

The withdraw problem i think, if you cannot withdraw your funds, then there is no need to trade on that exchange.

TheUltraElite

legendary

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So anyway, I applied as a merit source :)

Quote from: janbrzeski on January 10, 2018, 03:36:30 AM

Quote from: nydiacaskey01 on January 09, 2018, 12:22:52 PM

I would be a happy camper if those exchanges have a live support that will answer you right away 24/7. If banks can do it, why not exchanges? I believe they are handling big transactions too that needs immediate attention. They should have a responsive customer support.

There's also an increase of new registrations lately and it pushed the exchanges to halt new registrations and for me that's a good move but they should have anticipated that from the beginning if they really plan to go big in this kind of business.

True, especially that the support queries are usually fairly simple - "where is my withdrawal" "can you check on my verification documents" etc. This can be done with people trained in 1-2 days

I guess the reason that live chat is not available on exchanges is because there are simply too many people who are trading there and on top of it there are so many noobs who dont even know how to deposit money into exchanges and even end up depositing BCH to BTC and then calling the exchange scam.

The live support will only get bombarded by such questions and not legitimate queries - however even these queries are legit to some extent but there are other ways to prevent them too. KYC takes time and sometimes it may take upto 1month.

janbrzeski

newbie

Activity: 14

Merit: 0

Quote from: nydiacaskey01 on January 09, 2018, 12:22:52 PM

I would be a happy camper if those exchanges have a live support that will answer you right away 24/7. If banks can do it, why not exchanges? I believe they are handling big transactions too that needs immediate attention. They should have a responsive customer support.

There's also an increase of new registrations lately and it pushed the exchanges to halt new registrations and for me that's a good move but they should have anticipated that from the beginning if they really plan to go big in this kind of business.

True, especially that the support queries are usually fairly simple - "where is my withdrawal" "can you check on my verification documents" etc. This can be done with people trained in 1-2 days

nydiacaskey01

legendary

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Merit: 1036

I would be a happy camper if those exchanges have a live support that will answer you right away 24/7. If banks can do it, why not exchanges? I believe they are handling big transactions too that needs immediate attention. They should have a responsive customer support.

There's also an increase of new registrations lately and it pushed the exchanges to halt new registrations and for me that's a good move but they should have anticipated that from the beginning if they really plan to go big in this kind of business.

hisuka

sr. member

Activity: 882

Merit: 251

Quote from: germa66 on January 08, 2018, 08:38:33 AM

the problems in some of the most boring exchanges are in support services, when some people have problems sometimes they are very slow to respond, and also the high cost of withdrawal.

That is always the problem exists in an exchange too slow to response from the support when their is a problem. But the most that we are sufferring is take long to process sometimes the withdrawal. And, the lag of exchange sites maybe too many users are also active. With these lists hope they will resolved the issues.

janbrzeski

newbie

Activity: 14

Merit: 0

Quote from: Kingigolo on January 08, 2018, 09:24:37 AM

Many are just crashing these days. Coinsmarkets, stocks.exchange.. I believe an influx of users is the major cause. They should fix it. Made a transfer on stocks.exchange yet to be credited. Have issues with deposits and withdrawals right now. 24 hours temporary freeze.

Yeah its the huuuge increase in users and trading, that's quite understandable, it's hard to prepare for that.

But what about the other problems? There should be exchanges with good support, flat fees etc. it seems the whole market is just soooooooooo similar, only differentiating factor is 0.1 fee vs 0.2 fee lol

Not to mention professional, big 4 accounting firms should be auditing these huge companies

Kingigolo

newbie

Activity: 111

Merit: 0

Many are just crashing these days. Coinsmarkets, stocks.exchange.. I believe an influx of users is the major cause. They should fix it. Made a transfer on stocks.exchange yet to be credited. Have issues with deposits and withdrawals right now. 24 hours temporary freeze.

germa66

full member

Activity: 168

Merit: 100

the problems in some of the most boring exchanges are in support services, when some people have problems sometimes they are very slow to respond, and also the high cost of withdrawal.

Freezingel

sr. member

Activity: 574

Merit: 251

My biggest problem is that the supports of big exchanges take ages to answer your query and help solving your problem. I know that the user increase a lot but they should add more resources to the support. I don't have any problem with verification and fees, I agree that flat fee is better but hey as long as I can trade with a lot of liquidity then it's not a big problem.

TeamUp

member

Activity: 70

Merit: 10

We cant really blame the exchange platform now a days, with the sudden explode of crypto currencies, EXCELLENT exchange platform now become in-demand. In Cryptopia information alone, in the whole month of December they hit over 500,000 new user, imagine the stress work load it cause in there system? imagine how many of that new user file ticket? imagine how many employee do exchange have to handle their concern? I really doubt they foreseen that the crypto world will explode now a days (just like how we did not expect that BTC price would reach this high today), i think even them are shock as what is happening and did not prepare for it, either there system or there manpower. So lets give them time to expand, because it wont do any good to bush them every now and then.

Topic: What's the biggest problem with EXCHANGES right now? (Read 402 times)