Exchanges are highly troubled at the moment with various issues, the first and most important one being security. Lately, a lot of exchanges have been targeted by hackers who in many cases have successfully breached past the exchange's security measures into the hot wallets, eventually emptying them. Every exchange needs to step it up and add more layers of security to its website.
Another issue lately has been transaction fees as withdrawal transactions are stuck in the mempool for a pretty long time because of lack of fees used while sending. Since most exchanges already charge a fee for withdrawal, output transactions should have optimal fee for fast confirmations.
Topic: What's the biggest problem with EXCHANGES right now? - page 3. (Read 402 times)
My biggest problem with crypto exchanges are high cost in withdrawal transactions. As exchanges are considered to be susceptible to attacks I will feel safer if my investments are in my wallets. Having said that, transaction fees in general should come down if crypto currencies trading is to pick up pace.
The transaction fees will be straight with the price of the currency itself, Remember when ripple cost about less than $0.01 and the fees was really cheap but ripple growth $3.4 for each coin and that makes the fees become ridiculous at all. But as long as the exchange site still able to manage their users and that will be fine That's a part of a business in crypto exchange site with have a high fees, but that's normal have a fees in every transaction.
Behind that transaction fees you're money that putting on trading will be safe as well.
So far, this is the problem that I got from almost all of crypto exchange market that I joined.
1. bigger order, bigger fee.
2. lack of support (slow response, etc).
3. server (when some coin on its hype and many people start to trade it at the same time, it will crash).
4. and withdrawal time is not as fast as when we deposit into the exchange. just why?
1. bigger order, bigger fee.
2. lack of support (slow response, etc).
3. server (when some coin on its hype and many people start to trade it at the same time, it will crash).
4. and withdrawal time is not as fast as when we deposit into the exchange. just why?
I agreed with you, yes! these statement above are true mostly exchange site now like that, they are protecting you're money from different hacker if ever. I think high fees are worth it of it.
But as what i have said that is okay as long as you're money are safe in their as wallet as well.
The biggest problem is they are not decentralizing!
My biggest problem with crypto exchanges are high cost in withdrawal transactions. As exchanges are considered to be susceptible to attacks I will feel safer if my investments are in my wallets. Having said that, transaction fees in general should come down if crypto currencies trading is to pick up pace.
The transaction fees will be straight with the price of the currency itself, Remember when ripple cost about less than $0.01 and the fees was really cheap but ripple growth $3.4 for each coin and that makes the fees become ridiculous at all. But as long as the exchange site still able to manage their users and that will be fine My biggest problem with crypto exchanges are high cost in withdrawal transactions. As exchanges are considered to be susceptible to attacks I will feel safer if my investments are in my wallets. Having said that, transaction fees in general should come down if crypto currencies trading is to pick up pace.
I dont think they can do much about it (I am guessing you're mainly talking about BTC) - considering that a BTC transaction costs something like $30-40 now (wtf) they need to charge an appropriate fee to cover that
My biggest problem with crypto exchanges are high cost in withdrawal transactions. As exchanges are considered to be susceptible to attacks I will feel safer if my investments are in my wallets. Having said that, transaction fees in general should come down if crypto currencies trading is to pick up pace.
A lot of these problems are currently caused because Bitcoin got a lot more popular in these last couple of months.
I think that a solution would be for exchanges to temporarily close registrations until they can handle the influx of new users.
Another thing I'm a bit worried about is that some coinbase do not get their deposits credited, even after waiting months for it and contacting support several times.
I think that a solution would be for exchanges to temporarily close registrations until they can handle the influx of new users.
Another thing I'm a bit worried about is that some coinbase do not get their deposits credited, even after waiting months for it and contacting support several times.
I am yet to receive any kind of ticket reply from CoinBase... and waiting to have my limits increased since October 3rd (with zero replies so far)
A lot of these problems are currently caused because Bitcoin got a lot more popular in these last couple of months.
I think that a solution would be for exchanges to temporarily close registrations until they can handle the influx of new users.
Another thing I'm a bit worried about is that some coinbase do not get their deposits credited, even after waiting months for it and contacting support several times.
I think that a solution would be for exchanges to temporarily close registrations until they can handle the influx of new users.
Another thing I'm a bit worried about is that some coinbase do not get their deposits credited, even after waiting months for it and contacting support several times.
So far, this is the problem that I got from almost all of crypto exchange market that I joined.
1. bigger order, bigger fee.
2. lack of support (slow response, etc).
3. server (when some coin on its hype and many people start to trade it at the same time, it will crash).
4. and withdrawal time is not as fast as when we deposit into the exchange. just why?
1. bigger order, bigger fee.
2. lack of support (slow response, etc).
3. server (when some coin on its hype and many people start to trade it at the same time, it will crash).
4. and withdrawal time is not as fast as when we deposit into the exchange. just why?
This thing covers everything, I also experience this problem some time and its make me feel bad. Most of the exchanges are still not safe up to date since a lot scams are still happening. I am hoping that exchanges will continue to improved their services since this market is about to boom in the next few years. Better to be more competitive because a lot of exchanges will be made for good.
So far, this is the problem that I got from almost all of crypto exchange market that I joined.
1. bigger order, bigger fee.
2. lack of support (slow response, etc).
3. server (when some coin on its hype and many people start to trade it at the same time, it will crash).
4. and withdrawal time is not as fast as when we deposit into the exchange. just why?
1. bigger order, bigger fee.
2. lack of support (slow response, etc).
3. server (when some coin on its hype and many people start to trade it at the same time, it will crash).
4. and withdrawal time is not as fast as when we deposit into the exchange. just why?
Well the issue with poor support isn't usually entirely their faults.We have alot of people trooping into cryptocurrency investments nowadays and virtually don't know how to go about things and so end up messing up and will require support tickets.I think the way forward for exchanges is to have more support staff after all they make alot of money and can afford to pay more workers.
Nowaday transaction fess is to high. But you will know the transactions process. You will check the trades costume feedbacks before you will start the trading process. Some trades not time to transaction process competed. So you will check then you will process. Trading process time is important for the transaction. So befor you will check it. Any trading you will check for the process.
Well the issue with poor support isn't usually entirely their faults.We have alot of people trooping into cryptocurrency investments nowadays and virtually don't know how to go about things and so end up messing up and will require support tickets.I think the way forward for exchanges is to have more support staff after all they make alot of money and can afford to pay more workers.
The main and the biggest problem for me I think is their customer support SUCKS. They always do, they don't reply to you or even take days to reply to you just saying "we will look into that matter". WTF They replied after few days and you will have to wait another few days to get resolve.
Lol, a few days is still good haha
I wonder why? I mean, they surely don't lack the financials to hire more support personel. Yes, there are probably hundreds/a few thousand tickets per day, but what's the problem with ramping up their customer support to eg. 100 people?
I run an online business with 25 virtual employees and hiring the 25 just by myself was no problem at all.
Especially when you consider that 'customer support' isn't exactly the most demanding position in the world...
The main and the biggest problem for me I think is their customer support SUCKS. They always do, they don't reply to you or even take days to reply to you just saying "we will look into that matter". WTF They replied after few days and you will have to wait another few days to get resolve.
Quote from: janbrzeski
-> Reliability (uptime) sucks
This is weird, I never experienced a downtime this past few years. (at least during my time online)What I meant is them shutting down trading or new registrations during the most important (peak) periods
What do you expect from non-legit exchanges?
There were no regulations to follow, they can do what they want as long as most of their customers aren't complaining.
But it depends on the number of the customers, more users more room for problems.
There were no regulations to follow, they can do what they want as long as most of their customers aren't complaining.
-> Terrible, inexistant support (on most)
Not just exchanges, there are a lot of internet-based services that got terrible support.But it depends on the number of the customers, more users more room for problems.
Quote from: janbrzeski
-> Verification takes weeks
This is normal for some, a company that is not that big and those who want to be verified are just too many to handle will surely take weeks to do their job.Quote from: janbrzeski
-> Reliability (uptime) sucks
This is weird, I never experienced a downtime this past few years. (at least during my time online) 
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?
Maybe you have registered in bad exchanges which have a problem verification, withdrawal etc. I have a friend who have the same problem. The verification takes too long. There are good exchanges to trade with.-> 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?
Regarding your want to have FLAT FEES. It is impossible to implement because that is business they too need money. I don't know any market that have FLAT FEES. Even stock market and forex were percentage based.
My main problem is customer support. Most exchanges specify that support will be given within 48 hours of an e-mail being sent out, but for most exchanges I have had to wait for like 3 days. Hitbtc is one of the culprits with really bad support.
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.
FLAT FEES? Its not possible. They are doing business on here which means any orders would have a corresponding %/order.
Why not? Essentially all forex and most stock brokers work this way. Placing a trade costs for example $10. I don't understand why wouldn't they implement a similar structure?
It is indeed a madness when you look at how they take a percentage on every single trade that we did.
How much money ghey make? Ughhhh so greedy they are!
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.
FLAT FEES? Its not possible. They are doing business on here which means any orders would have a corresponding %/order.
Why not? Essentially all forex and most stock brokers work this way. Placing a trade costs for example $10. I don't understand why wouldn't they implement a similar structure?
Each exchange has different style of applying fee on their exchange. I dont really problem with statis or dynamic fee at least it can affordable. I have problem more in withdrwal problem.
Jump to: