A new survey carried out by the company Cryptowisser says “yes, you most likely are trading at the wrong exchange”. In the survey, 300 cryptocurrency investors were asked about their preferences and choices in relation to cryptocurrency exchanges. 86% of them were found to be trading at the “wrong exchange”.
In this context, a cryptocurrency exchange is “wrong” if:
- It does not provide all the deposit methods that the relevant investor prefers; or
- It has a smaller selection of trading pairs than the relevant investor prefers; and
- There are other cryptocurrency exchanges with lower or substantially lower trading fees and withdrawal fees that have essentially the same trading features and provides the desired deposit methods or a more extensive selection of trading pairs.
Another alarming fact was that many investors did not know what withdrawal fees their chosen exchange charged. 10% of all people responding to the survey had felt negatively surprised about the withdrawal fees when withdrawing cryptocurrencies or fiat currencies from their chosen exchanges.
“The results of the survey simply shows that it is very important to carefully consider the offering of a cryptocurrency exchange before starting to trade there. Choosing the right cryptocurrency exchange is not as important as choosing the right cryptocurrency to purchase, but it is so much more important than the general public thinks”, says one of the co-founders of Cryptowisser.
To help rebalance the information disadvantage many cryptocurrency investors might feel ahead of choosing a cryptocurrency exchange, Cryptowisser has compiled a list of more than 250 cryptocurrency exchanges with details on fees, deposit methods, security and more. The list is without competition the biggest such list in the world.
But it doesn’t stop there. Cryptowisser has also developed a matching robot they call the Exchange Finder. In the Exchange Finder, the investor answers six questions (including highest accepted trading fees and the cryptocurrencies the investors wants to trade) and is then matched with the available alternatives on the market. The tool has been hugely successful and appreciated by the crypto community so far.
In addition to providing unbiased info on exchanges to the market, Cryptowisser also has a cryptocurrency wallet list, cryptocurrency debit card list, cryptocurrency merchant list and – last but not least – a cryptocurrency casino list. It aims to be a one-stop-shop for people looking for cryptocurrency services.
Finally, Cryptowisser has also developed an extensive Cryptocurrency Glossary with hundreds of cryptocurrency terms explained and provided with reference examples. Good work Cryptowisser!
The concluding question is this: are you trading at the wrong exchange? And, if so, why?