March 5, 2021

For crypto traders, a demo account and low fees are more important than exchange security

For crypto traders, a demo account and low fees are more important than exchange security

According to a study by a consulting companyBDCenter Digital, most crypto traders work on several exchanges, which are selected based on the availability of tools for beginners, the level of commissions and ease of use.

The agency interviewed traders from 75 countries toGet their opinions on trading floors and products. The results showed that 80% of speculators have been working on the cryptocurrency market for less than three years, so they are primarily interested in having a demo account (71%) and an intuitive, convenient interface (37%).

When choosing a platform, 54% are oriented on the speed of input / output of funds. According to respondents, a good exchange should not only be easy to operate, but also charge commissions only for trading, and not replenish the deposit and withdraw funds. Only 36% agree to pay for the withdrawal of cryptocurrency, and only 29% approve of fees for withdrawal in fiat.

However, only 37% of respondents namedplatform security is a key factor, and 16% keep their assets on the exchange. Although in the case of a platform hack, 70% of respondents consider the option of moving to another site.

For crypto traders, a demo account and low fees are more important than exchange security

Unlike the Forex market, the conditions forcryptocurrency platforms can vary greatly (the number of trading instruments, pairs, fiat support), so 81% of traders work on several, and 40% on three or more exchanges. Mostly for hedging.

The study also found that the mostpopular trading strategies are impulse trading and day trading. This is due to the high volatility of cryptocurrency rates and the complexity of market forecasting. Crypto traders also trade in large shares of their assets, 47% of respondents trade in the amount of 10-50% of the deposit, and 18% for the whole.

Recall that we previously examined why 95% of daily traders fail in the cryptocurrency market.

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