For crypto traders, a demo account and low commissions are more important than the security of the exchange
Crypto Exchange Fees Explained: Don’t overpay!
According to research by the consulting company BDCenter Digital, most crypto traders operate on multiple exchanges, which are selected based on the availability of tools for beginners, the level of commissions and ease of use..
The agency surveyed traders from 75 countries to find out their views on marketplaces and products. results showed, that 80% of speculators have been working on the crypto market for less than three years, so they are primarily interested in having a demo account (71%) and intuitive, user-friendly interface (37%).
When choosing a platform, 54% are guided by the speed of deposit / withdrawal of funds. According to the respondents, a good exchange should not only be easy to use, but also charge commissions only for trading, and not replenishment of the deposit and withdrawal of funds. Only 36% agree to pay for withdrawal of cryptocurrency, and only 29% approve fees for withdrawal in fiat.
At the same time, only 37% of respondents named the security of the platform as a key factor, and 16% keep their assets on the exchange. Although in the event of a hacked platform, 70% of respondents are considering the option of switching to another platform.
Unlike the Forex market, the conditions on cryptocurrency platforms can be very different (the number of trading instruments, pairs, fiat support), so 81% of traders work for several, and 40% – on three or more exchanges. Mainly for hedging.
The study also found that the most popular 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 large shares of their assets, 47% of respondents trade for 10-50% of the deposit, and 18% for the entire.
As a reminder, we previously looked at why 95% of day traders fail. on the crypto market.
text: Ivan Malichenko, photo: bitcoin.com, graphic: BDCenter Digital