Since the cryptocurrency market is naturally attuned to technical analysis, most trading platforms tend to cater to active traders who thrive on indicators, moving averages, hourly volume, and other highly technical factors. Digital currency investors find it difficult to take positions based solely on fundamental analysis because the market has not quite matured to that level; as a result, most cryptocurrency exchange platforms tend to appear kind of dry and not quite engaging.
The Encrybit development team has been conducting a series of surveys among cryptocurrency traders to learn what they dislike about the platforms they currently use. Aside from high volatility and the dismal bear market conditions of November 2018, crypto traders also complain about:
- Trading interfaces that are not user-friendly.
- Lack of multilingual support.
- Confusing charts.
- Too much focus on technical analysis that is not always conducive to taking market positions.
- Excessive trading fees.
Based on their findings, Encrybit developers are working on a trading platform that will offer a more intuitive interface that is fun and easy to use, trading rewards, social media engagement, friendly tutorials, customer support in multiple languages, and the opportunity to lower trading fees when using the platform’s native digital token.
Cryptocurrency Exchange Development
To a certain extent, Encrybit’s proposed exchange sounds like eToro, a social trading platform that started out as a friendly forex retail broker ideal for newcomers who wanted to get away from highly technical interfaces. Another platform that primarily focused on social trading when it started operating about a decade ago is StockTwits. Both eToro and StockTwits are now established and respected platforms popular among traders who are members of the Millennial Generation, and this probably one of Encrybit’s goals. Research studies have shown that cryptocurrency traders who follow social media sentiment tend to make more informed decisions with regard to their market positions, thus suggesting that Encrybit is on the right track in this regard.