What Is Encrybit?
Encrybit is a crypto exchange that wants to offer powerful solutions for the crypto trades to utilize. The exchange will solve some of the major issues that plague exchanges with innovative features. Their hope is that the exchange could help crypto exchanges to be accepted by the masses.
Encrybit Cryptocurrency Exchange With Enriched Trading Features
One of the unique features on Encrybit is the social trading function. It allows users to share trades and ideas with the trading community. As a result, they get feedback and discover where their trading plans are viable or not. The order-matching algorithm on Encrybit is able to handle over a million orders. It also features three-tier security to enable it to safeguard the crypto assets.
Another unique feature is a powerful built-in technical analytics that will enable professional level TA capabilities. This feature is going to be able to handle a large and growing number of coins. With the help of the Encrybit custom market overview, it will be possible for users to set up an ideal trading environment. As a result, users will be able to reach extensive market analytics, signals, research, and social feeds.
Major Issues In The Current Exchanges
Crypto exchanges allow users to buy and sell crypto coins. However, these exchanges have major issues. Encrybit recently performed one of the most comprehensive surveys to check what issues traders are facing.
A major issue that has been identified in the survey is the insecurity. Right now, 99% of trading volumes take place on central exchanges. This is despite the fact that most people say they are in favor of decentralized exchanges. Security concerns have been on the rise since the hack on Mt. Gox with more than 650,000 Bitcoins stolen.
It remains the biggest hack of an exchange to date. Despite the centralized exchanges being a security risk, the survey found that most people preferred them since they were easy to use. Besides that, these exchanges have better liquidity.
The crypto market is still not yet able to absorb large orders without leading to a major price shift of the crypto. This occurs since there is limited liquidity in this market compared to the fiat market. Small exchanges with a trading volume of about a thousand BTC often face supply issues. This usually leads to prices rising about 10% above the normal price.
Most traders usually buy coins and hold onto them. When this happens, it often causes wild price swings as the markets are flooded by buying or sell orders all at once. There is no easy solution to this issue.
High Trading Fees
The survey revealed that traders were concerned about the trading fees. Most exchanges ask for a fee of 0.25% to 3%. On decentralized exchanges, the requirement for fees is small or does not exist. This fee is needed since centralized exchanges are costly to operate.
Encrybit ICO Details
The date for the ICO has not yet been announced. Right now, the team is working to release the whitepaper. Once that is done, they will be able to give a clear date for the ICO.