Crypto exchanges have become an important facet in the industry. Delivering ease of use and convenience, they provide traders will a platform to buy and sell digital assets.
At the same time, though, traders are concerned about their security. You only have to look to the now-defunct Bitcoin exchange Mt. Gox, the hack at crypto exchange Coincheck, or the Zaif exchange, to name a few, to see why this is.
Not only that, but if a trader is new to the space, they want an exchange platform that has a simple to use user interface, provides enough technical analysis tools and charts to make a proper determination, with transparent policies, multi-tier security, and smart social trading.
In a bid to deliver on these, Hong Kong-based Encrybit believes it has the answer.
According to research conducted by the platform, which saw 1,108 participants responding, 40 percent indicated that security was a major concern on crypto exchanges. This was followed by 37 percent who said high trading fees are a hurdle; 36 percent noted that a lack of liquidity was a concern, with 22 percent indicating that a lack of crypto pairs hindered good trading.
In separate research conducted by Encrybit, with responses from over 10,000 traders from more than 160 countries, 57 percent said they use more than three crypto exchanges to trade. This is due to a lack of trading pairs and low liquidity.
Encrybit, which pitches itself as “the best all-in-one feature enriched cryptocurrency trading platform,” according to its whitepaper, is aiming to solve issues for traders by giving them “…all the tools they need, all in one single page…” Some of its features include social trading, broad order book, smart alerts, coin comparison, advanced order summary, crypto radar, and multi-chart layout enabling traders to analyse up to six coin charts in the same window.
The platform has its native token, ENCX, which is a key element of its ecosystem. According to the team, it will be used to “administrate the exchange operations with multiple uses in various tasks and fees.” It will also “determine the exchange revenue model with trading, coin listing, and various other activities.”
The token can be used to receive a 50 percent discount on trading fees. The exchange states that its initial trading fee is 0.1 percent, with a discount rate of 0.05 percent. It’s currently undergoing its private sale, which will end the 15th December, 2018. From the 16th December until the 31st January 2019, Encrybit will have its presale. The public sale will commence from the 1st February, ending the 15th March 2019.
Every three months, the platform will use 10 percent of its total profit to repurchase ENCX tokens. There will be a total supply of 270 million ENCX tokens.
The team behind Encrybit have worked with the likes of Bank of America, Bloomberg, PayPal, eBay, the London Stock Exchange, Citi Group, and the National Stock Exchange USA.
The platform said: “Encrybit is purely based on the thoughts of traders, on what they want, the problems they are facing and the facility they demanded in the surveys we came to know. Encrybit is merging all their problems and expectations as solutions in the form of a Encrybit cryptocurrency exchange.”
For more information on Encrybit, read their full study here. Their private sale ends on the 15th of December with the public sale beginning on the 1st of February and ending on the 15th of March. Read their Whitepaper to find out more.