In mid-March 2018, Dinngo as an user-centered hybrid exchange initiated an online survey to collect the feedback from digital currency traders regarding on the experiences of exchanges.
For the traders, interface, support, entrance & exit, and the system stability are the keys to evaluate if an exchange is qualified. These needs sound simple and reasonable, but are still under satisfied yet. Dinngo hears you, and is coming soon. But now, let’s see the summary of the survey result.
SURVEY PART 1. Participants Background
As Dinngo collected 500 completed surveys, some of the participants were duplicate as for the attractive lottery prize ($500 shared by 10 lucky people). Hence the total population of the survey participants was only 489.
Among the 400+ participants, 72% were from Asia, follows by North America 13% and Europe 13%.
40% of the overall participants were with US$1,000 — $10,000 equivalent digital currencies, and 40% of the 400+ participants traded digital currencies quite frequently (daily plus weekly).
SURVEY PART 2. Exchange & Wallet
Comparing feedback from the experiences on different exchanges are a bit confusing. For example one would say Binance is generally good but could do better on its mobile app, while the other participant may think Bittrex is perfect but ignoring the fact that it hasn’t have an official mobile app yet.
Thus it’s important to know which exchange the participants are using to reach an unbiased conclusion. Binance got the highest market share 33% among the 400+ participants, Bitifinex and Poloniex just had about 15% but were still significantly at the leading position.
On the other hand, knowing the wallet you used could basically gauge your attitude toward security. The majority, 60%, of the 400+ participants, seemed trying to use a wallet either on hardware or software to enhance the security; while 40% of the participants were using the wallet on the exchange, seeming convenience defeated security for those cases.
SURVEY PART 3. Last Trade
It would be not that informative if the participants haven’t traded on any exchange for a long time, as the memory may fade and the exchange may change. But good to know that 69% of the participants just traded their digital currencies within the week they took the survey, almost half of the 400+ participants traded on Binance. ETH with fiats are the currency pairs that most participants traded for the last time.
SURVEY PART 4. Pain Points
To know one’s need should base on the understanding of current situation, and one has the tendency to make suggestions based on existing pain points.
It’s general that an exchange doesn’t support fiat currencies cause fiat is the foundation of the economy and is related with many many many regulations and restrictions. Thus it’s not surprising that most participants agreed the pain point to use an exchange was buying digital currencies with fiat. But, for the rest pain points, especially 15% participants complaining that a responsive customer support was scarce. Is that really hard to satisfy? People may make a scene if can’t find someone to solve a banking problem these days, but obviously it’s not working in the digital currency world.
SURVEY PART 5. General Suggestions
Dinngo is super lucky to have the 400+ participants as most of them shared their unique and inspiring insights regarding on the suggestions to an exchange.
Having a rough classification, Dinngo received suggestions mostly on user interface, customer support, process to deposit and withdraw for both digital and fiat currencies, and a stable system. Dinngo hears your need, and we are coming very soon. Let’s keep in touch ;)
Links
- Official Website: dinngo.co
- Twitter: https://go.dinngo.co/twitter
- Contact Us: support@dinngo.co
