Attractive Crypto Trading; How Encrybit is bringing Solutions to Crypto Trading’s Biggest Problems

Anyone who has spent any time on active crypto trading will readily agree that the experience usually leaves far more to be desired. There have been a number of recurring complaints across different trading platforms and this has seen an upsurge in the use of third party software’s to trade Cryptocurrencies.

Traders are clearly unsatisfied by the delivery that they are getting. Many traders know they are unsatisfied, but don’t exactly know why and so they cannot quite decipher the solution if they see it.

Encrybit may be a new cryptocurrency trading platform, but it is a game changer! It is firmly built on exhaustive research into the present state of the crypto trading platforms, the desires of the traders and the attractiveness of the existing platforms to new users.

The Encrybit research team launched out on a series of research operations to decipher how best their services could address the needs of the market in a revolutionary way. The product of the research is the new generation trading platform; Encrybit. It looks different, feels different and definitely gets you different results.

However, the entire adventure started by them asking the right questions and deciphering the problems. The Encrybit survey unearthed a plethora of problems with existing exchanges. In this piece we consider a few of these problems and how the Encrybit model aims to address them.

Insufficient Security Measures in Platforms

In the Survey organized by Encrybit, the overwhelming complaint was that of security. 40% of the participants said that security was a major concern for them in the conventional exchanges.

Their fears are not unfounded either because in the short history of cryptocurrency we have already seen several malicious attacks on exchanges by hackers and phishers, gulping down currencies and terminating user confidence in such exchanges. In extreme cases, traders have totally lost confidence in the business of trading.

Central exchanges are handled by humans and this also increases the fear among cryptocurrency traders that their data and assets are not secure over the network.

Here is what Encrybit Has done about it

Encrybit has developed a centralized platform which eyes to protect its users from all kinds of security threats. Undergoing a dating project to ‘create the safest platform yet’.

The Encrybit team have been active in the world of cryptocurrency for over two years and have tried and tested almost a dozen exchange platforms and have discovered security flaws every single time. They have built the Encrybit security system off of these discoveries to make it as safe as they can possibly make it.

Encrybit therefore came up with a comprehensive security plan. Here are some safeguards to protect traders:

· Security and Blockchain Experts:

Every aspect of the building and supervision of the platform was done by top quality cybersecurity and blockchain experts.

· System Security Infrastructure:

The Encrybit platform adds a number of important accessories to ensure better trader-protection.

They are:

-Three layered security involving multiple levels of defence that stop rapid infiltration by an interceptor.

-VPN Technology which is known to establish a safe and encrypted connection over a susceptible network.

- Multi-layer firewall which automatically establishes a filter between trusted and untrusted access.

-Public access secured for DDOS (Distributed Denial of Service) attack. This makes sure that the perpetrator is not able to hamper the resources of the host machine.

-Internet overlay network infrastructure: This spawns layers of network abstraction. These networks can be used to put life into discrete virtualized network layers just on top of the physical network. By doing so, the network earns the security benefits.

- Two-Factor-Authentication (2FA):

2FA offers an additional layer of security by making it harder for interceptors to acquire the person’s account or device. The password won’t be enough to pass the authentication check as the account would demand second authentication passing.



-SMS-OTP:

Loads of traders trade Cryptocurrencies on their mobile phones or at least possess a mobile phone and store their digital assets in mobile wallets. Encrybit therefore thought it wise to integrate an SMS-OTP to be used for authentication pre and post any transaction. This is required as a prerequisite before the platform heeds any instruction. Any mismatch or missing OTP would result in the transaction being aborted promptly.



-Limit Withdrawal per User:

The Encrybit platform prevents large amount withdrawals in a single transaction. This ensures that in the worst case scenario, hackers will access only a limited amount per time giving enough time to intercept further transactions.



-Withdrawal confirmation by E-mail or SMS:

Encrybit’s approach to security is extensive so after the SMS OTP, the platform requires confirmation by email or SMS post-withdrawal as a failsafe. This makes it possible for dubious transactions to be identified quickly in the confirmation message.

Encrybit has gone to great lengths to assuage trader fear and encourage improved participation.

2. High Trading Fees

Immediately after the security complaints, complaints about trading fees were the next in line by virtue of seriousness. With about 37% of people complaining about high trading fees among the exchanges, 18% of those surveyed are particularly concerned about high withdrawal fees.

Those who hold on to their currency for a long time without withdrawal are least affected, but traders who withdraw their earnings on a daily basis have taken the brunt as they lose significant chunks of their already nominal profit as cost.

Another group that has been affected by this are those that trade on multiple platforms (a large percentage of serious traders do this because no single platforms satisfies all their needs) and hence, have to transfer coins between platforms and withdraw. They also lose substantial amounts as transfer fees and consequently lose some more as withdrawal fees too.

Here is what Encrybit has done about it.

Encrybit has gone to lengths to keep the trading fees marginal and have left the withdrawal fee to remain dependent on the miners and their mining fees alone. Hence, Encrybit does not have a fixed amount like the other platforms.

Also, Encrybit has provided an avenue to access a 50% discount if fees are paid with the ENCX token.

3. Bad Customer Support

From time immemorial, the customer has been king, but more so in online based businesses and services. The ability to interact adequately with and respond promptly to your customers, in this case traders is a key feature of any online based platform or business.

A large pool of surveyed individuals, about 33% were concerned by the poor customer support on many of the platforms.

Here is what Encrybit has done about it

The Cryptocurrency market is very agile and there are certain issues that need urgent and frequent attention from the exchange support team and in these cases they are expected to respond in record time. These issues may range from 2fa validation failure, withdraw / deposit not initiated, to login failure. Such issues require the fastest resolution time possible.

The Encrybit platform prioritizes customer support and provides streamlined support, with defined time responses. Their customer support is also multilingual, boasting response in many of the major languages of different traders.

4. Unattractive and Confusing Trading UI

A large number of traders were found unsatisfied with the UI and general UX of most of the trading platforms including the big hitters in the market.

The general complaint received by about 21% of people surveyed in the first Encrybit survey was that the user interfaces on majority of the trading platforms were practical, but boring and uninviting and in many cases confusing.

Practical in the sense that it accomplishes its purposes; to buy/sell cryptocurrencies. However, a survey of traders expectations shows that most traders expect it to be easy and attractive.

Here is what Encrybit has done about it;

Encrybit’s UI addresses trader expectations satisfactorily with a presentation of smart features and easy access. Their UI is made extremely user friendly as a means to accommodating experts alongside beginners, and less tech savvy traders.

The UI navigation has also managed a great feat rewrapping the entire trading exchange experience in such a way that users get most of the information in one screen without going back and forth and switching windows and tabs for important data.

This makes a robust amount of actionable information available easily without endangering the User experience.

Encrybit has gone to major lengths to make the experience of trading Cryptocurrency appealing and easier as well as eliminating the need for using various platforms to achieve trader satisfaction.

The future looks bright and Encrybit is perhaps the most viable investment prospect in the cryptosphere in the moment.

It is the first of a new generation of trading platforms and hopes to inspire many other platforms to become customer minded as well.

For more details visit — https://encrybit.io/pdf/encrybit-wp-v1.pdf