As a result of the roughly two hundred crypto exchanges available on the web, crypto trading is a rapidly growing trend.
Although negative stories on the media have made so many people scared of using crypto exchanges, there are solutions available now.
Asides from the negative stories thrown everywhere, frequent problems and difficulties faced by these exchanges have contributed to the fears of people.
Nevertheless, we will be taking a look at how the crypto industry can solve these issues.
Ways The Crypto Problems Are Being Solved
Some of the problems and their solutions include:
- Trading Fees
The issue of high fees has been the norm for most crypto exchanges. With every trade a person makes, a particular percentage of the order activity is collected as commission for that trade.
It does not matter if they are even trading at a loss. Thus, this has become a money generating option for these exchanges. And, the community does not get a share from it.
Nonetheless, the way to address these high charges and possibly retain the paying customers is to provide an incentive. This incentive will be for those interested in being involved.
It could be a referral scheme or even a profit-sharing program. It will be a way for traders to get all of those around them to participate and in turn, make some additional profits.
- Issue of customer support
When crypto users are stuck with almost anything on the exchange platform, or when they want to find out some user features, they go to the customer support contact.
They run to these customer support contact for advice and sometimes resolutions of the problems they are being faced with. However, there is a deficit in customer support in most exchanges.
Furthermore, the issue is that the growing exchanges do not get to scale their resources with the number of users they are serving. However, some of these exchanges are addressing this issue through the employment of customer service providers.
- Security issue
The issue of security breaches is more than common in the exchange industry. It is also very terrifying for the owners of crypto platforms. This is because the personal info of those making use of their platform can be easily compromised.
Moreover, people are losing life-shattering amounts of cash as a result of fraud and scams. For its resolution, crypto exchanges are making use of the two-factor authentication.
It is a highly used security measure that demands that users input their email addresses or phone numbers whenever they sign up. Next, the exchange will send the user a text or even a mail with the right code to enter whenever they get logged in.
Another resolution technique is via cold storage. Here, all vital data are stored offline. This gets users reassured that it could never be tampered with.
To Wrap It Up
The crypto industry is going to great lengths in making its users comfortable. No one wants to lose their life savings just because of careless mistakes that could be avoided.
As it stands, you have nothing to worry about when you want to invest in virtual currencies. So many exchanges are making use of these resolutions. They are making use of technological security features and offering adequate customer support.
Author | Emily Forbes
An Entrepreneur, Mother & A passionate tech writer in the technology industry!