A cryptocurrency exchange is a medium that allows users to facilitate buy and sell orders. The exchange site can facilitate these trades using fiat pairings and use liquid cryptocurrency assets like Bitcoin and Ethereum. These transactions come at a cost and normally are set in a progressive fee bracket which allows the exchange to make a profit and run its service.
A recent article on Coinsulta explains what traits to look for when searching for an exchange. Currently, hundreds of different exchanges exist that are producing millions of dollars in transactions a month. Cryptocurrency has been on a steady incline ever since Bitcoin was mined in 2009. In a market that is growing at a fast pace like cryptocurrency one might think the technology and exchanges that are facilitating these trades are advancing and growing as well. In our last blog, we explained how the exchange market hasn’t really changed much and hacks and exploits are getting more and more frequent.
What to Look For:
Ease of Usage
The first important thing to look for in an exchange is the ease of usage, some exchanges are hard to operate and sometimes the user might end up sending cryptocurrency to the wrong addresses because of the confusing UI. If cryptocurrency adoption is going to occur everyone needs to be able to access these exchange platforms without hours of learning. Which is why at Oodlebit we have taken the initiative to make the exchange platform easy for anyone to understand and start trading within minutes, with tools available for more advanced users to keep everyone active.
Security of Funds
As we have seen in countless exchanges in the past that were in control of millions, security hasn’t always been a top priority. This gives a bad taste to others who are on the fence about getting into cryptocurrency and is hurting the users that are involved in cryptocurrency directly. Most of the cryptocurrency hacks/exploits could have been avoided and the carelessness of private keys was astounding. Oodlebit has a strict policy on security and is transparent with our users with our policies and handling procedures. Two Factor authentication will be available for everyone accessing the platform to ensure an extra layer of security. Our advanced system will monitor unusual activity, including log in location, trading patterns, and other activities. Cold storage’s are often used lightly on exchanges, and store a small percentage of the funds. However, at Oodlebit a majority of user funds will be safely secured in cold storage wallets.
When dealing with user funds, exchanges should act seamlessly and run smoothly to give the users the best experience possible. Unfortunately, that is not always the case with the top exchanges. Having near perfect up time is something that Oodlebit strives for and maintain innovating trading software/tools is something that we pride ourselves over. In order to give a good performance and first experience, we are giving away 50 OODL coins with 60 days of free trading to the first 30,000 users. Our customers and their loyalty are priceless and to show our continued support to the community we are always running promotions/events to engage the community that we share.
Oodlebit believes in low fee trading in order to boost performance, and when trading personal funds the users should have fair fees. This is why we are committed to competitively pricing our fees to other exchanges.