Crypto Startup Uses Surveys to Build Exchange Based on ‘Emotions and Thoughts’ of Traders

A new crypto exchange says it offers “bells and whistles” compared with rivals – and argues that most of the market leaders are failing to provide investors with the technical analysis tools they need to make informed decisions.

In a break away from confusing user interfaces, Encrybit wants to help traders that it says have been pushed to use third-party software because exchanges have let them down. It claims many crypto enthusiasts have no choice but navigate between multiple exchanges – remembering seemingly endless passwords and withdrawals fee in order to access the broad range of cryptocurrencies they want to trade.

In addition to software that makes trading “enjoyable, engaging and profitable,” the startup plans to provide “a fantastic informative and learning section” enabling people of all backgrounds to discover more about how the market works.

“A new generation of crypto exchanges”

Encrybit’s white paper sets out a plethora of features that its exchange intends to offer. Along with thorough profit and loss reporting, smart alerts and an extensive range of technical analysis tools, the startup wants to open its doors to emerging markets by offering multilingual support and dedicated customer representation. In order to boost trader confidence, it will also offer a demo trading platform where users can simulate their strategies, along with incisive news updates and market research.

Smart alerts will enable traders to receive notifications whenever prices hit a certain level, with information sent via email and through apps. Meanwhile, social trading will enable users to follow the strategies of others on the platform. Although Encrybit will initially be available in English, the startup plans to slowly adapt by launching in other languages – with Chinese, Japanese, Korean, Russian, French and Italian listed as business priorities. Support for further languages is going to be rolled out based on demand and user numbers, with regional support teams recruited in areas where there is the most growth.

The company also argues that some of the exchanges that dominate the industry lack respect for their user base because their policies lack transparency. Encrybit plans to remedy this by offering clear policies surrounding airdrops, coin listings, withdrawals and distribution.

Unlike other exchanges, Encrybit says it has made an extensive effort to learn more about what crypto enthusiasts need and expect from exchanges. In a survey online, it discovered that the biggest concerns for investors include security, high trading fees, a lack of liquidity and inadequate crypto pairs.

The firm says this intelligence “merges the emotions and thoughts of cryptocurrency traders,” and has been used extensively in research by other projects.

“War of competition”

Encrybit says that one of its main motivations is creating a “war of competition” among traditional exchanges – encouraging all of them to improve the service they offer. The company behind the startup is M-Connect Solutions, which provides AI solutions along with blockchain development, data analytics and cloud services.

The exchange has a native token known as ENCX, and says this digital currency will enable crypto traders to reduce trading fees by 50 percent. In order to give back to the community, Encrybit also plans to hold a lottery every three months where 10 percent of the revenue generated on the platform is distributed between 1,000 token holders.

Towards the middle of 2019, Encrybit plans to begin registration for coin listings – and its exchange will open in beta. By the third quarter of the year the platform will be launched, with features including social trading, a trailing stop loss and multi-charts to follow. Exchange will go live in Q3 2019

A private sale concludes on Dec 14, with a presale beginning one day later. This will end on 31 Jan, with a public sale taking place from Feb 1 to March 31.