The rise of cryptocurrencies has led to the increase in the number of Crypto-exchanges. In my last blog, I have written on how an organization can own a crypto-exchange. to move with that, one of the biggest challenge faced by organizations is that ‘New Comers’ on Crypto exchange (1st-time crypto traders) are hesitant to start trading in cryptocurrencies. And there are so many reasons we could be specific but below are the five main reasons which were shared by ‘New Comers’.
- Fear of Investing the real money into the Crypto-Exchange
- Lack of Understanding on how to trade in cryptocurrencies
- Fear of Local Statutory and Regulations
- Fluctuating Prices of Cryptocurrency market
- Non-User Friendly Crypto-Exchange
On resolving this, here we have decided to come up with few best guidance to help out the newbies.
What can be done to overcome the hurdles?
All those factors mentioned by ‘New Comers’ are genuine, and definitely they have to be addressed to rise the cryptocurrencies market even bigger. Here by that, one of the best possible solution that I would suggest is the adoption of crypto-exchange simulators.
What Is Crypto Exchange Simulator?
So what is exactly Crypto Exchange Simulators? To put it straight, Crypto Exchange simulators function is same as Crypto-Exchange. But, one of the main difference we must know is that the fiat currencies and cryptocurrencies in these simulators are not real.
How Simulator will address these Issues?
Crypto Exchange simulators offer the best platform for the ‘New Comers’ to understand how trading occurs. Below are some of the features in simulators that will just blow out the above-mentioned issues,
All the simulators provides fictional currencies. An average user receives a fictional fiat currency equivalent to USD 10,000 on successful signup. Though this amount might vary between exchanges. However, this will completely lighten the perceived risk of investing the real money into the exchange. With this money, the users could start trading.
Some simulator will help the users to compare the price of the simulator with the existing markets. This will greatly help the users to understand the price of cryptocurrencies in a better way. Alongside, they also offer intuitive charts for better user experience.
Users can instantly initiate the trade with cryptocurrencies on their own using the simulator. As soon as the “Order matching” occurs, the trade will be executed successfully.
Simulators offers portfolio analysis feature. This gives an overall insight to the users of the past trades and their performance. Also, the overall portfolio allows the user to find their profit and loss on each Cryptocurrencies, and thus the user will get to know more about the cryptocurrencies price trend.
While some simulators announce winners of trading on weekly/monthly basis whereas some of the simulators reward real bitcoins to the winners. This will monetarily benefit the traders and motivates them to understand the market more to trade efficiently.
Almost all the simulators offer user-friendly UIs with tutorials. This will help the ‘Newcomers’ to automatically signup and start trading in few minutes.
In most of the countries, regulations are started to happen for legalizing cryptocurrencies. Hence this would be the perfect time to understand this market in detail, Alongside this is not just limited for crypto-traders alone whereas even the traders and the young generation can kick start in investing their time in simulators. So it’s newbies turn to understand the whole process of simulators to enter into the real world of Crypto Exchange.
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