Throughout the past and present, exchanges have not been “all-in-one”, offering usually only one type of asset (e.g. cryptocurrency). On the other hand, brokers of CFDs (contracts for difference) offer a very limited number of cryptocurrencies typically with expiry dates, as they make too many losses for them to have fair trading conditions for cryptocurrencies and implement a larger amount of available assets. This is a problem for a lot of investors. They need to decide between a large variety of assets with unfair trading conditions, and between a limited amount of assets with more fair-trading conditions. If you traded cryptocurrency in November-December 2017 on a CFD/futures platform, you may remember brokers put extremely small order size limits and position/asset expiry dates just because many people were profiting, and the brokers were losing money from the many people profiting, proving how greedy and unethical CFD/future brokers can be. Along with these issues, many brokers and exchanges are not really open to feedback. They may consider suggestions if a lot of people vote to have it implemented, but not if one or just a few people request X feedback, even when X feedback is very rational. There’s also the issue of exchanges/brokers having many different fees implemented, making it hard for investors/traders to understand which fees will be applicable to them. This can be a nuisance, as it means investors may be hit with unexpected fees, as fees are not clearly stated. This could lead to financial loss, and consequently complaints, which companies often seem very one-sided and narrow-minded about to ensure they make as much profit as possible. Exchanges/brokers may not even bother replying to their customers about their issues, reply very late (e.g. after a fortnight), or reply with generic, unhelpful messages. This can evidently cause stress towards investors/traders, as this can potentially lead to tremendous financial losses. That’s another issue: transparency and ethicality. Exchanges and brokers are often not transparent with their community about how they operate and do a lot of things unexpectedly and/or in secret. This is unethical towards investors and traders, as they are the ones leading to losses from the exchanges/brokers treating them unfairly. Also, many brokers/exchanges do not offer multilingual language options or customer support, making it very hard of speakers of “unsupported” languages to communicate with customer support or make use of the website. Finally, while some brokers/exchanges admittedly have excellent security features, they all lack one thing or another. Some lack 2 factor auth, some lack “emergency” account support for account issues, some lack appropriate e-mail alerts for login attempts, and much more. While some brokers/exchanges do not have some of these issues, we aren’t aware of any that have fully fixed all of these issues and made the trading experience 100% fair and ethical for the investors/traders using their platforms.
