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It’s never too late to get invested in cryptocurrencies. However, the threats posed by hackers, the high withdrawal fees, and many other crucial factors can hamper the process. With more than 200 operating trading platforms, there are a lot of choices available, but the selection should be made after weighing parameters like liquidity, fee schedule, country (headquarters), trading facilities, etc.
Last month the Japan-based virtual currency exchange Coincheck refunded more than $440 million to clients after its systems were hacked. This was one of the largest thefts of its kind and not every crypto exchange is able to repay the damage. That’s why individual and professional traders spend weeks and months choosing the best crypto exchange. It’s not surprising when it comes to big money-nobody wants to be fooled.
Hacken launched a new product that will save you time and efforts; it will ensure better transparency of the exchanges securing your funds. Crypto Exchange Ranks will do analysis, scoring, and benchmarking, making choosing a crypto exchange far easier.
The CER provides 24/7 analysis of data taken from real accounts opened on every crypto exchange. The information is thoroughly analyzed with advanced approaches to economic-mathematical modeling, artificial intelligence, machine learning, linguistic programming, and cybersecurity assessment. The processed data turns into inputs for multi-factor scoring model to get the most precise estimation.
As a result, the clients receive accurate and up to date ratings of trading platforms that significantly enhance everyday decision-making processes.
We have identified 9 main problems that can hinder the success of a trading platform. You are most probably aware of liquidity, lack of cybersecurity, and expensive withdrawal processes. But have you ever heard of “kitchen-cheating?”
You won’t probably find any valuable information on Google. Still, the opportunity should be taken into account. The term comes from conventional stock exchanges; nevertheless, the situation of kitchen exchange is possible in crypto as well. In the worst case, fake exchanges and brokers create withdrawal barriers for the clients so they can no longer trade or invest successfully. Now you can resolve this and other problems on CER platform.
We interviewed the product owner, Dmytro Shestakov to get an insight on how the product was developed and how it works.
Once Dmytro Budorin (CEO of Hacken) and I were brainstorming on the idea of creating the product that will analyze the reliability of ICOs based on virtual screening models. However, after organizing some focus groups with our colleagues from China and the Republic of Korea, we found out that the crypto exchange rating is more topical. People need the ultimate solution on what crypto exchange to use and why. More of that, they need a multi-faceted product.
Well, definitely the product development is the toughest thing. However, it was not easy to create a team of specialists who would be able to turn the idea into reality.
We hired only the specialists with the senior level of expertise. Every team member has enormous experience in the realization of complex decisions.
We have 5 main directions:
It’s literally everyone! Individual investors, institutional investors, traders (HFT), crypto exchanges, independent governmental agencies, and traditional financial institutes. By latter, I mean the establishments which don’t have direct exposure on cryptocurrency but they need tools to analyze risks.
Wrapping up: There is no doubt a need for a reliable system to evaluate cryptocurrency exchanges exists. No one has ever defined the main parameters, the scope of data, and types of specialists needed to analyze the trustability of a trading platform like CER has today. Until October 1, 2018, you can explore Crypto Exchange Ranks scoring dashboards for free.
Now, have a look at how the CER will change the rules of the game.