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Crypto Exchanges Part 2 -A Detailed Study – Best Crypto Exchange – data-driven analysis based on who you are!
The opinions expressed in the video are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product. It is only intended to provide education about the financial industry.
0:00 Community-Driven Study
I am not paid or sponsored by any of these companies
Community-only driven results to show what people think about each exchange
Crowdsource the experiences of our community and share the results to benefit all
0:20 The Study Framework
Thesis: Individuals have different experiences with exchanges; by crowdsourcing these experiences we can quantitatively evaluate these platforms
Mission: Using a data-driven approach, find the exchange best fits a persona
0:30 The Survey
0:45 10 exchanges studied, analyzed on 16 metrics, across 4 categories:
Cost
Risk
Ease of Use
Power Features
Composite Score = True Average of the responses to all 16 metrics
Survey Details
Cost:
Trading Fees
Transaction Fees
Spread
Yields
Ease of Use:
Availability of Coins
Customer Service
Signup Process KYC
Mobile App
Survey Metrics
Risk:
Security
Trustworthiness
Platform Reliability
Insurance
Power Features:
Derivatives
Leverage
Pro Features
Wallet
1:00 Demographics
Over 1K respondents participated in the study!
Sample from InvestAnswers’ Youtube and Patreon community
+32,000 questions answered!
So here we have our age distribution of very few people 20 and younger but I know who you are and a very nice spread 21 to 30 , 31 to 40, 41 to 50 and 51 to 60 and 60+.
1:30 Overall Preferences
Takeaway:
#1 Overall: Binance
Followed by: FTX, Kraken both above baseline
2:00 Male vs Female
Takeaway:
Most Female-friendly: Square
Men and Women view certain exchanges very differently. Specifically: FTX, Square, Robinhood
2:30 “Casual” vs “Serious”
Takeaway:
Casual Users: Square
Experienced & Pros: FTX
Binance, Kraken does well with all experience levels
Square far below baseline outside of casual
3:00 Battle of the Ages
Takeaway:
Millennials: Binance, Square
GenX & Boomers: FTX
Square drops off the map for GenX and Boomers.
Kraken, everyone’s backup exchange of choice?
4:00 Binance
The Good:
Good on all metrics
Millennials preferred
Favorable for all skill levels
Top ex for Europe and ROW
The Bad:
Not boomer friendly
Not North America friendly
4:30 FTX
Good:
Excellent on all metrics
Exp. and Pro preferred
Older Gen preferred
Bad:
Not beginner / casual friendly
Not Female friendly
Below baseline for Millennials
5:00 Square
Good:
Casual preferred
Female friendly
Millennial favored
Bad:
Disliked by Exp & Pros
Disliked and not used by older Gens
5:30 Build Your Own Weights
Everyone is different.
Build your own weighted average scores to reflect what’s important for you with the BYOW calculator, which allows you to assign weights to each of the 16 metrics.
6:00 Persona: The Cost-Conscious
6:30 Persona: The Risk Averse
7:00 Persona: The Utilitarian
8:00 Persona: The Advanced Trader
9:00 Conclusion
Super interesting observation here that if it wasn’t for the lack of coins and FTX they would’ve beaten Binance – but FTX are adding more coins by the day and they add quality names. FTX 5.07 score on coins. Binance had 7.77 highest of all scores across all parameters
Want more?
(you know what to do!)