Problem

CEX (Centralized Exchange) is a popular choice for new investors entering the market due to its user-friendly nature and diverse features. Moreover, recent reports from CCData's Exchange Review highlight a significant 34% increase in overall trading activity on spot markets, reaching $1.34 billion in December 2023. This surge in trading activity underscores the growing interest in cryptocurrency markets globally.

List Prominent Centralised Exchanged Hacks in 2023, YTD (Source: CCData)

Despite the impressive growth in trading volumes, trading on Centralized Exchanges (CEXs) comes with its set of challenges and security concerns. In 2023, CCData reported several CEXs falling victim to hacks due to security loopholes.

Traders on international CEXs grapple with a myriad of issues, from high transaction fees and limited language options to exorbitant foreign currency conversion fees, withdrawal complications, usability hurdles, and security vulnerabilities.

Here's a closer look at the main challenges users often encounter:

High Transaction Fees: One major concern for users is the steep transaction fees imposed by many CEXs. These fees can eat into profits, discouraging frequent trading and impacting overall profitability.

Limited Language Support: Many global CEXs lack comprehensive language options, posing challenges for non-native users or those unfamiliar with the platform's language, affecting their ability to navigate and understand its features.

High Foreign Currency Conversion Fees: Cross-border trading often comes with hefty foreign currency conversion fees, particularly burdensome for active or high-volume traders.

Difficulty in Withdrawing Funds: Withdrawal processes on international CEXs can be cumbersome due to prolonged waiting times, stringent verification steps, or other operational challenges.

Complex User Interface: Some international CEXs feature complex or unintuitive interfaces, causing confusion and hindering users' ability to execute trades swiftly and efficiently.

Security Risks: Engaging in trading on international platforms exposes users to various security threats, including potential hacks, data breaches, and platform vulnerabilities. It's essential for users to remain vigilant and adopt stringent security measures to safeguard their assets and personal data.

For international CEXs to thrive and foster trust among users, addressing these challenges and prioritizing user experience and security are paramount. This will not only enhance user satisfaction but also help attract a diverse user base from around the world.