The EMX Beta: Survey Results

Posted by Ryan Hansen on Dec 11, 2018 12:08:00 PM

EMX Blog - Beta Survey Results

What do our early users have to say about their experience trading on the EMX Beta? Dig into our beta test results and see for yourself.

We just wrapped up our first round of EMX private beta testing with the qualified applicants who offered to help out. At the end of every week of testing, we asked users to fill out a survey, for two weeks total.

Let’s summarize our beta results from the first two weeks and highlight the big wins:

How would you rate EMX's trading platform

How would you rate EMX’s trading platform on a scale of 1–5 (1 being the worst and 5 being the best)?

EMX Beta Watchlist
A custom watchlist created on EMX

Our beta users have expressed that their favorite features of the EMX trading platform included the Watchlist and Positions features. The platform itself ranked best overall at 4.19. Other features reflected upon include Time & Sales, Account Summary, Orders, Trade Ticket, Charts, Order Book, and API, in order of ranking. Overall, we’re very pleased to find our early users respond so positively across the board, and look forward to continuing to develop and deploy features to satisfy and delight our users.

Keep a look out for more streamlined system messages and notifications in the future. Many users also expressed interest in mobile trading, so we look forward to working on mobile apps.

Are there any features or functionality you need that are not currently available in EMX?

The majority of users expressed that they are satisfied with the current offering and don’t currently see any features or functionality that they need beyond what is currently available. Some users expressed an interest in additional products and payment options, which we will continue to roll out in future development cycles to come.

What would prevent you from trading on EMX

What would prevent you from trading on EMX?

Overall, it is very clear that liquidity matters to our users, with 63.64% of users polled expressing that insufficient liquidity would prevent them from using the exchange, whereas they didn’t see much else that would measurably prevent them from using the EMX exchange. We understand that sufficient liquidity is an essential component to the trading experience on the exchange.

Here’s what one user had to say:

“Liquidity matters. So if the spreads are horrible, that’s obviously a deterrent to using the platform. Speed of execution isn’t a big deal to me, but I can’t get gouged by the spread every time I need to place an order.”

We have heard your concerns loud and clear. So how do we plan to handle the liquidity issue?

Our approach is three-pronged:

First, we’ll use a frequent batch auction-based matching engine, prioritizing price discovery over speed and creating favorable spreads.

Next, we will utilize internal market makers to create volume. We will also be transparent and publicize the mandate of the internal market making team to ensure our traders that we are approaching this in an ethical way.

Finally, we plan to incentivize and partner with external market makers.

What can we do to make it easier for new EMX traders to get up to speed on how to use EMX’s platform and how to trade derivatives?

Our test users gave us excellent suggestions on how to make things easier for them moving forward. What was clear across the answers was that knowledge is power. Users wanted information, video tutorials, and educational materials to get up to speed and make sure they’re using the platform to its full capacity, trading derivatives to the best of their ability.

This is great news for us, as we’ve got an exciting content schedule in the works for the next quarter leading into the launch, which will include an educational series, video tutorials, webinars, trading meetups, market reports, and more.
Other feature requests included a desktop app, mobile app, better indicators, and additional integrations with other software.

What do you want to see us add? Let us know by submitting your feature suggestions here.

Please rate the charting features on a scale of 1–5 (1 being the worst and 5 being the best)?

EMX Charting

Charting features on EMX

Among our charting features, including Studies, Display Types, Drawing Tools, Trading from the Charts, and Symbol Comparison, the winner was clear. Users liked the Symbol Comparison feature the most, rating it a 4 out of 5.

We will continue to improve upon the charting features. Post-launch, we will add coins on the chart from other exchanges such as Binance, so you can view a wide range of products on EMX and even compare those against EMX’s contracts on the same chart, adding to the power of the Symbol Comparison tool that got top reviews.

We will also add in scripting so that traders can create their own custom indicators and share those with other traders.

How does the EMX order book meet your needs

How does the order book meet your needs?

While the vast majority of users indicated that the order book either had everything they needed or had even more features and functionality than they received on other exchanges, we strive to fulfill the needs of 35% of users who indicated the platform was about the same as other exchanges, or could use some work to meet standards. We’re on it and appreciate you letting us know.

EMX Order Book

The Order Book on EMX

Among other features, we plan to add advanced order types to the “trading from the order book” feature to create a more powerful trading experience.

EMX will accept cryptocurrency as collateral for margin purposes. Which cryptocurrency is most important to you for being an acceptable form of collateral?

The people have spoken: they want to use Ethereum and Bitcoin as collateral for margin purposes, with stablecoins coming in third. A much smaller amount wanted to use fiat currency or other crypto. EMX will eventually support both BTC and ETH, as well as EMX tokens as collateral. We will also explore accepting other forms of collateral in the future.

Thank you to all our beta testers for your valuable feedback! We value your input and are hard at work implementing this feedback into our product development cycle. In the meantime, if you would like to submit any new feature suggestions, please let us know here.

Topics: Product