Reviews on cryptocurrency exchanges have gone from being non-existent to being filled with CPM-triggering banners, to now – actually being useful. To being something that every interested cryptocurrency investor should read before investing somewhere. This article will describe the development.
Back when the first cryptocurrency exchanges opened up shop, in 2011, there was no competition on the market. As the cryptocurrency exchanges essentially provided a then unique service (buying/selling crypto), there was no need for them to have competitive consumer-friendly trading fees. The people using the services should just be happy about the services existing at all! As there was no real competition on the market, there weren’t that many reviews either. The main purpose reviews are to compare the item of review with another item, to see which item is the right for you. If there aren’t any other items for you to choose from, then why should anyone else bother preparing a review?
Eventually, the cryptocurrency market expanded a bit and so did the cryptocurrency exchanges. Between 2011-2014, numerous new exchanges opened up shop. Mt. Gox was the biggest one until February 2014. Actually, as much as 65% of the Bitcoin trading around the world took place at this single cryptocurrency exchange. Now, as there were more cryptocurrency exchanges, there was a greater need for comparisons. Mt. Gox charged 0.60% as flat fees for trading (there was definitely some room for improvement there). New exchanges entered the market with lower trading fees and suddenly a need for cryptocurrency exchange reviews had arisen. The problem at this time, however, was that many of the reviewing sites focused more on driving traffic to their banners in order to make advertising money than what they focused on providing valuable content to its visitors/readers. There are a few review sites that still have banner traffic as their main ambition. Take a look at this site for instance:
But every market must evolve, and so also the market of providing unbiased independent information to prospective cryptocurrency investors searching for the right cryptocurrency exchange.
So, today, the review sites are generally much more sophisticated. They are actually more about what they should be – providing guidance and help to the people in need of the review: cryptocurrency traders. Also, as the cryptocurrency exchange market has become much more competitive, there is a race to the bottom between cryptocurrency exchanges. Each exchange offering lower trading fees than the other, all in order to entice customers.
The best review sites address the things most important to readers, such as trading fees, deposit methods, available cryptocurrencies, security, etc. The current industry leader when it comes to cryptocurrency exchanges and reviews of them is the company Cryptowisser.
A few of their reviews that you can access through the hyperlinks below are the:
Bittrex review; the
Changelly review; the
Binance review; and the
Needless to say, the review culture has come a long way since 2011 and now really serves a purpose – to help, guide and warn cryptocurrency traders in their choice of cryptocurrency exchange.