‘Survey for the convenience of use’ has been conducted on users of crypto-currency Exchange in Korea.

Users of crypto-currency Exchange in Korea turned out to regard ‘UPbit’ as an Exchange with the fastest depositing/withdrawing transmission speed among the top 10 domestic Exchanges in Korea and ‘Coin Bit’ as an Exchange with lowest speed of them. UPbit turned out to be the fastest in processing transactions, but Coin Rail turned out to be the slowest.

Global block chain online media, Daily Coin News, requested IBEForum (International Block Chain Evaluation Forum) revealing the results of ‘survey for convenience of use among crypto-currency users in Korea’ on October 4th.

Subjects in this survey were selected to be the top10 exchanges in terms of the rank of transactions among crypto-currency exchanges in Korea based on coinhills (global crypto-currency exchange rank website). On top 10, Bithumb, UPbit, Coin Zest, Cashierest, Coin Bit, Coin One, Coin rail, Gopax, All Star Bit, and Coinis were included.

According to the results of survey, as for the inquiry asking about the transmitting speed of KRW and coin deposit and withdrawal, 67.5% of ‘UPbit’ users responded that ‘it was very fast’, and ‘it was fast.’ Therefore, UPbit turned out to satisfy users more than other exchanges. The second top exchange in terms of the response was ‘Gopax’ that 42.2% of users responded that ‘it was very fast,’ and ‘it was fast.’ ‘Cashierest’ turned out to be ranked on top 3 with 31.8% of response rate on both answers.

‘Coin One’ was ranked on the top 4 with 30.9% followed by Bithumb with 28.8% as the top 5, ‘Coin Zest’ with 27.9% as the top 6, Coin Rail with 16.3% as the top 7, Coin Is with 13.8% as the top 8, and All Star Bit with 12.9% as the top 9. Among the top 10, Coinbit was ranked on the lowest that only 10.7% of users responded to satisfy with the transmitting speed.

On the inquiry asking about the processing speed of transactions, total 68.4% users of UPbit turned out to be satisfied responding that ‘it was very fast,’ and ‘it was fast.’ Bithumb was ranked on the top 2 with 36.5% followed by Coin One with 35.5% as the top 3, Gopax with 28.4% as the top 4, Cashierest with 25% as the top 5, Coin Zest with 20.9% as the top 6, Coinbit with 14.4% as the top 7, Coin Is with 13.9% as the top 8, and All Star Bit with 13.7% as the top 9. Coin Rail was ranked at the lowest as only 11.8% of users responded that it was fast in processing for transactions.

Exchange with the highest rate of satisfaction from users in terms of the transaction commission was UPbit that 15.1% of users responded that ’it was very low’ and ‘it was low.’ All Star Bit was ranked on the top 2 with 12.9% followed by Cashierest with 10.7% as the top 3, Coin Rail with 10% as the top 4, Coin Is with 9.3% as the top 5, Coin One with 7.3% as the top 6, Gopax with 5.5% as the top 7, Coin Zest with 5.4% as the top 8, and Bithumb with 4.4% as the top 9. As for Coinbit, only 2.7% of users responded that ‘commission was very low’ or ‘commission was low’ and indicated dissatisfaction.

On the answers for transaction commission, rate of ‘very high’ and ‘high’ turned out to be significantly high in overall. Therefore, it was investigated that users of all the exchanges were dissatisfied with commission.

In addition, transaction commission indicated a difference between commission felt by users and actual commission from exchanges, and the range of such a difference was very high. 

For example, Gopax had the lowest transaction commission, and the exchange with the highest transaction commission was Bitcoin from UPbit, Ethereum, and Tether Market. Users realize that the commission was the lowest in UPBit, and only 5.5% of users of Gopax responded that commission was low.

Hereupon, the difference between transaction commission felt by investors and the actual commission was interpreted to reflect a significant amount of image of exchanges viewed by users along with the different exchanges that survey responders usually used. However, as for Gopax, it was analyzed that they did not advertise about their low commission.

On the other hand, this survey was conducted on 1823 participants in total 9 SNS communities related to the block chain and crypto-currency. As a result of investigation on the survey, 115 participants responded (6.3% of response rate).

Survey was conducted on top 10 crypto-currency exchanges in Korea based on the amount of transactions in coinhills (global crypto-currency exchange rank website). Survey contents were five items of coin deposit/withdrawal transmitting speed, transaction processing speed, transaction commission, pumping phenomena in comparison with market price, and security. Five answer choices were given on each question representing the psychology of investors on the exchanges. 

This survey was conducted for five days as global block chain online media, Daily Coin News (dailycoinews.com) requested to IBEForum (International Blockchain Evaluation Forum).

On the other hand, Daily Coin News and IBEForum are planning to disclose the results of survey about the pumping phenomena in comparison of market price in each exchange and the security.

 

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