Best Exchange Website

[jsidhu]

We started a conversation about this yesterday... I believe MT4 is the best exchange for traders.  Here is a link to the conversation:

https://bitsharestalk.org/index.php/topic,19763.0.html

As far as your other questions:

1. Fee System
-Most brokers trade with 0 fee's but expand the spread
-ECN brokers charge a fee (usually $40 per trade) plus there is a spread

2. Trading interfaces
metatrader 4 is the most accepted
think or swim
ninja trader
bloomberg

3.  Order Matching Rules
-Most broker match orders with their pool of funds, then move the order to the open market only if they don't have the liquidity (this is why they can charge lower fees, they attempt to match within their pool of customers)
-ECN Brokers place the order directly into the interbank market (hence the higher cost)
-Bitshares needs to incorporate stop loss and take profit orders for a 3rd party platform like mt4 to use

$40 per trade? Maybe if your trading a standard lot (10 million). We dont do the same leverage on bts so this number scales down.

[mike623317]

I think we should be very specific about what we will be asking Cryptonomics to deliver otherwise we could end up with something that isnt perceived as finished/polished to everyones needs and reinforce Adam B Levin's perception that "bitshares is in a perpetual state of being 80% complete".

Tbone has already done a fantastic side by side comparison but in addition to that i would like to add the following points:

1. The site should have a clean login page with the following features:
a. New to Bitshares? = Click here to go a separate page that tells you briefly what it is like im 5 years old. Bitshares is complicated, people are going to have questions from the get-go.
b. Sign In  and Sign Up for existing and new users
c. Help that's comprehensive
d. Products - The Exchange, Developer Platform and Merchant Resources

2. It just works - For example, Coinbase.com works on my IPAD, Iphone, IE, Chrome and Firefox at home or from work without any issue or adjustment. They also have a well thought out Iphone App that works.

3. For us non-traders. -  bitUSD or bitCYN or BitGold - https://metaexchange.info/markets/BTS/BTC. This page couldnt be easier to use or to understand.

4. Coinbase have a section for developers - https://developers.coinbase.com.
Wallet API
Merchant API
Exchange API
Blockchain API
Support section

If we're going to challenge somone like coinbase then we need to make sure that the site is as professional, well thought-out and easy to use as they do. They have all the above together with fiat on and off ramps.

Above all, lets get it right and 100% finished.

[Method-X]

This is encouraging. I guess I'm back to only having 90% given up on this project.

[Tuck Fheman]

BitcoinWisdom (link)

I prefer cryptrader.com, didn't see it listed.

[clayop]

@tbone Your opinion is always invaluable!

[bytemaster]

@tbone, excellent analysis

Thanks, Jakub.  I'm confident that we can have a very presentable trading UI without a whole lot of additional development time.  Perhaps the most difficult part will be to get the chart in order, especially if we really want to have chart indicators and drawing tools.  Although I would personally be fine with leaving drawing and indicators out for now.

+5   That is a very useful post.

[liondani]

A "Best Exchange Poll" already effectively exists and it constantly updated: just look at volume.  People trade at their preferred exchange and "vote" with their dollars and satoshis.

That is really a good (maybe optimal) metric!

PS metatrader4 is sure on top of the list...
      I would say the best combination is metatrader4  + polo-like web gui

[tbone]

@tbone, excellent analysis

Thanks, Jakub.  I'm confident that we can have a very presentable trading UI without a whole lot of additional development time.  Perhaps the most difficult part will be to get the chart in order, especially if we really want to have chart indicators and drawing tools.  Although I would personally be fine with leaving drawing and indicators out for now.   

[monsterer]

I think the order matching rules are pretty good right now.  It seems to be standard (same as other exchanges).

The standard spot orders are matched correctly. What confuses people is the short order covers and SQPs and everything else which goes along with that design.

[jakub]

@tbone, excellent analysis

[tbone]

I agree with Ander and others who say we should take the better elements of some of the trading platforms out there.  As far as exchanges go, I really don't think we need to look much further than Poloniex and Bitstamp.   As for non-exchange trading sites, BitcoinWisdom and Cryptowatch would be good to look at. 

Below are pros and cons for each of these UIs as well as for the Bitshares trading UI.  Overall, aside from more liquidity, I believe we need to have a good, solid, trading UI that at least matches every other crypto exchange out there, and is easy to use and navigate.  We shouldn't expect to have all the bells and whistles of an mt4, certainly not at this stage of the game.  Besides, once Bitshares is more widely used, I'm sure mt4 will add support for the Bitshares API, or another 3rd party will offer something similar to mt4. 

Poloniex (link)
pros:
o comprehensive dashboard (all necessary trade UI elements on one page)
o watchlist
    - view last price, 24hr change, 24hr volume   
    - manage favorite markets
    - easily switch between markets right on exchange page
o order book includes columns for running totals of both sides of a pair (e.g. BTC and BTS)
o decent charts
  - nice, clean design and smooth operation
  - chart period choices are all visible, making it easier to switch between them
  - does have indicators, but only a few
o clicking on order book populates price and cumulative number of shares/coins on order book up to clicked price
o night/day mode
o nice overall look and feel

cons:
o poorly laid out - requires scrolling
o horizontal order book should have bid/ask directly next to each other (see Bitstamp)

Bitstamp (link)
pros:
o fits all elements on screen (including depth chart) with no scrolling
o horizontal order book has bid/ask directly next to each other
o chart has drawing and fairly extensive set of indicators
o has trade size indicator bars in order book and trade history

cons:
o order book - only about 10 or 11 rows visible
o chart studies and drawing tools NOT very user friendly

BitcoinWisdom (link)
pros:
o great looking but simple charts with:
   -  many indicators
   -  4 drawing tools
   -  chart period choices are all visible, making it easier to switch between them
o order book prominently displays last price between the bids and asks
o has alarms you can set at certain price levels

cons:
o order book:
   - doesn't display enough information
   - only displays 13 rows deep on each side
 o only shows 13 most recent trades (can scroll, but it would be better to see a few more trades at once)

Cryptowat.ch (link)
similar to BitcoinWisdom but:
o charts have substantially more indicators and drawing tools than BitcoinWisdom
o has depth chart (always visible)
o only shows the last 5 trades in the history
o has more comprehensive alarm/alert management


If one combined the best features from above, they'd have a really decent crypto trading platform.  Actually, we're really not far off, and we even have some superior features over the existing crypto exchanges.  We just need to fix a few things and add a few others (e.g. add "day mode").  I think it would also be very helpful to create a very simple (non-trader) UI to purchase an asset.  It should have 3 inputs: 1) asset to purchase. 2) quantity desired, 3) funds to use for purchase (Coinbase offers this). 

Bitshares DEX
pros:
o has vertical and horizontal order book options
o displays everything on screen without need for scrolling (except with optional horizontal order book)
o displays more rows in order book than Bitstamp, BitcoinWisdom, and Cryptowatch
o displays more rows in recent trades than BitcoinWisdom and Cryptowatch
o grays out leading zeros, highlights the important remaining digits (this is superior to the others)
o lists favorite markets so user can switch between their views
o clicking on order book populates order form with price and cumulative number of shares/coins on order book up to clicked price (not all exchanges get this right e.g. Bittrex)

cons:
o horizontal order book should have bid/ask directly next to each other (see Bitstamp)
o must scroll when using horizonatal order book
o display of last price displayed between bid/ask of vertical order book too verbose. 
       label and units are unnecessary here  (see BitcoinWisdom and Cryptowatch)
o chart has all kinds of issues:
    -  crosshair is very buggy  (see all 4 others)
    -  chart period choices not visible making it more difficult to switch between them (see BitcoinWisdom)
    -  when expanding chart period choices, they interfere with the VOHLC values  (see BitcoinWisdom)
    -  width of bars doesn't change as you zoom in/out with zoom slider (see all 4 others)
    -  no drawing tools or indicators
o  favorite markets:  (see Poloniex)
   -  on trading page, markets need to display (last price, 24hr change, 24hr volume)
   -  rows spaced too far apart on both trade page and favorite markets management page 
   -  favorites management is barely usable   
o  needs "day mode" to complement existing "night mode"  (see Poloniex)

[puppies]

I don't see why we have to choose. I think our killer feature is letting ppl choose the skin/interface they want. We should offer at start 3 interfaces and allow ppl to choose. This alone would really set us apart.

"Trade how you like only on Bitshares"

100% agree.

We should definitely have a full featured metatrader like interface, and a simple mobile wallet for transfers.  At this point we need to get the wallet to good enough which it is almost at.  And fix the fee structure.  We need to include the fee in all market orders, so you don't have to try to figure out what the fee is gonna be before you make the trade.  Just buy that much less. 

[Pheonike]

I don't see why we have to choose. I think our killer feature is letting ppl choose the skin/interface they want. We should offer at start 3 interfaces and allow ppl to choose. This alone would really set us apart.

"Trade how you like only on Bitshares"

[mike623317]

I like bitstamp. I really like their interface. It clean, easy to understand and easy to use.
It just works on my iphone. In IE. In firefox. and in Safari.

[theredpill]

I like all of puppies ideas.

I like all puppies ideas too.