It has been reported that 99% of trades still occur through centralized exchanges but more than 30% of these centralized exchanges has suffered been hacked , users become exposed to counter party risk since Centralized exchanges are susceptible to the same vulnerability as other centralized institutions.
A survey was carried out by encrybit and users to outlined core issues faced by crytocurrency exchanges, 40% said security was their primary concern , 37% said that high trading fees are problematic, 36% indicated that liquidity is a concern , 22% complained about the lack of trading pairs, 33% said that the response time for exchanges was unethically long, 18% were upset with high withdrawal fees and 21% said that the user interface were not friendly enough.
According to the survey, the most popular exchanges such as binance, Huobi, okex and bitfinex were involved.
Security still remain a concern regarding crytocurrency exchanges because there is no intervention of government where exchange are regulated and insured and that users do not familize themselves with hard wallets and best practices. Among the issues , slow response is one of the most critic in crytocurrency exchanges and low response from customers service.
The survey held by encrybit is comprehensive to date regarding security and customer satisfaction level. It's comprehensive to date but with the new project that is not only aimed at solving issues regarding crytocurrency exchanges but aim to offer the latest and best security, scalability, transparency, customer support, liquidity and compliance to regulation.
This project is called ONAM , A decentralized project which sought to fill current loopholes in the exchange platform
WHAT IS ONAM
ONAM is a compliant crytocurrency exchange platform, which offers the latest and best security, scalability, transparency, customer support, liquidity, and compliance
WHY ONAM WILL FLOURISH
ONAM supports margin lending where traders can borrow funds for their trade and lenders can earn interest from issue loan and the borrower pay little fee to service the loan.
Through ONAM's compliance to regulation, improved solution and it added features, it will provide high trust to investors and users and also encourage people with Little knowledge to participate with the advantages of their trading expert coaching features.
ONAM'S SOLUTION
ONAM offers solutions in the various issues relating crytocurrency exchanges
1.security
2.scalability
3.transparency
4.customer support
5.liquidity
6.compliance
This provided solution are most issues faced by users on crypto exchanges. To provide efficient customer support, ONAM is made available on chat where they could easily be contacted 24/7 and have provided options for several languages to help customers communicate effectively in the languages they best understand.
ONAM in terms of transaction per second and latencies out perform all other crytocurrencies exchanges. They handle 10 million transaction per second with latencies as low as 40 nanosecond.
ONAM also monitor irregular trading activities which are closely monitored in other to generate suspicious activity report for the system regulator thus making ONAM transparent and security wise.
ONAM'S COMPLYING WITH REGULATION
Any compliance officer will tell you that financial safety is the first benefit associated with regulatory compliance. Risk assessment form the basis of regulatory compliance, meaning that reviewing not just the likelihood of an event but it's potential impact can protect one from malicious and accidental information manipulation.
ONAM is working with available regulation and has secured the services of a top U.S based legal firm to handle it's legal end if there is a dispute. This compliance ensure seamless trade with high security and it will allow ONAM as an organization to market themselves better and also help clients put more trust on it success. ONAM complying with regulation will provide added information security by requiring guidelines that protect assets that might otherwise be at risk and act as one of many safeguard ensuring data protection.
LIQUIDITY PROBLEM OVERCOME BY ONAM
Like all nascent markets, there is a lack of
liquidity in crypto markets making them
difficult to exit at the right price. The growth in exchange use has boosted overall liquidity, but such an increase in trades is yet to have the ultimately desired effect . Since the start of crytocurrency trading, the problem of liquidity has carried along With the gaining popularity of crytocurrency, a lot of persons have tried developing a crytocurrency exchange.
Moreover, the lack of liquidity carries two main problems for crypto exchange users,namely: large spreads on the thin markets due to the low number of bids for the assets, in addition to demand and supply inefficiencies. Secondly, the large price swings on these thin markets means price slippage occurs, with trades not executed at the price proposed.ONAM is promising enough to entice potentials investors and traders and will overcome the problems of liquidity. It will attract large market makers, miners, institutional people, high slippage and market manipulation issues will be fought off by enlisting books order from multiple exchanges.
ONAM super-low fee ,An advantage to Traders
High demand fee is one problem faced by users on the cryptocurrency exchange. ONAM super low fee will allow users have greater choice in exchange , thereby making maximum profit . In other to accomplish these, they are ensuring that traders have all the tools they need.
ONAM DECENTRALIZED NATURE AS AN ADVANTAGE FOR HIGH SECURITY
As mentioned above, crypto exchanges constitute a single point of failure and so
are a target for hackers. Mt. Gox, the world’s leading exchange of its time, is the most publicised and largest hack to date, with unrecovered Bitcoins totalling 650,000. Mt. Gox later filed for bankruptcy. The decentralized nature of ONAM provide an added security to the system where there are several points of control.
ONAM'S FEATURES
The following are the prominent features provided by ONAM
1.Advanced Order Types
2.Margin Trading
3.Margin Lending
4.Composite Index Fund
5.Paper Trading
6.Modular User Interface
7.Trade Assistant with Trade Alerts and
Signals
8.Auto-Trading
9.Social Media and Sentiment Analysis
Tool
10.Market Scanning
11.Advanced Charting
12.Trading Expert Coaching
13.News and Announcement Feed
14.Push Notifications
15.OTC Trading
16.Multi-Language User Interface
17.Multi-Language 24/7 LIVE Chat Support
18.FIX Server for Institutional Traders
19.Advanced and Custom APIs
20.Affiliate Program
PAPER TRADING DISTINCTIVE FEATURES OF ONAM EXCHANGE
Despite the availability of thousands cryptocurrency exchanges, many people who would have loved to involved in the system feels discourage with no guide to learn from. Perhaps this was why many were reluctant to accept Bitcoin at it launch. ONAM exchange hedge this downside by providing a platform that will be of great benefits to both novice and professionals.
MODULAR USER INTERFACE
With the help of this feature, ONAM allow users to build and customize their page into their desire outlook, giving users permission to create their own desired functions and beauty.
NEWS AND ANNOUNCEMENT FEED
This keep users up to date of the crypto market allowing them make proper decision in their daily investment and ensuring users make maximum profit on the market turn out. There is also integration of professionals to tutor upcoming generation of crypto traders likewise users can have real time information of favourite coin.
WHY ONAM
Seeing users owing multiple accounts in different exchanges implies that the exchanges in the first place was not viable . Low throughout is one major issues chasing traders away.
On ONAM exchange there are efficient matching engine capable of handling about 10 million transaction in a second. ONAM also provide solutions to most problem faced in many cryptocurrency exchange such as security, customer support, liquidity, transparency , scalability and compliance. ONAM has also introduce new features that allow both amateur and professionals to operate seamlessly on the platform and worry less about how to gain knowledge on crypto and how it operate.
TOKEN SPECIFICATIONS
Ticket:ONAM
Platform: ETHEREUM
Token standard: ERC-20
Token supply: 300 MILLION
Soft Cap:$2.5 MILLION USD
Hard Cap:$15.6 MILLION USD
Exchange Rate: 1 ONAM= $0.08 USD
Accepted Payment: Ethereum, Bitcoin
CONCLUSION
ONAM exchange has a good tidings for the crypto community especially crypto traders. With it new introduced features and solution traders will enjoy a conducive atmosphere of exchange. It hope to innovate on a product tried and tested to provide the best benefit for it users.
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More information and resources
[ONAM Website](https://onam.io/(
ONAM WhitePaper
ONAM Telegram
ONAM Reddit
ONAM Medium
ONAM LinkedIn
ONAM Instagram
ONAM Twitter
ONAM Bitcointal