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September 23, 2020
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Professional traders prefer USDT to bitcoin

A recent survey by Overbit revealed that professional traders prefer to keep their funds in USDT rather than bitcoin.

The survey, conducted in the last two weeks of March, involved more than 2,500 cryptocurrency traders from 90 countries on Overbit.com, one of the leading cryptocurrency derivatives trading platforms.

At Overbit, it is possible to trade with cryptocurrencies, forex and commodities, using bitcoin and without having to keep assets.

The questions to traders were intended to determine their background, preferences and behavior patterns and, among other things, it was found that traders in general prefer to use bitcoin for trading, but prefer Tether to maintain.

Overbit recently added the USDT deposit option, while before it only allowed bitcoin.

This new option has become the preferred option for more experienced traders in order to reduce the risks of volatility, while others continue to prefer BTC.

With regard to history, the survey found most traders between 35 and 44 years old, with 73% of them having at least one year of experience in the cryptocurrency trade.

Therefore, although the average age is relatively low, the percentage of newcomers is also very low.

Another interesting result concerns school education. In fact, most novice traders have no advanced training, and that, according to Overbit’s CEO and founder, Chieh Liu, means that trading is for everyone.

Regulated trading

The survey also revealed that traders generally use three different exchanges to satisfy all their needs, with a preference for secure and fast platforms.

Professional traders prefer regulated ones, probably because they intend to move large amounts of money for themselves and their clients.

Another rather curious result is the predominance of the desktop over mobile tools.

In fact, although many mid-level beginners prefer to trade using mobile apps, in reality the first option remains on the computer, probably due to the sophisticated trading tools and bots that can only be used on large screens.

The most surprising result, however, is perhaps the number of transactions carried out daily by different types of traders.

Although, on the one hand, it is not surprising that novices are less active and that average users are quite active, on the other hand, what is surprising is the fact that professionals negotiate a series of daily operations on average much more similar to newbies than average users.

Beginners and professionals do very little business, while average users perform the most operations.

According to Chieh Liu, professional traders probably prefer to do some quality operations, rather than many individually less profitable operations.

Source: cryptonomist

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