Confidence Indicator is a new feature on CoinMarketCap

[Crypto123 0]

Confidence Indicator is a new feature on CoinMarketCap

It appears that after Binance has purchased the CoinMarketCap website, she is constantly improving it.
After it has modified the exchange rating on the basis of Web Traffic.
It has now added a new and beautiful feature which is the confidence Indicator feature of exchanges
If you search for any currency, you will see a list of the exchange on which this currency is listed, and next to each of them is an indicator ranging from 0-100, which indicates the confidence level of this exchange.
You can understand what it means by the question mark next to the list, where you will see the following explanation:

 

Well now let's try to search for any currency like Bitcoin for example and see the results
We click on markets or go to the page from here:
https://coinmarketcap.com/currencies/bitcoin/markets
You will see the following picture:

Of course the results are many and cannot be shown in one picture, so I will take a second one:

 

 

Really a great feature but the question remains how is this percentage of confidence set? I mean, who gives the exchange this percentage, and is this percentage accurate?

I wrote this  topic on BitcoinTalk forum and this link to my topic there:
https://bitcointalk.org/index.php?topic=5253341.msg54562029

Edited June 6, 2020 by Crypto123
correction

[rekter 8129]

This is from their blog:

Quote

• The market pair ranking is based on a combination of reported trading volume, liquidity and an estimation of an exchange’s user base (via the proprietary Web Traffic Factor).
• Each market pair is then scored by the Confidence indicator that reflects the level of confidence that CoinMarketCap has in the veracity of the reported volume of the market pair reported by the exchange.

And i am not sure if the exchange top list itself has changed based on this but it's looking better too, the top 5 exchanges are pretty much what i had in mind in the first place. There are some exchanges that i haven't checked at very high on that list of so i have to check them manually myself. But this is a good step to right direction.

 

Even though i agree that Binance should be top exchange, it makes me wonder how much would they be willing to tweak the stats again if some newcomer would challenge them as a top exchange. 

 

I am glad to see Bittrex in top 9. I've always respected that place and this update might drive me back to using coinmarketcap again.

[Crypto123 0]

1 hour ago, rekter said:

This is from their blog:

And i am not sure if the exchange top list itself has changed based on this but it's looking better too, the top 5 exchanges are pretty much what i had in mind in the first place. There are some exchanges that i haven't checked at very high on that list of so i have to check them manually myself. But this is a good step to right direction.

 

Even though i agree that Binance should be top exchange, it makes me wonder how much would they be willing to tweak the stats again if some newcomer would challenge them as a top exchange. 

 

I am glad to see Bittrex in top 9. I've always respected that place and this update might drive me back to using coinmarketcap again.

Thank you my friend, yes I think this update is very important and it will help a lot in choosing the best reliable exchanges, this will greatly reduce the incidence of beginners especially victims of weak or unreliable exchanges. It is normal for Binance and Bittrex to be at the forefront because these exchanges are well known and have great popularity and high confidence.

[magd 5231]

It is one of the coolest features that traders are looking for to save the trouble in searching and reading charts in my opinion, this method can help beginners a lot to choose the most profitable exchange pair in a specific time as it updates the information moment by moment and this confidence index is very effective

[Calvinpriva 17296]

This is another cool feature for coinmarketcap website. Since binance they control it, i believe it will be improved enough because they like to lead always. I will review this feature to see how it works.

[Crypto123 0]

4 hours ago, BTC Future said:

They seem to have made some announcement about Yobit. What is this about? Another joke from coinmarketcap? Seriously they have nothing to say and talk about some random coin?

 

Well my friend, I saw this before، after Binance made that stupid joke on April 1 and put a toilet paper token in number 0 before bitcoin. Yobit created a token with the same name, so CoinMarket put this alert on Yobit and reminded that it has nothing to do with this token Never.

[Whited35 15285]

8 hours ago, Crypto123 said:

Really a great feature but the question remains how is this percentage of confidence set? I mean, who gives the exchange this percentage, and is this percentage accurate?

I think they already set verified data for exchange volumes into their data model. Later their algorithm detects how precisely exchange's reported volumes are working in the comparison with their existing data (from data model) and I think they calculate percentage in that way and easily filter out the fake trading volumes from exchanges by giving lower percentage of confidence level. 

[Iriswolfgang 200]

6 hours ago, Daniel bravo said:

people are showing more interest in privacy and security of their payment and purchases and we also all know that banks can not ever have total privacy and lack in security in many ways so this leads to only one thing which is blockchain technology and decentralized cryptocurrencies like bitcoin that can assure users that they will have both private and secure transactions.

Yes I think that security and privacy is a must priority and they should put interest on that matter always because In cryptocurrency you can get hacked or scammed so it is important to always have security and you can make sure that you are safe

[jamesvince 2389]

These indicators are not used by the only coinmarketcap but I already know which is used the coinjecko sites and I know green means most of volume are real and don't chance of getting scammed or fake volumes on exchanges but most of new projects are in red or yellow color of their volumes. 

[Crypto123 0]

6 hours ago, Whited35 said:

I think they already set verified data for exchange volumes into their data model. Later their algorithm detects how precisely exchange's reported volumes are working in the comparison with their existing data (from data model) and I think they calculate percentage in that way and easily filter out the fake trading volumes from exchanges by giving lower percentage of confidence level. 

Yes, I knew about it and saw the explanation about this new feature, but there are questions about the accuracy of the data on the Coin Market !! Is this data really accurate? Is it not possible to manipulate them to influence the rank of exchanges?

[Raqeebzy 6456]

And when attention are driving away from CMC, they keep bringing in new and interesting features, I had no doubt when CZ said they will develop it further but I am still not convinced of the credibility and fairness when the table turns; so I will stick to Coingecko for now.

[Crypto123 0]

8 minutes ago, Raqeebzy said:

And when attention are driving away from CMC, they keep bringing in new and interesting features, I had no doubt when CZ said they will develop it further but I am still not convinced of the credibility and fairness when the table turns; so I will stick to Coingecko for now.

Yes, frankly, there are many who complain about the intentions of the CEO of Binance, many questions about the reliability of the database of Binance and can it be used to manipulate the Ranking of exchanges?

[Brushless4500KV 4214]

It is great that Yobit is listed as 100% in most pairs and this is an evidence that Yobit is completely trusted. This rating is based on trading pairs. A certain exchange may be rated high in one pair or low in another. It is also a long and useful list for arbitrage traders because it lists lots of exchange rates which is good for comparison. It is interesting that Binance has advertised itself as number one rank!

Edited June 5, 2020 by Brushless4500KV

[Crypto123 0]

4 minutes ago, Brushless4500KV said:

It is great that Yobit is listed as 100% in most pairs and this is an evidence that Yobit is completely trusted. This rating is based on trading pairs. A certain exchange may be rated high in one pair or low in another. It is also a long and useful list for arbitrage traders because it lists lots of exchange rates which is good for comparison. It is interesting that Binance has advertised itself as number one rank!

Yes, she bought Benin Coin Market, so it considers this it right to be in the first place, for the Yobit exchange, it can be said that Binance is fair in this because, although it puts a warning about Yobit, but  Binance places Yobit full confidence in some pairs, and this is considered a trust from Binance.

[Trader21 1199]

Thank you for sharing this cool information with us, this is really one of the best futures, which in my mind will help to beginners for preferring the best one.

[Crypto123 0]

7 minutes ago, Mohamad ibrahem said:

This is a really great feature that I have never seen on any site before.  I think they have a team whose job it is to determine the percentage of currency confidence based on information they collect, but so far we do not know how accurate this ratio is. I think it takes some time to make sure of its accuracy.

Yes, it can take some time to make sure that this percentage of confidence they provide is correct. We do not know how they determine this percentage and what is the accuracy of the database they have. Many exchanges can object to this.

[Shahud 1319]

i think this confidence feature will give  good opportunity to the beginners to know about the trading charts and learn from this.and to start their trades with risk free.and thr name itself indicating that everyone will be getting confidence over their decisions

[Moaz 7239]

The trust feature in the CoinMarketCap is a great feature especially for those who trade in cryptocurrencies continuously, and through this feature you can determine which currency pair will achieve good profits

[Honny143 13612]

Binance take over later coin market cap site improve their standard levels, and try to give good features for their users now this confidence features gives the information, which pair doing well and where we invest, this type information really help us.

[Crypto123 0]

20 minutes ago, Honny143 said:

Binance take over later coin market cap site improve their standard levels, and try to give good features for their users now this confidence features gives the information, which pair doing well and where we invest, this type information really help us.

Yes, Binance after purchasing a Coin Market Cap makes many important improvements that help users know the evaluation of exchanges, and this is very important until you choose a good exchange and move away from unreliable exchanges.

[Omar Ommeish 4872]

Yes, this indicator is very important because through it we can know if this currency is completely safe or not.

[CryptoLover21 0]

Binance is already great company but they are not popular as the coinmarketcap and they are already great featured exchanges and secure crypto wallet. Coin market cap is one of the best thing they have owned because coin market cap is great application most of the people believe this site due to its correct value at exact time and listing of the new coin very fast. The confidence indicator is very great feature for investing into the coin.

[ETheHedgehog 3104]

that's a very good feature to have, it makes it easier to know which exchanges are faking volume and which aren't

[Hala99 370]

I would say everything that belongs to binance get day after day better to be honest, they are going hard! And I really like this indicator.

[Whited35 15285]

16 hours ago, Crypto123 said:

Yes, I knew about it and saw the explanation about this new feature, but there are questions about the accuracy of the data on the Coin Market !! Is this data really accurate? Is it not possible to manipulate them to influence the rank of exchanges?

@Crypto123 Maybe, they update such data in their data model periodically by considering so many factors plus tools so that they easily detect if there is fake trading volumes. I think they also apply tracking system to detect such things.