Knowledge Economy Studies

Identifying the Effective Factors in Choosing Digital Currency Exchanges

Document Type : Original Article

Authors

Atefe Zeynali 1
Hossein Moeini 2
Mohammad Reza Fallah 2

1 MSc., Manegment Group, Faculty of Humanities, Hazrat - e - Masoumeh University, Qom, Iran.

2 Associate Professor, Department of Management, Faculty of Human Science, Hazrat-e Ma`soumeh University, Qom, Iran.

https://doi.org/10.22034/kes.2025.2052904.1045
Abstract
In a world where buying and selling digital currencies has become an integral part of the global economy, digital currency exchanges play a very important role. Therefore, the purpose of this article is to identify the effective factors in choosing digital currency exchanges. The present study is a qualitative research in terms of method, exploratory in terms of approach, applied in terms of purpose, interpretive in terms of data collection or the nature and method of the research. The statistical population of the research is the digital currency traders (inside Iran). Purposive sampling was used to select the participants, and 16 people were interviewed following the rule of theoretical saturation. The data collection tool is interview. Based on the findings of the research using the theme analysis method, six effective factors in choosing digital currency exchanges included security, liquidity, and volume of transactions, authentication, fees, support, and diversity in the number of cryptocurrencies. Finally, three categories of low risk, good service, and financial advantage were introduced.

Keywords

Digital Currency Exchange
Digital Currency
Exchange

Subjects

Akhavan, P., & Mohdania, A., & Darabi, Ali. (2020). Binance: digital currency exchange. Tehran: Knaowledge Management Publications [In Persian].
Alsalmi, N., Ullah, S., & Rafique, M. (2023). Accounting for digital currencies. Research in International Business and Finance, 64, 101897.
Asadi, A.R. (2015). International virtual currencies and its application in Iran's economy. The third international conference on new findings of science and technology, Qom, Iran, 11 December. [In Persian].
Chen, R., & Liu, Y. (2024). Security Challenges in Cryptocurrency Exchanges: A Review. Cybersecurity Advances, 15(4), 200-214.
CoinMarketCap. (2019). Top 100 cryptocurrencies by market capitalization.  https://coinmarketcap.com/. Accessed 14 Feb 2019.
De Pace, P., & Rao, J. (2023). Comovement and instability in cryptocurrency markets. International Review of Economics & Finance, 83, 173-200.
European Central Bank. (2012). Virtual currency schemes.  http://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf. Accessed 1 Mar 2018. Esma.2016. the Distibuted Ledger Technology Applied to Securities Markets.
Fazli, H., Chamandar, M., & Zamordi, H. (2018). Blockchain and cryptocurrencies (basic concepts, comprehensive solutions, legislation). Tehran; Bell Publications. [In Persian]
Ghasemi, N. (2020). Opportunities and threats of digital currencies; A selected case study of East Asia. World Politics Scientific Quarterly, 10th Volume, 3rd Issue, Autumn 2020 [In Persian].
Ghorbani, S., Naqdi Khanachah, S.  (2020). The future of investment research in the field of digital currencies by comparative comparison and hierarchical analysis of international exchanges. The second international conference on knowledge management, blockchain and economics. Tehran. Scientific Association of Knowledge Management of Iran. Malik Ashtar University of Technology, Tehran, Iran [In Persian].
Ghosh, A., Gupta, S., Dua, A., & Kumar, N. (2020). Security of Cryptocurrencies in blockchain technology: State-of-art, challenges and future prospects. Journal of Network and Computer Applications, 163, 102635.
Gorgani Firouz Jaei, Mohammad. Taghizadeh, Mehdi (2021). Cryptocurrency trading, concepts, software systems, opportunity analysis. Babylon. New Technology, 2021. [In Persian].
Halakoui, M., & Heydarian, N. (2019). Digital Currency. Isfahan, Rahnej Publications. Paradise print [In Persian].
Hashemi, H. Zakari, A. (2022). Identifying and evaluating the relationship between factors affecting exports through the use of digital platforms in Iranian companies. Bi-monthly magazine of business reviews; Year twenty-two, number 124, April and May 2023, pages 89-112. [In Persian]
Hosseinzadeh, A., Honarmand, H., & Mahdavi-Porpicha, S. (2022). The effect of digitalization capabilities on open innovation in small manufacturing businesses. Bi-monthly magazine of business reviews, Year 22, number 125, June 2023, pages 111-129 [In Persian].
http://coinmarket cap.com/al exandria/ article/ how-to- keep- your- crypto- safe.
http://jpgimage. Net/ wp- content/ uploads/ 2018/06/servicio- jpg-8. Jpg.
https://www. Block chainwg. Eu/ finma- issues- licence- to –a- cryptocurrency-investment-/ fund.
https://www.nexusico.com/tag/crptocurrency-trading.
Makarov, I., & Schoar, A. (2020). Trading and arbitrage in cryptocurrency markets. Journal of Financial Economics, 135(2), 293-319.
Mallqui, D. C., & Fernandes, R. A. (2019). Predicting the direction, maximum, minimum and closing prices of daily Bitcoin exchange rate using machine learning techniques. Applied Soft Computing, 75, 596-606.
Mohammadi Armandi, M. (2020). Digital currency trading (jurisprudential, ethical, systemic thematics; along with the function of fundamental cryptocurrencies). Tehran, Rostan Publishing [In Persian].
Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system.
Newfound, M., & Kasperchik, M. (2020). Digital currency, a comprehensive guide to trading with bitcoin and altcoins, (translated by Abolfazl Saiti, Khayat). Tehran, New Development Publishing. Fourth edition [In Persian].
Picher, P., Sumer, M., & Weber, B. (2020). Does digitalization require Central – Bank Digit-26 Currencies for the general public? Monetary Policy & the Economy, 4, 40-56.
Shirai, S. (2019). Money and central bank digital currency (No. 922). ADBI Working Paper Series.
Shrivastva, N., Devi, S., & Verma, J. K. (2020, July). Digital money: The empowering new currency. In 2020 International Conference on Computational Performance Evaluation (ComPE) (pp. 837-840). IEEE.
Soltani Fard, J., & Mohammadi, A. (2023). A new exploration in the conceptual scope of the rule of "negation of noise" and the compliance measurement of buying and selling "base crypto-currencies" with it. Research Journal of Islamic Law, 66, 837 - 882 [In Persian].
Xia, P., Wang, H., Zhang, B., Ji, R., Gao, B., Wu, L., ... & Xu, G. (2020). Characterizing cryptocurrency exchange scams. Computers & Security, 98, 101993.
Zarei Kariani, S. (2020). The role of decentralized hybrid synchrobit platforms and its features in the operation of digital exchanges. International Conference on Management and Industry: Term 1, Summer 2020; Pages 16 to 34 [In Persian].
 
Knowledge Economy Studies
Volume 2, Issue 1
April 2025
Pages 121-135

Home

Submit Manuscript

Contact Us