Can a new crypto exchange take a place in the market?

magneto

hero member

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Quote from: BitHodler on February 03, 2019, 06:20:17 PM

Quote from: magneto on February 03, 2019, 02:42:30 PM

I think that the exchange space has honestly become quite saturated and this point, with Binance obviously holding the majority of the market share.

One would think so, but still, quite a significant number of people continue to look for shitty exchanges while Binance by far is the best available option. It's retarded if you think about it, but it's the reality here.

I think that people like the idea of buying unknown coins the larger exchanges haven't listed yet. In most cases when these coins end up being listed, they pump hard and that may very well be what people are after. Greed it is.

People will only realize that it's foolish to use these exchanges when they go down with all of their funds. Unfortunately, losing funds is the only way people come to sense....

Again, there are already exchanges that dominate the provision of these widely "unknown" trading pairs as well.

Even though theoretically you could still make a new exchange, list new coins that no one else has listed, and in turn get some trading volume, it's going to cost a lot of money and effort. Who is going to come to your exchange to list their coins when there are tons of better alternatives?

I think that it's possible with lots of funding, a good team, actual innovation and entering in the market in an opportune time as I mentioned. But if these factors aren't satisfied then I don't think that it's feasible.

Bitze

legendary

Activity: 1638

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of course a new exchange can come onto the market and also gain a foothold.
however, with the quantity of projects it is difficult to appear serious and also to have enough stamina not to disappear immediately again in the sinking

ChangeNOW

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ChangeNOW. Non-custodial and limitless exchange.

Quote from: imstillthebest on February 09, 2019, 11:55:26 PM

Quote from: Ave_Maximus on February 09, 2019, 05:40:23 PM

Yes, it can. F.e. changenow - it's not so old exchange service if I'm not mistaken, but it's a quite popular

i heared that changenow is already a scam . that is the problem of new exchange , they attract people as much as they can and if people already earned thier trust that is also the time that they will exit .

you guys must be careful and dont easily trust new exchange . if you are eager to try them , dont put big amounts . deposit only amount that you can afford to loose . stay safe ,

Hey there,

We understand your concern, but rest assured that the situation which involved a certain amount of scam accusations against us has been resolved and all the necessary steps have been taken to ensure that it never happens again - our KYC checks are now opt-out, so, if you wish to maintain your privacy, you can refuse with a refund, no strings attached.

Matematic

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Quote from: Ave_Maximus on February 09, 2019, 05:40:23 PM

Yes, it can. F.e. changenow - it's not so old exchange service if I'm not mistaken, but it's a quite popular

Yes, it's a quite young, but good service

Bostraticus

jr. member

Activity: 59

Merit: 1

Quote from: imstillthebest on February 09, 2019, 11:55:26 PM

Quote from: Ave_Maximus on February 09, 2019, 05:40:23 PM

Yes, it can. F.e. changenow - it's not so old exchange service if I'm not mistaken, but it's a quite popular

i heared that changenow is already a scam . that is the problem of new exchange , they attract people as much as they can and if people already earned thier trust that is also the time that they will exit .

you guys must be careful and dont easily trust new exchange . if you are eager to try them , dont put big amounts . deposit only amount that you can afford to loose . stay safe ,

Any exchange can be a scam. What do you say about Bittrex? They held my funds for some time without a reason, but now, fortunately, this is in the past. As for ChangeNOW, I have used it many times, and I see an advantage in that they do not require registration.

Ave_Maximus

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Activity: 78

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Quote from: imstillthebest on February 09, 2019, 11:55:26 PM

Quote from: Ave_Maximus on February 09, 2019, 05:40:23 PM

Yes, it can. F.e. changenow - it's not so old exchange service if I'm not mistaken, but it's a quite popular

i heared that changenow is already a scam . that is the problem of new exchange , they attract people as much as they can and if people already earned thier trust that is also the time that they will exit .

you guys must be careful and dont easily trust new exchange . if you are eager to try them , dont put big amounts . deposit only amount that you can afford to loose . stay safe ,

I'm using it for a quite long time, without problems

bitcoinisbest

hero member

Activity: 1218

Merit: 557

Quote from: spacelab on February 08, 2019, 04:00:20 PM

Quote from: einax on February 04, 2019, 05:53:31 AM

Quote from: therhslv on February 04, 2019, 05:03:49 AM

I think if exchange have really greate customer support and they do some trading competitions with really great prizes then yes there is place in market for them . Thats the 2 main reasons most of the exchanges suck , they freeze funds and then you wait for 1-2 weeks to get answer from them . Binance so far is 1 of the best exchanges out there followed by Coinbase in my opinion . Communication with community is the key

I completely agree. Customer support and communication with customers is key for anyone who is willing to survive. Looking at the subject from the side of the exchange I can tell it's not an easy feat to achieve but neither security procedures nor size can be an excuse for being silent with the customer for a week. Customer first. Always.

Definately agree. Customer support is one of their main priorities

It might be really difficult at this time to introduce the new exchange though the scope can exists that in their country if their is no local good exchange than it can help to capture the local market. internationally it requires a lot of huge investment in the security and other features so might not be easy .

imstillthebest

full member

Activity: 1638

Merit: 122

Quote from: Ave_Maximus on February 09, 2019, 05:40:23 PM

Yes, it can. F.e. changenow - it's not so old exchange service if I'm not mistaken, but it's a quite popular

i heared that changenow is already a scam . that is the problem of new exchange , they attract people as much as they can and if people already earned thier trust that is also the time that they will exit .

you guys must be careful and dont easily trust new exchange . if you are eager to try them , dont put big amounts . deposit only amount that you can afford to loose . stay safe ,

Ave_Maximus

jr. member

Activity: 78

Merit: 1

Yes, it can. F.e. changenow - it's not so old exchange service if I'm not mistaken, but it's a quite popular

spacelab

sr. member

Activity: 528

Merit: 250

Quote from: einax on February 04, 2019, 05:53:31 AM

Quote from: therhslv on February 04, 2019, 05:03:49 AM

I think if exchange have really greate customer support and they do some trading competitions with really great prizes then yes there is place in market for them . Thats the 2 main reasons most of the exchanges suck , they freeze funds and then you wait for 1-2 weeks to get answer from them . Binance so far is 1 of the best exchanges out there followed by Coinbase in my opinion . Communication with community is the key

I completely agree. Customer support and communication with customers is key for anyone who is willing to survive. Looking at the subject from the side of the exchange I can tell it's not an easy feat to achieve but neither security procedures nor size can be an excuse for being silent with the customer for a week. Customer first. Always.

Definately agree. Customer support is one of their main priorities

spacelab

sr. member

Activity: 528

Merit: 250

Quote from: magneto on February 03, 2019, 02:42:30 PM

Quote from: spacelab on February 01, 2019, 02:10:27 PM

A week ago i've met a person, who's working on a new exchange. They've been developing it for a couple of yers now and, from his words, it seemed pretty cool. I can't say for sure whether i think it's a legit idea or not. So, Is it possible for a new exchange to make it to the top or is it already monopolized and new projects and busineses are doomed in the whole industry?

Unless that particular person is willing to spend a ton of money on promoting, have a company that is registered in real life, and their exchange is able to provide pseudoanonymous accounts to people who aren't necessarily willing to verify their accounts, then no.

I think that the exchange space has honestly become quite saturated and this point, with Binance obviously holding the majority of the market share.

It'll be quite hard to take over that spot, or any other major exchanges for that matter, unless something major comes up. Just like how Binance took advantage of the downfall of poloniex and Bittrex, though even then, the marketing efforts that are needed are just way too costly to be afforded by any average exchange.

They are going to ake everyhting 100% legal and get registered not in an offshore country

spacelab

sr. member

Activity: 528

Merit: 250

Quote from: CheesyBoii on February 01, 2019, 02:58:21 PM

What's the name of that new exchange?

Not sure if i should give up the name like that, but i hope he won't mind, it's Nominex

einax

copper member

Activity: 164

Merit: 40

einax.com

Quote from: therhslv on February 04, 2019, 05:03:49 AM

I think if exchange have really greate customer support and they do some trading competitions with really great prizes then yes there is place in market for them . Thats the 2 main reasons most of the exchanges suck , they freeze funds and then you wait for 1-2 weeks to get answer from them . Binance so far is 1 of the best exchanges out there followed by Coinbase in my opinion . Communication with community is the key

I completely agree. Customer support and communication with customers is key for anyone who is willing to survive. Looking at the subject from the side of the exchange I can tell it's not an easy feat to achieve but neither security procedures nor size can be an excuse for being silent with the customer for a week. Customer first. Always.

therhslv

sr. member

Activity: 1022

Merit: 264

I think if exchange have really greate customer support and they do some trading competitions with really great prizes then yes there is place in market for them . Thats the 2 main reasons most of the exchanges suck , they freeze funds and then you wait for 1-2 weeks to get answer from them . Binance so far is 1 of the best exchanges out there followed by Coinbase in my opinion . Communication with community is the key

einax

copper member

Activity: 164

Merit: 40

einax.com

Quote from: spacelab on February 01, 2019, 02:10:27 PM

A week ago i've met a person, who's working on a new exchange. They've been developing it for a couple of yers now and, from his words, it seemed pretty cool. I can't say for sure whether i think it's a legit idea or not. So, Is it possible for a new exchange to make it to the top or is it already monopolized and new projects and busineses are doomed in the whole industry?

We are operating one of the exchanges that was recently launched and basically have near 0 volume at this moment. So as someone who is quite familiar with the topic I can tell you that we feel quite optimistic even though we just started our way.

However, people must realize that it's a nearly impossible proper exchange "on budget". If the exchange wants to survive it needs to have a physical office, it needs full-time employees that know what they are doing and now, when there is established competition, it needs a solid marketing budget. Having unique features can also be a driver up. The current market is in nowhere near to be considered monopolized, but it is already in the shape where only professionals can survive.

BitHodler

legendary

Activity: 1526

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Quote from: magneto on February 03, 2019, 02:42:30 PM

I think that the exchange space has honestly become quite saturated and this point, with Binance obviously holding the majority of the market share.

One would think so, but still, quite a significant number of people continue to look for shitty exchanges while Binance by far is the best available option. It's retarded if you think about it, but it's the reality here.

I think that people like the idea of buying unknown coins the larger exchanges haven't listed yet. In most cases when these coins end up being listed, they pump hard and that may very well be what people are after. Greed it is.

People will only realize that it's foolish to use these exchanges when they go down with all of their funds. Unfortunately, losing funds is the only way people come to sense....

squatter

legendary

Activity: 1666

Merit: 1196

STOP SNITCHIN'

Quote from: gentlemand on February 03, 2019, 06:18:01 AM

Less than two years ago Binance didn't exist. Look at it now. If you'd proposed in 2017 somewhere brand new would dominate no one would've believed you.

It's definitely possible. I don't know what went right for Binance that didn't for other exchanges though. It's impossible to predict what customers will latch on to and what they won't.

There were a few factors.

They were in the right place at the right time. At a time when Poloniex was shedding customers due to horrible lag, Binance offered a far superior trading engine. At a time when Bittrex was adding mandatory KYC, Binance let you withdraw $15,000+ a day with no documents.

Their rise was further reinforced by the BNB token's success. BNB benefited from the ICO bubble but also incentivized people to trade at Binance. It created a feedback loop.

LTU_btc

legendary

Activity: 3262

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Slava Ukraini!

Everything is possible, Binance example is the best proof of it. When they started market was already full of exchanges, but somehow they become biggest exchange in the market in very short time. New exchanges appear in market very often, but only few of them become successful and popular. There are so many factors matters. But basically new exchange have to offer something new what other exchanges don't have or do business at better level. Otherwise there are no chance to compete with top exchanges. But I'm not sure that now it's best time to start new crypto exchange when crypto markets are bleeding.

Akoldi_ibk

jr. member

Activity: 1050

Merit: 1

Looking at the state of the exchange ecosystem — being dominated by the top guys, it looks as if the space is saturated. However, there is enough space for everyone to thrive, but competing with the likes of binance shouldn't be the priority. In the same manner, just last week, I saw news of two exchanges closing down their services until further notice simply because they could not keep up with the running costs. Gunning for a place is not a problem, but staying afloat in this harsh market should be a priority. As long as your friend get it right, that spot shouldn't be hard to reach.

khufuking

sr. member

Activity: 840

Merit: 266

If you want a new exchange project to success then you have to come with new ideas or new concepts, there is a lot of examples look at Bittrex and polo they remained number 1 for a lot of traders until Binance came and took their places and if Binance will not always update and develop another exchange will come and take the lead from it. To be successful you need to offer a new idea and to be constant in offering news things or else you will be gone in no time. Now for the most important thing which is the timing you need to be careful when choosing the timing of the launch, for example, launching right now in this market condition will be just suicide.

Topic: Can a new crypto exchange take a place in the market? (Read 388 times)