Lack of vision, lack of understanding of the blockchain industry and lack of ideas is what is pushing all of them into creating exchange platform that is of no use yet to this market.
Competition? They know they cannot compete with these top exchanges that are available, they were only hoping they will get the newbies, forgetting that it is still the old users that will recommend exchanges to these newbies, and because they hear that there is so much money in exchanges.
A lot of them want to develop on already existing ideas without adding any spectacular or better functions. They also need to understand that the market will only require more exchanges when it gets bigger than this, but for the moment, the top exchange we have are more than enough to serve the current market.
Topic: The crypto exchange industry is saturated - Agree or disagree? - page 2. (Read 10027 times)
And to reach the top, the idea must be more than original and offer an attractive product to attract people
In fact, you don't need something exceptionally original
All you have to do is offer margin trading, provided it is done in a reliable and consistent way. How many exchanges are offering this right now? I know about Bitfinex and Bitmex, though I couldn't come to understand how it works with the latter (read, it is likely something shady intended to take your money in a semi-legal way). And I'm not sure that freely available trading engines (like the ones mentioned here) offer this feature or it is actually usable
Right not exceptionally but I was mainly thinking about a feature that others don't have. Well like you posted and for the same reasons. Why should I use another exchange while I've already the ones I stick with. Only for something that I don't have. Me too I don't get it how it works so no use for me but if I'm correct Kraken also has it
It is like the law of diminishing returns
If you are looking for something really unique, the fact that it hasn't been implemented yet pretty much proves that your effort may not be worth the while (and money) put into it. Okay, you add some fancy feature (like currency swaps or whatever) and how many people are actually going to use it? In other words, you would get better returns for a buck invested if you just make everything better and smoother - user experience and things like this (e.g. faster withdrawals and deposits, more complete and elaborate api, etc). As I'm inclined to think, that's where improvements should be made if you want to beat the competition
And to reach the top, the idea must be more than original and offer an attractive product to attract people
In fact, you don't need something exceptionally original
All you have to do is offer margin trading, provided it is done in a reliable and consistent way. How many exchanges are offering this right now? I know about Bitfinex and Bitmex, though I couldn't come to understand how it works with the latter (read, it is likely something shady intended to take your money in a semi-legal way). And I'm not sure that freely available trading engines (like the ones mentioned here) offer this feature or it is actually usable
Right not exceptionally but I was mainly thinking about a feature that others don't have. Well like you posted and for the same reasons. Why should I use another exchange while I've already the ones I stick with. Only for something that I don't have. Me too I don't get it how it works so no use for me but if I'm correct Kraken also has it.
Yes, I agree, I also see that I think the crypto exchanger saturation is caused by a number of things, one of which is because there are many traders who are floating and cannot turn their funds on the exchanger
As what I have seen in the crypto market nowadays, new exchanges keep emerging. But why?
Is it because they want to compete with Binance, Okex, KuCoin, etc., and believe that they would surpass them?
In my opinion, there's no way that these new exchanges would surpass the big players in the market. Thus, it's already saturated no matter what "magic" or unique feature that they had.
The main reason for more exchanges keep emerging is simply because the amount of profit they could make building a decent profit and majority of them are not having any license to run these exchanges and it is easiest way to make money with the amount of trades being carried out in several exchanges and they commission they earn with every trade, if you have the basic coding skills to create a decent UI you will get users to trade and that is why you see many exchanges coming up, people should understand what their security features are before trading and we all know how these exchanges are under attack all the time from hackers, so exchanges without good security features will get hacked, so be cautious where you trade.Is it because they want to compete with Binance, Okex, KuCoin, etc., and believe that they would surpass them?
In my opinion, there's no way that these new exchanges would surpass the big players in the market. Thus, it's already saturated no matter what "magic" or unique feature that they had.
I agree with you. I trust multiple stock exchanges and are trading only on them. I do not understand why we need such a large number of exchanges, because it is really inconvenient.
Inconvenient ? Why ? Have you try using them ? Imo its not a bad idea to have different exchanges so that we traders can choose if what suites them . some traders dont stick on a single exchange but they love to buy and sell on different exchanges so that they can earn some profit because every other exchange have different price list . And to reach the top, the idea must be more than original and offer an attractive product to attract people
In fact, you don't need something exceptionally original
All you have to do is offer margin trading, provided it is done in a reliable and consistent way. How many exchanges are offering this right now? I know about Bitfinex and Bitmex, though I couldn't come to understand how it works with the latter (read, it is likely something shady intended to take your money in a semi-legal way). And I'm not sure that freely available trading engines (like the ones mentioned here) offer this feature or it is actually usable
To cope with exchanges such as binance, you need to have a lot of money to start with. Not all exchanges are interested in becoming as big as those currently in the top. And to reach the top, the idea must be more than original and offer an attractive product to attract people.
It's possible to see a new corner on the top in the future, it could be a company already established with resources (ie banks)
Any crypto exchange can do that only if they provide all the required features and tools for the users and the most important thing is its security. When recently running exchange start focusing on these points in future it can become a leading exchange. Even Binance got hacked so if another exchange with 100% comes in action then it can outdate the Binance and other leading crypto exchanges, no doubt. It's possible to see a new corner on the top in the future, it could be a company already established with resources (ie banks)
I agree with you. I trust multiple stock exchanges and are trading only on them. I do not understand why we need such a large number of exchanges, because it is really inconvenient.
As what I have seen in the crypto market nowadays, new exchanges keep emerging. But why?
Is it because they want to compete with Binance, Okex, KuCoin, etc., and believe that they would surpass them?
Is it because they want to compete with Binance, Okex, KuCoin, etc., and believe that they would surpass them?
Most of them are just using TradeSatoshi or similar turnkey software that allows you to create an exchange in a matter of minutes. It's become incredibly easy to make an exchange. Attracting real trading liquidity is a different matter though.
Heck, for that matter, most of OKEx's volume is fake. Hundreds of crappy exchanges inflate their volume in a pathetic attempt to attract traders. I don't think most of them believe they can compete with the likes of Binance. I think they're just trying to make a quick buck. I agree it's getting saturated.
As what I have seen in the crypto market nowadays, new exchanges keep emerging. But why?
Is it because they want to compete with Binance, Okex, KuCoin, etc., and believe that they would surpass them?
In my opinion, there's no way that these new exchanges would surpass the big players in the market. Thus, it's already saturated no matter what "magic" or unique feature that they had.
The main reason for more exchanges keep emerging is simply because the amount of profit they could make building a decent profit and majority of them are not having any license to run these exchanges and it is easiest way to make money with the amount of trades being carried out in several exchanges and they commission they earn with every trade, if you have the basic coding skills to create a decent UI you will get users to trade and that is why you see many exchanges coming up, people should understand what their security features are before trading and we all know how these exchanges are under attack all the time from hackers, so exchanges without good security features will get hacked, so be cautious where you trade.Is it because they want to compete with Binance, Okex, KuCoin, etc., and believe that they would surpass them?
In my opinion, there's no way that these new exchanges would surpass the big players in the market. Thus, it's already saturated no matter what "magic" or unique feature that they had.
But only few users are actually careful about legitimacy, trustworthy and security when they pick up the exchange. That is why some awareness about that should be raised and honestly new exchanges are not needed anymore.
As what I have seen in the crypto market nowadays, new exchanges keep emerging. But why?
Is it because they want to compete with Binance, Okex, KuCoin, etc., and believe that they would surpass them?
In my opinion, there's no way that these new exchanges would surpass the big players in the market. Thus, it's already saturated no matter what "magic" or unique feature that they had.
The main reason for more exchanges keep emerging is simply because the amount of profit they could make building a decent profit and majority of them are not having any license to run these exchanges and it is easiest way to make money with the amount of trades being carried out in several exchanges and they commission they earn with every trade, if you have the basic coding skills to create a decent UI you will get users to trade and that is why you see many exchanges coming up, people should understand what their security features are before trading and we all know how these exchanges are under attack all the time from hackers, so exchanges without good security features will get hacked, so be cautious where you trade. Is it because they want to compete with Binance, Okex, KuCoin, etc., and believe that they would surpass them?
In my opinion, there's no way that these new exchanges would surpass the big players in the market. Thus, it's already saturated no matter what "magic" or unique feature that they had.
I think we do need that saturated market for the future, I have lived in a not saturated exchange world and its not as sunshines and rainbows like you imagine. When I first started there was not that many places you can buy and sell altcoins, most of the places were usually fiat to bitcoin or bitcoin to fiat which meant that altcoins were a second citizen. Then cryptsy came up and poloniex and bittrex, these are very old but bittrex was not used too much at all and poloniex had very little amount of coins in it. Cryptsy was the place everyone loved and used, like today's binance but back in the day when we had fewer people.
When cryptsy got "hacked" and closed we were left with just two exchanges and a lot of coins missing. Today even if binance is closed we can find a way to comeback much better thanks to all other exchanges.
When cryptsy got "hacked" and closed we were left with just two exchanges and a lot of coins missing. Today even if binance is closed we can find a way to comeback much better thanks to all other exchanges.
To cope with exchanges such as binance, you need to have a lot of money to start with. Not all exchanges are interested in becoming as big as those currently in the top. And to reach the top, the idea must be more than original and offer an attractive product to attract people.
It's possible to see a new corner on the top in the future, it could be a company already established with resources (ie banks)
It's possible to see a new corner on the top in the future, it could be a company already established with resources (ie banks)
But it is entirely possible that some new small exchange will grow and outperform the large ones
Possible but not very likely overall
Well, or traders will use only DEX platforms, and top centralized exchanges will become unnecessary
That's even less likely
Properly built distributed decentralized exchanges need their own infrastructure built from scratch (including a special blockchain). There are but few such in the wild (for example, BitShares), and we can't actually say they enjoy wild success and huge popularity. They are still heavily centralized, only on a different level, i.e. on the blockchain level. The entities behind these exchanges are controlling their respective "private" blockchains, which is not very far from regular exchanges like Bitfinex or Binance, if you ask me
What are think about saturated exchange is that we have few that are really doing the business and many trying to manipulate and scam. So it is not saturated yet.
they do not have a physical office
I'm thinking having a physical office will be a function of the outcome of regulation. If exchanges are not regulated, such stationed office might not be realistic just like the icos.
they do not have a physical office
I'm thinking having a physical office will be a function of the outcome of regulation. If exchanges are not regulated, such stationed office might not be realistic just like the icos.
Why are you so confident that new exchanges can't topple Binance?
I can answer this question:
Have you seen who are the owners of the new exchanges?
Have you seen the resources of the new exchanges?
Here's what I think about the new exchanges:
They are copy/paste of exchanges that already exist
Do not have any innovations.
They are not ready for the regulations.
they do not have a physical office
Its creators have very weak or nonexistent marketing campaign
As what I have seen in the crypto market nowadays, new exchanges keep emerging. But why?
Is it because they want to compete with Binance, Okex, KuCoin, etc., and believe that they would surpass them?
In my opinion, there's no way that these new exchanges would surpass the big players in the market. Thus, it's already saturated no matter what "magic" or unique feature that they had.
There are two exchanges that I have encountered that they've launched their ICO before. I don't want to name them, but after launching their exchange, trading volume is zero to very less. You know why?
It's because most active traders are trading and arbitraging in established ones rather than trading on the new ones with no to very less volume at all. Correct me if I'm wrong, but investors and traders doesn't care anymore about the features. They just stick to big players like Binance with a lot of trading volume and activity.
No matter what their new features are, it has no to very less impact to investors and traders. In other words, creating new crypto exchanges are meaningless.
I just don't understand why are they still making their own despite they know that they can't topple Binance? Hoping to make a lot of money from listing and trading fees? IEO launchpads?
Do you guys agree that making our own crypto exchange isn't worth it anymore in today's market situation? Is it really saturated now?
I'm looking forward to your opinion or feedback regarding this one and I would appreciate it no matter if you agree or disagree. Thanks in advance.
Don't say that new exchanges will surpass the current big exchanges because binance proved it wrong when it was relatively new but managed to climb up to the most preferred crypto exchange because of what? Their customer support and security to the funds but recently their security badge got shattered due to the hack on their hot wallet but they managed to repay all those lost amounts. Is it because they want to compete with Binance, Okex, KuCoin, etc., and believe that they would surpass them?
In my opinion, there's no way that these new exchanges would surpass the big players in the market. Thus, it's already saturated no matter what "magic" or unique feature that they had.
There are two exchanges that I have encountered that they've launched their ICO before. I don't want to name them, but after launching their exchange, trading volume is zero to very less. You know why?
It's because most active traders are trading and arbitraging in established ones rather than trading on the new ones with no to very less volume at all. Correct me if I'm wrong, but investors and traders doesn't care anymore about the features. They just stick to big players like Binance with a lot of trading volume and activity.
No matter what their new features are, it has no to very less impact to investors and traders. In other words, creating new crypto exchanges are meaningless.
I just don't understand why are they still making their own despite they know that they can't topple Binance? Hoping to make a lot of money from listing and trading fees? IEO launchpads?
Do you guys agree that making our own crypto exchange isn't worth it anymore in today's market situation? Is it really saturated now?
I'm looking forward to your opinion or feedback regarding this one and I would appreciate it no matter if you agree or disagree. Thanks in advance.
Why are you so confident that new exchanges can't topple Binance? Companies don't last forever and they can easily be overtaken by newcomers.
Saturation just means more competition which should hopefully bring us better service as they all try to undercut each other for lower fees.
Even big ones fall thats true, but in this case I think binance is here to stay, they are doing amazing work on every field, business, marketing, promotions, and price of their token is just a proof of that. Anyway I dont think that exchange industry is saturated, that just looks like that cause cryptocommunity is still small, but with more people joining there will be a need for even more exchanges than we have now. Just many of them will not get to the level where is binance, but for sure they will try to do their best on this market. Saturation just means more competition which should hopefully bring us better service as they all try to undercut each other for lower fees.
Why are you so confident that new exchanges can't topple Binance? Companies don't last forever and they can easily be overtaken by newcomers.
Saturation just means more competition which should hopefully bring us better service as they all try to undercut each other for lower fees.
Saturation just means more competition which should hopefully bring us better service as they all try to undercut each other for lower fees.
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