Topic: Too many exchanges? (Read 21383 times)
It became a trend to start an exchange and earn in trading/withdrawal fees. There are some exchanges which take allot as withdrawal fees and I feel that the major reason for that is to never let the trader take out his earnings. We dont need anymore exchanges now.
I suppose it’s really fine to have that many exchanges. Bad ones do not survive and die fast. But good small exchanges eventually grow and challenge the bigger ones, so in order to survive either of them has to adapt and make their product better each time. I especially monitor exchanges without KYC and AML, like Basefex. They caught my attention recently. Wonder, how far they’ll go
This is a trend now so we can't stop developers to create exchange for them to earn and for them to compete all over the market, what's wrong is that, they cannot guarantee the risk associated on it, when they were hacked we don't know if they can still pay us or we will just forget our fund to them, no assurance at all, so for me still we should just trust exchanges which has high security value.
I suppose it’s really fine to have that many exchanges. Bad ones do not survive and die fast. But good small exchanges eventually grow and challenge the bigger ones, so in order to survive either of them has to adapt and make their product better each time. I especially monitor exchanges without KYC and AML, like Basefex. They caught my attention recently. Wonder, how far they’ll go
in recent periode lot of new exchanges altcoins created . there is chose negative like scam or fake work under name of exchange money electronic . so this is very danger for new traders that dont know about possibility of get scammed from those fake site exchanges
everyone want use new exchange must have enought information about sites before start trading and investing
That is why it's better to use a more well known or top exchanges out there, than trying a new fishy exchanges that claimed has a cheaper trading or withdrawing fees and a better trading experience and all. But in fact no real development. Not to mention sometimes newbies didn't realized that they're visiting a fake exchange such as scammers changed the website address or domain a little to minimize suspicousness. everyone want use new exchange must have enought information about sites before start trading and investing
More exchanges mean more competition which is better on the user end. Right now the thing holding back these exchanges, imo at least, are the absurd amount of fees to purchase Bitcoin through banking or credit card. To add, the verification processes expose way too much personal information. Most of these exchanges seem pretty shady and to the average user, posting scans of drivers licenses and uploading sensitive documents is pushing it.
I mean never ever buy a bitcoin using a credit card because you will be charged fees from both side and that's ridiculously expensive just banking is preferable I guess and most of exchanges will require you to verify your account first before you can buy anything though credit card or banking because they are afraid of that people might use another person's bank or creditcard to buy bitcoin and the fact that we need to upload or scans of driver licenses even a photo of ourselves holding it is ridiculous but there's not another way and always use the most reliable exchange among top #3 never ever use anything else. I could note aswell that more exchanges is indeed better for competition to avoid monopoly but most of exchanges that emerges nowaday are money grabber that target the newbie so doesn't really add up to the competition.
More exchanges mean more competition which is better on the user end. Right now the thing holding back these exchanges, imo at least, are the absurd amount of fees to purchase Bitcoin through banking or credit card. To add, the verification processes expose way too much personal information. Most of these exchanges seem pretty shady and to the average user, posting scans of drivers licenses and uploading sensitive documents is pushing it.
in recent periode lot of new exchanges altcoins created . there is chose negative like scam or fake work under name of exchange money electronic . so this is very danger for new traders that dont know about possibility of get scammed from those fake site exchanges
everyone want use new exchange must have enought information about sites before start trading and investing
everyone want use new exchange must have enought information about sites before start trading and investing
We are seeing more and more exchanges nowadays. Is it beneficial to the community if we have more of these? What do you think are the benefits and/or the negative impact on having too many exchanges?
I think the number of exchanges does not matter since every exchange has their own platform. Though they have the same goal, to convert cryptocurrency. I think they have different styles to get investors and traders. We need exchanges and we can't say that 1 exchange is enough in cryptocurrency. 
More entities in any sector bring more competition and it help in breaking monopolies of few giants. As already mentioned majority of exchanges are not decentralized , which is againest cryptocurrency principles.
Even with all exchanges on the market, im not satisfied at all, i remember one time i was reading an article someone had his account locked from that HitBTC exchange for 6 months with 12 BTC, asking for KYC and even that he sent all documents he was just getting random emails from the support team, keep in mind that HitBTC is one of the largest exchanges on the market, i don't trust any exchanger , Not You Keys , Not Your Coins.
6 months is like an eternity in the cryptocurrency market.
And as to "not your keys, not your coins" - 101: never keep on any exchange more BTC (or any other crypto) than you need to use at this very moment. Use a cold/hardware wallet to store your crypto as safely as possible.
I think its better to have many exchanges for us to have many options. Competition is needed in order to have the best customer service satisfaction. These exchanges should offer the best for the market and in this way they cannot abuse for there are other exchanges to choose from. Traders will always find ways on where they can have an advantage.
What is the point in having a lot of (almost) identical exchanges? It only makes it harder. I'd prefer having less exchanges but each with its own features and level of fees so that I could choose according to my current needs.
Okay, I agree that we've got huge variety of exchanges. But on the other hand, half of them aren't worth attention at all. Many of them are just a scam. It's hard to find a proper exchange which has low fees and which is reliable and safe (like for example CoinDeal, Kraken or Coinbase).
It depends what are the benefits provide and their services that you can find in various exchanges and it is very hard to find which exchange is the best and trade tokens with high profits that create anonymous aspect i think you may choose 2 to 3 exchanges are enough which have high volume.
I think its better to have many exchanges for us to have many options. Competition is needed in order to have the best customer service satisfaction. These exchanges should offer the best for the market and in this way they cannot abuse for there are other exchanges to choose from. Traders will always find ways on where they can have an advantage.
more exchanges will bring positive impact to crypto market. Traders has many option in chosing exchange that will used. And each exchange will compite each others in serving best feature and services to traders. Only the best one could survive in market . but when filtered this exchange we have to becarefull if one of them was fake exchsnges that will lie to customers.
Some time ago I thought it is good, that there are more exchanges and altcoins, because there is wider choice. But now I know, most of them (exchanges and alts) are going just to vanish in the nearest future. What's more, differences between them are almost negligible, so people are trading on the most popular ones.
I think its better to have many exchanges for us to have many options. Competition is needed in order to have the best customer service satisfaction. These exchanges should offer the best for the market and in this way they cannot abuse for there are other exchanges to choose from. Traders will always find ways on where they can have an advantage.
It won't be interesting if many new exchanges are not too ready to offer different quality from the others, it will only be a spam exchange at the bottom level.
some of them even have KYC rules that are more complicated than the top exchange, automatically people will prefer a more familiar Exchange.
Low user volume levels will also kill new coins that enter instantly.
I think its better to have many exchanges for us to have many options. Competition is needed in order to have the best customer service satisfaction. These exchanges should offer the best for the market and in this way they cannot abuse for there are other exchanges to choose from. Traders will always find ways on where they can have an advantage.
It seems to me that exchanges spoil the market as well as bad new projects. Because one way or another, they take away part of the funds of investors and traders who could do the best service to the market. However, there is little to be done about it, after all, the crypto market is a market of freedom, which means that bad projects and bad exchanges will take place here. A much more important task will be the development in us of the ability to distinguish good from bad.
but with that the difference can be found clearly, because with the exchange that is not so good and then there is a new project that registers the token there, then it becomes a very low assessment and will have a bad impact on the future of the token itself. so with the many exchanges that exist at least we have our own judgment to use wiser exchanges where exchanges are trusted and not We are seeing more and more exchanges nowadays. Is it beneficial to the community if we have more of these? What do you think are the benefits and/or the negative impact on having too many exchanges?
There are a lot of different exchanges, and now they are all trying to get to the top, for example, Hueby launches his blockchain, probably wants to repeat the success of the binance, but I also notice different exchanges that pop up to the top in trading volumes on this website (https://neironix.io/exchanges) , I don’t know why this happens there , but sometimes I learn because of this about new interesting exchanges.
Developers and some of the people have seen the potential in the exchanges as the demand is increasing, the income is really big, although the competitor is increasing too but almost everyday there is new project coming in right now so despite it still the number of users is increasing everyday. Let's just choose the right exchange, as there were also exchange that is not good and safe to keep your fund at, although they have high security, still we should not trust them at all.
We are seeing more and more exchanges nowadays. Is it beneficial to the community if we have more of these? What do you think are the benefits and/or the negative impact on having too many exchanges?
There are a lot of different exchanges, and now they are all trying to get to the top, for example, Hueby launches his blockchain, probably wants to repeat the success of the binance, but I also notice different exchanges that pop up to the top in trading volumes on this website (https://neironix.io/exchanges) , I don’t know why this happens there , but sometimes I learn because of this about new interesting exchanges.
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