Topic: Too many exchanges? - page 7. (Read 21343 times)
I completely agree with the fact that there are enough exchange platforms on the market and there will be even more of them, since the cryptocurrency market is still at the beginning of its development stage. But we should not forget about the ratings, with the help of which users prefer them at their discretion.
I think that there have some negative and some positive impact. Firstly i diccuss about positive : Crypto is a decentralize proggram. So it should not controled by some exchange. If there have less exchange they demand more for list a coin and they also add more withdrew and trading fee.
If i say about negative impact , firstly i say they add scam coin or token. They also cheet with user.
If i say about negative impact , firstly i say they add scam coin or token. They also cheet with user.
Too may exchanges now are useless. Only accepting new coins with low fees can be interest.
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?
It would definitely benefit the users since this would create competitions among exchanges. Also new coins can enlist to the most convenient exchange with low fees or with high security features.
The more exchangers, the better for the whole digital market, because everyone will try to offer the best tools that can be convenient for both beginners and professionals, the competition gives rise to the best!
Too much proliferation of exchanges can lead to the development of many exchange of which scam can be among. There should be regulation to limit the number of scam exchange
I agreed with your view that regulation must be imposed to limit the number of exchanges particularly those that are engaged in scams and other illegal activities. Exchanges are mushrooming in crypto market and some of them are created to scam people who want to invest or trade. The imposing of regulation should aim to weed out the scam exchanges and regulate application for those who want to establish their own exchange.
In my own point of view regarding too many exchanges, there's a positive perspective for that.
For me, I think relying on just Binance, OKex, Kucoin, IDEX, MetaMorph Pro, LAToken isn't enough because not all exchanges could handle a lot of users and trading activity. It forces them to upgrade their servers, doing maintenance, etc.
At first, I was so negative about new exchanges emerging just trying to compete with the big players out there. But on a different perspective, it's just giving them the chance to prove that they can be better by introducing new out-of-the-box features that no other competitors have.
The only weakness that these new exchanges have is proper marketing. Some new exchanges have no budget in which they cannot convince traders to begin trading, but there are some who have funds for marketing and promotion that would make them stand out.
As long the new players have budget on marketing and developing their platform, they're good to go.
For me, I think relying on just Binance, OKex, Kucoin, IDEX, MetaMorph Pro, LAToken isn't enough because not all exchanges could handle a lot of users and trading activity. It forces them to upgrade their servers, doing maintenance, etc.
At first, I was so negative about new exchanges emerging just trying to compete with the big players out there. But on a different perspective, it's just giving them the chance to prove that they can be better by introducing new out-of-the-box features that no other competitors have.
The only weakness that these new exchanges have is proper marketing. Some new exchanges have no budget in which they cannot convince traders to begin trading, but there are some who have funds for marketing and promotion that would make them stand out.
As long the new players have budget on marketing and developing their platform, they're good to go.
Too much proliferation of exchanges can lead to the development of many exchange of which scam can be among. There should be regulation to limit the number of scam exchange
Regulation always exist but the fact that not so many countries are putting their attention to the exchange site. I meant there is some exchange site which followed all of the regulations and the rest didn't even follow it. As long as the exchange site was doing verification and that will fine but the problem when we meed another mtgox.
There should be regulation to limit the number of scam exchange
That's what we all like to see, this is a protection on our part and assurance that we will only trade in legit exchange. Scam exchanges are all over the crypto space, if you look at https://coinmarketcap.com/rankings/exchanges/reported/, a lot of listed exchanges but only few are really trusted, don't know the exact no. but I'm pretty sure less than 50%.
Yes. the community should also get matured because we need to check twice about the exchanges whether they are licensed in their local governments. In this way, so that team will not run with the people fund who are actively trading in that exchange. So we should be very careful with this type of exchanges.
It is beneficial because in the past years of crypto trading, exchanges were not fair and locking up/ freezing accounts with no explanation why it happened and users were so angry why it constantly happens. But now, new exchanges favors what the customers wants and even you got your account locked up, the exchange will still let you withdraw all your funds. It means more exchanges, more of them will follow what we want.
There should be regulation to limit the number of scam exchange
That's what we all like to see, this is a protection on our part and assurance that we will only trade in legit exchange. Scam exchanges are all over the crypto space, if you look at https://coinmarketcap.com/rankings/exchanges/reported/, a lot of listed exchanges but only few are really trusted, don't know the exact no. but I'm pretty sure less than 50%.
There should be regulation to limit the number of scam exchange
That's what we all like to see, this is a protection on our part and assurance that we will only trade in legit exchange. Scam exchanges are all over the crypto space, if you look at https://coinmarketcap.com/rankings/exchanges/reported/, a lot of listed exchanges but only few are really trusted, don't know the exact no. but I'm pretty sure less than 50%.
in my opinion for a healthy child there must be competition. Each user should have the right to choose the best resource for their activities. In addition, you need to pay attention to the fact that each trading platform has different trading pairs and different presence of coins. In addition, there are cryptocurrency exchanges where trading is carried out differently, including options trading.
Too much proliferation of exchanges can lead to the development of many exchange of which scam can be among. There should be regulation to limit the number of scam exchange
Yes nowadays, various exchanges have sprung up to provide various options for traders. but the exchange function is increasingly more commercial considering the emergence of the IEO. I also have various exchanges but only to sell the results of the bounty.
What are we going to make with too many exchanges; just nothing special with all of them but one can help you out up to great extent if you want. If you do not want, then there is nothing special for you even with a single exchange. It all depends according to your level of understanding and how much you are good at market research. IEOs are new projects that solved the drawbacks of ICOs because the exchange (Binance, Bitfinex etc.) is acting as counterparty. Having accounts in too many exchanges is not a good practice because of security issues.
I thought this would help the risk of minimizing the risk since trading sites are vulnerable to hacking. Creating an account in multiple exchanges is tedious and remembering all the passwords is also difficult.
If you are going to secure thousands of dollars with having different exchanges, I think doing this task is necessary.
You don't need to memorize all the passwords, just keep it and access it anytime you need to.
We are in the modern era now, we can use our computers to store our passwords and have some back up on it.
Having accounts in too many exchanges is not a good practice because of security issues. Creating an account in multiple exchanges is tedious and remembering all the passwords is also difficult.
Storing the cryptos in the exchanges is also not safe due to hack issues. It is better to choose the best exchange for trading instead of trading on different exchanges.
I trade on an exchange that is an aggregator exchange(Coinswitch) of many exchanges. Here we need not have to create an account and we can trade at the best rate by comparing the prices at different exchanges and trade at one place.
Storing the cryptos in the exchanges is also not safe due to hack issues. It is better to choose the best exchange for trading instead of trading on different exchanges.
I trade on an exchange that is an aggregator exchange(Coinswitch) of many exchanges. Here we need not have to create an account and we can trade at the best rate by comparing the prices at different exchanges and trade at one place.
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?
It's a battle of the fittest and who can attract more investors and traders, and it's also a battle of features, add-ons, and bonuses developers already know that exchange is the most profitable venture in the cryptocurrency, just take a look at Binance and Kucoin they are making millions of dollars.
Binance is winning the battle, Kucoin's volume is way too low compared to Binance .
https://coinmarketcap.com/exchanges/kucoin/ - $20 million plus
https://coinmarketcap.com/exchanges/binance/ - $700 million plus.
Before they were in competition but Kucoin was left behind as Binance skyrocket in growth.
We can also tell that on their tokens value.
Anyway, more exchanges are better as it gives better service and experience to users.
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?
It's a battle of the fittest and who can attract more investors and traders, and it's also a battle of features, add-ons, and bonuses developers already know that exchange is the most profitable venture in the cryptocurrency, just take a look at Binance and Kucoin they are making millions of dollars.
Someone uses several exchanges, and someone needs all 10-20 exchanges.
My opinion is - a lot of exchanges are healthy competition, improving the quality of security and anonymity.
For the increasing numbers of exchanges, they will should be providing good services to their clients/investors to make them stay all the time otherwise they will left and find new one. That is exactly a competition and for those exchanges that have already establish good market history will taking advantage against the other and most probably investors will never have a way to transfer. My opinion is - a lot of exchanges are healthy competition, improving the quality of security and anonymity.
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