There are many exchanges floating today due to the profits they may get in cryptocurrency industry. Many developers wanted to make money using their websites and it may lead to a scam exchange because some devs are making it to fool people specially, new traders. On the other hand, it is good to have many trading platforms because we can see the various characteristics of an exchange. Just like their trading fees, network, liquidity and customer service.
If you are really looking for profit, you need to have a good front end software to attract new customers and it should be user friendly, the real risk associated with running of these exchanges are evident with the numerous hacks that happened around the globe, it is not that easy to run the exchange smoothly but anyone with basic skills could start one, there is nothing wrong in having competition in the market. 
Topic: Why do we need so many cryptocurrency exchanges? - page 7. (Read 12686 times)
It's a free market economy. Every one is allowed entry but as a potential user/customer you need to be sure the exchange you use is reputable enough to warrant your patronage. Do your own research always. The market is saturated with a lot of fake exchanges with fake volume too. Most of them are out to scam unsuspecting users.
Exchanges help to diversify the offerings for investors, buyers, and traders who want a platform that perfectly suits their needs. Some people prefer exchanges which are user-friendly, while others look for security and authentication.
Besides that, the present of the exchanges will help us to gain more and more profit, and some of us has already used the exchanges to do arbitrage trading, and I am sure that they can make a nice profit.We don't need to trade on every exchange in out there, and we only choose one or two or three exchanges to trade so we can stay focus to make the profit.
I think with so many exchanges we know right now, and we could see how much the difference of the price in every exchange so we can decide to do arbitrage trading or trading in one site only.
People like to have many choices, simple as that
Why do we have so many different video games?
Why do we have so many different clothing stores?
why do we have so many different online casinos?
Hope you get my point
Why do we have so many different video games?
Why do we have so many different clothing stores?
why do we have so many different online casinos?
Hope you get my point
In addition to the exchanges listed on the CMC, there are many other exchanges.I have a question WHY do we need so many exchanges?What do You think the new exchange will be able to attract potential users?
the new digital currency must require a lot of exchange, this is useful as a promotion while earning profit, because the new digital currency if it does not have a lot of exchange the price cannot be pumped and is not in demand by buyers of tokens
Actually, we don't need as many exchanges as existing, but it's competitive market, and the best exchanges absorb the biggest audience. It's hard to say that the abundance of exchanges is bad, because if there were only 1 or a few exchanges, they could create a monopoly with very harsh fees and other conditions for users. So I'm rather for a variety of exchanges operating under different terms & conditions than a monopoly of a few exchanges. However, we still have a few big leaders that can affect the whole market, and that is not very good.
We need more exchanges as now the market is down and most of the big exchanges have become insolvent, have been hacked and some just couldn't manage to earn enough to keep the site running.
In your reply unfortunately I do not see the adequacy.Why create hundreds of exchanges if they do not have the funds even to maintain the health of the sites?I met quite a lot of exchanges that simply disappeared and their sites did not work and my funds remained there. Since then I have used proven and reliable exchanges.What defines a proven and reliable exchange? One which pays on time and doesn't ask KYC or one which takes a long time and asks for KYC? I have used many reputed exchanges and the same exchanges ended up scamming me or getting hacked. The truth is all exchanges are the same as they don't have any laws to protect the traders so even if we have a lot of exchanges, I don't see it as a problem and of course, I don't even trust Binance and Coinbase as they too can anytime scam their users. The scam of cryptopia is still fresh in my mind as I lost my money there.
There is need for more exchange for competition reason and securing but the current situation in the market has not really enhance the level of competitive which many are not even good at the job but just want to be in control of the people funds are has nothing to really show for competing .
Some offer different benefit to tackle their opponent which gives hedge to the users to select which one is better in terms of fees and security , but to be the fees is nothing but the security of users funds .
Just like what happen to binance of recent which if it were to be one of these exchange , that might be or even the end of the business but in binance nothing affect the user and the business is on and safe again .
Some offer different benefit to tackle their opponent which gives hedge to the users to select which one is better in terms of fees and security , but to be the fees is nothing but the security of users funds .
Just like what happen to binance of recent which if it were to be one of these exchange , that might be or even the end of the business but in binance nothing affect the user and the business is on and safe again .
Exchanges help to diversify the offerings for investors, buyers, and traders who want a platform that perfectly suits their needs. Some people prefer exchanges which are user-friendly, while others look for security and authentication.
In addition to the exchanges listed on the CMC, there are many other exchanges.I have a question WHY do we need so many exchanges?What do You think the new exchange will be able to attract potential users?
There are many exchanges floating today due to the profits they may get in cryptocurrency industry. Many developers wanted to make money using their websites and it may lead to a scam exchange because some devs are making it to fool people specially, new traders. On the other hand, it is good to have many trading platforms because we can see the various characteristics of an exchange. Just like their trading fees, network, liquidity and customer service.In addition to the exchanges listed on the CMC, there are many other exchanges.I have a question WHY do we need so many exchanges?What do You think the new exchange will be able to attract potential users?
There are many exchanges floating today due to the profits they may get in cryptocurrency industry. Many developers wanted to make money using their websites and it may lead to a scam exchange because some devs are making it to fool people specially, new traders. On the other hand, it is good to have many trading platforms because we can see the various characteristics of an exchange. Just like their trading fees, network, liquidity and customer service. We need more exchanges as now the market is down and most of the big exchanges have become insolvent, have been hacked and some just couldn't manage to earn enough to keep the site running.
In your reply unfortunately I do not see the adequacy.Why create hundreds of exchanges if they do not have the funds even to maintain the health of the sites?I met quite a lot of exchanges that simply disappeared and their sites did not work and my funds remained there. Since then I have used proven and reliable exchanges.
We need more exchanges as now the market is down and most of the big exchanges have become insolvent, have been hacked and some just couldn't manage to earn enough to keep the site running.
In your reply unfortunately I do not see the adequacy.Why create hundreds of exchanges if they do not have the funds even to maintain the health of the sites?I met quite a lot of exchanges that simply disappeared and their sites did not work and my funds remained there. Since then I have used proven and reliable exchanges.
We need more exchanges as now the market is down and most of the big exchanges have become insolvent, have been hacked and some just couldn't manage to earn enough to keep the site running. Having few big exchanges is not good for small projects who can't afford those enormous listing fees and they manage to get listed only on etherdelta and IDEX which is not good as the buyers dump the price and those coins just lose their potential of gaining momentum in the market.
This is business out here, different exchanges have different owners but have all the same purposes and goals, to make money. In any case it is good for instance one cannot trade on one and can in another, I see people having a hard time just registering in one so they go to an alternative. The only one that matters is on how those brokers would give customers satisfaction.
As a matter of fact variety have it's own advantages.
Since there is always a completion people sought to go with the one providing them with best resources.
Exchanges increase their quality over the counter ones and at the same time it's amazing to see how it booms so fast in such a short amount of time
Why do we have so many vegetables? Or clothes ?
To choose from exactly.
Therefore it's for our own benefit , but no matter how good it sounds only a few are gonna last till the end.
Since there is always a completion people sought to go with the one providing them with best resources.
Exchanges increase their quality over the counter ones and at the same time it's amazing to see how it booms so fast in such a short amount of time
Why do we have so many vegetables? Or clothes ?
To choose from exactly.
Therefore it's for our own benefit , but no matter how good it sounds only a few are gonna last till the end.
Because not all coins listed on the exchanges are the same, so we need lots of exchanger to buy good coins and the potential to rise.
There are a ton of stock exchanges, what are you talking about? There are 60 major stock exchanges in the world but there are a ton more with less volume. The crypto market is too fresh so it needs new exchanges that have more regulations or other legal requirements that might be needed in the future.
It's truth, there's a lot. The person who opened the topic has a pretty good point.
I don't think that it is a thing of if is needed or not, is about this being a free market and they trying to make money with the companies they started and everyone who follow the laws has the right to try to do it.
That's why as long as they see opportunity and profit, more will probably keep coming.
It's business you know. As long as you have the budget and knowledge to create it no one can stop you creating your own exchange. The problem is why should we trust your exchange, how can you promote your business and earn the trust of many people. It isn't easy to do that and will take some time to make your own exchange known to many people.
because the more exchangers, the more cryptocurrencies are traded with even volume. and not too focused on one exchanger.
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