Why do we need so many cryptocurrency exchanges?

[nydiacaskey01]

Every new exchange that is being launched has something new to offer to the market. The failure of an old exchange is an opportunity to new exchanges. I don't mind seeing new exchanges because not all exchanges offer the same service and not all exchanges list the coin that I need. Also, for the sense of security, there are those who prefer companies that are within their reach so if anything bad happens, they know where to go.   

[Successmaniac4]

Exchanges are created to make transfer of money much easier. Each exchange has a specific motive and solves a particular problem. Exchanges are many now because people make money from transferring money on these exchanges.

[rijaljun]

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?

Local exchange will absolutely attract new potential investors / traders. However the bigger competition in global exchange will encourage exchanges to provide the best service for their users. Imagine if there is just a single exchange, I' sure there will be a lot of problem that takes too long to fix. Unfortunately, yobit is the only one that out of competition, they never willing to fix their reputation and provide better service, lol.

[nutella_11]

Well, this is how the market works. There is a competition, like everywhere. Exchanges are just business, every transaction or registration is beneficial. I'm using CoinDeal but every trader has his own favourite one. There is a broad variety, it gaves you an opportunity to choose the best coins' prices, fees etc. I think that competition is good in that way, you always have a choice.

[XinXan]

Well, this is how the market works. There is a competition, like everywhere. Exchanges are just business, every transaction or registration is beneficial. I'm using CoinDeal but every trader has his own favourite one. There is a broad variety, it gaves you an opportunity to choose the best coins' prices, fees etc. I think that competition is good in that way, you always have a choice.

We also don't want to give 1 exchange a lot of control. If everyone was using binance only, the amount of bitcoins they would hold would be insane, they could literally control the market if they wanted to, a possible hack would also be devastating, it could almost end bitcoin.

[etherixdevs]

The question is: do we need so many real banks in the world?

The answer should be we don't need. But As Banks takes profits, and give job to many people there are many banks...

[Micerker]

Because each country needs its exchange to meet the needs of users, with private exchanges, there will be many advantages in language because it is friendly to users who do not know English. Private exchanges will attract some investors in a given area, and it is a priority choice for ICO projects developed in that country.

[BL46K 7193R]

I think we dont need many cryptocurrency exchanges. We just need some legit cryptocurrency exchanges. Because now days legit exchage is really very important. Because now days scammers increasing day by day. There are some fake cryptocurrency exchange website. They always do scam with various people by various method. So I think one legit cryptocurrency exchanges is necessary. We dont need quantity. We just need a quality full cryptocurrency exchanges.

Thank you

[danipay]

the more market exchange, the better the chance the trader chooses the best.
many markets have their own advantages and disadvantages. opportunity for traders to make the most of it.

[niguezz]

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?

I think we need as many safe and worthy exchanges as we can. The more of them we have the stronger competition will be. Cryptocurrencies are being more and more popular and nothing seems to slow down this expansion, and companies which are creating exchanges will have to improve their services. Someday the number of users will outgrow the possibilites of current exchanges and when the moment will come, the next players in the game must be ready to introduce something better.

Well, this is how the market works. There is a competition, like everywhere. Exchanges are just business, every transaction or registration is beneficial. I'm using CoinDeal but every trader has his own favourite one. There is a broad variety, it gaves you an opportunity to choose the best coins' prices, fees etc. I think that competition is good in that way, you always have a choice.

We also don't want to give 1 exchange a lot of control. If everyone was using binance only, the amount of bitcoins they would hold would be insane, they could literally control the market if they wanted to, a possible hack would also be devastating, it could almost end bitcoin.

Exactly, that's why the exchange market must be diversed and fully compatible with users needs - and right now (for me) the main need is safety. I've been using binance for a long time, but i don't want if i can trust them anymore, and that's why i switched to coindeal too.

[princesspoppy]

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?

Many exchanges in the market give investors a lot of options on where to put and entrust their assets to. More people involving themselves to cryptocurrencies and the market gives and opens up doors to new exchanges to engage themselves into. But, not all exchanges are decent and trustworthy, there are also many scammers introducing themselves as an exchanger and that we need to be careful about.

[FlightyPouch]

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?

Many exchanges in the market give investors a lot of options on where to put and entrust their assets to. More people involving themselves to cryptocurrencies and the market gives and opens up doors to new exchanges to engage themselves into. But, not all exchanges are decent and trustworthy, there are also many scammers introducing themselves as an exchanger and that we need to be careful about.

Well, there are a lot of legitimate gambling sites all over the internet and it is hard to just put your trust into others if you are really used to the exchange that you are using for a long time. Every exchange has their own features that other exchange don't have, they are unique and that makes it attractive to other investors or people.

[babysweetTiger0401]

Having many exchange I think its not good anyway. Besides, most of the tips and advise by many of the old member here in the forum is that better to use exchange that are listed on top 100. And more than that I guess is not advisable to look for an option exchange. I think it will become more complicated for the traders in my opinion.

[Emjohn.]

Many cryptocurrency exchanges mean many choices. These would also mean we could compare exchange rate in different sites. But we should be careful on choosing the right exchange, there are some exchanges that are unsecured and dangerous.

[Mike Mayor]

I think this is not bad.  Therefore, the more the competition in the market, the better for us.  The more exchanges there are, the better they will be for us.

Competition is good. But you need to remember that there is only a limited number of cryptocurrency users who are active right now, and therefore the total revenues that can be accumulated every year is limited. In case the number of exchanges increase beyond a certain point, then the revenues will fall to a threshold which is below the sustainable level.

Very good. But also diversity and having the choice between exchanges based on your location and if you want DEX or CEX exchange. Competition is good or otherwise, exchanges take advantage of high fees. I have seen some very high btc withdraw fees which is why I withdrew as doge coin instead. Eth can be 0.01 to withdraw. This is so much. If thousands of people move crypto each day think of how many fees the exchange is collecting just for nothing really.

[Vishnu.Reang]

I think this is not bad.  Therefore, the more the competition in the market, the better for us.  The more exchanges there are, the better they will be for us.

Competition is good. But you need to remember that there is only a limited number of cryptocurrency users who are active right now, and therefore the total revenues that can be accumulated every year is limited. In case the number of exchanges increase beyond a certain point, then the revenues will fall to a threshold which is below the sustainable level.

Very good. But also diversity and having the choice between exchanges based on your location and if you want DEX or CEX exchange. Competition is good or otherwise, exchanges take advantage of high fees. I have seen some very high btc withdraw fees which is why I withdrew as doge coin instead. Eth can be 0.01 to withdraw. This is so much. If thousands of people move crypto each day think of how many fees the exchange is collecting just for nothing really.

We can't do much about the high withdrawal fees. If the exchanges don't get enough revenues, then they may fail to take the proper security precautions and in the end ordinary users like us will end up losing our hard earned coins. Personally I don't mind paying $5 or $10 for a single withdrawal, as long as the exchange remains as a trustworthy element.

[kogozer714]

Money exchange is a business that can produce a lot of you. Lots of money from you so companies build exchanges to get money. But we don't really have to think about and need lots of exchanges because business is still a business for users and developers.

[NeverSop]

This is similar to foreign exchange organizations / businesses in any country in the world. The launch of many trading floors helps meet the needs of investors / traders in the crypto world. At the same time, it also helps crypto have faster, more popular liquidity.

[LUCKMCFLY]

I think that in order to establish new exchanges, high security standards and new tools are needed so that speculators feel comfortable, that is, that speculators have facilities to make their entries, many exchanges do not have the facility to place in each Stop position. Loss and Take Profit, since there are many Exchanges that do not have this function, and they force the trader to be stuck to the graph.

[Congyang]

I think that in order to establish new exchanges, high security standards and new tools are needed so that speculators feel comfortable, that is, that speculators have facilities to make their entries, many exchanges do not have the facility to place in each Stop position. Loss and Take Profit, since there are many Exchanges that do not have this function, and they force the trader to be stuck to the graph.

high security standards and one of the institutions that handle new exchanges must be established to maintain the stability of the exchange when it is released in the public, this is useful to make many speculators not caught up in negative things, especially fraud.