Why do we need so many cryptocurrency exchanges?

[traderethereum]

We need so many exchanges because we will see the differences in the price in the different exchanges so we can make more money by doing arbitrage trading although it is not always suggested because we cannot predict how long the transaction will be completed.
The new exchange will be able to attract potential users when they can give protection to the user, and they can serve better than the other exchange so the user can feel satisfied with their services.
That will make the user recommend their friends to try to use that new exchanges and soon, the new exchange will gain more users.

[Ressurection]

I don't think we need as many cryptocurrency exchanges that are being developed hastily into the crypto industry making them so vulnerable to the attack of users. It's good if we can have some few hgihly secured exchanges other than all these numerous ones yet we get hacked almost every month making users lose money.

[Indrawan77]

We don't need too many exchanges, we only need few with good reputation and got a decent transaction fee, most of the exchanges got a fragile security and once it got hacked the price of the coin could be affected, but I think we need to open our hands to a new exchanges and give opportunity for the new exchanges to prove itself

[gabbie2010]

Well more exchanges are needed to absorb the growing numbers of cryptocurrencies users although this new exchanges has to trusted and well secured.
Recalled sometimes in 2017 binance has to reject new investors for some period because of the numbers of new users was very alarming thereafter newbies are allowed to register again we just needed few additions to encourage competitions among them.

[jakelyson]

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 having more exchanges works to our advantage. Competition between exchanges can bring cheaper fees and better overall service. Newer exchanges have to think of new ideas to be a better exchange or have gimmicks that could attract more clients. If they do not adopt with the competition, they will die. We do not have the need for it but isn't it just good that we have choices.

[dameh2100]

We don't need too many exchanges, we only need few with good reputation and got a decent transaction fee, most of the exchanges got a fragile security and once it got hacked the price of the coin could be affected, but I think we need to open our hands to a new exchanges and give opportunity for the new exchanges to prove itself

In my opinion, we need more exchanges because of liquidity. The more exchange of coins/token the more it will liquidate because the coins/token are quickly bought and sold in many exchange without affecting its stability of price.

[Gaff]

We don't need too many exchanges, we only need few with good reputation and got a decent transaction fee, most of the exchanges got a fragile security and once it got hacked the price of the coin could be affected, but I think we need to open our hands to a new exchanges and give opportunity for the new exchanges to prove itself

Even though these trusted and reputation exchanges isn't safe from being intruded by security breachers. How much more with those other unknown and newly launched trading sites. We shouldn't trust them seriously, because we're a potential victim once we're having engagement on them. Personally being a holder of selected crypto coins, I preferred storing my funds on my metamask wallet so that it's free from possible hacking attacks. Always rely on actual trading demand and don't expect that you can grow the value of your coin through many exchanges offering new trading services. Prevent storing funds on trading site, and trade only what you need to dump.

[Pattart]

How many brokers for classic assets are out there? Thousands, why? Well, just like everything else, why are there a ton of different websites to buy the same things? To sell the same things? etc etc. That's how it works, ultimately the ones who are serious about it will try to offers something better, whether it's regulations, better fees, faster platform, more detailed charts, more trading options, margin trading, etc etc. We do in fact need more cryptocurrency exchanges, hopefully decentralized ones as well.

Thats why every exchange site has its advantages, as you said that they are competing to provide and offer the best facilities for their customers, and of course the most useful and best innovation, will be used by many customers. Exchange sites that don't have much innovation will certainly be abandoned. thats how it works
why many new exchange sites? because they think they can offer the latest technology, better than the previous exchange, that's what they offer to attrach people.

[pooya87]

it is like asking "why do we need so many brands of shoes, why not have only Nike for example!". that is how the businesses in an open market work. everyone can make a new business and invite people to use their services. that is what leads to multiple exchanges existing. and like any business some of them can only truly succeed and the rest remain small. of course this market is quite wild and with all these hacks and exchange scams the successful ones keep on changing so there is always room for the small ones to become big and replace the old big ones.

there is also the difference in their services. for example the big ones enforce KYC while the small ones don't so they still retain their attractiveness. there is also different types like altcoin exchanges versus bitcoin exchanges, or centralized versus decentralized exchanges.

[btc_angela]

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?

For obvious reasons, this is business so they want to make money out of the crypto hype that's why there are lots of exchanges being born and will be born in the next couple of months. At least there are competitions around and if those who are on top wanted to remain their, then they have to give us more transparency and security. While those upcoming exchanges should put emphasis on gaining trust to attract potential users.

[EdenHazard]

Only for profit that will gain by the creator, actually we only need one exchange it's possible because it can manage every user. Instead we have many exchange and the most possibilities the security exchange is very reluctant to hack and if that happened then we can see what will happen from the perspective by other people to cryptocurrency. The will spread up the negative information and even encourage lots of people to avoid it. Maybe the local exchange is so important so as we will easily change our money to money fiat.

[MonsterV]

Not with me, crypto is indeed a lot but it doesn't need too many exchanges to list all crypto. Many exchanges appear every year, but are they all useful? New exchanges were created to add to the shortcomings of the old exchanges, but if the old exchanges were still able to grow better then we did not need new exchanges.
Most new exchanges that appear to be just junk, people will still see more popular exchanges such as binance, bittrex, etc.

[Pumared]

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?

It is a freedom we all have.  If you want to open a new Exchange you can.  But in this case, you need to understand that you must be better than the others if you want to make money.  That is, we have many Exchanges because each of them has its differential, that is, an open market.  And this is great for the user because it causes a competition between them, reducing rates in a general way.

[Kakmakr]

The thing is one or two exchanges will never list all the 1000s of Alt coins that are out there at the moment. Some developers of these Alt coins need to get their coins out there and creating an exchange is the most logical route, if you cannot pay the fees to get your coins listed on the major exchanges. 

Exchanges are making a lot of money from listing coins and also the transaction fees that are charged on their platform, so people will logically create more of these services if there are a huge demand for such services. 

[TimeBits]

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?

We don`t we need 1 built into the bitcoin core. 

[Adriano2010]

We don't need so much exchanges anyway and some people use it, but i think we need more bigger and trusted exchanges and not only one because if there is monopol there is not ok at all.

[Carrelmae10]

I have a question WHY do we need so many exchanges?

..we don't need a lot of exchange..its just so happen that many crypto enthusiast put up an exchange in order for other crypto users to use and patronize those exchange which are easy to use and very accomodating in their users..it's like a business,,chose whom you like..chose an exchange which has low transaction fees and very easy to contact admin whenever you have querries or problems in your coins..

[ralle14]

We don't need too many exchanges, we only need few with good reputation and got a decent transaction fee, most of the exchanges got a fragile security and once it got hacked the price of the coin could be affected, but I think we need to open our hands to a new exchanges and give opportunity for the new exchanges to prove itself

When an exchange gets hacked the others that haven't got hacked aren't less vulnerable either. If their cryptocurrency gets stolen there's barely a negative effect on the price.

We don't need so much exchanges anyway and some people use it, but i think we need more bigger and trusted exchanges and not only one because if there is monopol there is not ok at all.

To have more bigger and trusted exchanges it starts with having more new exchanges. Eventually a few of those exchanges will get big and become trusted by many traders.

[XinXan]

That's how it works, ultimately the ones who are serious about it will try to offers something better, whether it's regulations, better fees, faster platform, more detailed charts, more trading options, margin trading, etc etc. We do in fact need more cryptocurrency exchanges, hopefully decentralized ones as well.

I think all these features (except margin trading) are available on any exchange.I also give an advantage to decentralized exchanges,but in addition to + they have negative sides.

What do you mean? How can all exchanges have better fees and faster platforms lol? I don't think you even read what I said. Exchanges just like everything else compete with each other. I don't care if there are 1 million exchanges, people will still pick the best ones so in order for exchanges to work they have to offer something new or better. Decentralized exchanges still have a lot to improve.

[Pumared]

That's how it works, ultimately the ones who are serious about it will try to offers something better, whether it's regulations, better fees, faster platform, more detailed charts, more trading options, margin trading, etc etc. We do in fact need more cryptocurrency exchanges, hopefully decentralized ones as well.

I think all these features (except margin trading) are available on any exchange.I also give an advantage to decentralized exchanges,but in addition to + they have negative sides.

What do you mean? How can all exchanges have better fees and faster platforms lol? I don't think you even read what I said. Exchanges just like everything else compete with each other. I don't care if there are 1 million exchanges, people will still pick the best ones so in order for exchanges to work they have to offer something new or better. Decentralized exchanges still have a lot to improve.

Decentralized exchanges are for future state glows. But even they have their differences. As said, there may be a million exchanges but only the best ones will be used.