Why do we need so many cryptocurrency exchanges?

[Jocuserious]

Personally me i don't needed many Exchanger, I would always like to have more popularity exchange and hard security development. Because the top exchange never goes unless the currency is attached.
Therefore, this exchange currency is less likely to be dumping. So I need more Exchange and I will not participate any new Exchange.

[kamudd]

Actually I don't need too many exchanges, but I also can't prevent it when a lot of new exchanges are popping up because it is purely a competition and they are competing to offer better features to beat.

[BlackFor3st]

First of all, the more the better. If we have many exchanges then the project owners can choose the best exchanges for them to list their coin or token.
But if you are asking why there are many exchanges aside from coinmarketcap? It is because launching an exchange is very profitable.

New exchange will surely face a lot of hindrances and problems but there are plenty of new exchanges also that are slowly rising to the top because of their good marketing strategy, so everything will depend to the team behind the project.

[jademaxsuy]

No, there is really no need for more exchanges and it will just depend on how establish the exchanges and how strong its support to cater huge demands of crypto exchange. However, if there are more exchange then it would be better serving the needs of every client that wants to trade using the exchange.

So, i disagree that the number of exchanges will be a disadvantage to the cryptocurrency system knowing the huge traffic or demands could be made globally.

[Leonardo7]

We need many exchanges for healthy competition. however, many are not living the dream but milking investors dry by their fraudulent charges as the banks are currently doing to their customers. We need innovative and superior technology in exchanges, which only a few offers.  Maybe we should consolidate on the existing ones or just continue with new ones until we get it right.

[Sithara007]

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 is nothing wrong with that. More exchanges mean more choices. And some of these exchanges are limited to a certain geographical area and some of them allows the trade of coins of a certain type. We don't have a centralized exchange where all the available coins are being traded. Right now, there are close to 10,000 different altcoins in existence. The vast majority of them are not traded in any of the exchanges. I guess Cryptopia had the maximum number of coins (before it closed down), at around 600. Now Yobit may be the exchange with the maximum number of coins.

[Argoo]

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?

Despite the fact that we have really got a lot of cryptocurrency exchanges and exchangers, we cannot yet find such an exchanger so that any coin or token can be exchanged for regular currency. Universal exchangers, and especially stock exchanges do not exist.
We also need a lot of exchanges and exchangers in order for there to be healthy competition between them, which should lead to improved conditions for their use.

[partysaurus]

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 need this many but how can you stop people from wanting a piece of the crypto exchange money making machine? It a like the sport betting sites do we realy need 1000s of them? Off not but that won't stop new ones from starting.

[Janation]

Actually I don't need too many exchanges, but I also can't prevent it when a lot of new exchanges are popping up because it is purely a competition and they are competing to offer better features to beat.

There are a lot of reasons.

For me, that is for profit and efficiency. I usually keep some of my cryptocurrencies in an exchange in order to sell them if a certain price that I like comes up. It is a hassle keeping them in your wallet, sending them to exchange, making cash out and then if that exchange had a good price for the crypto you send that back again for selling. Another is the efficiency or the features they offer to their users that usually make some of the things more easier.

[Pursuer]

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 need this many but how can you stop people from wanting a piece of the crypto exchange money making machine? It a like the sport betting sites do we realy need 1000s of them? Off not but that won't stop new ones from starting.

it is not just about money grabbing, but mainly because the existing centralized exchanges all have big flaws in their design that doesn't satisfy the needs of the cryptocurrency market traders so new ones are created to attempt at filling that gap but eventually they either don't gain enough traction or if they become big (like binance) they turn into the same flawed thing.
for example KYC is one of the worst things in altcoin exchanges. new ones come alone without needing KYC at first, they become big then they enforce it!

[bitbunnny]

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 need this many but how can you stop people from wanting a piece of the crypto exchange money making machine? It a like the sport betting sites do we realy need 1000s of them? Off not but that won't stop new ones from starting.

it is not just about money grabbing, but mainly because the existing centralized exchanges all have big flaws in their design that doesn't satisfy the needs of the cryptocurrency market traders so new ones are created to attempt at filling that gap but eventually they either don't gain enough traction or if they become big (like binance) they turn into the same flawed thing.
for example KYC is one of the worst things in altcoin exchanges. new ones come alone without needing KYC at first, they become big then they enforce it!

They have to enforce KYC if they want to run legitimate business. Thee are strict legal rules when and why you have to implement KYC rules into your business. I guess no one wants to risk big punishment or closing the business because they are not complied with the law and actually I wouldn't like to do business with such exchange.

[D3m1r4wanti]

because the more exchangers, the more cryptocurrencies are traded with even volume. and not too focused on one exchanger.

[xSkylarx]

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.

[xWolfx]

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.

[Al-e_x]

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.

[fiulpro]

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.

[kaya11]

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.

[erikalui]

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.

[Nolimitz84]

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.

[shesheboy]

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.

Maintaining the exchange site shouldnt be costy and shouldnt be a big problem to the owner because they have a big capital , they have huge cash since theiry business is an exchange ,they collect money from other users but if they eventually dissapear then they really intend to do it because they maybe have a dark plan and that plan is to scam inocent people. This why we should only use and trust popular exchange because they are already proven and tested compare to unrated ones  .