Why make New Crypto Exchanges

[KoochieMane]

Lately i see many new crypto exchanges / shitcoin exchanges.
I find that creating new exchanges these days isnt profitable anymore, why would someone switch from a long known exchange like binance/coinbase/etc. to some brand new exchange? Even with a marketing campaign, theres not much you can innovate. All exchanges that promise "no KYC fiat trading" is either a scam or will be shut down due to AML policies.
Exchanges which allow anyone to list their own coin ( exists ) are very vulnerable to Dip and Ditch schemes.

Overall i find working on a new Crypto Exchange a waste of time, money and effort unless you have some truly insane idea.

Am i wrong? Correct me if im wrong, willing to hear all your opinions.

[1713487579]

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[1713487579]

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[1713487579]

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[mindrust]

Lately i see many new crypto exchanges / shitcoin exchanges.
I find that creating new exchanges these days isnt profitable anymore, why would someone switch from a long known exchange like binance/coinbase/etc. to some brand new exchange? Even with a marketing campaign, theres not much you can innovate. All exchanges that promise "no KYC fiat trading" is either a scam or will be shut down due to AML policies.
Exchanges which allow anyone to list their own coin ( exists ) are very vulnerable to Dip and Ditch schemes.

Overall i find working on a new Crypto Exchange a waste of time, money and effort unless you have some truly insane idea.

Am i wrong? Correct me if im wrong, willing to hear all your opinions.

Why study medicine and become a doctor while there are hundreds of thousands of doctors that are very good at what they are doing?

Why become a software engineer and make apps while there are apps with the same functionality exist already?

Why open up a Chinese bistro when there are many?

Why?

Because they can do it and they can still make money of it. That's why.

[dunfida]

Overall i find working on a new Crypto Exchange a waste of time, money and effort unless you have some truly insane idea.

Am i wrong? Correct me if im wrong, willing to hear all your opinions.

We cant deny that exchange platforms are lots already on this market or in short its a bit saturated and we dont need lots of exchange platforms but
you cant really stop those people who do tend to create new one.If you do consider on how big you would able to profit once you do make such business
and when it boom up then you would really be a rich guy in no time.Just like on what happened in Binance.It did start from nowhere and then later
on had been recognized by the community.If they do create something new then try to compete with the best and do the best service out there.
You wouldnt know the result if you wouldnt try.

[Rikafip]

I find that creating new exchanges these days isnt profitable anymore....

Tell that to Changpeng Zhao, CEO of Binance. Even though it might seem to some that  Binance is around for many years considering how popular it is at the moment, the fact is that CZ launched Binance a bit more than 3 years ago, which you will agree is not long period of time. Who would have thought  3 years ago that some new exchange like Binance will be way more popular than some of the leading exchanges back then like Bittrex and Kraken.

I do agree that 99% of the new exchanges are crap  and don;t bring absolutely anything new, but that's how it goes. One of those new ones will eventually make it and offer us better service. More competition is a good thing for us customers, and will make those at the top to work in order to keep that position.

[KoochieMane]

Lately i see many new crypto exchanges / shitcoin exchanges.
I find that creating new exchanges these days isnt profitable anymore, why would someone switch from a long known exchange like binance/coinbase/etc. to some brand new exchange? Even with a marketing campaign, theres not much you can innovate. All exchanges that promise "no KYC fiat trading" is either a scam or will be shut down due to AML policies.
Exchanges which allow anyone to list their own coin ( exists ) are very vulnerable to Dip and Ditch schemes.

Overall i find working on a new Crypto Exchange a waste of time, money and effort unless you have some truly insane idea.

Am i wrong? Correct me if im wrong, willing to hear all your opinions.

Why study medicine and become a doctor while there are hundreds of thousands of doctors that are very good at what they are doing?

Why become a software engineer and make apps while there are apps with the same functionality exist already?

Why open up a Chinese bistro when there are many?

Why?

Because they can do it and they can still make money of it. That's why.

I mean theres a much higher demand for doctors then crypto exchanges.
Becoming a doctor youll most probably find a job because everyone needs doctors, and most of the time you can only go to a doctor in your local area, where the "supply" of doctors can be lower then the demand therefore leaving you space. On the internet there is almost no localized limits and the supply is much much much higher then what we need, especially if you dont bring something to the table.

[mindrust]

I mean theres a much higher demand for doctors then crypto exchanges.
Becoming a doctor youll most probably find a job because everyone needs doctors, and most of the time you can only go to a doctor in your local area, where the "supply" of doctors can be lower then the demand therefore leaving you space. On the internet there is almost no localized limits and the supply is much much much higher then what we need, especially if you dont bring something to the table.

Read my last line.

They can still make money.

I know there is a need for doctors, but it looks like new exchanges make money too.

Why create a new altcoin? Because it costs nothing and some of them become quite big in time.

tldr; if there is money to be made, it will be made.

Same with the online casinos...

[Oceat]

I think you have to ask some business owner or a crypto exchange owner if you can't fathom the idea of how businesses work. You see, if a certain places is having a business that is trendy to the people then there are chances that other business minded people will copy the business idea because it's on the trend. And you know what makes the trend so trendy? It's the demand of the people.

So if you are a business minded person or want to start a business, what would you do?

[Rengga Jati]

Because that is business where it can earn money to them. In fact, sometimes, we also like new exchanges (especially local exchanges) that give much easier than the previous one. And I don't mind if the exchanges are really good enough, providing lower fees, easy trading features, and also of course about trust. As long as it is not a scam and it can really give better exchanges, why not? I believe that every new exchange must have thei9r own positive sides in order to be able to attract users. however, if it is only about that kind of usual exchange without any better features and benefits, I think it will be only ended as shit exchanges.
That is why this is our case, should be more and more careful when going to use a new exchange, not only about the hype of the exchange but really how we analyze the exchange carefully.

..snip..

That's right. A big exchange comes from zero also, and they are also ever a new exchange at that time. Moreover, right now, Binance also supports some new exchanges in several countries, it makes sense.

[AmoreJaz]

I think you have to ask some business owner or a crypto exchange owner if you can't fathom the idea of how businesses work. You see, if a certain places is having a business that is trendy to the people then there are chances that other business minded people will copy the business idea because it's on the trend. And you know what makes the trend so trendy? It's the demand of the people.

So if you are a business minded person or want to start a business, what would you do?

of course, put up your own business also. however, setting up a business is not for all people. theres more than meets the eyes here. building a legit business has a lot of paperworks to accomplish. but those fly-by-night businessman will not bother looking at paperworks.
competition is good in the market. the more you have options, the better. because if they are competing with each other, the tendency of offering quality services will be there. so up to the client how he will choose from them
so im ok with these sprouting new exchanges, in the end we will know which ones are worth dealing with

[asriloni]

Lately i see many new crypto exchanges / shitcoin exchanges.
I find that creating new exchanges these days isnt profitable anymore, why would someone switch from a long known exchange like binance/coinbase/etc. to some brand new exchange? Even with a marketing campaign, theres not much you

Overall i find working on a new Crypto Exchange a waste of time, money and effort unless you have some truly insane idea.

Am i wrong? Correct me if im wrong, willing to hear all your opinions.

I see your point but there's a reason why new exchange sites keep coming up because the purpose of those new exchange sites to catch the hype.

You're right about this. That makes sense if you have a trusted exchange site who can provide all of your needs and why do you need to use a new one? that should be the context. Crypto project is about who can survive or die.

Remember binance and any other new platforms were also starting from nothing. It's not wrong at all but that's all your choice.

[OcTradism]

Exchanges are created and abandoned. Scammers use exchange to steal money from investors. Because of this, you have to be cautious with new exchanges and more cautious if they are very easily to accept listing new coins. Some shit exchanges are very easily to list new coins that are shit coins. No value coins and no value exchanges cooperate together to steal money from investors.

I lost my money on a scam exchange like that when I bought some shit Cryptonote coins and months later the team exited and shut down the exchange. No time frame to withdraw funds.

[btc_angela]

Sometimes we are forced to used that shitty exchange when the tokens we buy got listed on them. So we don't have a choice, unless we have to wait for a long time before the project itself listed in on such exchanges such as Binance and other top tier exchanges.

But we don't know the nature of a new exchange though, Binance in 2017 was fairly new but they became big and now I would say the golden started for crypto exchanges. If some new exchanges exited or became a shitty exchange so be it, move on and try others.

[$crypto$]

New exchanges just come and go they only sweeten from the start to attract more investors and buy some tokens there but sometimes after all a lot of use there are often problems where for some reason I never use a new exchange because it's very risky and I don't want it to happen both times the same fall.

I have noticed that most of the new exchanges end in a scam and nothing develops because their intention is only to deceive not to develop, therefore I am more of leaving than having to keep buying there.

[Darker45]

I would say we don't have enough exchanges, or at least decent exchanges, even until today. The market is still relatively small but the exchanges are also as limited. There's so much room to grow in terms of services provided by exchanges. Many times have we heard of people complaining and nagging against the kind of services even from the top exchanges such as Binance and Coinbase. If this happens constantly, then perhaps there is still a thousand reasons for any developer able enough to create something to compete.

The controversial Bitfinex which was hacked with the equivalent of at least $2 billion in today's Bitcoin price is still at the top 5 as per CMC with $1.5 billion in volume. The old Bittrex and Poloniex which were also peppered with customer complaints are still enjoying hundreds of billions of USD in daily volume. Bithumb was raided at least a couple of times in less than a week and has been facing lawsuit and yet it is still enjoying more than a billion of trading volume. Even the more controversial HitBTC has almost a couple of billions in daily volume. And who hasn't heard of the shittiest of all shit exchanges, YoBit? Well, it is still very much alive and kicking after all these years of scamming and still has tens of millions in volume.

Incidentally, just yesterday I withdrew my Bitcoin from another unknown exchange, Beaxy, with a terribly high withdrawal fee of 0.00075BTC. But I still wonder why people are not ditching it altogether. It still has a volume of no less than a couple of millions daily. Now, if you tell me that all these figures are fake volumes, then that is perhaps another reason for a developer to come up with at least an honest one.

Every shit exchange operating today is enough reason for developers to create a better exchange.

[hatshepsut93]

If it wasn't profitable, people wouldn't be making them. Perhaps there is a demand for places for trading altcoins with minimal regulations - this demand could come from traders or from the people behind altcoins - they are always ready to pay exchanges for listing their coin. You are right that these smaller exchange won't be able to truly compete with giants like Coinbase, but they don't need to - as long as they are making profits with any means possible, they will have a reason to exist.

[Axelseseclevz]

Lately i see many new crypto exchanges / shitcoin exchanges.
I find that creating new exchanges these days isnt profitable anymore, why would someone switch from a long known exchange like binance/coinbase/etc. to some brand new exchange? Even with a marketing campaign, theres not much you can innovate. All exchanges that promise "no KYC fiat trading" is either a scam or will be shut down due to AML policies.
Exchanges which allow anyone to list their own coin ( exists ) are very vulnerable to Dip and Ditch schemes.

Overall i find working on a new Crypto Exchange a waste of time, money and effort unless you have some truly insane idea.

Am i wrong? Correct me if im wrong, willing to hear all your opinions.

It's all about making money. People know how profitable in crypto space and making a crypto exchange is also their way to earn money. It's up to you to choose which crypto exchange you want to trade or use.
Every people want to earn, putting a crypto exchange is their way , So you can find a work suitable for you to earn if you don't like to work in crypto exchange.

[Digitalbitcoin]

Everyone has equal opportunity to bring change to the system, but very few get successful.

As I am personally belonging the crypto industry since its born, many exchanges came, many survive, many gone away.

But still, many new exchanges are coming with many new features. And trying to prove or offer new services to their users.

Always change should be in the right direction which gives more comfort, mobility, and security with trust.

Better UI and UX including AI and ML can boost user accessibility, usability, and engagement.

Adoption of new technologies with new features can also enhance the userbase.

Currently, the world is not just welcoming decentralized economics but also engaging with decentralized social media platforms.

[Lorence.xD]

Why study medicine and become a doctor while there are hundreds of thousands of doctors that are very good at what they are doing?

Why become a software engineer and make apps while there are apps with the same functionality exist already?

Why open up a Chinese bistro when there are many?

Why?

Because they can do it and they can still make money of it. That's why.

I wanted to disagree but given that bitcoin is decentralized, I think that it is fair to say that the analogy answers the question. There is only one problem that I can see here, is that the given analogy is not businesses which means that a competition will not be applied and we could be oversaturated with exchanges that the users will have a hard time choosing which one is to use, I am not saying that it is bad, it is in fact more beneficial because as more exchanges pops up, the better for the customers because they have options and exchanges will do anything to keep their customers.

[imstillthebest]

if im the one that can make a rule i dont want a new exchange exist anymore .

we have tons of here already and old exchange are still there and seem to have no plan to shutdown thier business , it would be fine if older and rusty exchange wont operate because that will make this enevironment clean and people can foccus on mainstream exchanges only .

the tendency of newer exchange is that the scam can also grow but what can we do ? nothing , we cant stop them .

[avikz]

Overall i find working on a new Crypto Exchange a waste of time, money and effort unless you have some truly insane idea.

Am i wrong? Correct me if im wrong, willing to hear all your opinions.

There's no denying that not all crypto exchanges are good. However, the current number of crypto exchanges are not enough to serve the world population. A very insignificant percentage of world population knows about bitcoin and an even insignificant percentage of them use bitcoin for trading and other activities. So the current number of exchanges are not enough to serve all. Bitcoin and other cryptocurrencies are gaining momentum slowly and the adoption is gradually increasing. Binance is definitely a good exchange and because of their services, they have quickly move to the number one spot among the competition. But that doesn't mean that the need of a new exchange has finished.

Every country has a different set of rules and regulations. As the bitcoin adoption grows, we will soon need country specific exchanges to cater the local community in their local currency. In this process, many exchanges will fail for different reasons. But if that failure comes in the way of new innovation, a technology will never grow. I would say, the more competition we have in crypto market, it will only be beneficial for the commoners like us.