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.
I think it's unsurprising that new exchanges emerge, as the demand for cryptocurrencies keeps growing and the new exchanges are trying to make some profit out of it. It's like if you've asked why different companies develop smartphones when there are already iPhones. I personally use different exchanges depending on my interests. Some exchanges offer lower fees than others, so it's more reasonable to use them if you're exchanging some big money. Some exchanges add new altcoins, the ones you can't find on others. Also if you're an active trader, you'd be interested in swiftly working exchanges, so that the price won't drop while your request is being processed, and there are many other examples.