How many exchanges do you need to thrive in this space?

[Munah]

In my own opinion having up to 10 exchanges on your phone is unnecessary because what are you using them to do exactly? Does having many exchanges on your smartphone make you richer?

I as an example i only have 3 exchanges on my phone and I'll explain the main reason I'm having them. The first one is Binance; I have it just to see the new project updates that they're listing - probably I can buy it early on other exchanges that have listed it because we all know that when they list the project it will increase in value.

The second one is Bit get and the reason if I'm being truthful is for spotting giveaway events early as we all know that exchanges do giveaway sometimes even recently i entered one of sharing a 2,000 B•G•B Prize Pool just for joining their Telegram group.

And the last one is Bybit and I use the exchange for my P2P transactions and sometimes trading. So why would I need up 10 exchanges to make good money in this space? I am posting because of the number of exchanges i saw on my friend's phone which really shocked me.
Now if I may ask you, how many exchanges do you think we need to thrive in this space?

[electronicash]

i have 2 in my phone. i didn't use other one actually i was just not uninstalling the other one because I tend to use it later when i can;t use the other one. i still have not send my documents to verify the other account but maybe i will later.

10 exchanges seem too much.  crypto isn't what it use to be back then where exchanges airdrop coins to all users, so there is nothing you get if you install them anyway.

[Charles-Tim]

Now if I may ask you, how many exchanges do you think we need to thrive in this space?

The reason some people will have many exchanges on their phone is to know the best among them. Likey most people will not use more than 1 or 2 exchanges among them. But some people are just satisfied with the exchange they are using and not have more than necessary.

Not many exchanges that will make someone thrive or not.

[KryptoBull]

i have 2 in my phone. i didn't use other one actually i was just not uninstalling the other one because I tend to use it later when i can;t use the other one. i still have not send my documents to verify the other account but maybe i will later.

10 exchanges seem too much.  crypto isn't what it use to be back then where exchanges airdrop coins to all users, so there is nothing you get if you install them anyway.

I still remember the period around 2018 when new CEXs were constantly being introduced through ICOs. They had huge airdrop programs for users, even Binance had attractive programs to encourage users to use their services. Now, the CEXs have all matured and established their own positions in the crypto market.

I usually use Binance but also look into some major exchanges like Gate and KuCoin. I'm also aware of Bitget, Bybit, CoinEX... but haven't needed to use them yet. I've been able to find most of the services I need from Binance.

[hugeblack]

Many don't delete apps after installing them, so some may try these platforms and never delete the app afterward.

The nature of your usage determines the type of platform you may use. If you use decentralized platforms, there's no problem using 10 or more.


The problem with using CEX is that your personal data will be distributed across multiple servers, making it more likely to be hacked or obtained by third parties.