In the last two years, a Cambrian explosion of cryptocurrency exchanges has given traders a plethora of options. This cornucopia of choice has not resulted in a corresponding increase in quality, however. Most of the platforms that emerged in 2018 have struggled to gain traction, with tier one exchanges increasing their market share and the long tail leaving the also-rans to fight over the crumbs. In 2019, a new crop of crypto exchanges seem determined to learn from the mistakes of their predecessors. This year, differentiation is everything.