[gruez]

That's only really comparable if you're exchanging a few hundred dollars worth of crypto. What if you need to exchange several thousand? The spreads are going to be terrible, as would be counter-party risk. Timing would also be an issue, which is important if you're trying to trade (as opposed to HODLing).

[ajkdhcb2]

The fees and inconvenience are only an issue for regular traders that are repeatedly buying and selling. For 6+ figure amounts it is even better to use 'over the counter' peer-to-peer services. Companies that are buying hundreds of millions worth are not using exchanges. I found it easy to do 5 figure trades even in 2014. There are significant fees and inconveniences when moving fiat to centralised exchanges so it evens out.