As the Bitcoin market continues to hit new highs, more and more people are paying attention to allocating a certain proportion of funds in Bitcoin. However, new users are faced with the question of how to choose a virtual currency trading platform and how high the ranking of virtual currency exchanges can be. A measurement factor, such as transaction volume, website traffic, transaction depth, number of users, profits, number of licensed companies and other platform-related scale data. In addition, handling fees, customer service support, education and training, etc. also need to be considered. This article will rank the world’s major virtual currency exchanges from the above perspectives.
1. Ranking and evaluation factors of virtual currency trading platforms
The most direct and effective way to judge the size of a website is mainly from the [daily transaction volume] and [website traffic]. It is also similar to judge the virtual currency trading platform. In addition, considering that some platforms are suspected of using robots to increase transaction volume, the platform's license, liquidity, media attention, popularity, etc. must also be comprehensively considered. Many data companies provide transaction volume inquiries on virtual currency exchanges, such as Coinmarketcap, feixiaohao, etc. This data is the transaction volume in the past 24 hours and changes every day, but the ranking of exchanges is still relatively stable.
1) Transaction volume
Daily trading volume data includes spot and derivatives trading volume combined. Generally speaking, spot trading volume better reflects the size of the exchange. According to coinmarketcap statistics, under normal circumstances, Binance’s average daily spot trading volume is the largest, reaching hundreds of billions of dollars.
2) Market share
According to CryptoCompare data, the current virtual currency exchange with the largest trading volume in the world is Binance Exchange , which accounts for almost 30% of the global digital asset trading market, while its main competitors Coinbase and OKX have a share of about 5%.
Although the trading volume of some European and American trading platforms is small, it does not mean that they are not bad. Because Ouyi's regulatory regulations are relatively strict, new products and contract transactions are subject to strict review or restrictions, making it difficult to have large transaction volumes.
For example, Coinbase's regulation is not conducive to competition, and its trading volume is far less than that of Binance. Due to regulatory compliance, some exchanges in Japan and South Korea can provide lower leverage multiples, and it is difficult to achieve trading volume under such restrictions.
It should be noted that the data of average daily trading volume may not be completely true and transparent. Relatively speaking, the data of "website traffic" is more realistic.
3) Website traffic
Website traffic generally refers to the IP traffic that users directly reach the exchange website through searching or directly entering the URL. It can also refer to the number of visits. From the data statistics website Similarweb, you can query the website traffic statistics of major trading platforms, and you can see the exchange's ranking, search index, user portrait, revenue, competitor products, etc.
4) Others: licensed companies, handling fees, customer service support, education and training, etc.
The number of licenses held is also one of the criteria for evaluating virtual currency trading platforms. The United States, Japan, Europe and other regions have strict supervision on virtual currency exchange platforms. Being able to carry out business with a license in these regions shows that the trading platform has more legitimate customers. For example, Binance has achieved licenses from three G7 countries, the United States, France, and Italy, and has also obtained compliance licenses and permits in emerging digital asset markets such as Bahrain and the United Arab Emirates. In addition, Coinbase has many licenses and has compliant subsidiaries in Europe and the United States. OKX and HTX also have compliance subsidiaries in Japan. From a regulatory perspective, these exchanges have higher strength and credibility and are more competitive.
2. Ranking of virtual currency trading platforms - by scale
How to evaluate the size of virtual currency exchanges? Currently, trading volume is the most direct method. However, due to the inconsistent regulation of cryptocurrency in various countries around the world, most virtual currency exchanges are not regulated, and the transaction data of some exchanges lack transparency.
Therefore, in addition to trading volume, the size of virtual currency exchanges must also be evaluated from aspects such as website traffic, number of licensed companies, and customer service support. It is currently recognized in the digital asset industry that the Binance official website has the largest trading volume, the largest number of registered and active users, and its trading volume is much higher than the second-placed Bybit, Coinbase and OKX exchanges. Even the bottom 10 combined. It can be seen that most transactions are concentrated on the leading trading platform. The following is the ranking of the top 15 virtual currency exchanges based on the above evaluation factors, in order:
| Ranking | exchange | Trading volume (24 hours) | Introduction to platform features, advantages and disadvantages | score |
|---|---|---|---|---|
| 1 | Binance | $103 billion | It has the largest trading volume in the world, strong liquidity, multiple currencies, and complete customer service. It has 150 million registered users and supports legal currency deposits. | 9.0 |
| 2 | Bybit | $36 billion | A specialized crypto asset derivatives exchange with many discounts and benefits. It supports MT4 trading platform and EA trading. | 9.0 |
| 3 | Coinbase | $4.2 billion | A listed company in the United States, with tens of millions of users and complete regulatory licenses. Mainly serving Europe and the United States, Chinese is not supported yet | 9.0 |
| 4 | OKX | $34 billion | An established exchange with tens of millions of users and a compliance subsidiary in Japan. Support spot, contract and financial management. Derivatives trading ranks among the top 3 in the world, with low rates, many varieties, and good liquidity. | 8.5 |
| 5 | Upbit | $6.1 billion | South Korea's largest digital asset international website, the platform supports the trading of more than 180 trading pairs and more than 110 tokens. | 8.5 |
| 6 | Kraken | $2.2 billion | Cryptocurrency data provider, one of the oldest exchanges. Mainly serving European and American countries, with few currencies and incomplete Chinese services. | 8.5 |
| 7 | Bitget | $28 billion | Bitget insists on putting users first, focuses on product innovation, advocates long-termism, and has relatively low rates. | 8.2 |
| 8 | KuCoin | US$3.4 billion | Provides currency, fiat currency, contracts, mining pools, and financial services to 207 countries and regions around the world with low rates | 8.2 |
| 9 | Bitfinex | $400 million | A long-established exchange that provides cryptocurrencies and is currently owned and operated by iFinex. iFinex is the parent company of Tether, the issuer of the well-known stable currency USD T (Tether). | 8.2 |
| 10 | HTX | US$5 billion | Formerly a well-established exchange in China, it has a large scale and no record of being hacked. Affected by mainland China's policies, it has moved overseas. | 8.0 |
| 11 | Gate.io | $7.1 billion | It was originally an eight-year-old exchange in China with a wide range of currencies. It was greatly affected by mainland policies and has moved overseas. | 8.0 |
| 12 | Bingx | $5.6 billion | BingX offers spot, derivatives and asset management and is designed to meet the changing needs of beginners to professionals. | 7.5 |
| 13 | Crypto.com | $8.3 billion | Crypto.com was originally established in Hong Kong in June 2016 and is currently headquartered in Singapore. It serves countries including Europe, the United States, Canada, Australia, Latin America and some Asian countries. | 7.5 |
| 14 | MEXC | $25 billion | An emerging exchange with a Chinese background, many popular currencies , and multi-language services | 7.5 |
| 15 | BitMart | $28 billion | Offers staking, lending, savings products, derivatives contracts and expanded spot trading options. For advanced cryptocurrency enthusiasts, BitMart offers futures trading and margin trading. | 7.5 |
| 16 | Bitstamp | US$390 million | Cryptocurrency data provider, a well-established European exchange, does not support contracts, does not support Chinese | 7.0 |
| 17 | Bithumb | $2.4 billion | South Korean cryptocurrency exchange, does not support contracts, only supports Korean and English | 7.0 |
| 18 | Lank | $9.9 billion | Top cryptocurrency trading platform with NFA, MSB, Canadian MSB licenses | 6.8 |
| 19 | XT.COM | $28 billion | Has a wealth of cryptocurrency varieties and OTC/spot/margin/futures/derivatives and other transaction support | 6.8 |
3. Ranking of virtual currency trading platforms - by handling fee
Transaction fees are the main source of income for virtual currency exchanges and the main transaction costs for users. At present, the handling fees of most exchanges are not very different. It is recommended to choose the top-ranked platform, which will have more advantages in terms of fund security and liquidity! From a comprehensive perspective of spot and contract transaction fees, Binance’s rates are quite cost-effective. Especially for contract trading or quantitative trading, Binance not only has cheaper handling fees, but its liquidity is also far better than other trading platforms. The following handling rates are for [ ordinary users ].
| Ranking | exchange | Spot handling fee | Contract handling fee | language |
|---|---|---|---|---|
| 1 | Binance | 0.1% | 0.02% for pending orders; 0.05% for take orders | Support Chinese |
| 2 | Coinbase | 0.4%~0.6% | Contract-free trading service | Support Chinese |
| 3 | OKX | 0.08% / 0.1% | 0.08% for pending orders; 0.1% for take orders | Support Chinese |
| 4 | HTX | 0.2% | 0.02% for pending orders; 0.06% for take orders | Support Chinese |
| 5 | KuCoin | 0.1% | 0.02% for pending orders; 0.06% for take orders | Support Chinese |
| 6 | Kraken | 0.25%~0.4% | 0.02% for pending orders; 0.05% for take orders | Support Chinese |
| 7 | Bybit | 0.1% | 0.055% for pending orders; 0.02% for take orders | Support Chinese |
| 8 | Bitfinex | 0.1%~0.2% | 0.02% for pending orders; 0.065% for take orders | Support Chinese |
| 9 | Gate.io | 0.1% | 0.015% for pending orders; 0.05% for take orders | Support Chinese |
| 10 | Hotcoin | 0.2% | 0.02% for pending orders; 0.06% for take orders | Support Chinese |
4. Summary: What are the virtual currency exchanges? The points of concern are as follows:
Most newcomers who have just entered the currency circle will have this question, what kind of virtual currency exchange should they choose? If you do not have an in-depth understanding of this industry, it is recommended to choose the largest virtual currency exchange, especially paying attention to the following points:
1. Fund security
Since most virtual currency exchanges are currently unregulated, it is recommended to choose more than 2 to 3 leading exchanges to diversify your investment. Listed above are all the top 15 virtual currency trading platforms in the world. They are platforms of a certain scale, have been operating for a period of time, and are popular among users. Of course, judging from the size of the exchange, the higher the ranking, the higher the security. If the platform you choose is not on this list, it is recommended to change it! If you live in Europe and the United States, it is recommended to use local compliant exchanges. Don’t trust some of the pheasant platforms recommended by social apps. Small exchanges are prone to bankruptcy and run away, and they have no advantages at all!
2. Liquidity
Liquidity is very important to digital asset investors, it is one of the important factors that affect your ability to make profits! Generally, the top-ranked large virtual currency exchanges have good liquidity and sufficient market depth. Like Binance, OKX, etc., your orders can be quickly executed on these platforms at any time.
And if you use a rubbish exchange with poor liquidity, the lack of liquidity in the market will lead to a large bid-ask spread, which will greatly affect your transaction costs.
In other words, on an exchange with good liquidity, your transaction cost is only the handling fee. In an exchange with poor liquidity, your transaction cost is " transaction fee + bid-ask spread ". The larger the spread, the higher your transaction cost!
3.Customer service support
Most of the virtual currency trading platforms listed in this article have customer service, including Chinese customer service. The Chinese customer service of some platforms is not perfect. It is recommended that new users choose exchanges with excellent customer service such as Binance and OKX. If you encounter problems, it is easy to communicate and solve them. In addition, these exchanges also provide a wealth of learning tutorials, suitable for novices to practice.
