- Cryptocurrency exchanges are luring more and more investors as millions of people worldwide embrace cryptocurrency trading.
- Currently, there are over 300 known cryptocurrency exchanges in operation with daily volumes of $292 billion.
- By volume, the biggest crypto exchanges in the world are Binance, Coinbase Pro and Huobi Global.
- Other exchanges of note are Kraken, Bitfinex, and Kucoin.
Cryptocurrency exchanges have become part of investors’ lingua franca in the last seven years with more individuals leaving traditional stock markets and forex trading in favor of cryptocurrencies.
In response, new cryptocurrency exchanges have been popping up to meet burgeoning demand. Currently, there are over 300 cryptocurrency exchanges in the world doing trade volumes of around $292 billion each day.
Binance, Coinbase Pro, and Huobi Global are among the world’s largest cryptocurrency exchanges, followed closely by Kraken and Bitfenex.
Binance, The Largest
Binance was created in 2017 by Chang Peng Zhao and Yi He, and by 2018 the exchange was already the largest in the world by volume. Binance supports all devices and operating systems including Apple, Macintosh, Android and Windows.
Based on data and analysis from CoinMarketCap, Biance has an exchange score of 9.8 out of a possible 10, which is the highest of all crypto exchanges. Binance supports 1,093 markets, spots 337 coins, accepts 47 fiat currencies and is the most visited crypto exchange in the world. By volume, it does an average of $22,000,000,000 every 24 hours.
Huobi Global is a Seychelles-based cryptocurrency exchange founded in 2013 by Leon Li, a former computer engineer at Oracle.
By volume, Huobi Global ranks in second place with over $1 billion traded on the platform daily. Huobi has 930 markets and accepts 27 fiat currencies. CoinMarketCap gives it a rating of 8.6 out of 10.
On the Flipside
- Cryptocurrency exchange Coinbase plans to go public.
Binance suspends deposits in Nigeria’s naira after the country’s central bank baned Bitcoin.
- This comes after the Central Bank of Nigeria forbid local banking institutions from dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges.
The world’s third-largest cryptocurrency exchange is Coinbase Pro. It was founded by Brian Armstrong and Fred Ehrsam in 2012 and has significantly grown to over 14 million users.
With an exchange score of 8.7, Coinbase Pro has a daily average volume of $2.7 billion, making it one of the exchanges with the highest liquidity levels. Coinbase Pro’s fluid interface, liquidity levels, and volume make it an attractive choice for cryptocurrency investors.
With fees as low as 0.04% and 0.50% for takers and between 0.00% and 0.50% for makers, Coinbase Pro continues to attract new investors.
It is no mean feat for these exchanges to be listed among the top three in the world given the stiff level of competition in the industry. Focused on user experience with ease of access, the security of funds, plenty of liquidity, and a fluid interface, these exchanges have placed themselves on enviable pedestals.
Other Notable Mentions
Closely following the top three exchanges is Kraken, based in the US and founded in 2011 by Jesse Powell. Kraken still operates from the US and serves 176 countries. Over 40 cryptocurrencies can be traded on the platform, and it has an average 24-hour trading volume of over $1 billion. CoinMarketCap gives it a rating of 8.6 out of a possible 10.
Bitfinex sits in a comfortable fifth place with a rating of 8.2 and a 24-hour trading volume of $1.1 billion. Founded in 2012 and operated by iFinex, the exchange trades a wide range of digital currencies and reported profits of over $300 million.