In our discussions of the crypto sphere, we have talked a lot about the largest and the smallest cryptocurrencies. Let’s shift the topic of discussion to speculate how the crypto exchanges that these currencies trade on are doing in the market.
What are Cryptocurrency Exchanges?
A cryptocurrency exchange, or cryptoexchange, is a website which allows the buying, selling, and trading of a cryptocurrency for other cryptocurrencies or for other traditional fiat currency. The concept is more or less similar to a stock exchange.
Cryptoexchanges are primarily of three types—trading platforms (websites that connects buyers and sellers and take a fee from each transaction), direct trading (platforms that offer direct P2P trading allowing individuals from different countries to exchange currency; each seller sets his/her own exchange rate.), and brokers (websites that anyone can use to purchase cryptos at a price set by a broker.)
There are many factors that contribute to the reliability of an exchange—the top ones being reputation and security. Another crucial factor is the trading volume of an exchange which is exactly what we are going to discuss here.
This list is going to analyse 7 biggest Crypto Exchanges by their trading volumes.
- BitMEX: a P2P Trading Platform that offers leveraged contracts which are sold and bought in Bitcoin. The exchange only trades the currency Bitcoin in the BTC-USD pair. The platform offers up to 100x leverage on some of its products. That is to say that the users can buy as much as 100 Bitcoin of contracts with only 1 Bitcoin to back it.
Presently, an approximate trading volume of BitMEX is $3,222,920,000 USD. (5275087.15x against ETH)
- Binance: Binance is an international multi-lingual cryptocurrency exchange which has been deployed on more than 30 exchanges already. It is among the fastest exchanges in the market today. The platform offers multiple coin support including BTC, ETH, LTC, and BNB.
Presently, an approximate trading volume of Binance is $2,325,570,087 USD. (3806357.24x against ETH)
- Upbit: Upbit is a Korean cryptocurrency exchange that was launched when Korea’s biggest messaging app developer Kakao partnered with Bittrex. The users of the exchange are able to interact with the platform using their mobile device. The app is available for both iOS and Android.
Presently, an approximate trading volume of Upbit is $1,945,438,922 USD. (3184180.76x against ETH)
- OKEX: a digital asset trading platform that provides fiat-to-cryptocurrency and cryptocurrency-to-cryptocurrency services along with derivatives trading services. In February 2018, as listed on coinmarketcap.com, OKEX was the biggest crypto exchange with a daily value over $1.8bln.
Presently, an approximate trading volume of OKEX is $1,889,510,348 USD (3092640.14x against ETH)
- Huobi: Based in Beijing, Huobi is a global digital asset trading platform that offers exchange services which are secure and take place on a completely independent cryptocurrency evaluation system. The platform has a comprehensive verification process which works in its favour. Although it was initially designed for Chinese traders, many foreign traders have also registered and use this exchange.
Presently, an approximate trading volume of Huobi is $1,708,393,477 USD (2796198.63x against ETH)
- Bitfinex: Another global trading exchange, Bitfinex provides exchange, margin trading, and margin funding services. The platform offers the users to trade up to 3.3x leverage. It offers over 8 different order types which help users in different scenarios.
Presently, an approximate trading volume of Bitfinex is $1,390,905,755 USD (2276550.002x against ETH)
- Bittrex: Bittrex operates a premier US-based blockchain trading platform designed for a lightning-fast trade execution. Its trading engine has been custom designed to make trades more scalable and the platform also supports third-party trading platforms and algorithmic trading.
Presently, an approximate trading volume of Bittrex is $417,042,570 USD (682590.91x against ETH)
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