February 24, 2021

Three largest crypto exchanges accumulate 75% of trading volume

Three largest crypto exchanges accumulate 75% of trading volume

Consulting company BDCenter Digital has completed a large-scale study of 30 leading crypto exchanges according to Coinmarketcap, Coingecko and CryptoCompare.

The analysis published in February 2021 isa continuation of a similar study from 2018 and demonstrates how exchange marketing strategies reflect the evolution of the crypto market. It turned out that the Russian language has become one of the most popular languages ​​of media publications about crypto-exchanges.

Here are the key insights from a comparative analysis of the situation in 2020 and 2018:

  • if in 2018 China and Hong Kong were on the list of the most popular jurisdictions in terms of the number of registered exchanges, in 2020 they are no longer there; the leading positions were retained only by the USA and South Korea;
  • Fiat support is beginning to be perceived as a necessity: if in 2018 only 43% of the largest exchanges had a fiat gateway, then in 2020 70% got it, and 65% supported credit cards;
  • 40% of the leading exchanges have at least one own (native) token. Binance, Huobi, Crypto.com and FTX assets have risen more than 100% since 2018;
  • the 3 largest exchanges (Binance, Huobi and OKEx) account for over 75% of the total trading volume. In 2018, the concentration rate was 62%;
  • in 2020, the Binance exchange confidently led the way in terms of the number of mentions in the media (the same as in 2018); in second place is Coinbase.
  • most of the leading exchanges offer services in over 150 countries.

A few touches to the portrait of the audience of cryptocurrency exchanges

BDCenter Digital analysts have also identified 3 additional areas of interest for exchange users:

  1. Finance: on some sites, up to 26% of the audience is interested in this topic;
  2. Investments: up to 24% of users;
  3. Lottery: while they are popular with visitorsonly 10 out of 30 exchanges, up to 32% of users of these platforms are interested in lotteries. It is noteworthy that these are mainly exchanges that accumulate audiences from China (Huobi, OKEx, Gate), Thailand (Bitkub) and Indonesia (Indodax).

Russian is the second most popular language for publications about crypto-exchanges

The ten most popular crypto sites,primarily Countelegraph and CoinDesk, accounting for 33% of publications about crypto-exchanges. The remaining 67% of the material is posted in hundreds of smaller crypto media around the world.

63.7% of articles about exchanges are posted in Englishlanguage, but in second place is Russian (8.1%). Spanish, French and Turkish each account for 4% of the materials. This means that interest in cryptocurrencies in Russian-speaking regions remains relatively high.

At the same time, the content of materials about exchanges has changed: although most of the content is still news (87%), analytical texts have appeared (6.9%).

“The expert activity of the players has increased:they not only more confidently offer the media their own comments on current events, but also share reviews and analytical conclusions, especially on the dynamics of the sphere's development, and also make forecasts ”, - this is how she commented on the changes inPR actions of crypto exchanges, invited expert I. V. Sidorskaya, professor of the Faculty of Journalism of the Belarusian State University, who defended the first doctoral dissertation in Belarus on public relations.

BDCenter Digital's research also coverscompetition between crypto exchanges and trading platforms such as eToro, interaction between CEOs of exchanges and communities, referral programs, engagement in social networks of exchanges, and much more. Dozens of charts, analytics and insights are available in the full version of the study.

Where is it more profitable to buy cryptocurrency? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposit and withdrawal of funds in rubles, hryvnias, dollars and euros.

The reliability of the site is determined by the trading volume andthe number of users. By all key metrics, Binance is the largest cryptocurrency exchange in the world. Binance is also the most popular cryptocurrency exchange in Russia and the CIS, since it has the largest turnover of funds and supports transfers in rubles from bank cards Visa / MasterCard and payment systems QIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

# Exchange: Website: Rating:
1 Binance (Editor's Choice) https://binance.com 9.7
2 OKEx https://okex.com 7.4
3 Exmo https://exmo.me 6.9
5 Huobi https://huobi.com 6.5
5 Yobit https://yobit.net 6.3

The criteria by which the rating is set in our rating of crypto-exchanges:

  • Work reliability - stability of access to all platform functions, including uninterrupted trading, deposit and withdrawal of funds, as well as the period of work on the market and the daily trading volume.
  • Commissions - the size of the commission for trading operations within the site and the withdrawal of assets.
  • Feedback and support - we analyze user reviews and the quality of technical support.
  • Convenience of the interface - we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
  • Platform features - availability of additional features - futures, options, staking, etc.
  • final grade - the average number of points for all indicators, determines the place in the rating.

Three largest crypto exchanges accumulate 75% of trading volume