A lot of people consider Binance to be the world’s leading cryptocurrency exchange. In reality, that is not exactly true, primarily because BitForex generates more volume. CoinMarketCap excludes this exchange, but these are the “official” exchanges ranked by ascending trading volume in the past seven days. The results may look different from what one expected initially.
South Korea plays a growing role of importance in the cryptocurrency world. Bithumb is, despite an incident earlier this year, still the largest exchange in the country when it comes to trading volume. Over the past week, Bithumb generated $2.061bn in volume, courtesy of 43 different trading markets provided by the platform.
No one can deny ZB.COM is making its mark on the altcoin trading industry as of late. Their Dash trading usually generates the most action, resulting in $2.25bn worth of volume generated over the past week. This volume is distributed across 78 different trading markets. That is a more than respectable number, as it shows the competition between different trading platforms is heating up nicely.
Often considered to be the biggest fiat currency exchange in the Western world, Bitfinex is doing its best to get into the overall top three. So far, the platform falls a bit short, despite noting $2.545bn in weekly volume. Its 84 different trading markets remain of great interest in this regard, and the recent addition of Tezos may help the company achieve a higher weekly trading volume moving forward.
Even though a lot of people seem to dismiss the use of Huobi, this exchange is incredibly popular among cryptocurrency traders. It provides a whopping 275 markets, resulting in $3.763bn worth of weekly volume. This is a very promising outlook for this particular trading platform, even though it faces stiff competition from Bitfinex in this regard.
The OKEx exchange has made its mark on the cryptocurrency world in spectacular fashion. Especially when it comes to trading top altcoins, OKEx is a force to be reckoned with. The company maintains the largest selection of trading pairs, as 509 active markets are accessible today. This results in $4.6bn worth of weekly volume, a more than respectable figure.
#1 Binance / BitForex
Depending on how one wants to look at things, either Binance or BitForex is the leading exchange ranked by volume. Binance is the official number one on CoinMarketCap with $5.837bn worth of volume across 382 different markets. In reality, BitForex is the number one with $26.912bn in weekly volume across 83 markets. However, this particular platform is subject to a lot of speculation and reports regarding abnormal trading behavior. Always do your own research prior to entrusting funds to any exchange.