Crypto exchanges are web platforms where consumers of the ecosystem go to buy, sell, or trade digital assets. Overall, there is immense competition among exchanges, which in return creates innovation in terms of security and volume of trade, developing as the market develops further. The largest cryptocurrency exchanges listed below, in fact, shape the future of finance, processing billions of dollars daily.
Below are some of the largest exchanges according to various metrics, including global reach, users, and trading volumes.
Binance: Largest Crypto Exchange in the World
Since its inception in 2017, Binance has been ranking as the biggest cryptocurrency exchanges by volume for many quarters. It quickly donned the mantle of the world’s No.1 crypto exchange, supporting dozens of cryptocurrencies—from big assets like Bitcoin and Ethereum to a number of lesser-known altcoins. Besides spot trading services, Binance offers futures, options, staking, and DeFi products.
With $40 billion in daily trading volume, it has remained the most liquid venue to buy cryptocurrencies as of 2024. The reasons are manifold: ease of use, competitive fees, and a huge list of supported cryptocurrencies.
Coinbase: Leading U.S. Exchange
By far, someone could call Coinbase the world’s biggest cryptocurrency exchange, which already almost completely dominates the U.S. market. It was founded as Coinbase in 2012, quickly earning a good name for its user-friendly interface, and therefore is popular among retail investors too. Nowadays, it has more than 100 million verified users all over the world, offering quite a good variety of crypto assets: from the old guard like Bitcoin and Ethereum to newer, up-and-coming tokens.
Anyway, Coinbase attracts institutional clients via the Coinbase Pro platform, with much cheaper fees for big traders. It’s safe to say, with over $2 billion in daily trading volume, Coinbase is one of the largest actors in this market.
Kraken: A Solid and Safe Exchange
By volume, Kraken is one of the biggest cryptocurrency exchange platforms out there. Generally speaking, the exchange enjoys an excellent reputation with a security focus. The variety of available trade pairs is huge, and therefore, among other reasons, the platform has been super popular among both retail and institutional investors alike. Kraken also receives very high marks for customer service and boasts a substantial user base across both Europe and North America.
With an approximate daily average trading volume of almost $1 billion, it’s because of its relentless performance and transparency that Kraken remains one of the major players in the global landscape of cryptocurrency exchanges.
KuCoin: For Those in Love with Altcoins
KuCoin is among the largest crypto exchanges, and it allows trading a wide range of small-market-cap coins. Founded in 2017, KuCoin quickly picked up: millions of users on this platform are attracted by low fees, great customer support, and good liquidity for most assets.
It represents one of the most voluminous and varied exchanges, with over $1 billion in daily trades. Its ambitious listing strategy as an exchange allows users to access a wide spectrum of altcoins that don’t normally feature in more regulated exchanges like Binance and Coinbase.
OKX: Upcoming Global Exchange
OKX is one of the largest digital currency exchanges in the world, with over $5 billion a day in trading volume. Recently headquartered in China, OKX is now available to customers in practically every part of the globe and has a big selection of crypto services: spot and derivatives trading, staking, and DeFi opportunities.
OKX also became known for margin trading and lending, which attracted super-active users of the platform and continued well into 2024.
Bybit: Premier Derivatives Trading
Bybit is among the fastest-growing exchanges of derivative products, including but not limited to Bitcoin and Ethereum futures. The exchange launched in 2018 and very fast grew to doing more than $10 billion daily trading volume. Since its niche is derivatives trading, Bybit has been positioned at the front of crypto futures.
For the more adventurous—those who wish to avail of trading and other, more sophisticated financial products, Bybit is one of the largest cryptocurrency exchanges for futures and margin trading in terms of volume.
Huobi: Growth Across the Globe
Huobi was founded in 2013 and is another giant among the biggest cryptocurrency exchanges in the world. First, it targeted the Chinese market but then targeted the rest of the markets for users across the world. First, to set up strong roots in Asia, Huobi provides spot, margin, and futures trading.
With almost $4 billion in daily trading volume, Huobi’s serious expansion toward other new markets, along with its focus on customer support, has made it one of the leading exchanges in the world.
Conclusion
Going into 2024, the biggest cryptocurrency exchanges are a representation of the front lines within the industry. From the retail investor looking for a user-friendly interface to the advanced trader needing deep liquidity and a wide selection of altcoins, these platforms continue to serve as critical infrastructure in the developing world of digital assets. These exchanges will undoubtedly play a vital role well into the expansion of the market, answering the question of “What are the biggest cryptocurrency exchanges?”
