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Home Cryptocurrency news

Only 4 Crypto Exchanges Have 100,000+ Active Users

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news
Reading Time: 3min read
Only 4 Crypto Exchanges Have 100,000+ Active Users
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With crypto still being years away from being widely adopted by the mainstream public, most of the market’s activity is driven by speculators and traders seeking to leverage the wild price swings and volatility in order to turn a profit.

However, new research data shows that the actual active users on top cryptocurrency exchanges is extremely low, with only four of the most active exchanges having over 100,000 active users.

Coinbase, Binance, Huobi, and OKEx: Over 100,000 Active Users

According to the November 2018 research report from the Blockchain Transparency Institute, only four of the top crypto exchanges can claim having over 100,000 active daily users.

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The four exchanges with over 100,000 active daily users includes – to little surprise – San Francisco-based Coinbase, Changpeng Zhao-led Binance, Hong Kong-based OKEx, and Singapore-based Huobi.

Related Reading | Binance Boss Predicts Crypto Bull Run By Year’s End

Of the four exchanges, Coinbase leads the pack with 422,000 daily active users, with Binance trailing behind in second place with 313,000 daily active users. OKEx and Huobi barely made it over 100,000 daily active users, with 105,000 and 101,000 respectively.

Out of the 68 crypto exchanges included in the Blockchain Transparency Institute’s report, the average daily active users across all exchanges is a mere 27,000 users. On the absolute lowest end of the spectrum, Bisq, Coinrail, Kyber Network don’t even have 1,000 active daily users, topping out at 394, 573, and 874 users.

Coinbase: Highest Active Users, Very Little Transaction Volume

Coinbase coming out on top should be a surprise to no one, as the company has become the most recognizable name in crypto – especially to retail investors that primarily used Coinbase’s iOS app to purchase cryptocurrencies during last year’s bull run. The firm closed 2017 with over $1 billion in revenue, beating expectations by 66%.

What is shocking to see, is how little transaction volume Coinbase users contribute to the overall market volume. Of the four exchanges with over 100,00 active daily users, Coinbase ranks the lowest, with only $189 in transaction volume per user. By comparison, Binance transaction volume sits at $2,137 per user, while OKEx and Huobi’s customer transaction volume are $1,972 and $1,723 respectively.

Related Reading | Square Tops iOS Store: Can Coinbase Reclaim Its Throne?

Coinbase’s average customer transaction volume per user is about 10% of what other major cryptocurrency exchanges see for transaction volume. Bitfinex, which is known for its “whale” market makers, tops the list with the highest transaction volume per user at $3,518.

Due to how little money traders on Coinbase are transacting with, the incredibly popular exchange ranks 9th on the list for the highest 24 hour transaction volume, at $106 million in transactions each day. Binance, which currently wears the crown in terms of transaction volume, boasts nearly ten times that of Coinbase’s, with over $1.028 billion in transaction volume every 24 hours.

It’s worth pointing out that BitMex is notably missing from the data set provided by he Blockchain Transparency Institute, which is currently ranked 2nd – ahead of both Coinbase and Binance – on CoinMarketCap’s top 100 cryptocurrency exchanges by reported volume.

Featured image from Shutterstock
Tags: BinancecoinbasecryptohuobiOKEx
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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