The Top Five Cryptocurrency Exchanges by Trading Volume And Its Significance

The world's financial landscape is undergoing a profound transformation driven by innovative approaches to economic exchange. This shift is influenced by technological progress worldwide and impacts various aspects of society. The traditional boundaries of finance have been erased, as transactions are no longer limited by physical presence or geographical constraints. The nature of commerce has also undergone a significant shift, with the rise of digital assets and the increasing popularity of buying and selling liquid assets that exist solely in the digital realm.

Cryptocurrency is a popular digital asset that is increasingly used for transactions and debt settlement on a global scale. Given the rapid advancements in the crypto industry and the growing government interest, cryptocurrency is anticipated to replace traditional fiat currencies eventually. In addition to serving as a form of payment, crypto tokens can also be exchanged with one another.

The emergence of cryptocurrency trading has given rise to a specialized market that operates through online exchanges. These exchanges facilitate the buying and selling to engage in transactions within the cryptocurrency space. Without these platforms, it would be highly challenging for individuals to participate in the market, highlighting their crucial role in modern finance.

These exchanges, which play a vital role in the cryptocurrency market, can be centralized, decentralized, regulated, or deregulated. A key metric for evaluating their importance is the total trading volume of transactions executed on these platforms over a specific timeframe. Essentially, trading volume gauges the level of market activity, revealing the number of participants engaged in buying and selling and their willingness to take risks on price fluctuations. 

This article highlights the top five cryptocurrency exchanges by trading volume, based on data from CoinMarketCap at the time of publication, noting that the rankings are subject to change due to the dynamic nature of the chart.

Screenshot: CoinMarketCap

What is the purpose of CoinMarketCap?

CoinMarketCap, established in 2013 by Brandon Chez in New York City, is a prominent platform that offers detailed information on various cryptocurrencies and trading platforms. It has gained recognition as a trusted source for data on cryptocurrency market values, prices, and other pertinent details.

CoinMarketCap evaluates exchanges using criteria such as website traffic, trading liquidity, trading volumes, confidence in the legitimacy of reported trading volumes, and various qualitative considerations such as operational history, industry reputation, transparency through audits and licensing, and user satisfaction. Exchanges that achieve high rankings typically demonstrate these desirable characteristics, exhibit strong performance across metrics like liquidity, volume, and web traffic, and earn high confidence ratings.

Exchange Score
Based on the abovementioned factors, ratings are assigned to exchanges ranging from 0.0 to 10.0, with assigned importance levels. These scores are then utilized to position the exchanges in a ranking order. Moreover, CoinMarketCap imposes penalties on exchanges and trading pairs showing suspicious trading volumes, as determined by their data analysis approach. This ultimately affects the exchange's final score. The scoring mechanism aims to thoroughly and impartially assess each exchange's performance and trustworthiness.

Web Traffic Factor 
The Web Traffic Factor is a metric used to evaluate exchanges' online presence. It assigns a numerical value to each one based on its website traffic. This score ranges from 0 to 1,000, with the exchange with the highest traffic constantly receiving a maximum of 1,000 points. All other exchanges are then ranked relative to this top performer, with higher scores indicating a high user count and greater online activity.

Liquidity Score
Exchanges' Liquidity Scores are determined by averaging the top 25 trading pairs, excluding stablecoin/stablecoin pairs. Liquidity in cryptocurrency trading pertains to how easily an asset can be traded without significantly impacting its price. By focusing on the average of the top 25 trading pairs, CoinMarketCap ensures fairness and avoids favoring exchanges with numerous pairs. Emphasizing exchanges with strong liquidity in key trading pairs is crucial for meeting users' requirements.

Qualitative Factors
In addition to quantitative metrics, the exchange score is influenced by various qualitative considerations, including the platform's history, standing in the community, transparency through public, regulatory compliance, and overall user satisfaction.

What Are The Top Five Cryptocurrency Exchanges?

1. Zedcex

Zedcex is a centralized cryptocurrency exchange (CEX) that offers a professional platform featuring an ultra-fast matching engine, quality customer service, and multilingual community support for crypto traders at all levels. Established in March 2023, Zedcex serves over 100,000 users and institutions, offering access to over 100 assets and contracts across Spot and crypto derivatives.

It offers products such as Spot, Derivatives (USDT perpetual, USDC perps, inverse perps, futures, USDC options, leveraged tokens), NFT marketplace, Zedcex Earn, Buy Crypto, and Options. Zedcex has over 100 crypto tokens listed and over 300 spot trading pairs, including major coins like BTC, ETH, BIT, SOL, APE, DYDX, LTC, DOGE, AVAX, MATIC, DOT and more.

Zedcex was registered in the British Virgin Islands as Zedcex Exchange Limited and is headquartered in the UK. The global platform is available to customers worldwide, except for countries with service restrictions, such as the U.S., Singapore, Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, Sudan, and Mainland China.

2. Binance

Binance is generally recognized as the world’s largest crypto exchange (CEX) by trading volume, with over 200 million registered users in more than 180 countries. Since its inception in 2017, the platform has solidified its position as a reputable player in the cryptocurrency market. It offers users a secure environment to purchase, sell, and manage their cryptocurrencies, with access to over 500 listed assets and thousands of trading pairs.

The Binance ecosystem has expanded to include a diverse range of platforms comprising Binance Exchange, Labs, Launchpad, Info, Academy, Research, Trust Wallet, Charity, NFT, and additional features. Binance has integrated cutting-edge security protocols and rigorous data protection policies across its ecosystem to safeguard user interests while prioritizing adherence to regulatory requirements to uphold its commitment to user trust and responsibility.

According to Binance's Terms of Use, specific regions, including the United States, Singapore, and the Canadian province of Ontario, are subject to access restrictions. Additionally, some countries have limited functionality or restricted access to certain features due to regulatory constraints, such as China, Malaysia, Japan, the United Kingdom, and Thailand. Furthermore, residents of Germany, Italy, and the Netherlands cannot use Binance's futures and derivatives products. Notably, a separate, dedicated platform called Binance.US was introduced in September 2019 to cater to US clients.

3. FutureX Pro

FutureX Pro officially launched into the crypto exchange arena in March 2024, emphasizing user privacy and security. This centralized crypto exchange culminated from a well-established company called Futurex LP, commonly referred to as Futurex. Futurex is a privately held Texas-based information technology company specializing in cryptography, founded in 1981. Futurex provides data encryption solutions for financial institutions, retailers, and terminal manufacturers. 

FutureX Pro is dedicated to delivering a streamlined and efficient digital asset trading experience for its users. The platform boasts a comprehensive suite of tools, including futures, peer-to-peer, spot, and copy trading. FutureX remains steadfast in its commitment to revolutionizing blockchain technology and catalyzing financial transformation. It aims to become a prominent player in the global crypto exchange landscape, focusing on innovation, security, and user privacy.

Moreover, FutureX Pro offers strong cybersecurity features such as multi-factor authentication, encryption, routine security checks, and protection against DDoS attacks. The FutureX Pro exchange places a high emphasis on safeguarding crypto assets through the use of cold storage techniques. Additionally, the platform adheres to regulatory requirements to ensure a secure and compliant trading setting. FutureX Pro does not explicitly mention its supported cryptocurrencies and trading pairs.

4. Bybit

Bybit is a centralized cryptocurrency derivatives exchange established in March 2018 and registered in the British Virgin Islands. It’s headquartered in Dubai, having moved from Singapore in 2022, and operates under Bybit Fintech Limited. With a mission to revolutionize the financial system, Bybit has expanded its trading services and introduced cutting-edge security features and innovative tools for new and experienced traders.

The platform offers 24/7 customer service and multilingual community support, serving over 40 million users and institutions. It provides access to various assets and contracts across Spot and crypto derivatives like Futures and Options, launchpad projects, earn products, an NFT Marketplace, and more. Bybit has over 100 crypto tokens listed and over 300 spot trading pairs, including major coins like BTC, ETH, BIT, SOL, APE, DYDX, LTC, DOGE, AVAX, MATIC, DOT, and more. 

Bybit prioritizes security by dividing its system into two types of wallets: cold storage, which holds most of its assets offline, and hot wallets, which are used for active trading. This setup minimizes the risk of large-scale cyber attacks. While Bybit is a global platform, it is not accessible to users in certain countries due to regulatory restrictions, including the US, UK, mainland China, Hong Kong, Singapore, Canada, North Korea, Cuba, Iran, Uzbekistan, and specific regions of Ukraine and Syria under Russian control.

5. IndoEx

IndoEx is characterized as a decentralized exchange (DEX), yet it also depends on centralized infrastructure and services provided by third parties. The platform highlights the significance of users retaining private keys, having 100% fund management rights, and securing assets through smart contracts with multi-signature protection in all supernodes. This indicates a level of decentralization, categorizing IndoEx as a hybrid or semi-decentralized platform that integrates features from both centralized and decentralized exchanges.

Launched in January 2019, the IndoEx trading platform operates from dual headquarters in Estonia and the United Kingdom. It provides round-the-clock customer support through multiple channels, including phone, email, and online assistance. The platform supports trading in EUR/USD fiat currency pairs and strives to be the most secure and fastest digital asset exchange, catering to the needs of seasoned traders, industry professionals, and institutional investors and serves as a learning environment for crypto novices, offering a high-end trading experience that helps them develop their skills and expertise.

IndoEx offers a wide range of popular cryptocurrencies, such as BTC, ETH, and XRP, as well as prominent altcoins like DASH, LINK, and LTC. In addition, it supports lesser-known coins and tokens like NEO, Cardano, and EOS, totaling 180 cryptocurrencies and almost 300 crypto pairs. The platform operates in 150 countries and includes features like an ICO launch pad, trading competitions, and a secure cold storage wallet. Furthermore, it has implemented robust security measures, including third-party and co-insurer policies, to protect users' assets from potential hacks, thefts, and security breaches.

The Significance of Trading Volume in Crypto Exchanges

Trading volume is a key performance indicator in cryptocurrency exchanges that reflects the market's overall vitality, the ease of buying and selling assets, and investor sentiment. A high level of trading activity fosters a liquid market, enabling market participants to execute trades at favorable prices with minimal slippage. This is for investors requiring swift and seamless entry and exit points for cryptocurrency transactions.

Higher trading volumes are crucial in determining market trends and changes in direction. In cryptocurrency exchanges, trading volume plays a vital role in generating income. Transaction fees, often calculated as a percentage of the overall trading value, serve as a critical revenue stream for exchanges. More significant trading volumes result in more fees and increased profitability.

The level of trading activity in a cryptocurrency market gauges investor enthusiasm and trust. When many people actively buy and sell a particular crypto, it suggests a high level of interest and a strong market presence. In contrast, low activity may signal a lack of traction or a struggling asset. Trading volume helps determine the fair market price of a cryptocurrency. With more buyers and sellers participating, the exchange price tends towards equilibrium, reflecting the collective sentiment of the market.

Tim Moseley

Breaking Free from Constraints: How Markethive Empowers You to Overcome Censorship, Government Restrictions, and Outdated Marketing Practices

We live in a world where every step you take toward your dreams feels obstructed by invisible barriers as if the odds are intentionally stacked against you. This isn't just your imagination; it is a reality, and these obstacles are built into society’s very structure, protecting corporate giants and keeping aspiring entrepreneurs like you from gaining ground. Every hour, every dollar, every ounce of effort you pour into building something meaningful seems met with another wall carefully designed to hold you back.

Government policies seem to pile on, favoring established players in their grasp while leaving smaller businesses to navigate a confusing labyrinth of taxes and regulations. Even social media, once a beacon of free expression and open connection, now censors and suppresses voices that challenge the norm and agendas that do not conform to their puppet masters' desires. And when you turn to marketing, the cost of visibility on major platforms puts real success out of reach for those without deep pockets.

But what if there were a place built just for entrepreneurs like you? A platform where censorship doesn’t exist, where your voice isn’t filtered through algorithms, and where you can freely connect, grow, and monetize your ideas. Thanks be to God, this place exists, and it’s called Markethive.

Markethive is a powerful and Godly movement built on the principles of decentralization, transparency, freedom, and empowerment of people worldwide. Markethive is a revolutionary hybrid ecosystem that blends social networking, inbound marketing, and blockchain technology. It’s designed to empower entrepreneurs with tools and resources you can’t find anywhere else, giving you the autonomy to thrive outside the limits of traditional systems. Here’s how Markethive sets you free from societal barriers and provides solutions that the world desperately needs.

The Shackles of Government Regulations on Entrepreneurs

Across the globe, as an entrepreneur, you’re seeing the effects of regulations that seem to favor established giants, leaving smaller, independent businesses like yours caught in a web of limitations. Governments frequently impose taxes, operational restrictions, and licensing requirements that pull you away from focusing on your core mission. In many cases, the obstacles are so numerous that they create a hostile environment for small businesses, forcing many to downsize, shift their goals, or close down altogether.

Consider the examples from the European Union's Digital Services Act (DSA) and Digital Markets Act (DMA). On the surface, these policies were crafted to protect consumers and foster competition in the digital economy. However, they come with complex compliance requirements that are particularly challenging for small and medium-sized enterprises to navigate. From ensuring data privacy to managing content moderation, these laws demand significant resources and expertise, making it incredibly difficult for smaller entities to keep up with multinational corporations with entire teams dedicated to compliance.

Or take the United States, where the gig economy, which was supposed to be a space for freelancers and small business owners to flourish, has been hit by regulatory challenges, especially with California’s AB5 law. Initially designed to protect workers, AB5 has ironically restricted opportunities for freelancers across sectors by reclassifying them as employees and placing intense limitations on how they can work. Though beneficial in intent, this legislation creates additional costs and reduces flexibility, disproportionately impacting independent contractors trying to make a living on their own terms.

For independent entrepreneurs like you, these types of policies serve as constant reminders that you’re navigating a world designed for major players, not for those who want to disrupt the status quo. While the protections often benefit consumers, they also reinforce the position of large corporations that can absorb the costs, leaving small businesses at a disadvantage. When competing against industry titans with deep pockets and an army of lawyers, it can feel like every attempt to innovate is met with a new layer of red tape.

On top of that, the control exerted by social media platforms has further complicated the landscape. These platforms, once champions of free expression and accessibility, now operate through algorithms that dictate who sees your content. It’s no secret that platforms like Facebook and Instagram pivoted heavily towards paid advertising, reducing organic reach to the point where it’s virtually nonexistent. In fact, studies show that Facebook's organic reach for business pages can be as low as 5% of a page’s followers. If you’re not willing to invest heavily in advertising, your content is likely buried, making it difficult for your voice to reach even those who have chosen to follow your brand.

Breaking Through Social Media Censorship

Think back to when social media felt like an open playing field. Platforms like Facebook, and Twitter promised an unprecedented space for free expression, where everyone could connect, share, and discover ideas without barriers. Today, that vision has faded. Consider the countless times posts have been flagged, removed, or labeled, leaving you in the dark about why. Perhaps you’ve experienced it firsthand: one day, a post is performing well, reaching your target audience, and then the next day, it’s mysteriously throttled, or worse, disappears altogether. 

Take Facebook’s 2021 removal of more than 20 million posts discussing sensitive global topics or YouTube’s sweeping demonetization practices, affecting creators across the spectrum. The goal of these measures may be to uphold community standards, but often, they end up silencing entrepreneurs, small businesses, and advocates who simply want to engage with their followers. Whether it’s promoting a product, sharing insights, or educating others, you’re constantly fighting against an algorithm designed to prioritize profit over genuine connection.

Imagine you’re an entrepreneur who built a community around wellness or alternative health on Instagram. You invest time, money, and effort into growing your platform, and just as you’re gaining momentum, Instagram’s ever-evolving guidelines take aim at your content, marking your posts as “sensitive” or “misleading.” Suddenly, your reach dwindles, your followers miss your updates, and your engagement plummets, not because of what you’re offering but because an algorithm deemed your message “inappropriate.”

In the face of this censorship, Markethive is reimagining the digital ecosystem. We are not just giving lip service to free expression but embedding it into our structure. There’s no centralized authority to dictate what’s allowed or filter your content based on opaque guidelines. Every message you share reaches your audience directly, and every connection you make is preserved without interference. Your data isn’t sold, analyzed, or used to determine what you can and can’t say.

Imagine logging into a platform where you can post your ideas, promote your products, and engage your community without fearing a sudden content removal or reach restriction. You share a new product update, and instead of hoping it bypasses the algorithm, you know it’s getting to those who want to see it. On Markethive, your voice isn’t just allowed; it’s amplified.

Consider an industry where independence is a lifeline, like alternative media. Traditional social media platforms are notorious for suspending accounts that don’t align with their “community guideline,” which can be vague and ever-changing. Earlier this year, Instagram faced backlash for suspending or shadow-banning accounts discussing sensitive political topics. For independent media professionals, such restrictions are not only frustrating, they’re a threat to their livelihood. Markethive, however, offers a platform where censorship doesn’t exist and where every user, regardless of background or industry, enjoys the freedom to communicate openly. 

Being a member of Markethive means stepping into a space where your ideas can flourish unfiltered, reaching people as intended. It’s more than a network; it’s a return to authentic social engagement, where you control your narrative, data, and connections. In a time when social media giants profit from controlling your reach, Markethive hands that power back to you.

Traditional and Digital Marketing Failings

In traditional marketing, you might run an ad in a magazine, on a billboard, or TV, spending thousands to reach an audience you can only hope is interested. The cost is steep, and the returns?; often hard to measure. Take newspapers, for example; at their peak, they offered valuable ad space, but as readership dwindles, your ad dollars might as well be going up in smoke. Even digital ads come at a high price. Google Ads, for instance, can charge $1 to $2 per click in competitive markets, while LinkedIn ads might set you back as much as $2 to $5 per click. Suddenly, you’re spending more just to compete for a slice of your audience’s attention.

Think about the last time you invested in a marketing campaign. Maybe you shelled out thousands on digital ads, only to watch the costs rise while engagement stayed flat. Facebook, for instance, has become infamous for pay-to-play dynamics, where only a fraction of your audience sees your posts unless you pay to boost them. And Google Ads? The costs per click have risen so high that small businesses are squeezed out by corporate giants. In fact, a publication by Nielsen shows that digital ad costs are approaching two-thirds of spending, yet for many, the return on investment keeps shrinking.

Markethive offers a different path that doesn’t force you into a bidding war just to reach your audience. This decentralized platform combines inbound marketing with social networking, enabling you to attract, engage, and convert your audience organically. You’re not paying for clicks; instead, you’re using tools like community blogging, video content, and targeted networking to grow your presence naturally. Imagine building real connections and seeing actual results without paying exorbitant fees. That’s the future Markethive is shaping.

The Power of Blockchain and Hivecoin

Consider how traditional platforms reward you: you spend time posting, engaging, and building connections, but in the end, it’s the platform, not you, that owns the value. For example, platforms like Facebook, X, and Instagram generate billions in ad revenue from your content and data without giving anything back. Markethive flips this model on its head by giving you a direct stake in its ecosystem.

Through blockchain integration and Hivecoin, every contribution you make, whether a blog post, a comment, or sharing insights, earns you real, tangible value. Hivecoin isn’t a loyalty token; it’s a genuine utility cryptocurrency that can be traded on crypto exchanges. Finally, Hivecoin has been listed on the INDOEX exchange and will be made public when the time is right. When the token reaches a stabilized market value, all Markethive services will be paid for with Hivecoin.

Blockchain technology is the foundation of this system, creating a secure and transparent environment. Unlike on typical social networks, where your personal data is often commodified, on Markethive, blockchain ensures your assets and data remain yours. Consider how Web3 platforms like Brave and its Basic Attention Token (BAT) have redefined advertising, giving users control and rewarding their attention. Markethive takes this further, offering you Hivecoin as a reward for engagement and enabling you to use it within a fully decentralized, censorship-resistant network.

In Markethive, you're not just another user but a partner in the fight for freedom. Our model gives you financial opportunities in a space free from traditional social media's ad-driven and data-mining pressures.

A Supportive Community of Entrepreneurs

Starting and growing a business can feel isolating, especially when the landscape is filled with obstacles at every turn. Yet with Markethive, you’ve stepped into a community built to lift you, not tear you down. We are a family where other entrepreneurs aren’t just peers; they’re allies who are just as driven and determined as you are, ready to share insights and resources and even cheer you on.

Consider the success stories of smaller creators who found themselves buried under algorithm changes on traditional social media platforms, where visibility is often reserved for those who pay top dollar. You’ve probably heard of cases like Lush Cosmetics, which famously left Facebook and Instagram in 2021 due to constant algorithmic suppression that prioritized ad spend over organic reach. In Markethive’s ecosystem, by contrast, you have an equal playing field where costly algorithms don’t throttle your voice.

Or look at small businesses struggling under restrictive government policies, such as EU data protection laws that have imposed high compliance costs. Many small startups don’t have the resources to navigate these regulations, primarily benefiting larger corporations. At Markethive, you’re part of a decentralized network that sidesteps such limitations, allowing you to focus on growing your business rather than getting tangled in red tape.

The Future of Entrepreneurial Freedom

In a world where freedom of speech, innovation, and entrepreneurship are under increasing threat, Markethive stands as a bastion of hope for independent entrepreneurs. Picture this: You post a harmless update about your business on social media, but because an algorithm deems it “low engagement,” it’s buried in timelines. Or you’re running ads, yet your visibility is throttled unless you pay exorbitant fees, a reality that small businesses worldwide face daily on platforms like Facebook and Instagram. Consider CBD companies or natural health brands that struggle to advertise due to restrictive ad policies, even when their products are entirely legal. Traditional marketing systems, built to favor big corporations, simply aren’t designed for you.

In Markethive, you’re not just gaining access to another network but part of a revolution in digital freedom and entrepreneurial empowerment. Here, you can connect, market, and grow without battling restrictions or arbitrary censorship. We are a decentralized ecosystem where your content reaches those who genuinely care, and your data remains private. This approach stands in stark contrast to traditional networks. And Markethive isn’t all talk; our blockchain-powered infrastructure and commitment to privacy and decentralization mean your contributions are safeguarded in a secure and transparent system.

So, spread the word and help others break free from traditional limitations and join a movement that champions entrepreneurial freedom; Markethive is here. It’s more than a platform; it’s a movement committed to reshaping the future of entrepreneurship by giving you the tools to control your own narrative and succeed on your own terms.

Tim Moseley