Cryptocurrency exchanges with the highest volumes

Trading volume is one of the most important criteria a user needs to look at while selecting a cryptocurrency exchange for a few basic reasons. For one, higher volumes will allow users to easily buy or sell the cryptocurrency of their choice without much difficulty because of the available liquidity. Next, higher volumes on a cryptocurrency exchange are an indication that it is widely trusted by a lot of users.
At the same time, the trading volumes will also help users get an idea about the buying and selling activity on a cryptocurrency and determine the direction in which the price could be heading. As such, a cryptocurrency exchange with high volumes brings many benefits to users looking to deal in digital currencies. Here are some of the exchanges with the highest volumes as of this writing:
1. Binance
As of this writing, Binance occupies the first place among all the cryptocurrency exchanges with a 24-hour trading volume of more than $1.3 billion, and that too by a fair distance. Its trading volumes are nearly 30% higher when compared to the next occupant on this list. Bitcoin accounts for the majority of the volumes at nearly 29%, followed by Ripple.
2. OKEx
OKEx follows Binance with a 24-hour trading volume of just over $1 billion. Like Binance, Bitcoin is the most widely traded digital currency on this exchange as well with almost 30% of the overall volumes. The next most traded platform on OKEx is EOS, opening up an opportunity for users looking to trade this coin.
3. Bitfinex
Bitfinex is the next name on the list with a 24-hour trading volume of nearly $800 million. Bitcoin enjoys a greater proportion of trading on this cryptocurrency exchange as it accounts for nearly 46% volumes, followed by Ethereum and Ripple.

Things to keep in mind

While a cryptocurrency exchange with high volumes definitely presents an advantage for the user, it is worth keeping in mind that it shouldn’t be the definitive criteria. Exchanges have been known to manipulate trading volumes with the help of bots. Additionally, high volumes aren’t a guarantee that a cryptocurrency exchange is entirely reliable.
For instance, Bitfinex, the third name on the list above, was hacked in August 2016 and $72 million in Bitcoin was stolen from this exchange. Just before the theft, Bitfinex was fined by the U.S. Commodity Futures Trading Commission for offering illegal commodity transactions. As such, users shouldn’t rely on volume alone while selecting a cryptocurrency exchange.
Moreover, certain new exchanges have been growing at a really impressive rate. Gemini, for instance, was witnessing 100% volume growth every two days back in 2015, and it is now looking to widen its horizons by bringing institutional investors into the cryptocurrency market. This should ensure further volume growth going forward, which also means that users shouldn’t restrict themselves to exchanges with only high volumes and consider other options as well that are fast coming up.

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