Connect with us

Education

Top 10 Centralized Exchanges in Q1 2023

Published

on

The top ten centralized crypto exchanges accounted for the majority of all trading in Q1 2023, at $2.46 trillion. While this number is below the average of $3 trillion that CEXs have historically operated at, it is a boost to the industry, bearing in mind the impacts of regulators in the industry as well as crashes throughout 2022. 

Centralized exchanges (CEXs) are cryptocurrency exchanges run by a centralized body, such as a firm, that use a central order book to conduct trading. The advantages of centralized exchanges include high liquidity, user-friendly interfaces, security measures, and customer support. 

However, centralized exchanges also have disadvantages, such as censorship, government regulation, and privacy concerns. Popular centralized exchanges include Coinbase, Binance, Kraken, and Bitfinex. Despite their drawbacks, centralized exchanges remain the most popular and widely used type of cryptocurrency exchange.

In Q1 2023, here are the top ten CEXs according to the trading volume that accounted for a significant portion of $0.7 trillion, $0.8 trillion, and $0.9 trillion in January, February, and March, respectively:

Binance

Binance is one of the world’s largest cryptocurrency exchanges, founded in 2017 by Changpeng Zhao. It offers a wide range of trading pairs for various cryptocurrencies and fiat currencies, and it has a reported user base of over 15 million. It also offers a wallet, a launchpad for new cryptocurrencies, staking and earning programs, its native token, BNB, and more. 

One unique feature of Binance is its native cryptocurrency, Binance Coin (BNB), which is used to pay trading fees on the platform and offers discounts on trading fees for users who hold BNB in their accounts. The exchange has faced some controversy in the past but has taken steps to address these concerns and improve its security and compliance measures. The largest exchange processed more than 60% of all trades on CEXs throughout Q1 2023.

Upbit 

Upbit is a South Korean cryptocurrency exchange that was launched in 2017. It is one of the largest cryptocurrency exchanges in South Korea and is known for its high trading volumes and wide range of trading pairs. Upbit is known for its security measures and has never experienced a major security breach. It also offers a mobile app, an API for developers, and a news and analysis section for traders. 

Despite its strong reputation, Upbit has faced some challenges in the past, such as accusations of fraudulent activity and concerns over regulatory compliance. However, the exchange has taken steps to address these concerns and has continued to grow in popularity among traders in South Korea and beyond. It processed $63 billion in January and February 2023 and $49 billion in March 2023. 

OKX 

OKX is a cryptocurrency exchange platform founded by Star Xu in 2017. OKX is owned by OK Group, which also owns the crypto exchange Okcoin, one of the largest Bitcoin exchanges in the world. 

It offers a variety of features for traders, including spot and futures trading, margin trading, and perpetual swaps. It also has robust security measures, such as cold storage and two-factor authentication, is available in multiple languages, and has a user-friendly interface.  OKX handled 5% of all trades on centralized exchanges in January and February 2023 and 6% in March.

Coinbase

Coinbase is a popular cryptocurrency exchange platform that allows users to buy, sell, and trade a variety of digital assets. It was founded in 2012 and is headquartered in San Francisco, California. It offers a variety of features for traders, including spot trading, margin trading, and Coinbase Pro.

It also offers a mobile app for both iOS and Android devices and security measures such as cold storage, two-factor authentication, and insurance protection. The exchange has 238 coins and 537 trading pairs. Coinbase processed 7%, 5%, and 5% of all trades on centralized exchanges in 2023 in the first three months of the year, respectively.

MEXC

MEXC Exchange is a popular cryptocurrency exchange platform founded in 2018. It offers a range of features for traders, including spot trading, margin trading, and advanced order types. It also offers its own native token, MEXC, which can be used to pay for trading fees and receive discounts on trading fees. Users can carry out P2P trading, and use the bridge on the platform, and its launchpad.

The platform also offers a mobile app for iOS and Android devices with efficient security systems such as cold storage, and two-factor authentication. MEXC pulled 5% of all trades on centralized exchanges for each month in Q1 2023. 

Gate.io

Gate.io is a popular cryptocurrency exchange platform based in Hong Kong and founded in 2013. It allows users to buy, sell, and trade a wide range of digital assets, including Bitcoin, Ethereum, and many others, up to 1654 coins and 2924 trading pairs. The platform’s user-friendly interface makes it easy for beginners to navigate and start trading. It also offers a mobile app for both iOS and Android devices, providing real-time market data, price alerts, and trading charts. 

The platform has implemented measures to protect users’ funds and personal information, such as cold storage of assets, two-factor authentication, and regular security audits. It also offers its own native token, GateToken (GT), which can be used to pay for trading fees and receive discounts on trading fees. The platform also provides a referral program where users can earn rewards for inviting new users to the platform. MEXC processed 2% and 5% of all centralized trades in January and February 2023, respectively.

Kucoin

KuCoin is a cryptocurrency exchange platform that was founded in 2017 and is based in Hong Kong. It allows users to buy, sell, and trade a wide range of digital assets, up to 757 coins and 1326 trading pairs. The platform offers a range of features for traders, including spot trading, margin trading, and futures trading. 

It also offers its own native token, KuCoin Shares (KCS), which can be used to pay for trading fees and receive discounts on trading fees. It is placed in the seventh position on the list of the top ten CEXs in Q1 2023.

Kraken

Kraken is a popular cryptocurrency exchange platform founded in 2011 that allows users to buy, sell, and trade a range of digital assets. It offers a range of trading options, including spot trading, margin trading, and futures trading. 

Kraken supports fiat currency deposits and withdrawals and provides a user-friendly platform with real-time market data, trading charts, and security measures. It has 218 coins and 645 trading pairs and is the eighth platform in terms of the number of trades processed by CEXs in Q1 2023. 

Huobi

Huobi is a cryptocurrency exchange platform founded in 2013 that allows users to buy, sell, and trade a wide range of digital assets. It offers advanced trading features such as algorithmic trading, stop-loss orders, and technical analysis tools. It also offers its own native token, Huobi Token (HT), which can be used to pay for trading fees and receive discounts on trading fees. 

The user interface is designed to be easy to navigate and provides current market data, trading charts, and other features. There are 616 coins and 785 trading pairs on the Huobi exchange, which is placed in the ninth position on this list.

Crypto.com 

Crypto.com Exchange is a cryptocurrency trading platform launched in 2019 that allows users to buy, sell, and trade digital assets. It also offers its own native token, CRO, alongside 270 other coins and 507 trading pairs for users to trade with. CRO is used to pay for trading fees and receive discounts on trading fees. 

Users have access to real-time market data, trading charts, and other features for informed trading decisions on the Crypto.com platform. Additionally, the platform offers staking and lending, as well as a debit card known as the Crypto.com Visa Card, which can be used to spend cryptocurrency. Crypto.com stands as the tenth platform on this list.

Read also;

Stablecoins lost $6.2B: USDC & BUSD hit hardest, new contender emerges

Crypto Report: Liquid staking dominates DeFi in Q1 2023

0 0 votes
Article Rating
Advertisement Earnathon.com
Click to comment
0 0 votes
Article Rating
Subscribe
Notify of
guest

0 Comments
Inline Feedbacks
View all comments

Latest Episode on Inside Blockchain

Crypto News Update

Crypto Street

Advertisement



Trending

ALL Sections

Recent Posts

0
Would love your thoughts, please comment.x
()
x