The year 2021 marked a turning point in crypto and DeFi. We saw the emergence and rapid growth of a great number of projects and exchanges, and ultimately came to see the future of digital currencies in Web3, a blockchain-integrated internet intermeshed with reality.
It can be difficult to choose which cryptocurrency exchange to use, with so much happening, and so many exchange platforms. CoinStats believes it is important to consider the average daily volume for each platform by 2021. It is, after all, a significant metric that shows users’ trust and the platform’s reliability.
Let’s go over the 15 biggest exchanges of 2021 by average daily volume!
1. Binance (27.53 B).
Binance, which has been in existence for approximately four years now, is the most popular crypto exchange platform. Binance, the most well-known exchange that offers low fees and has a large selection of currencies, had an average daily transaction volume of $27.53 trillion in 2021. This is three times higher than any other largest exchange. Quite impressive, don’t you think? One possible con when it comes to Binance is that it’s designed for experienced users and it won’t be easy for a beginner to make sense of its complex interface.
2. Huobi Global ($7.58 B)
Huobi Global was the 2nd largest cryptocurrency exchange with a daily average volume of $7.58 million in 2021. This is a good thing. Huobi offers a wide range of services, including excellent customer service and security. Another major perk is that they work hard to keep their fees low, which is, of course, every trader’s primary concern. On the flip side, the platform has low withdrawal limits and isn’t available for US residents. Oh, well!
3. Coinbase (4.33 B).
Coinbase, the third and final exchange in our list is fully licensed and regulated by the U.S. Setting out to “increase economic freedom in the world” does pay off, it seems: The platform enjoyed an average daily volume of $4.33 billion in 2021. Coinbase enjoys high liquidity and is easy to get started with, no matter the user’s background. Coinbase Pro has high fees and limited trading options.
4. Bitrue ($2.17 B)
Bitrue is the next crypto exchange based in Singapore, founded in 2018. $2.17 billion in average daily volume in 2021 isn’t that bad, especially considering the platform was hacked back in 2019. The exchange quickly refunded all funds lost and provided additional security measures. Bitrue offers a myriad of features, competitive fees, and high interest rates to investors, so it’s no wonder it’s #4 on our list.
5. XT.COM ($2.12 B)
XT.com and Bitrue are almost at the same level in terms of average daily volume, which is $.2.12 million in 2021. XT.com’s advantages include a fast and efficient matching engine which ensures transactions are completed quickly, a friendly customer support team and a simple interface. That being said, the platform isn’t well-publicized, so a lot of the nitty gritty needs to be figured out on the go.
6. FTX ($1.71 B)
FTX is the sixth listed exchange. It was founded in The Bahamas on May 19, 2019. FTX, which has a daily average of $1.71 million in 2021, is roughly in the same group of players as Kraken & KuCoin. While the platform isn’t available in the U.S. and has relatively high USD withdrawal fees, the rest of the world can enjoy top-notch security, an easy and quick swapping process, and even an NFT marketplace.
7. Kraken ($1.63 B)
When it comes to daily average volume, Kraken ranks with FTX (and KuCoin) in 2021. Kraken was founded two years ago after Bitcoin. It is an established player on the market and caters both to newbies as well as experienced traders. The U.S. cryptocurrency exchange offers both convenience and security, making it a great place to trade margins. This is something that advanced traders will appreciate.
8. KuCoin ($1.63 B)
KuCoin is number 8 in our ranking. It’s a trusted, safe, user-friendly, and innovative platform that has more than 8 million members. In 2021, the platform generated $1.63 trillion per day, which is quite low when you consider its modest fees and wide selection of coins. It also has many other advanced features. The downside is that the U.S. license for the platform has expired and there may be server problems.
9. Bitfinex (1.27 B).
Bitfinex is no doubt one of the oldest players in this niche, so the fact that it has had to recover from multiple cyber attacks and tighten up its security to earn users’ trust again is a given. Bitfinex’s many sophisticated features make trading easy for high-value and intermediate investors. Average daily volume for the Hong Kong-based Central Exchange was $1.27 trillion in 2021.
10. Crypto.com ($1.23 B)
Crypto.com handled approximately $1.23 trillion in trades every single day between 2021 and 2021. The exchange’s advanced functions may seem overwhelming to beginners, but the process is very rewarding. Crypto.com has more than 150 supported cryptocurrencies and boasts low fees. It even owns its coin.
11. Gate.io ($1.18 B)
Gate.io, which was established in China in 2013, is the largest global exchange. Gate.io processed $1.18 billion in trades every day through 2021. Easy to use, the platform has many modes including Pro and Beginner. Gate.io is constantly improving its security and investors now can feel confident when using the exchange.
12. Binance.us ($0.79 B)
Binance.us, a US-based exchange is 12th on our list. It saw an average of $0.79 million in daily trades per day by 2021. While advanced users may find that the exchange doesn’t provide access to some of the popular assets they’d want to invest in, Binance.us does support 50+ cryptocurrencies with very low fees.
13. Gemini ($0.24 B)
Gemini, which was founded in 2015 in the US has seen a significant growth and trades average $0.24 Billion every day. No matter if you’re a newbie or an experienced trader, Gemini’s versatility guarantees that you’ll find something to your liking. A pretty cool bonus – the platform has its adjacent educational resource, a “Cryptopedia” that has some high-quality resources for DeFi enthusiasts.
14. Bybit ($0.16 B)
Although the Bybit platform is still young and has limited features, it does have many advantages such as a simple user interface and options for margin trading. We can’t wait to see what Bybit grows into, there is a lot of potential here! It’s a good start, though. $0.16 billion daily trading by 2021.
15. Bitkub ($0.13 B)
This Thailand-based cryptocurrency exchange platform is now in its third year. There are 26 coins available. Bitkub has a large user base from around the world and is known for its high liquidity. It also makes significant progress in trading numbers. We’re sure the $0.13 billion daily average in 2021 is nothing compared to what 2022 has in store for Bitkub.