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This report provides a broad overview of the crypto exchange market as a whole, focusing on historical analyses that relate to futures volumes, web traffic, predominant fee model and so on. CryptoCompare also focuses on how volumes have developed historically for the top trans-fee mining and decentralized exchanges.
Top Exchange Volumes
Bithumb was the top exchange by total volume in February, followed by Binance and ZB. Bithumb’s total trading volume in February was 26.8 billion USD (up 2.8% since January).
Meanwhile, Binance traded a total of 18.9 billion USD (up 8%), followed by ZB at 18.1 billion USD (down 7.8%).
February Trade Snapshot Analysis
Among a selection of top exchanges that trade BTC to USD, Coinbase traded the most at the end of February with over 40,000 trades in a day followed by Bitfinex (23,000) and Bitstamp (11,800). Among the above exchanges, Coinbase also traded the lowest average trade size at 600 USD while other exchanges (Bitfinex, Bitstamp, Kraken, itBit) traded between 1500–2600 USD.
Malta-registered exchanges represented the majority of trading volume, followed by those legally registered in Hong Kong and South Korea. Monthly trading volumes from Malta-registered exchanges increased 8% since January, while those of Hong Kong and South Korea-registered exchanges increased 12% and 6% respectively.
Predominant Fee Type
Exchanges that charge taker fees represented 84% of total exchange volume in February, while those that implement trans-fee mining (TFM) represented 14%. Fee-charging exchanges traded a total of 186 billion USD in February, while those that implement TFM traded 31.4 billion USD. The remaining volume represented trading by exchanges that charge no trading fees, at 3.1 billion USD.
Total futures trading volume from exchanges bitFlyerFX and BitMEX totaled 54.8 billion USD in February,