2021 was a defining year for everything 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.
With so many exciting things going on, so many new exchange platforms and users, making a decision about which crypto exchange to use has become quite tricky. In this respect, we at CoinStats, think it pays to take into account average daily volume of each platform in 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 has been around for about four years and is by now the crypto exchange platform that needs no introductions! The most popular exchange with relatively low fees and a wide selection of currencies had an average daily volume of $27.53 billion in 2021, which is around three times more than the next biggest 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)
With an average daily volume of $7.58 billion, Huobi Global was the second biggest crypto exchange in 2021 and for good reason. Extremely secure and with excellent customer support, Huobi has an extensive set of features for a user to explore. 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)
The third exchange on our list, Coinbase, is licensed in the U.S. and fully regulated. 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. The two major cons of Coinbase are that unless one has Coinbase Pro, the fees are significantly high and that the available trading options are pretty limited.
4. Bitrue ($2.17 B)
Next up we have Bitrue, a Singapore-based crypto exchange 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. Luckily, the exchange soon reimbursed all lost funds and added extra security layers. 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)
With $.2.12 billion in average daily volume in 2021, XT.com is almost tied with Bitrue. Some of the advantages of XT.com include a high-performance matching engine that ensures the speed of transactions, a truly caring customer care team, and a beginner-friendly 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)
The sixth exchange on our list is FTX, a diversified exchange founded in The Bahamas in May of 2019. A daily average of $1.71 billion in 2021 puts FTX in the roughly same category of players as Kraken and 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)
Kraken is on par with FTX and KuCoin when it comes to average daily volume in 2021. Founded only two years after Bitcoin, Kraken is a long-time player in the market that caters to experienced users and newbies alike. Both secure and convenient, the U.S. crypto exchange is one of the best places to margin trade, which is something advanced traders will surely appreciate.
8. KuCoin ($1.63 B)
Number 8 on our list is KuCoin, a well-known, secure, innovative and user-friendly platform with over 8 million users. The platform averaged $1.63 billion per day in 2021, which is pretty low considering the modest fees, wide range of coins, and many advanced features available. On the con side, the platform is not licensed in the U.S. and you may run into some server issues.
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. That being said, thanks to the numerous advanced features of the exchange, trading on Bitfinex is really well-suited for intermediate to high-value investors. The Hong Kong-based centralized exchange averaged $1.27 billion in daily volume in 2021.
10. Crypto.com ($1.23 B)
Every single day in 2021, there were about $1.23 billion worth of trades on Crypto.com. While beginners might find the advanced functionality of the exchange overwhelming at first, the learning curve is rewarding in the end. Crypto.com supports more than 150 cryptocurrencies, prides itself on low fees, and even has its own coin.
11. Gate.io ($1.18 B)
Created in China back in 2013, Gate.io is one of the fastest growing exchanges in the world. About $1.18 billion worth of trades occured on Gate.io every single day in 2021. The platform is easy enough to navigate and even has several modes like Beginner and Pro. Over time, Gate.io has had to work on enhancing its security, and now investors can have a peace of mind if they choose the exchange.
12. Binance.us ($0.79 B)
Number 12 on our list is Binance.us, an exchange created specifically for users from the US. In 2021, the exchange averaged $0.79 billion in trades every day. 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)
Launched back in 2015 in the US, Gemini has significantly grown and averaged $0.24 billion worth of trades every single 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)
It is no secret that Bybit exchange platform, being young, is somewhat limited in features, but it also has a lot of advantages, for example, a simplicity of use and good options for margin trading. We can’t wait to see what Bybit grows into, there is a lot of potential here! For now though, $0.16 billion in daily trading in 2021 is a great start.
15. Bitkub ($0.13 B)
This Thailand-based exchange platform was founded in the beginning of 2018 and has 26 coins listed. Bitkub welcomes users from all over the world, offers high liquidity, and shows great progress when it comes to trading numbers. We’re sure the $0.13 billion daily average in 2021 is nothing compared to what 2022 has in store for Bitkub.