BDCenter Digital analysts tracked the development trends of cryptocurrency exchanges over three years – Bits Media

BDCENTER DIGITAL analyzed 32 cryptocurrency exchanges in the period from 2018 by 2020 A year in a number of criteria - from the volume of trading to interaction with customers.

The study was carried out on the basis of the following parameters: Trading volumes, accessibility for users, Target audience, Traffic sources and promotion channels, as well as interaction with the community. According to Bdcenter Digital, The leading jurisdictions in the number of registered exchanges are the US and South Korea.

IN 2018 the year the leaders in this indicator were the United States, China and Hong Kong, However, only the United States retained its position in 2020 year. This is due to that, that the leadership of many cryptocurrency sites decided to change jurisdiction. In March 2018 years Binance exchange has translated its operations to Malta, Her example was followed by the Chinese OKEX exchange. Bitfinex also thought about moving to the Swiss canton tsug, which is often called "cryptodolina" for loyal attitude to cryptocurrencies.

BDCENTER DIGATAL specialists have found out, that the most affordable exchange in geographically became Poloniex, on which traders from 199 countries. On the other side, Upbeat and Coinone are available only to citizens of South Korea. Many exchanges do not serve US residents due to the features of American regulation. Depending on the economic situation, Exchange can regularly change the list of countries, whose residents are prohibited to serve. According to Cambridge University, in 2018 year the number of cryptocurrency exchanges was 35 million people, Whereas in the III quarter 2020 years their number reached 191 million people. This indicates, that the audience of trading floors is constantly growing, And without gender gap. From 21 Million inhabitants of the United States, interested in bitcoin, Women make up 43%.

Talking about trade dynamics, Only a few exchanges managed to increase the volume of trading in 2018 year, and for some it has significantly decreased. Period 2019-2020 years have become more favorable for cryptocurrency exchanges. Throughout the study period, only Bitflyer and OKEX showed a stable growth of trade volumes. Huobi Global, Binance and OKEX have to 75% total bidding, but only OKEX is steadily increasing as the absolute volume of trading, so the share in the total volume: in 2018 It was a year 17%, in 2019 year - 21%, And last year - 22%.

Safety, as one of the determining factors of user trust in trading platforms, directly affects their competitiveness. Despite, that Kraken exchanges, Binance, Kucoin and Bithumb were previously subjected to hacker attacks, They are included in the five safest exchanges. The leaders also include Coinbase, which is in second place according to the criterion of reliability.

FROM 2018 year, cryptocurrency exchanges began to actively launch their own blockchains or tokens on major blockchains. Today they have 40% бирж. Lately, issuing your own stablecoins has become popular.. So, in 2019 Binance launched the Binance USD stablecoin (Busd), pegged to the US dollar, а Binance Coin (BNB) Already ranks third in terms of market capitalization on the cryptocurrency market. Considering the high level of competition, exchanges are striving to expand their functionality.

The highest priority is opening the fiat gateway, providing input and output of national currencies. IN 2020 year, a fiat gateway appeared in 72% reviewed exchanges, and in 2018 This feature was only offered this year 43% sites. Margin and over-the-counter trading (OTC) already support 65% бирж. Platforms for launching and investing in cryptocurrency projects (launchpad) few exchanges provide, including Binance and KuCoin. Today we have 90% trading platforms have a mobile application. In addition to standard tools, exchanges offer staking, cryptocurrency loans, profitable deposits, trusted storage, P2P trading and liquidity swaps.

Analysts also mentioned the "mixed" platforms of eToro and Robinhood, which besides cryptocurrencies, support the shares, exchange-traded funds (ETF), contracts for difference (CFD), foreign currencies, commodities and indices. However, such platforms are much inferior to specialized exchanges in terms of cryptocurrency trading volumes, despite the "expanded" set of assets.

By analyzing the web traffic of cryptocurrency exchanges, experts came to the conclusion, what 70% exchanges receive traffic through direct transitions to the site, and 8% the traffic – from clicks on referral links, The claim has already been accepted for consideration and the court has conducted pre-trial preparations 2018 year this figure was approximately 14%. Around 13% exchanges receive traffic thanks to search queries, and 3.65% – from social networks. The smallest share of traffic comes from display advertising – total 0.72%. Robinhood is in the top three by traffic level, Binance и Coinbase. All exchanges studied receive 94.42% traffic from Google search engine. By amount of traffic, supplied to cryptocurrency exchanges, USA is in the lead, South Korea and Japan.

Twitter has become the most popular social network among trading platforms. Half of the exchanges publish news there more than three times a day. Only five exchanges publish news less than once a day: bitFlyer, Bittrex, Coinbase, Coinone и Upbit. The second most popular cryptocurrency exchange is Facebook., in third place – Instagram. YouTube video hosting is also in demand among exchanges – in 2020 year, their own channels have already appeared 16 sites. They only blog 6 of 32 бирж.

More 65% platforms use Telegram as the main communication channel with users. Analysts noted, that most cryptocurrency exchange managers do not engage in dialogue with the audience. The exception was Binance CEO Changpeng Zhao. (Changpeng Zhao), who regularly publishes content, communicates with users and actively mentions the BNB coin in tweets. Co-founder of the Gemini cryptocurrency exchange Tyler Winklevoss (Tyler Winklevoss) also interacts effectively with site clients, often helping them solve various technical problems.

Binance and Coinbase became the leading exchanges by the number of mentions in cryptocurrency media. By the way, Bits.media entered the TOP 10 media platforms by the number of publications about cryptocurrency exchanges (1.8%).

Published in English 63.7% materials, and in Russian, taking second place - 8.1%. News stories have become the most popular genre of materials in the cryptocurrency industry (87%), and analytical articles account for 6.9%. More 20% scandals make up the news, police raids on exchange offices, hacks and violations of the law. Considering the pandemic, in 2020 year, the activity of exchanges in organizing events decreased significantly, at the same time, exchanges continue to develop new markets. For example, Gemini officially began operating in the UK last year, and in January Roskomnadzor lifted the blocking of the Binance website in Russia.