2021 saw a great movement in the world of crypto. With currencies,Non-Fungible Tokens (NFTs), Metaverse, and others like them, we can see that the potential of blockchain technology is limitless. With the rise in popularity of cryptocurrency, the rollercoaster rides with the bull and bear markets, and the ultimate birth of the metaverse, crypto exchanges became much more popular than they ever were. Some crypto exchanges rose to their potentials due to their success, others fell out of the race, and some are still there, struggling to find their place in the race.
What Made These Crypto Exchanges Popular?
Well, security and safety come at the top of the ladder. Imagine having made transactions with your money, and it all disappears into space. Or there was a scenario where you lost all your assets because a platform wasnot safe enough. This incident happened with a crypto exchange named Mt. Gecko in 2017. An estimated total of $430 million was lost. Hence, thesecurity and safety of their platform aresome of the most important factors in making crypto exchanges popular. Several verification steps involving e-mails, phone numbers, biometric data, and identity verifications were implemented by the crypto exchange to ensure that they kept fraud to a minimum where employed.
There is a level of reliability expected of the crypto exchange as well. Using live market charts that were accurate was another feature that made some crypto exchanges popular and earned the public’s trust. This feature proved important for traders who require accurate prices to take profits and avoid liquidation. A good example was the bitcoin dump seen earlier in December 2021. At the same time, the price of Bitcoin dropped abruptly to $42,000 and was quickly corrected; some exchanges recorded lows as far as $28,000. This incorrect pricing led to liquidating assets that users should not have otherwise liquidated.
List of The Most PopularCrypto Exchanges
Based on the ratings taken online and the statistics from the average activities on these platforms, three names that stand out among crypto exchanges are listed below.
– Binance emerged as the most popularcrypto exchange. It supported over 45 fiat currencies and 414 coins, with regular projects and many profitable options. Binance was the top choice this year, with an average weekly visit of about 35 million, which is pretty impressive! They were given an exchange score of 9.9 out of 10.
– Coinbase exchange came next on the list. It has an exchange score of 8.5/10 and an average weekly visit of 4.5 million. They support about 141 coins. Compared with Binance, the difference is quite staggering. Nonetheless, they hold second place.
– FTX emerged in third place. With 264 supported coins and an average weekly visit of 5 million, they are rated as the third crypto exchange. The major difference with Coinbase was the 24-hour volume at the time of this writing. At the same time, FTX had an average volume of $2.5 million, Coinbase has almost doubled at $4.7Million.
The crypto exchange landscape is growing by the day. Apart from the three top crypto exchanges for 2021 mentioned above, there are other notable names.Good examples are Kraken and Kucoin, who respectively took fourth and fifth place as the most popular crypto exchanges of 2021.