While Binance has had some issues with payment service providers and regulators from some countries, the centralized cryptocurrency exchange is still the largest trading platform in terms of trading volume. In the past 24 hours, Binance has recorded around $ 8.6 billion in swaps and the trading platform has the highest trading volume of any derivatives exchanges in the world.
Binance’s trading platform tops the competition
The Binance cryptocurrency exchange is the largest crypto trading platform in the world, measured by trading volume on both the spot and derivatives markets. Binance has made numerous headlines lately as it handled regulatory complaints from government agencies and financial institutions like Barclays and Santander.
Despite all the negativity, the crypto asset exchange still dominates the pack in terms of the myriad of crypto trading platforms around the world. Binance holds the highest 24-hour crypto trading volume and has swaps of $ 8.6 billion at the time of writing. The trading platform trades with a total of 320 cryptocurrencies and 1,150 pairs.
The US $ 8.6 billion is not accounted for either, as Binance also operates a separate trading platform for US citizens. At the time of writing, Binance US is recording global trading volumes of $ 202 million in 53 cryptocurrencies and 110 pairs.
Binance also has the largest trading volume in the cryptocurrency derivatives markets, with the platform’s cash-settled cryptocurrency futures trading at $ 35 billion globally on Monday. In terms of 24-hour trading volume, there aren’t that many exchanges that even come close to Binance.
Regarding the spot markets for cryptocurrencies, Hitbtc occupies the second largest position in terms of daily trading. Hitbtc’s $ 2.1 billion, however, is 75% less than Binance’s spot market volume. Hitbtc’s spot volume is followed by Upbit ($ 2 billion), Huobi ($ 2 billion), Changelly ($ 1.93 billion), Bitcoin.com Exchange ($ 1.92 billion) and Okex (1.87 Billion $).
Binance Derivatives has a volume of 35 billion US dollars, transparent rankings of the stock market balance show that Binance holds 14 billion US dollars in reserves
When switching to the exchange volumes of cryptocurrency derivatives, Binance takes the lead again. With a whopping $ 35 billion in 24-hour futures volume and $ 6.4 billion in open interest, no other exchange can match Binance. After Binance in terms of futures exchange volume, Okex follows with 8.5 billion US dollars in 24-hour volume and 2.4 billion US dollars in open interest. Binance and Okex are followed by Huobi ($ 7.9 billion), Bybit ($ 6.1 billion), Cointiger ($ 5.5 billion), Bitz ($ 4.2 billion) and FTX ($ 4.1 billion).
Binance’s cash-settled futures exchange offers 43 futures and 138 perpetuals compared to Okex’s 139 perpetuals and 1,408 futures products. The Binance cryptocurrency exchange doesn’t just stop at crypto spot and derivative offers, as the company also operates a decentralized exchange (Dex). While Binance is the largest centralized crypto spot and derivatives platform, the company’s Binance Dex ranks 32nd among the top Dex platforms today.
Binance Dex has a global trading volume of $ 3.5 million between 105 coins and 158 trading pairs. The company index also recorded 12,869,668 unique visitors on Monday, and the top trade is currently BNB / BUSD. Still, in terms of market share by volume, Binance recorded only 0.1% of all Dex trading volumes in the past 24 hours.
Although Binance has had numerous issues and all the negative headlines over the past few weeks, the company is still a major force to be reckoned with in terms of crypto spot and derivatives volumes. Another thing people may not know about Binance is that the platform is the second largest crypto exchange in terms of reserves.
Only Coinbase tops Binance with $ 34.75 billion in BTC and ETH reserves. Between BTC, ETH and BUSD, however, data from Bituniverse shows that Binance holds a massive $ 14.66 billion in crypto reserves as of July 19, 2021.
What do you think of Binance and the platform’s performance while it has been scrutinized by regulators and financial institutions? Let us know what you think on this matter in the comments below.
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