Cryptocurrency has been around us for 13 years now, quite a long time for any kind of development in the IT and finance sector. It all keeps evolving and advancing so quickly that it is often difficult to keep up with it. The year 2009 was quite a while back and the first wave of crypto news, mining crazes, and legends from the industry seem like a distant future. In the modern world, crypto is so much more than back then, a valuable commodity and a potential career path even. Not a lot has changed in the way people obtain it, but the way people use it did change. A lot.
Nowadays it is much easier to actually do something concrete with your currency, both when you want to get rid of it and move on and when you want to spend it, trade it, or invest it. One of the reasons why this is possible is the creation of cryptocurrency exchanges. Every commodity needs a place where one can do something with it, where it is native, and where it has a home. Exchanges are all of that and more, and in this article, we talk about them in-depth. Actually, we will see which are the biggest crypto exchanges by volume in 2023. Read on to check it out and go url to check out more about cryptocurrencies in general.
What are Crypto Exchanges?
A cryptocurrency exchange is a platform where users can do everything related to digital currencies. From buying and selling batches of coins to trading them with other people, these are basically one-stop destinations no matter what somebody requires to do. Trading one crypto for another is possible, for example from Litecoin to Bitcoin, and vice versa. Buying crypto can be done with traditional, fiat currency, i.e. real money like United States Dollars or European Union Euros. Exchanges update their prices and values in real-time and reflect the current state of the market. This makes them some of the most trustworthy services when it comes to accurate prices of most digital currencies in existence.
Exchanges also give you a place to concert cryptos back into traditional money, which effectively means you have sold them. There is no requirement to withdraw that money though since it can stay in your account for later use if you ever want to buy more crypto. Basically, there is nothing an exchange does not have. If it is important for the traders and investors, a quality exchange should have it. There is information and advice for the newcomers, the latest news and predictions from the industry, and more. Most of the leading exchanges also have dedicated mobile applications where it is possible to do all of these same things. Speaking of the best of the best, it is high time we talked about the biggest ones in 2023. There are various factors that determine which exchange is the biggest, but we are going with volume per day
We kick off the list with arguably the best overall exchange in the world right now, and one that has had this title for years now. Binance is at the very top of most exchange lists no matter what they are covering. It has the best overall exchange score at 9.9, almost two points more than the second-placed exchange. However, we care about something else today. The volume of Binance across 24 hours at the moment of writing is $12.4 billion, down 26.7%. Regarding other stats, it supports 403 different coins, 46 fiat currencies, and it has more than 34 million weekly visits. Binance leads the lists in average liquidity too, with 829.
2. Mandala Exchange
While it is not as popular nor big as the first entry on the list, Mandala Exchange is the second-highest exchange by volume at the moment of writing this article. In the past 24 hours, it was $7.01 billion, only down 0.03%. The average liquidity on the platform was 233, it supports 312 coins, but no fiat currencies. It has its shortcomings, evident by both the weekly visit count of 51,156 and the exchange score of only 4.1, but it has quite a large volume.
The third exchange we talk about in this article has a volume of more than $6.1 billion at the moment of writing, and it is actually up 5.2% in the last 24 hours. This makes it one of the only exchanges that experienced a jump in volume. The rest of the numbers are not so great when compared to the larger and more popular exchanges though. It supports only 20 cryptos and no fiat currencies and has only 23,000 weekly visitors. Their average liquidity is 190 and the exchange score is 4.6.
With a nice exchange score of 6.5 and more than 1.6 million weekly visitors, this exchange is doing a good job. It supports no fiat currencies but it does offer the users to trade 324 cryptocurrencies. Its volume in the last day is $4.1 billion, down 23.24%. The average liquidity on the platform is 485. This would be a great example of an upper-average exchange if all stats would come together. But by volume, it climbed all the way to the number four spot.
Here is an exchange with great overall numbers, but also one that has a low score of only 4.3. It supports 415 coins and 5 fiat currencies, namely US dollar (USD), Euro (EU), Pound Sterling (GBP), Singapore Dollar (SGD), and Indonesian Rupiah (IDR). There are 363,000 weekly visitors on the platform and their average liquidity is 447. When it comes to volume though, it made the exchange jump to number five with $3.3 billion in the last 24 hours, down 15.37%.
The Next Five in Line
Here are five more exchanges just to round up the top 10, with information about volume, average score, weekly visits, and currencies supported:
6. Upbit – $3.06 billion, 4.3 average scores, 3.1 million weekly visitors, 157 coins, and South Korean Won.
7. Coinbase – $2.93 billion, 8.6 average scores, 4.3 million weekly visitors, 153 coins, USD, EUR, GBP.
8. IndoEX – $2.27 billion, 4.2 average score, 140,000 weekly visitors, 93 coins supported.
9. TOKENCAN – $2.24 billion, 3.5 average score, 677 weekly visitors, 43 coins supported.
10. Crypto.com Exchange – $2.12 billion, 7.1 average scores, 3.4 million weekly visitors, 169 coins.