The market dominance of Binance, the most popular and world’s biggest cryptocurrency exchange by volume has continued to soar in the past six months, according to reports.
Binance leads the chart, other cryptocurrency trading platforms such as UpBit, BitMart, FTX, OKX come second, third, fourth, and fifth, respectively.
The Binance platform offers a robust selection of trading options and features. Last January, it held 39 percent of the total crypto CEX trading volume. By June, that share had increased to 47 percent.
“Binance’s growth at a time the crypto market is contracting is a testament to the confidence it inspires in its users,” says Jonathan Merry, Chief Executive Officer (CEO), CryptoMonday.
He insists: “Binance’s dominance is due in part to its low fees, a wide range of altcoins, and strong security measures.
Besides, it’s also one of the few exchanges that allow P2P trading making it the go-to exchange for many cryptocurrency traders.”
The key to Binance’s success has been its focus on user experience. Binance offers a simple and intuitive platform that is easy for novice and experienced traders. In addition, Binance is known for its fast transaction speeds and robust security.
“Cryptocurrency trading is extremely safe here,” Clement Uchenna, Bitcoin Enthusiast told TechEconomy. “It is secured, easy to use, and has an excellent incentive program.”
According to Uchenna, Binance is the best cryptocurrency storage and trading platform after trying out other platforms.
“I have used other platforms before settling on this one. I’ve been using this platform for at least 3 years and I haven’t had any issues whether security or otherwise.”
UpBit, the South Korean cryptocurrency exchange, maintained its spot as the second largest exchange by market share. The South Korean exchange had a nine percent market share.
Likewise, BitMart was one of the best performers in the second quarter of 2022. The exchange grew its market share from two percent in January to seven percent at the end of June.
Finally, FTX, the third largest CEX, also grew its market share in June. The exchange’s eight percent dominance was a minimal leap from the five percent it held in most of the first quarter of 2022.
OKX was the worst performing CEX in the year after closing June with a market dominance of just five percent. That significantly dropped from the 14 percent held at the year’s start.
OKX’s struggles are mainly due to its low liquidity, which makes it challenging to trade large amounts of cryptocurrency.