The 5 Top Cryptocurrency Exchanges of 2018
Despite the misfortunes that many tokens are suffering at the hands of the market, cryptocurrency exchanges themselves are prospering as never before. Regardless of whether the crypto market heads up or down, exchanges themselves benefit. As markets head upward on good days, exchanges see big boosts from traders looking to capitalize. On days and stretches when the market plunges downward, however, cryptocurrency exchanges tend to do even better as traders scramble to move their funds into Tether or fiat currencies.
It seems that with every new day, a new centralized or decentralized exchange pops up on the market to try and get a slice of the volatility. These new players have to contend with the big, established institutions in crypto trading. Prices across large exchanges dictate the direction of the market so without further ado, letʼs check in on the top 5 cryptocurrency exchanges of 2018.
As of the time of writing, OKEx occupied the top spot for cryptocurrency exchanges as ranked by 24-hour trading volume. Founded in 2014 by Star Xu, OKEx is a Belize-based digital asset exchange with a main operating hub located in Hong Kong. Prior to launching, OKEx was generously funded by several noteworthy venture capitalist funds including Tim Draperʼs VenturesLab and LongLing Capital. Currently, OKEx provides fiat to cryptocurrency trading options as well as token to token trading.
Binance frequently sits at the #1 spot as far as daily trading volume goes. In August 2017, Binance launched its trading platform to low-key fanfare. Incredibly, after 6 months Binance had gone from quiet trading outpost to a billion-dollar platform and the worldʼs best-ranked cryptocurrency exchange. Binance CEO Changpeng Zhao worked for OKEx prior to founding Binance and was responsible for the platformʼs revolutionary fee structure. Rather than pay fees using other cryptocurrencies, Binance users can pay trading fees using the native Binance token, BNB, which slashes trading fees in half.
Huobi is a heavyweight exchange headquartered in Singapore and founded by Leon Li. Having recently opened offices in San Francisco, USA, as well as in Japan, Korea, and Hong Kong, Huobi is positioning itself to be a crypto mainstay for years to come. Using a model similar to that of Binance, Huobi launched its own token, HT, used for voting on the exchange platform and managing trading fees.
Bitfinex is the gold standard when it comes to Bitcoin trading for American audiences as well as westerners in general. Bitfinex is registered in the British Virgin Islands but has headquarters in Hong Kong. Of the exchanges on this list, Bitfinex is by far the oldest, having been established in 2012 as a peer-to-peer exchange for Bitcoin.
HitBTC has clawed its way up the exchange rankings to find a recent place in the top 5 cryptocurrency exchanges by volume. Despite their checkered past and a litany of complaints from users around the world, HitBTC has managed its position through shrewd business maneuvers including the listings of many more coins than rival exchanges.