Coinbase Tops the Most Crypto Exchange User’s List, Only 4 Trading Platforms Have 100K or More Traders

The goal of massive adoption of cryptocurrencies by the global community is still distant, with the mainstream public still being miles away from the active usage of cryptocurrencies.

Activities on the digital market is mostly driven by speculators and traders who look to force the lingering market instability, triggered by the price volatility which causes a downtrend both in trading and profit..

Recent stats show that there are very few actual active users of these coins, meaning that the number of those who is using the cryptocurrencies is relatively low compared to the projected or expected numbers.

Bitcoin SV, an independent blockchain network which resulted after the upgrade of Bitcoin Cash (BCH) network, recently announced its effort to increase its user’s list to 5 billion users.

However, latest research shows that the actual active users on cryptocurrency exchanges is on the low end, with stats showing that four of the most active exchanges have just over 100,000+ active users on their list.

The research carried out by Blockchain Transparency Institute late November reported that only four of the top crypto exchanges could lay claim to having above 100,000 active users who trade on these platforms on a daily basis.

The report showed that US based leading exchange Coinbase surprisingly overtakes other big name exchanges with a figure of its daily active users currently at 422,000 –a number that’s way beyond the expected figure.

The other three exchanges in the top four are Binance, OKEx and Huobi.

Binance currently has 313,000 daily active users, OKEx 105,000, and Huobi 101,000. Other exchanges on the crypto digital market have figures far below the average of 100,000.The report included 68 exchanges out of which the average daily active users standing at 27,000.

At the lowest end of the ranking spectrum are less popular exchanges including Singapore-based Kyber Network, India-based Bisq as well as Coinrail, the Korean bitcoin exchange that was hacked in June, 2018. Bisq pulls 394 users, Coinrail has 573 daily active users while Kyber Net controls 873 users.

The Irony of the Coinbase Ranking

Despite coming off the top of the ranking with close to half a million daily active users, Coinbase controls very little transaction volume. Besides the surprising ranking, Coinbase has since the beginning of the year, grown to become the most sought after cryptocurrency exchange platform in the market. This is probably why it’s leading the pack and taking first place.

Coinbase is also currently popular with retail investors who are primary users of the exchange’s iOS app, with Coinbase ending 2017 with over $1 billion US dollars revenue, a figure that surpassed expectation by over 66 percent.

However, the irony is simply that in the midst of these surprising feats, Coinbase has very low transaction volume, and was ranked the lowest among the top four exchanges in terms of the amount of transaction carried out.

The stats showed that of the top four ranked exchanges with over 100,000 active users, Coinbase records just $189 in transaction volume per user, with Binance standing at $2,137 per user.

OKEx and Huobi record an average of $1972 and $ 1723 transaction volume per user respectively. But Bitfinex which is not in the list of exchanges with the top active users, tops the list with $3,518 transaction per user.

In other areas of the research’s reports, despite the low transaction volume which represent about 10% of what other three crypto exchanges transact, Coinbase customers still contribute to the overall market volume.

However, Binance tops the list of 24hour transaction volume with over $1.028 billion, a figure ten times that of Coinbase which currently stands in the 9th position for daily transaction volume.

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