Binance trading activity is 13x larger than any other exchange

[samcrypto]

...according to coinmarketcap the 24-hour volume has reached $24 billion,
this is a very fantastic number, compared to Coinbase which is only $2 billion.

Given the fact that the Coinmarketcap rating belongs to Binance, this is not surprising. But if these volumes are really real, then Binance is a monopolist, which negatively affects the cryptocurrency market. Nevertheless, despite the mandatory KYC, this exchange is really in the first place in terms of its functionality and security.

There's a lot of competition in the market, that is not monopoly it's just Binance is doing a great job and that's why they remain number one over all. In some country though you can notice that Binance is not the top option but still they manage to get good numbers from it. I can say that Binance did a very great job on their marketing and establishing their brand around the world. That's a real number for sure, and personally I still prefer Binance over other exchange.

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[dothebeats]

Not really surprising though. A lot of local traders here has since shifted to binance and they are making a lot of volume on that platform than anyone else. Also, given that Binance is servicing a lot of people around the world, it's not surprise that they are at the top of the game. Their marketing are subtle and they get new traders/people by word of mouth. Never had problems with binance whatsoever ever since I started using it. You can also add that the planned DEX by a lot of people look really underwhelming in all aspects, hence why people still choose Binance, a CEX, compared to any other platforms out there.

[Oceat]

-snip-

Do you mean, they more prefer to invest in a shtcoin where pump and dump happen? they want that because they can easily get money and sometimes more than double happens to their money but the thing is not all shtcoin can give them easy money, just stay as you are. Binance will always be the safe place for me for everything in this trading world.

This is getting interesting after what happens to binance and with all the regulations changes despite the fact that you are trading on a CEX now. Some people would rather choose a reputable exchange than choosing those a DEX or perhaps it's all about the pump and dump of their tons of shitcoin coming in and out that's why most people would choose binance over the other?

We never know what people are thinking these days but one thing is for sure, they like profit that has high risk and high reward ratio

[Jating]

-snip-

Do you mean, they more prefer to invest in a shtcoin where pump and dump happen? they want that because they can easily get money and sometimes more than double happens to their money but the thing is not all shtcoin can give them easy money, just stay as you are. Binance will always be the safe place for me for everything in this trading world.

This is getting interesting after what happens to binance and with all the regulations changes despite the fact that you are trading on a CEX now. Some people would rather choose a reputable exchange than choosing those a DEX or perhaps it's all about the pump and dump of their tons of shitcoin coming in and out that's why most people would choose binance over the other?

Probably or it's just that Binance could be for everyone, average Joes to whales (although might be doing OTC). But for the majority of us, they seems to be comfortable and at least they are very supportive as they have been planning to put up education in our country regarding bitcoin/blockchain technology.

We never know what people are thinking these days but one thing is for sure, they like profit that has high risk and high reward ratio

Yeah, and it's also case to case, but for the old and traditional traders, maybe buying and just doing some few trades here and there, and HOLD.

But for the riskier individual, taking daily trades and look for profit is their thing.

[n0ne]

Binance have got the increased number of listings compared to other cryptocurrency exchanges. Also to get listed on Binance isn't an easy thing. Only the projects that fulfil their criteria gets listed. I prefer Binance mostly for the P2P trade access that isn't available with other crypto exchanges.

[Oshosondy]

Given the fact that the Coinmarketcap rating belongs to Binance, this is not surprising. But if these volumes are really real, then Binance is a monopolist, which negatively affects the cryptocurrency market. Nevertheless, despite the mandatory KYC, this exchange is really in the first place in terms of its functionality and security.

The transaction volume is real, you can check Coingecko for that too. Using transaction volume or marketcap on exchanges, Binance is still the number one exchanges. But in transaction volume, Binance is 10x or more, greater than the second exchange.

[tvplus006]

...I prefer Binance mostly for the P2P trade access that isn't available with other crypto exchanges.

In fact, P2P trading is now a mandatory element for all major exchanges and, accordingly, is not a distinctive feature of Binance from other cryptocurrency exchanges. In addition, in terms of the number of fiat currencies supported, Binance is also not a leader among other exchanges.

[Wakate]

-snip-

Do you mean, they more prefer to invest in a shtcoin where pump and dump happen? they want that because they can easily get money and sometimes more than double happens to their money but the thing is not all shtcoin can give them easy money, just stay as you are. Binance will always be the safe place for me for everything in this trading world.

This is getting interesting after what happens to binance and with all the regulations changes despite the fact that you are trading on a CEX now. Some people would rather choose a reputable exchange than choosing those a DEX or perhaps it's all about the pump and dump of their tons of shitcoin coming in and out that's why most people would choose binance over the other?

We never know what people are thinking these days but one thing is for sure, they like profit that has high risk and high reward ratio

Binance is a big exchange with so many unique crypto projects that has good liquidity and market movement. I cam see that some traders are attracted to using high multiples leverages in trading which can be very risky and can bring heavy loses.
There are other similar exchanges that allows trading with high leverages but not as compared to that of Binance. I see this kind of trading as high detrimental to our trading guide which can make us keep been attracted to high leverage trading.
There some exchanges that has many of these pump and dump coins which can make a trader make severe loses if care is not taken.

[GreatArkansas]

(....)
They told me they preferred more risky options and not the classic ones.

Lol. Why? Why do they don't trust these legit and reputable exchanges more than using other platforms that we can't trust at all?
Besides Binance, there are a lot of trusted and reputable exchanges too, just like FTX, Bybit, Okex, etc.
There are some traders who uses different exchanges for their different purposes or the one they used to be.

[goaldigger]

Binance have got the increased number of listings compared to other cryptocurrency exchanges. Also to get listed on Binance isn't an easy thing. Only the projects that fulfil their criteria gets listed. I prefer Binance mostly for the P2P trade access that isn't available with other crypto exchanges.

Even if the requirement to be listed on Binance is not easy, many still want to get in because they know the reputation of Binance can also bring good opportunity for their project and that can attract investors as well. Binance is still on a top position and it’s good that they didn’t stop from doing a good marketing, that helps them a lot. I agree with the P2P option, in our local only Binance have this feature available for us.

[blue_hurricanger]

I think the main contributor to Binance had a huge lead in the trading volume over all other exchanges thanks to their main adamant about fake trading volume and washout trade. Binance has expressed many times they'll do anything to curb stomp things like that.

Couple with the mandatory KYC, you'd have pretty effective ways to reduce fake trading volume and washout trade. This makes their trading volume more credible to any other exchanges. Traders flock to Binance because of its credibility and reputation, and it'll keep increasing just like that.

[TraderStat]

In general I regularly use big trading exchanges (Binance, FTX, Coinbase and OKX) and do not have any discomfort with them, but if possible I use DEXes or DYDX, in general for the last two years these exchanges have reached a level of comfort. But keep your money on any of the centralized exchanges, I would not.

[tbct_mt2]

I think the main contributor to Binance had a huge lead in the trading volume over all other exchanges thanks to their main adamant about fake trading volume and washout trade. Binance has expressed many times they'll do anything to curb stomp things like that.

The amazing increasing trade volume on Binance is from their wise strategy to give away trading fee. With 0% trading fee, users have more reasons to trade and when they fall into the trap, trading volume increases organically and sustainably.

This increase recent months is also supported by recover of Bitcoin and crypto market in general. With less fear, people go trading more.

Couple with the mandatory KYC, you'd have pretty effective ways to reduce fake trading volume and washout trade. This makes their trading volume more credible to any other exchanges. Traders flock to Binance because of its credibility and reputation, and it'll keep increasing just like that.

It is not related to mandatory KYC I think so. It is about whether exchanges are against it or not. Even they accept bot tradings, washout volume and fake volume are more related to exchanges themselves, not only traders.

[Silberman]

I think the main contributor to Binance had a huge lead in the trading volume over all other exchanges thanks to their main adamant about fake trading volume and washout trade. Binance has expressed many times they'll do anything to curb stomp things like that.

Couple with the mandatory KYC, you'd have pretty effective ways to reduce fake trading volume and washout trade. This makes their trading volume more credible to any other exchanges. Traders flock to Binance because of its credibility and reputation, and it'll keep increasing just like that.

It is that simple, over the years binance has done a good job at gaining the trust of their customers, and while it is obvious their operation is not perfect their clients trust them as they make an effort to present real numbers when it comes to their volume, now this may not seem to be such a huge deal but we must not forget that just a few years ago this was completely out of control and while it is still a problem now it does not seem as bad as it was back then.

[AmoreJaz]

I think the main contributor to Binance had a huge lead in the trading volume over all other exchanges thanks to their main adamant about fake trading volume and washout trade. Binance has expressed many times they'll do anything to curb stomp things like that.

Couple with the mandatory KYC, you'd have pretty effective ways to reduce fake trading volume and washout trade. This makes their trading volume more credible to any other exchanges. Traders flock to Binance because of its credibility and reputation, and it'll keep increasing just like that.

It is that simple, over the years binance has done a good job at gaining the trust of their customers, and while it is obvious their operation is not perfect their clients trust them as they make an effort to present real numbers when it comes to their volume, now this may not seem to be such a huge deal but we must not forget that just a few years ago this was completely out of control and while it is still a problem now it does not seem as bad as it was back then.

i never had problem with binance when it comes to trading or even putting some of my coins to savings. now, if you are questioning about wash trading in binance, it may be true to some coins, but i believe, the people behind it are their respective developers themselves, not the binance team themselves. anyway, what we can say is, if you use binance, i don't think you will encounter issues that will stop you from using this trading platform. their p2p is also very helpful to many as they convert crypto to their fiat currency.

[tygeade]

I think the main contributor to Binance had a huge lead in the trading volume over all other exchanges thanks to their main adamant about fake trading volume and washout trade. Binance has expressed many times they'll do anything to curb stomp things like that.

The amazing increasing trade volume on Binance is from their wise strategy to give away trading fee. With 0% trading fee, users have more reasons to trade and when they fall into the trap, trading volume increases organically and sustainably.

This increase recent months is also supported by recover of Bitcoin and crypto market in general. With less fear, people go trading more.

Let's not forget that people do have a tendency to go with the first one and do whatever they can with it. If you were asked to do a trade, would you do it on the exchange that is 1st and more than double the second, or would you prefer the second that has less than half of the trading volume?

This is just a question about first and second, when we consider third and fourth and all others, it's clear that being first means being the best most of the time and the main place people go to. Of course they weren't first at the start, and in order to get there they used both cheap trading fee, but also affiliate income as well, which gave them a huge boost at early days.

[Silberman]

I think the main contributor to Binance had a huge lead in the trading volume over all other exchanges thanks to their main adamant about fake trading volume and washout trade. Binance has expressed many times they'll do anything to curb stomp things like that.

The amazing increasing trade volume on Binance is from their wise strategy to give away trading fee. With 0% trading fee, users have more reasons to trade and when they fall into the trap, trading volume increases organically and sustainably.

This increase recent months is also supported by recover of Bitcoin and crypto market in general. With less fear, people go trading more.

Let's not forget that people do have a tendency to go with the first one and do whatever they can with it. If you were asked to do a trade, would you do it on the exchange that is 1st and more than double the second, or would you prefer the second that has less than half of the trading volume?

This is just a question about first and second, when we consider third and fourth and all others, it's clear that being first means being the best most of the time and the main place people go to. Of course they weren't first at the start, and in order to get there they used both cheap trading fee, but also affiliate income as well, which gave them a huge boost at early days.

This tendency is true for almost anything as well so it is not a behavior that is exclusive to this market or anything, for example when it comes to the search results of an Internet query most people only visit the top 5 options, with the one at the top being by far the one which receives the most clicks, which is why we see such a harsh battle when trying to get the top spot of some of the most profitable search terms, so it is not surprising the same type of competition presents itself in this market as well.

[lalabotax]

Trading on Binance is good. But know that you will have to be fully verified in a way your identity document would be requested for. Which means KYC is mandatory.

Regarding KYC, I think some exchanges do that for security. In addition to regulation as well, because I believe exchanges also have risks from rules in a government. The most important thing is that they take good care of the document. Although we don't know it for sure.

Yes, Binance right now obligates all users to do the KYC process.
Actually, this will offer both strengths and weaknesses. We know that local exchanges in a certain country should be centralized under the regulation of the government, if they are not related by the government, they will be blocked and cannot operate in the country. But Binance, they are global exchange and they have larger users and communities. But, they also have some reasons why should be any KYC after so long time not existing. Well, because of this, many people feel disappointed. But once more, this KYC process offers both positive and negative sides. But we also don't know if the document for KYC is exactly secure or not. We may have worries about our document for KYC, there are many types of information that there is no guarantee 100% that our data will be safe 100%, never. There will be always certain ways to make it not secure. But hopefully Binance will really give their best to secure the data and fulfill the people's expectations. Because we all know that Binance is exactly an amazing exchange platform.

[blue_hurricanger]

I think the main contributor to Binance had a huge lead in the trading volume over all other exchanges thanks to their main adamant about fake trading volume and washout trade. Binance has expressed many times they'll do anything to curb stomp things like that.

The amazing increasing trade volume on Binance is from their wise strategy to give away trading fee. With 0% trading fee, users have more reasons to trade and when they fall into the trap, trading volume increases organically and sustainably.

This increase recent months is also supported by recover of Bitcoin and crypto market in general. With less fear, people go trading more.

Let's not forget that people do have a tendency to go with the first one and do whatever they can with it. If you were asked to do a trade, would you do it on the exchange that is 1st and more than double the second, or would you prefer the second that has less than half of the trading volume?

This is just a question about first and second, when we consider third and fourth and all others, it's clear that being first means being the best most of the time and the main place people go to. Of course they weren't first at the start, and in order to get there they used both cheap trading fee, but also affiliate income as well, which gave them a huge boost at early days.

Yes, people would go to exchange they thought it was the best out there compared to the other. Unless there are some requirements that you don't meet or you don't trust that exchange, most will goes to the biggest, the top of all fish.
You see, others gave their opinions on my comment. Because Binance has low fees on trading pair or you, saying they're at the top cause they the top, famous because famous, that kind of thing I understand.

But all of you guys have to understand how Binance becomes the #1, the biggest fish out there? Remember Kraken? Bittrex? Poloniex? Why are none of them now at the #1, behind Binance despite they being from the old camp, well-established way before Binance start their business?
Even with the mandatory KYC, people still flock to Binance? Cause I said the fake trading volume and washout trade are the biggest concerns for traders and Binance knew this very well. They opt for their business along it and success, other things are just minor boosts.

[wiss19]

Re: Binance trading activity is 13x larger than any other exchange

On your link, it says it's larger than the 13 biggest exchanges combined. I know binance is a big exchange but isn't it too exaggerated already? I think the combined volume of 2 or 3 big exchanges is already equal or more than the trading volume in binance. They are only hyping binance there but no matter what they say there are still people that prefers to trade on other exchanges. Even your friends already prove that. That is because binance doesn't have it all.

In my case, I too use a non mainstream exchange whenever I do a short trade. The reason is they have lesser fees and lower minimum limits. Trades are also faster, I mean there's no sign up needed.