I think one of the biggest factors is how strict they are when it comes to KYC enforcement. Exchanges mostly grow big if the KYC requirements are relaxed. Remember Bitmex before KYC. It was so huge!
Once Bitmex started mandatory KYC verification, most of the derivatives trading volumes moved to Bybit as so on
I don't know much about Bitget's KYC requirements, but I believe it's one of the reasons the exchange has grown exponentially.
I don't think that this is quite accurate. Yeah, people were using bitmex a lot as they had pretty fast site, it was reliable, ridiculously high leverage, and enough liquidity for whales. And extraoridinary thing at the time was the fact that it never got hacked like most cexes from that time.
And yes, people stopped using that site after they made clear that they are going to enforce KYC, as if they had continued to use it, they would need to reveal their past transactions to officials. And many people weren't prepared for that. What people didn't seem to get that this would be new standard in every legit site that followed regulations.
Some of these exchanges without kyc might survive under the radar, but higher the volume is, more pressure they are going to get. Especially when they are been used to launder stolen crypto like bitmex.
Yobit should be top exchange if KYC was major factor, as they still haven't enforced kyc. It never got hacked and has existed for ages now. It's insanely shady, customer support is horrible and it has "criminal operation" written all over it. But somehow they are still running
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But i would say that trust from the whales, fast site with good liquidity, fast orderbooks, no downtime and clear gui and overall trust, are things what are biggest factors in growth.
Volume is a factor that i wouldn't count in, as exchanges have gamed with that even publicly, by creating trading volume competitions. And this is on top of fake volume they create.
