Which CEX is the best?

[DegenLite]

Does anyone here use Deribit or ever heard of it, I checked it and they only have 50k followers on twitter. Why am I asking about an irrelevant exchange you ask? Well, I saw them 2nd on top CEX by 24h vol lol
Source: https://x.com/GracyBitget/status/1821381953737863260?s=19

Well it's not surprising to see Binance up top because of the sheer amount of users they have, BItget did eventually drop from 3rd when I checked but they hang around 5th ish. I'm guessing they got third cause of the sheer amount of tokens they list and the weird ass events they have for them

All this makes me wonder what you guys think the top 3 or top 5 exchanges are per trading volume, let me knoww

[Charles-Tim]

Do not follow that misinformation. Ignore it.

If you want to check a good rating, I will suggest you to check Coingecko for it: https://www.coingecko.com/en/exchanges

On Coingecko, I can saw that Deribit trading 24 hours trading volume is very low if compared to those first 10 on the list. It is even the 39th on the list.

[OmegaStarScream]

It appears that the exchange is r mainly for Bitcoin options and futures? I could be wrong. Coinmarketcap does have it listed with 1.4B derivative  volume but nothing when it comes to the spot trading volume.

[Charles-Tim]

It appears that the exchange is r mainly for Bitcoin options and futures? I could be wrong. Coinmarketcap does have it listed with 1.4B derivative  volume but nothing when it comes to the spot trading volume.

I prefer the 24 hours trading volume and monthly visitors. On Coingecko, it has 24 hours derivative trading volume of $1.457 billion. It is ranked 6th on Coinmarketcap but 18th on Coingecko. Its trading volume is very low to many exchanges it is ranked above on Coinmarketcap. For the ranking, I prefer to use Coingecko which I think is better than the one bought and now owned by Binance.

[Ultegra134]

I've never heard of it before, and I'm not implying that it's not a trusted exchange or that it's a scam, but is there any reason to not stick with the known valid options out there such as Binance, Kraken, Bitstamp, and numerous others and take a risk with a relatively unknown exchange? There's no reason to take such a risk when there are so many options available; even trusted exchanges have faced serious issues and allegations (see Mt. Gox or FTX), let alone some random exchange that magically appeared to have the second largest volume in the last 24 hours.

[BitMaxz]

I heard Deribit someone here talk about it I don't know what tools they use to check the inflow volume but it looks like it is related to derivatives, not in spot trading.
I tried to check some tools about top exchanges with inflow volumes but Deribit is in the top 10 and from some tools, Coinglass or crypto quant Deribit rank is below top 10.
The tweet is misinformation or fake you better use other tools like Coingecko and Coinmarketcap to find the best exchanges to trade.

[promise444c5]

Never heard of that exchange or maybe i should just say it's my first time  since it's coming from you... But i will urge you not to believe anything you come across on social medias without solid research,Not saying Deribit is a scam... just saying social media is full of scammers.
After some random checks, i found out they have an impersonator with a domain deribitpror, i wounldn't want to put up the link  to avoid blind follow but you can look it up so as not to fall for it, Initially i think it used to be DeribitPRO but maybe  they changed that to the deribitpror, you can check Link to read more

[Potato Chips]

All this makes me wonder what you guys think the top 3 or top 5 exchanges are per trading volume, let me knoww

It could be difficult to guess the exact order since it's an open secret that most exchanges dabble into inflating their volume up to a certain extent hence it's best to consider the whole picture. But they have to be the big exchanges we have been hearing all along. That being said, deribit being at such high place is kinda sus. I wouldn't trust it as well.

[shinratensei_]

when it comes to exchange I always pick the one with most trading volume since it means more liquidity, pretty much CMC sums up my list of CEX that i'd use https://coinmarketcap.com/rankings/exchanges/

but you know each exchange has its own strength and weakness so saying which CEX is the best is quite difficult, but since exchange like binance has money reserved for emergency if somehow the exchange is breached and money is stolen so that they can compensate, I guess i will stick with this kind of exchange, so that I won't lose my money on some accident or something like FTX.

[fuguebtc]

when it comes to exchange I always pick the one with most trading volume since it means more liquidity, pretty much CMC sums up my list of CEX that i'd use https://coinmarketcap.com/rankings/exchanges/

but you know each exchange has its own strength and weakness so saying which CEX is the best is quite difficult, but since exchange like binance has money reserved for emergency if somehow the exchange is breached and money is stolen so that they can compensate, I guess i will stick with this kind of exchange, so that I won't lose my money on some accident or something like FTX.

There is no guarantee that Binance or any centralized exchange will never become the second FTX. Just because they have SAFU or money reserved does not prove that they will keep us safe or will never go bankrupt.

Of course, I'm not saying we should stay away from all exchanges because I personally use Binance and it's the exchange I trust the most when it comes to CEX. I just want to say that we should not put all our trust in them and leave all our crypto assets to them. Only leave a small amount of money on exchanges if you are a trader or using their services, the rest should be kept in a non-custodial wallet.

[dzungmobile]

All this makes me wonder what you guys think the top 3 or top 5 exchanges are per trading volume, let me knoww

Tier 1 exchanges can collapse like FTX exchange.

You can filter cryptocurrency exchanges by many information, fees (trading fees, withdrawal fees, available cryptocurrencies for trading, KYC policy), trust or reputation score and more.

https://coinmarketcap.com/rankings/exchanges/
https://www.coingecko.com/en/exchanges
https://www.cryptowisser.com/exchanges/
https://exchangewar.info/

Any exchange, top or bottom in the ranking table, if you can not have private keys, it is not a good platform to use. Not your keys, not your bitcoins.

[topbitcoin]

Do not follow that misinformation. Ignore it.

If you want to check a good rating, I will suggest you to check Coingecko for it: https://www.coingecko.com/en/exchanges

On Coingecko, I can saw that Deribit trading 24 hours trading volume is very low if compared to those first 10 on the list. It is even the 39th on the list.

If not coin gecko then there is also a coin marketcap that can be a reference for assessing an exchange by volume, don't see what is circulating on the X platform mostly just recognition without any data on its onchain activities.

Some information needs to be filtered clearly to get the right information.
https://coinmarketcap.com/id/rankings/exchanges/

[Pandu Geddon]

I think the information shared is only to direct opinion towards the exchange. For famous people who are familiar with crypto, I think it is quite easy to find the right information. But what is shared through the tweets, I think, is just an attempt to attract more curious readers to go there. Some companies carry out marketing strategies by doing everything, even sharing incorrect information to lead public opinion. This includes collaborating with other platforms that can help their marketing.