Binance crowned top crypto exchange in 2024. (Photo by Simona Marinkova on Unsplash)
Share
Key Takeaways
Binance is the top global crypto exchange, with the exception of North America, where Coinbase leads.
The majority of crypto traders on Binance report profits, with Bitcoin and Ethereum as the top assets.
Most crypto traders are young, tech-savvy individuals aged 18-44.
Binance, the world’s largest centralized crypto exchange, has solidified its position as the preferred platform for most global crypto traders, according to a new report by crypto analytics firm CryptoQuant.
The preference spans six of seven global regions, with the exception of North America, where Coinbase continues to reign supreme.
Binance’s Global Dominance
The findings, which provide a detailed snapshot of crypto trading behavior worldwide, reveal that Binance is the primary exchange for 53% of traders.
Nearly half of the respondents (48%) also keep the majority of their assets on Binance, further cementing its status as the top choice for crypto trading.
According to data from Statista and CoinGecko, Binance boasts an impressive $30 billion in daily trading volume.
This dominance is reflected in the CryptoQuant survey, where Binance is preferred across multiple metrics, including cybersecurity (54%), customer service (55%), and its P2P trading platform. Coinbase, though dominant in North America, lags behind Binance in these areas.
The survey places Binance at the top. Source: CryptoQuant
The survey also highlights the divergence in trading habits between full-time and part-time traders. Full-time traders tend to favor exchanges like Binance, Bybit, Bitget, and OKX, while part-time traders gravitate towards platforms such as Coinbase and Kraken.
Spot Trading and Young, Tech-Savvy Traders Lead the Charge
The survey also sheds light on the age and experience of crypto traders.
A majority (60%) of traders are between the ages of 25 and 44, and 62% have been involved in the market for over three years.
The crypto market is largely male-dominated, with 89% of respondents identifying as male.
Most traders, especially retail investors, engage in spot trading, with 76% of respondents prioritizing this over staking or derivatives.
The survey suggests that while retail investors largely focus on investments of less than $10,000 annually, they remain an essential demographic driving market activity.
Bitcoin and Ethereum Remain Top Choices, but AI-Blockchain Integration is Emerging
Bitcoin (BTC) and Ethereum (ETH) continue to be the top profit-generating assets for traders, dominating market activity.
Solana (SOL), XRP, and Dogecoin (DOGE) also see significant interest but are not as widely traded as the top two.
Despite the occasional surge of memecoins or seasonal tokens, the data suggests that established cryptocurrencies with strong liquidity remain the favored investments for most traders.
The survey also notes an emerging interest in AI blockchain integrations, suggesting that new innovations in this space may soon attract more attention from both investors and traders.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
Beyond his professional pursuits, Prashant is an avid music enthusiast, often exploring diverse genres to unwind. A sports lover, he has a particular passion for cricket and frequently engages in discussions about the game. His multifaceted interests and sharp journalistic instincts make him a valuable contributor to CCN, where he continues shaping the crypto landscape's narrative.
