In the fast-evolving world of digital assets, choosing the right cryptocurrency exchange is crucial for traders and investors alike. With hundreds of platforms available globally, factors like trading volume, liquidity, market variety, and user traffic play a pivotal role in determining reliability and performance. Based on comprehensive data analysis from CoinMarketCap, this article ranks the top cryptocurrency exchanges by 24-hour trading volume and provides actionable insights to help you make informed decisions.
Whether you're a beginner exploring your first trade or an experienced trader seeking high liquidity and diverse markets, understanding these key metrics can significantly enhance your trading experience.
Why Trading Volume Matters
Trading volume reflects the total value of assets traded on an exchange within a specific time frame—typically 24 hours. High trading volume indicates strong market interest, better price stability, tighter spreads, and improved order execution speeds. It’s one of the most reliable indicators of an exchange’s health and popularity.
Exchanges with consistently high volumes often attract institutional investors and professional traders, further reinforcing market depth and trust.
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Top 10 Exchanges by 24-Hour Trading Volume
Here are the leading cryptocurrency exchanges ranked by their 24-hour trading volume (denominated in CNY), along with key performance indicators:
1. Binance
- 24h Trading Volume: ¥110.61 billion
- Average Liquidity Score: 924
- Weekly Visits: ~9.4 million
- Markets Available: 1,996
- Cryptocurrencies Listed: 518
- Fiat Support: EUR, GBP, BRL, and 8+ others
Binance continues to dominate the global crypto landscape, combining unmatched trading volume with extensive market coverage and multi-currency fiat support.
2. Bybit
- 24h Trading Volume: ¥19.95 billion
- Liquidity Score: 721
- Weekly Visits: ~3.4 million
- Markets: 1,221
- Supported Coins: 736
- Fiat Options: USD, EUR, GBP, and 3+ more
Bybit has grown rapidly due to its user-friendly derivatives offerings and strong presence in Asia and Europe.
3. Coinbase Exchange
- 24h Volume: ¥14.95 billion
- Liquidity: 787
- Weekly Traffic: ~27,905
- Markets: 438
- Coins: 298
- Fiat Pairs: USD, EUR, GBP
As a U.S.-based regulated exchange, Coinbase offers security and compliance but lags in traffic compared to global peers.
4. Upbit
- Volume (24h): ¥16.08 billion
- Liquidity: 396
- Visits/Week: ~1.3 million
- Markets: 520
- Listed Assets: 257
- Fiat Support: KRW
South Korea’s largest exchange by volume, Upbit serves a localized yet highly active trading community.
5. OKX
- 24h Volume: ¥16.53 billion
- Liquidity Score: 773
- Weekly Users: ~5.3 million
- Markets: 1,037
- Cryptocurrencies: 346
- Fiat Options: AED, ARS, AUD, and 43+ more
OKX stands out for its vast fiat on-ramp options and robust derivatives ecosystem.
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6. Bitget
- Trading Volume: ¥23.00 billion
- Liquidity: 681
- Weekly Visits: ~3.1 million
- Markets: 1,307
- Coins Supported: 748
- Fiat Currencies: USD, EUR, GBP, +12
Bitget has gained traction with copy-trading features and strong marketing in emerging markets.
7. MEXC
- Volume (24h): ¥23.68 billion
- Liquidity: 650
- Traffic/Week: ~6.9 million
- Markets Listed: 2,967
- Total Coins: 1,999
- Fiat Support: EUR, USD, GBP, +12
MEXC offers one of the largest selections of tradable pairs and attracts users looking for early access to new tokens.
8. Gate.io
- Daily Volume: ¥20.87 billion
- Liquidity Index: 628
- Weekly Visitors: ~4.2 million
- Markets: 2,839
- Available Cryptos: 2,074
- Fiat Options: EUR, USD, GBP, +19
Gate.io supports an expansive range of altcoins and is known for its responsive customer service.
9. KuCoin
- 24h Volume: ¥8.32 billion
- Liquidity Score: 733
- Weekly Accesses: ~2.6 million
- Markets: 1,618
- Coins Traded: 1,003
- Fiat Support: USD, AED, ARS, +45
KuCoin positions itself as the "People's Exchange" with broad global reach and community-driven initiatives.
10. HTX (formerly Huobi)
- Volume (24h): ¥18.52 billion
- Liquidity Rating: 492
- Visits per Week: ~5.5 million
- Markets Offered: 945
- Cryptocurrencies: 717
- Fiat Pairs: ALL, AUD, BRL, +47
HTX maintains a strong international footprint despite regulatory shifts in its home market.
Key Metrics That Define Exchange Quality
While trading volume is essential, it shouldn’t be the only deciding factor. Consider these additional criteria when selecting a platform:
- Liquidity Scores: Higher scores mean faster trade execution and minimal slippage.
- Market Diversity: More trading pairs increase opportunities for arbitrage and portfolio diversification.
- User Traffic Trends: Consistently high visits indicate trust and engagement.
- Fiat On-Ramps: Availability of local currency deposits improves accessibility.
- Security & Regulation: Look for exchanges with transparent auditing practices and compliance certifications.
Frequently Asked Questions (FAQ)
Q: How often is trading volume updated?
A: Most major exchanges report real-time data that updates every few seconds. Aggregators like CoinMarketCap refresh volume figures every minute to ensure accuracy.
Q: Does higher trading volume always mean a better exchange?
A: Not necessarily. While high volume suggests popularity and liquidity, it should be evaluated alongside security practices, fees, customer support, and regulatory compliance.
Q: Can trading volume be manipulated?
A: Yes—some exchanges engage in "wash trading" to inflate volumes artificially. Reputable platforms use verifiable data and third-party audits to maintain transparency.
Q: What’s the difference between spot and futures trading volume?
A: Spot volume refers to actual buying/selling of cryptocurrencies, while futures volume involves derivative contracts. Both are important but serve different investor needs.
Q: How do I start trading on high-volume exchanges?
A: Begin by creating an account, completing KYC verification, depositing funds (crypto or fiat), and exploring the trading interface. Many platforms offer demo accounts for beginners.
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Final Thoughts
Choosing the right cryptocurrency exchange involves balancing multiple factors—volume, liquidity, security, usability, and geographic accessibility. The platforms listed above represent the leaders in terms of trading activity and market confidence in 2025.
As the crypto ecosystem matures, staying informed about exchange performance will remain critical for maximizing returns and minimizing risk.
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