Bitcoin is the first decentralized virtual currency. Since its inception in 2009, its price fluctuations and trading activity have consistently attracted the attention of global investors. With the popularization of blockchain technology, Bitcoin trading platforms (exchanges) have emerged rapidly, providing investors with convenient buying and selling channels. However, with hundreds of exchanges available, choosing a safe, stable platform with high trading volume has become a key issue. This article will focus on the global Bitcoin trading market, analyzing the top three platforms by trading volume and discussing their core advantages and potential risks.
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- Binance
What platforms are there for Bitcoin trading? A look at the top three platforms by Bitcoin trading volume.
Binance is the largest cryptocurrency exchange in the world by trading volume. As of August 2022, Binance's daily trading volume can reach $76 billion, and it has 90 million users worldwide. The platform has become a trusted player in the cryptocurrency field, allowing users to buy, sell, and store their digital assets, and access over 350 cryptocurrencies and thousands of trading pairs. Currently, the Binance ecosystem consists of Binance Exchange, Labs, LaunchPad, Info, Academy, Research, Trust Wallet, Charity, NFT, and more.
Who is the founder of Binance?
Who is the founder of Binance?
The global company was founded by Changpeng Zhao and He Yi in China. Changpeng Zhao (nicknamed CZ in the crypto community) is the current CEO of the company, a Canadian-Chinese developer and business executive. He studied at McGill University in Montreal and is also a successful entrepreneur. Previously, he was the head of the futures trading book development team at Bloomberg, founded Fusion Systems, and served as the CTO at Blockchain.com.
He Yi is the Chief Marketing Officer of Binance and also heads the company's venture capital department, Binance Labs. He Yi previously served as the vice president of Yixia Technology (Beijing) Co., Ltd., a leading mobile video technology company, and is a co-founder of the digital asset exchange OKCoin.
When was Binance founded?
Binance was founded in June 2017 and grew to become the largest cryptocurrency exchange in the world within 180 days.
Countries with restrictions on using Binance
According to Binance's terms of use, restricted regions include the United States, Singapore, and Ontario, Canada. However, there are also some countries with limitations on Binance's functionality due to their regulations, such as China, Malaysia, Japan, the United Kingdom, Thailand, and others. Additionally, futures and derivatives functions are not available in Germany, Italy, and the Netherlands. In September 2019, Binance.US, which serves U.S. users, was officially launched.
What are Binance's fees like?
The platform is user-friendly and is one of the cheapest in terms of fees. It offers various trading options and provides a range of advanced trading tools for experienced investors. The exchange charges fees based on a tiered system, ranging from general users to level 9 VIPs. General users are charged a 0.1% maker-taker fee for spot trading. Starting from July 2022, Binance announced that Bitcoin spot trading pairs would be fee-free, and from August, this promotion was extended to ETH/BUSD trading pairs.
Can leverage or margin trading be used on Binance?
Traders can finance and participate in margin trading on Binance Margin, trading cryptocurrencies with up to 10x leverage. Additionally, users can also use derivative products (such as Binance Futures) settled in USDT, BUSD, or other cryptocurrencies, or engage in leveraged trading on Binance Options. Contracts support up to 125x leverage.
Binance
- OKX
OKX is a centralized cryptocurrency exchange (CEX) and wallet platform based in Seychelles, serving millions of customers worldwide. The exchange offers basic trading options, including spot and simple options, as well as derivatives such as margin, futures, perpetual contracts, and options. Other products include trading bots, block trading, OKX Earn (savings, stablecoins, DeFi, staking, ETH 2.0, etc.), cryptocurrency loans, and the exchange's launch platform Jumpstart.
The OKX wallet claims to be a "Web3 portal," providing popular cryptocurrency wallets, decentralized exchanges (DEX), NFT markets, and decentralized applications (DApps). The wallet supports over 30 networks, including major blockchains such as Bitcoin, Ethereum, BNB Chain, Solana, Polygon, Avalanche, and Fantom.
OKX also has its own native blockchain — OKX Chain and native token OKB, which allows creators and projects to deploy DApps and enables developers to use infrastructure like OKX Oracle.
In January 2022, OKEx rebranded to OKX, with a new brand and roadmap.
OKX
- BITGET
Bitget is a cryptocurrency exchange headquartered in Seychelles, serving over 20 million users in 100 countries, focusing on copy trading and various smart trading tools. The platform offers a wide range of cryptocurrency-related services, including cryptocurrency-to-cryptocurrency trading, spot trading, futures trading, financing trading, copy trading, AI trading bots, Launchpool, Launchpad, as well as profit services like savings, staking, and crypto loans. Bitget is a proud partner of Lionel Messi, Adam DeVine, Juventus Football Club, PGL, Team Spirit, and DOTA 2 Bali Major.
The Bitget wallet, formerly known as Bitkeep, is a decentralized multi-chain wallet that integrates wallet, swap trading, NFT, DApp market, and Launchpad. It supports over 90 main chains, including ETH, BSC, Polygon, and Avalanche, providing versatility and convenience.
Bitget Token (BGB) grants users exclusive privileges and rights, such as fee discounts, access to high-quality tokens through Launchpad, and project voting.
Summary
The world of Bitcoin exchanges is dynamic and competitive. Binance, Coinbase, and OKX, with their unique strategic positioning and advantages, have formed a triopoly that occupies a significant portion of global trading volume. They are not just simple trading venues but also the infrastructure and innovation engines driving the entire cryptocurrency industry forward. For users, understanding their differences and making informed choices based on their needs is essential.