The cryptocurrency market continues to evolve rapidly, and one of the most crucial elements of this ecosystem is cryptocurrency exchanges. Traders and investors rely on exchanges for buying, selling, and trading digital assets. As the market matures, trading volume has become a key metric to identify the most popular and liquid platforms. In 2025, several exchanges dominate global markets by handling billions in daily trading volume.
This article provides an in-depth look at the top 10 crypto exchanges by volume, highlighting their features, market dominance, and how they serve millions of traders worldwide.
Understanding Trading Volume in Crypto Exchanges
Before exploring the list of top exchanges, it is important to understand the significance of trading volume.
Trading volume represents the total value of cryptocurrencies traded on an exchange within a specific timeframe, usually 24 hours. It is a key indicator for:
-
Liquidity:
High trading volume generally reflects better liquidity, which means traders can buy and sell assets without large price fluctuations. -
Market Confidence:
Exchanges with high volume are often perceived as more reliable and secure by traders. -
Price Stability:
Liquid exchanges prevent sudden price spikes caused by large buy or sell orders.
By observing trading volumes, investors can identify exchanges that are most active and trusted in the market.
Top 10 Crypto Exchanges by Volume in 2025
1. Binance
Binance remains the undisputed leader in the global cryptocurrency market. With an approximate market share of nearly 38%, it dominates spot and derivatives trading volumes.
Key Highlights:
-
Handles billions of dollars daily in both spot and futures trading.
-
Offers over 350 listed cryptocurrencies and hundreds of trading pairs.
-
Advanced features such as margin trading, futures, options, and staking.
-
A global presence with localized platforms in multiple countries.
-
Industry-leading liquidity and low trading fees.
Binance’s ability to combine high liquidity with a vast selection of assets makes it the first choice for professional and retail traders.
2. Gate.io
Gate.io has steadily climbed the ranks to become one of the top exchanges by volume. It captures around 9% of the global spot market.
Key Highlights:
-
Known for early listings of emerging altcoins.
-
Supports spot, futures, and perpetual contracts.
-
Offers robust security measures with proof-of-reserves mechanisms.
-
Competitive trading fees and user-friendly interface.
Its popularity among traders seeking newly launched tokens contributes significantly to its trading volume.
3. Bitget
Bitget is rapidly growing, especially in the derivatives market, and has achieved a 7.2% global spot market share in 2025.
Key Highlights:
-
Specializes in derivatives and copy trading.
-
Records trillions in quarterly trading volume, making it a top choice for active traders.
-
Offers comprehensive trading tools suitable for beginners and professionals.
-
Expanding institutional adoption adds credibility and liquidity.
Its focus on futures trading and low fees make Bitget a key competitor in the global exchange market.
4. MEXC Global
MEXC is another fast-growing exchange with around 7.1% of the global spot trading volume.
Key Highlights:
-
Offers over 2,000 listed cryptocurrencies, one of the highest among major exchanges.
-
Attracts traders looking for new and small-cap tokens.
-
Provides spot, margin, and futures trading.
-
Known for promotional trading competitions and incentives.
MEXC’s aggressive listing strategy and high liquidity on small altcoins make it a hotspot for speculative traders.
5. OKX
Formerly known as OKEx, OKX remains one of the top global crypto exchanges with a 7% market share in spot volume.
Key Highlights:
-
Offers spot, futures, options, and DeFi services.
-
Provides advanced trading terminals and APIs for professionals.
-
Has a strong international user base.
-
Focused on regulatory compliance and risk management.
Its combination of advanced trading products and global outreach cements its position among the top exchanges.
6. Coinbase
Coinbase is the leading U.S.-based cryptocurrency exchange, holding nearly 6.9% of the global spot volume.
Key Highlights:
-
Popular among retail and institutional traders in the United States.
-
Publicly listed company, offering high transparency and regulatory compliance.
-
Offers crypto custody services for institutions.
-
Focuses on user-friendly trading experience and secure infrastructure.
Coinbase’s reputation for trust and compliance ensures it remains a go-to platform for both new investors and institutions.
7. Bybit
Bybit has gained significant traction, especially in derivatives and perpetual contract trading.
Key Highlights:
-
Holds about 6.7% of the market share in spot trading.
-
Offers advanced trading tools and high-leverage options.
-
Popular for crypto futures and perpetual contracts.
-
Runs reward programs and promotions to attract traders.
Bybit’s strength lies in its futures market and loyal base of active crypto traders.
8. Upbit
Upbit dominates the South Korean market and consistently ranks among the top 10 exchanges globally.
Key Highlights:
-
Holds 6.4% of the global spot volume, with most activity from Asia.
-
Offers high liquidity for major cryptocurrencies like Bitcoin and Ethereum.
-
Provides a simple platform for retail traders.
-
Backed by strong security measures to protect local traders.
Upbit’s domestic dominance and compliance with South Korean regulations keep it among the top-volume exchanges.
9. Crypto.com Exchange
Crypto.com has grown from a mobile-first app to one of the top centralized exchanges by volume.
Key Highlights:
-
Captures around 6.2% of global spot volume.
-
Offers credit cards, staking rewards, and DeFi services.
-
Provides cross-platform accessibility through its mobile app and web exchange.
-
Focuses on mainstream adoption of crypto trading and payments.
Its integrated ecosystem connecting trading, payments, and DeFi makes Crypto.com attractive to retail users.
10. HTX (Huobi)
HTX, the rebranded Huobi exchange, continues to be a significant player with a 5.4% share in global spot trading volume.
Key Highlights:
-
Offers a wide range of coins and pairs.
-
Known for deep liquidity on major trading pairs.
-
Provides global services despite withdrawing from the Chinese market.
-
Focused on security and international expansion.
Its history and established reputation ensure it remains a part of the top 10 list.
Factors That Determine High Trading Volume
Several key factors influence why some exchanges achieve higher trading volumes than others:
-
Liquidity and Market Depth – Exchanges with higher liquidity attract large traders and institutions.
-
Variety of Assets – Platforms offering a wide selection of altcoins often see more activity.
-
Security and Trust – Exchanges with strong security protocols encourage high-value transactions.
-
Fee Structure – Competitive fees can attract frequent traders.
-
Regulatory Compliance – Exchanges operating under clear regulations often see higher volumes due to institutional trust.
Spot vs. Derivatives Volumes
It is important to note that high trading volume comes from both spot trading and derivatives trading:
-
Spot Trading:
Involves buying and selling crypto assets directly. -
Derivatives Trading:
Includes futures, options, and perpetual contracts allowing traders to speculate on price without holding the asset.
Exchanges like Binance, Bybit, Bitget, and OKX dominate derivatives markets, whereas Coinbase and Upbit excel in spot trading.
Trends in Crypto Exchanges for 2025
As we move through 2025, some clear trends are emerging in the crypto exchange industry:
-
Rise of Institutional Trading:
Institutional investors are increasingly entering crypto, boosting volume on compliant exchanges like Coinbase and Bitget. -
Focus on Regulation:
Exchanges are prioritizing licenses and local regulatory approvals to expand globally. -
Integration of DeFi Services:
Platforms like Crypto.com and OKX are integrating decentralized finance to attract retail investors. -
Advanced Trading Tools:
Professional tools, API connectivity, and copy trading features are driving volumes on MEXC and Bybit. -
Geographic Market Leadership:
Certain exchanges dominate specific regions, like Upbit in Korea and Coinbase in the U.S.
Conclusion
The top 10 crypto exchanges by volume in 2025 illustrate the dynamic nature of the cryptocurrency market. Binance continues to lead the global stage with unmatched liquidity and user base, followed by strong competitors like Gate.io, Bitget, and MEXC, which cater to altcoin and derivatives enthusiasts. Coinbase and Upbit thrive in their respective regulated markets, while Bybit, OKX, Crypto.com, and HTX round out the list with diverse offerings.
For traders and investors, choosing an exchange with high trading volume means better liquidity, tighter spreads, and a more secure trading environment. However, it is equally important to conduct thorough research, consider regulatory compliance, and choose an exchange that aligns with your trading style and risk tolerance.
ALSO READ: Crypto Taxes for Long-Term Holders Explained
