Crypto Traders’ Choice: Binance Exchange

With so many crypto exchanges worldwide, investors can only handle a handful. Crypto investors and traders usually consider registering exchanges where their owned assets are listed. This means that exchanges with more listed currencies get more chances to expand their user base.

Highlights

• More than half of the crypto traders and exchanges are in Asia (54%).
• Crypto traders usually trade daily for a few days within a week.
• Binance is the most preferred trading platform by 54% of the population.

In the young industry of decentralized finance, there are about 300 crypto exchanges listed on Coinmarketcap. Names like Binance, Coinbase, Kraken, Bitfinex, and Bithumb emerged in top rank due to trading volume that circulates within each exchange. Overall, Binance distantly leads in the exchange market with roughly $15 million worth of trading volume in daily circulation.

With all these options available, Real Research launched a survey to know crypto investors’ top choice of exchange. Moreover, we share insights on the general public’s trading behaviors and factors they take into account in considering to register on an exchange.

Crypto Trading Habits

There are different types of traders to consider. There are scalp traders who hold the trade for only within seconds or minutes. Then we have day traders who hold a trade for a full day or hours within a day. The swing traders hold assets for multiple days or weeks. While position traders’ images are more likely to be in for it in the long haul as a long-term investment at varying holding periods from several weeks, months, to years.

Looking at the chart below, some are swing traders or mere long-term crypto holders. These are the people who usually engage in their crypto trading once a month to monitor price changes and the monthly performance of the asset.

Crypto traders commonly monitor, buy, and sell digital assets daily (35%) or more than 3 times a week (31%). This is according to the poll that asked the respondents to share how frequently they trade cryptocurrencies. About 22% engage in position trading by engaging with trading only once a month.

Crypto Exchange Considerations: Technology

Every exchange was purposely designed to make trading convenient, secure, and easy. Exchange platforms vary not only in price offerings but also in functionalities; ranging from basic to complex features. Some have developed exclusive trading tools for their communities and even a chatroom for the community to socialize and communicate.

When asked about the factors that crypto traders highly consider when joining a crypto exchange, the platform’s underlying technology (29%) surfaces as a top priority. Technology, in this sense, refers to the interface, the blockchain, and the available channels to access the exchange such as an application.

Surprisingly, security is just sitting as second in priority. About 21% are security-focused investors who expressed their concern over their assets, identity, and data on the exchange. Hence, they chose ‘security’ as the top consideration before joining a crypto exchange.

One of the most needed services of any digital platform is technical support. And for some others, after technology and security, they would check the customer service (14%). With digital money on the line, most crypto traders would prefer a support team to respond anytime whenever they encounter issues.

The Crypto Exchange Community

Based on the demographics generated by the Real Research survey panel, almost half of the crypto traders and investors currently reside in Asia (54%). About 16% are from African countries such as Nigeria, Ghana, and Zimbabwe. A few crypto traders were recorded to reside in Central America (10%) as well.

Unsurprisingly, this poll result shows that most of the biggest crypto exchanges have an undeniable strong presence in the Asian region, especially East Asia in countries such as Hong Kong, Singapore, and South Korea.

According to a poll asking the respondents to select their favorite exchange out of the long list of options, Binance is unrivaled as the number one favorite. It is distantly followed by Coinbase exchange with 16%. Coinone and OKEx both received 11% of the votes. About 6% also revealed to not have any experience with cryptocurrency trading.

So where are the crypto traders joining? Most are probably on their preferred exchanges or deemed favorite platforms. If this is the case, most Asians, who are under the age group of 29 to 39, 39 to 49, and 49 to 60, with 50% more likely they are young and single are on Binance!

Findings also show that civil status doesn’t matter. As crypto traders on the exchange platforms can equally be either married (50%) or single (49%). With an average probability for them to spread out using Coinbase, Coinone, OKEx, or Kraken.