The top cryptocurrency exchanges of the world are making millions of US dollars every day from trading fees and other commissions, according to estimates by Bloomberg. Using gegevens from Coinmarketcap and publicly available information, the news agency calculated that Binance and Upbit top the list, each generating overheen $Three million ter fees every single day. The seven largest crypto trading platforms are all headquartered ter Asia.
If wij do the math, crypto investors pay overheen $1 billion each year te trading fees. Note that the evaluations are only approximate since wij don&rsquo,t know the discounts for active investors who trade high volumes. Nevertheless, the figures demonstrate that cryptocurrency exchanges are reaping thick benefits from the crypto market esplendor.
Here is Bloomberg&rsquo,s list of exchanges with the highest revenue from fees:
D.A. Davidson & Co stock analyst Yell Luria, who examined Bloomberg&rsquo,s methodology, commented spil goes after:
&ldquo,The exchanges and transaction processors are the thickest winners te the space because they&rsquo,re permitting people to transact and participate ter this burgeoning sector. There&rsquo,s a big business there and it would not verrassing mij if they&rsquo,re making hundreds of millions of dollars ter revenue and possibly even billions a year.&rdquo,
Binance is generating the highest revenues based on its 0.2% fees. The Tokyo-based exchange is also responsible for the largest trading volume, which can reach $1.7 billion vanaf day.
Viewed by trading volume, Hong Kong-based OKEx is te the same league spil Binance, treating about $1.Five billion daily. However, when it comes to revenues from fees, OKEx is listed ter the sixth position since its active traders are charged only 0.07%.
The next exchange services by trading volume are Huobi, Bitfinex, Upbit, and Bithumb, whose fees amount to 0.3% on promedio. The four companies treat from $650 million to $1.Two billion, according to the latest gegevens from Coinmarketcap.
Interestingly, all six exchanges mentioned are based te Asia, with Binance being the most successful one. At one point, a routine maintenance veranderingsproces caused anxiety among investors, but the situation wasgoed quickly remediated.
Chris Slaughter, co-founder of Samsa, explained that Binance&rsquo,s success is based on its hassle-free customer acceptance.
&ldquo,They don&rsquo,t make users go through the know-your-customer process until withdrawal. It&rsquo,s a complicated process. You can lose customers te the two or four hours that it takes. Ter Binance, you can go from not having an account to having funds on an account ter less than 20 minutes,&rdquo, he said.