23 Aug 2022

US traders dominate the crypto exchange traffic

We’ve explored website traffic for 35 of the largest crypto exchanges globally, finding that U.S. traders are the most active participants in the market, while Binance is the most frequently visited crypto exchange by a landslide.
Source: Similarweb
We’ve explored website traffic for 35 of the largest crypto exchanges globally over the last 90 days using SimilarWeb, finding that U.S. traders are by far the most active participants in the market, representing 14.33% of all crypto exchange visits.Unsurprisingly, we found that U.S. web traffic by far dominated website traffic to crypto exchanges, representing 14.33% of all web traffic to crypto exchanges in the last 90 days. South Korea represents the second most active country in the market, while Russia comes in at third, representing 4.87% of the traffic, an interesting observation in light of sanctions against Russia in 2022. Ukraine ticks in at 8. place, representing 2.11% of the traffic, which is high considering Ukraine’s population of 44 million.The market concentration of the top 20 countries is relatively high, representing 52.4% of all web traffic to crypto exchanges. However, while these charts illuminate geographical trends in the crypto market, VPNs may distort the quality of the data. We recommend Chainalysis’ 2021 Geography of Cryptocurrency for a thorough assessment of the geographical trends.
Binance the most visited crypto exchange by a landslide
Binance is by far the most visited crypto exchange, seeing 300m visits in the last 90 days. Coinbase is the second most visited exchange, and interestingly, there’s barely any overlap between the most active countries visiting the exchanges.
Source: SimilarWeb
Turkish visitors are the most active on Binance. Further, according to SimilarWeb data, Binance sees high traffic from Russia, Argentina, the Philippines, and Brazil. In general, Binance seems to have a high presence in non-English speaking countries riddled with high inflation. The traffic to Binance is more than twice as high as the second most actively visited exchange, Coinbase. Coinbase’s most active visitors tend to originate in “Western countries”, with US visitors being the most active on the exchange. Surprisingly, the NFT marketplace OpenSea has seen higher website visitor traffic higher than all other exchanges but Binance. OpenSea, in general, has a lower bounce rate and higher visit duration than Binance and Coinbase, suggesting that the average visitor tends to use OpenSea to explore more NFT-related price data. This chart includes the 20 most visited exchanges. BitMEX, Bitstamp and Gemini are among the exchanges that did not make it to the top 20 most frequently visited exchanges. Interestingly, certain national exchanges sit high on the list. Indonesian exchange Indodax and South Korean exchanges Upbit and Bithumb figure in the top 20, in addition to FTX’s US branch. Additionally, MEXC with “flexible” KYC requirements (20 BTC withdrawals without identification) figures high on the list. While this assessment is interesting, click farms and VPNs may lead to overestimating visits and underestimating the influence of certain countries.
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