How Many Cryptocurrency Exchanges are there?

Jump to page contents

How Many Cryptocurrency Exchanges are there?

Cryptocurrency exchanges oversee the trading and sometimes valuing of cryptocurrencies, and form an integral part of the industry. There are various types of exchanges, with some being centralised and others decentralised, but their role is almost always the same. The difference lies in the way that transactions are carried out.

What is the Exact Number of Exchanges Today?

Since crypto regulation in many countries is still either limited or non-existent, there are no rules about setting up a cryptocurrency exchange. Whilst a reputable exchange invests in powerful servers and security features, you can technically create your own exchange online in a surprisingly simple way. Although, creating your exchange is no guarantee that potential investors will use it.

It is difficult to determine the exact number of exchanges at any one moment since these do not need to register with any centralised authority. We estimated 504 cryptocurrency exchanges as of to date, but this can change at any moment. 259 of these exchanges are tracked on CoinMarketCap, while others are still in their start-up period.

According to CMC, we have 18,998 markets in which we can trade crypto. This means that there are 18,998 different trading pairs (ex. USD/BTC or XRP/ETH etc etc.) available on 259 exchange platforms. If we do some simple maths, we can note that on average, an exchange platform has 73 markets for its users to trade in.

Because they are so ‘easy’ to create, many exchanges are set up and then close after little or no interest. Those who are interested in creating an exchange may also opt for a white-label solution. This means that you can buy the architecture of an internationally know exchange and then re-brand it completely and put it on the market. Crypto users today are more aware of potential frauds so they normally opt for the bigger, more reputable exchanges.

Which are some of the Most Reputable Exchanges?

In order to make the list of reputable cryptocurrency exchanges, a platform needs to operate in a safe and secure environment. There are many ways to achieve this, such as by abiding by industry best practices, complying with regulation, and implementing a strong firewall.

Some of the best exchanges also decide to be based in countries that are creating cryptocurrency legislation. By doing this, they can attract cautious traders who prefer dealing with a company that operates within a regulatory framework.

eToro is a great example of a cryptocurrency exchange but there are other popular exchanges such as Binance, which relocated to Malta after the country passed several industry regulations. Binance is one of the largest cryptocurrency exchanges by trading volume, and has a great reputation with its customers. Although it was successfully hacked in 2019, no users lost their funds, and this gave the platform a significant boost in its overall reputation.

Coinbase, an American company licensed to carry out money-based transactions, is another of the most reputable exchanges. The company also has an office in the UK, where it received an e-money license from the FCA, which means that it needs to adhere to strict compliance conditions which make its operations safer. Coinbase is probably best known for allowing the purchase of Bitcoin and Altcoins with PayPal, apart from also accepting card payments and bank transfers.

Whilst BitMEX has not registered with any legislative board so far, the Hong Kong-based platform has a strong reputation for safety. Specialising in futures and perpetual contract trading, the P2P exchange is best-suited for experienced traders. Newbie investors should have a look at these exchanges instead.

Recently Similar Guides

casinoin-promotion etoro-promotion

Latest Guides

Bitcoin,Halving,Investment,Trading

Bitcoin Halvings and their Effect on Bitcoin’s Price

What happens to Bitcoin’s price when it halves? With Bitcoin’s mining reward halving in the upcoming months, investors and analysts are curious to see how Bitcoin’s price is going to react to this instantaneous supply decrease. The mining process will become twice as expensive (in the sense that miners will only get half of their […]

30 March, 2020
Exchange Platforms,Forex,Trading

What are Pips in Trading?

What is a Pip? A Pip is the smallest price movement between two assets being traded on an exchange. Pips are traditionally used in foreign exchange markets where trading pairs are expressed to the fourth decimal place. The word is short for ‘Percentage in Point’ or ‘Price Interest Point’.  One Pip is the equivalent of […]

25 March, 2020
CFD Trading Platform,eToro,Investment

What is Copy Trading?

Market trading was once a financial investment option which was limited to high net worth individuals and institutional investors. Over time, markets started opening up and began attracting smaller, non-professional investors. The introduction of online trading made this type of investment an option for a greater global audience, thanks, in part, to the significant reduction […]

23 March, 2020
Cryptocurrency,Stablecoin,Trading

What are Stablecoins Used for?

If you’re following what’s been happening in the bitcoin trading scene for the last couple of years, you’ve probably heard about the term ‘stablecoins’. It seems that the trend of creating this type of cryptocurrency has been on the rise lately, as many analysts agree, they indeed seem like a step forward in crypto research. […]

4 February, 2020
Cryptocurrency,Gambling,Gaming

Is Cryptocurrency Changing The Online Gambling Industry?

The gambling industry is just one of many that the internet has radically transformed. Gambling is no longer just for the elites in exclusive clubs, it’s something the everyman can do on his phone from the comfort of his own home. Nowadays, gambling is in the midst of another transition, brought on by the rise […]

14 January, 2020
Beginner,Cryptocurrency,Investment

Top 5 Cryptocurrencies To Invest In 2020

It has been another eventful year for cryptocurrency, with significant price movements amongst the top 10 tokens and plenty of heated discussion on the future of the technology. One of the year’s biggest news was Facebook’s Project Libra, which promised to bring about mainstream adoption of digital currencies. Notwithstanding all good intentions, this and other […]

24 December, 2019
Cryptocurrency,eToro,Intermediate,Trading

Trading Crypto On eToro

Set up in 2007, eToro became a leading trading platform across the world. Offering investors access to several markets and asset classes, the platform attracts a mix of novice and experienced users, eager to generate a return from their individual strategies. Cryptocurrencies are one of the latest tradeable markets to be added to the platform. […]

23 December, 2019
Beginner,Bitcoin,eToro

Trading Bitcoin On eToro

Bitcoin is the world’s leading cryptocurrency, with a market cap of over $134 billion and a daily trading volume averaging $21 billion. Millions of people around the world want to get their hands on the first and largest cryptographic currency, but choosing the right place can be tricky. The web has thousands of cryptocurrency exchanges […]

22 December, 2019