Binance was recently the world’s largest cryptocurrency exchange in respect to volume traded. CoinMarketCap’s ranking of cryptocurrency exchanges recently changed to promote CoinEx as the largest exchange by traded volume.
CoinEx is currently processing a trade volume of around $1.5 billion on a daily basis, while Binance handles around $ 1.3 billion. The third place goes to OKEx with daily trade volume of $0.9 billion.
The three most liquid cryptocurrencies on CoinEx are Bitcoin ($1.1 billion traded in a day), Ethereum with $230 million and Bitcoin Cash with trade volume of $79 million. On Binance, the three most traded digital coins are Bitcoin, Selfkey and Po.et.
The history of CoinEx is rather interesting, however. The exchange was founded just in December 2017, during the cryptocurrency boom, when Bitcoin was hitting the $20,000 point regularly. It has seen a huge rise in trading and popularity for one key reason.
The exchange incorporated the so-called “trans-fee” mining model. The model allows exchanges to issue its own tokens and pay these to users in exchange for the regular transaction fees involved. While that is definitely a new model that is being taken on by several exchanges including Bit-Z and FCoin, many claim this is a disguised ICO that exchanges make in order to increase their volumes and client base.
As a result, CoinEx has seen its trading volume rise to the current level of almost $1.3 billion, a surge of more than 23,000%.