How to properly rank exchnages

[Crypto_Potato]

There are a lot of talk about the best CEX to trade with and I for one think it's down to preference as most top 10 exchanges are actually decent but just differ by features and users. Even if you do want to rank exchanges, I feel one of the best ways to rank them is by trading volume, which is more or less proof traders are constantly using the exchange and trust them with their funds.

I was playing around on defillama and I decided to check the top exchanges by 24 hour volume and unsurprisingly Binance came first just because they are Binance. Deribit came second, which is kind of a surprise for me that an exchange like that has such a high volume and third was Bitget, which I'm guessing it's because they list a lot of tokens with so many features they can easily pull trading volume. MEXC and Gate also list a lot, but I think ATM they are more popular than them, hence they rank third

[Charles-Tim]

If you want the rank to be according to privacy, they are not even close to number one. They are in the bottom list.

If you want to rank web3 exchanges, they are not there.

The exchanges you mentioned are centralized exchanges. Also know that among the centralized exchanges, there are ranks for spot trading and derivative trading differently.

There are also instant exchanges.

To rank exchanges, trading volume can be used. But liquidity rate should also be considered.

Edit:
About your post, Deribit according to Coingecko is in 39th. It has a low trading volume if compared with the top exchanges.

[SamReomo]

I have never heard about that Deribit exchange or used it even for once in my life. Yes, Bitget is getting famous each day because many traders and influencers promote it to get referral bonuses.

However, I personally use and prefer Binance as that's the most suitable exchange for me and so far it has been working flawlessly for me without any issues. So when it comes to ranking than I would personally rank Binance on top.

[yhiaali3]

It is very expected that Binance will be in the first place, but for Deribit to be in the second place, this is very surprising because it is not even among the well-known exchanges and I personally have never used it.

Anyway, it is difficult to classify exchanges accurately because some users are looking for liquidity, others are looking for reliability, some are looking for privacy, some are looking for low fees, and so on, so it is very difficult to get an accurate ranking of the best CEX exchange.

[libert19]

It's been a long time since I used any cex, all chains have their own dexes these days, and doesn't require kyc, so whenever I want to sell something I go there and be done with it.

Binance used to be my first preference before, but they have kyc mandatory now, which I am not fan of.

[Smcchamp]

I have never heard about that Deribit exchange or used it even for once in my life. Yes, Bitget is getting famous each day because many traders and influencers promote it to get referral bonuses.

However, I personally use and prefer Binance as that's the most suitable exchange for me and so far it has been working flawlessly for me without any issues. So when it comes to ranking than I would personally rank Binance on top.

Seems deribit is a derivatives exchange..but for bitget, they've been consistently building and experiencing steady growth in the past few years

Probably due to their innovative products and attention to security. binance still remains top though. Do you think their spot is in danger?

[Gurujebs]

I was playing around on defillama and I decided to check the top exchanges by 24 hour volume and unsurprisingly Binance came first just because they are Binance. Deribit came second, which is kind of a surprise for me that an exchange like that has such a high volume and third was Bitget, which I'm guessing it's because they list a lot of tokens with so many features they can easily pull trading volume. MEXC and Gate also list a lot, but I think ATM they are more popular than them, hence they rank third

You wedd surprised that Deribit came second, it should have burst your curiosity to research more about it that something is off isn't it? Volume isn't just the only metrics you should use to judge the activity of anu exchange, it's important but not the only one you should look into. If you are familiar with trading, you should know more about wash trading, any exchange can invite a whale to do that for them.

You notice a coin having a huge significant amount of volume but there is not much change in price, this is to tell you that there is manipulation going and again, you don't look at the volume of exchange to determine the actual volume, used platform like coingecko to access that fully.

[Gposas]

According to CMC ranking based on 24hrs Volume, Binance remains No.1 for Spot trading but Deribit don't even seem to come as even the 30th. We see exchanges like Coinbase, OKX, Bybit, Upbit, Kraken, Gate.io following respectively. But based on Derivatives trading, the Deribit exchange ranks no. 5 on 24hrs Volume and Bitget ranks No. 4.
Over time, the Bitget exchange seems to be gaining more popularity in the crypto world.

[hugeblack]

According to CMC ranking based on 24hrs Volume, Binance remains No.1 for Spot trading but Deribit don't even seem to come as even the 30th. We see exchanges like Coinbase, OKX, Bybit, Upbit, Kraken, Gate.io following respectively. But based on Derivatives trading, the Deribit exchange ranks no. 5 on 24hrs Volume and Bitget ranks No. 4.
Over time, the Bitget exchange seems to be gaining more popularity in the crypto world.

Do you mean this list because I did not find it https://defillama.com/derivatives
On coinmarketcap it appears as number 5 although it is the first time I hear about this platform.
https://coinmarketcap.com/rankings/exchanges/derivatives/


If you search for the platform according to Trading volume(24h) you will find it far away in the list so it is better to deal with it with caution.

[dkbit98]

Coingecko is showing better ranking than other similar websites, and they have additional trust ranking, but most centralized exchanges are faking their volume so this is not exactly precise.
Many good decentralized and non-kyc exchanges like Bisq are missing from most websites, but you can find rankings for them on kycnot.me website.

 

[Findingnemo]

I presume this is another Bitget shilling post created but talking about ranking it's all about user's perspective, I kinda agree Binance is at the top because they provide better user experience, higher trading volume but Bitget at the fourth doesn't seem right when exchange like Kucoin is 10th spot which certainly deserves 3rd or 4th if I ever create a list on my own.

[_act_]

Coingecko is showing better ranking than other similar websites, and they have additional trust ranking, but most centralized exchanges are faking their volume so this is not exactly precise.

I thought there has been a way those sites can know exchanges that are lying. Example is the marketcap of a coin, if it is self- reported, the site will indicate that. But it if it is trading volume and other information about exchanges, I think those sites are finding out the actually values of what they reported about the exchanges. Gone are those days when the exchanges have fake values that they are reporting.

Many good decentralized and non-kyc exchanges like Bisq are missing from most websites, but you can find rankings for them on kycnot.me website.

This is true. Also they called Web3 exchanges as decentralized exchanges which is a lie.

[Lucius]

I presume this is another Bitget shilling post created but talking about ranking it's all about user's perspective...

No doubt about it, it was opened by someone who is clearly labeled as a shill. The ranking of crypto exchanges is completely meaningless, because they all try to show that they have much higher liquidity than it really is - and those who are the most aggressive and skilled in this obviously end up at the top.

+1