Global crypto trading volumes hit $9.72 trillion in August 2025, showing strong market momentum.
Binance leads with 39.8% share, while Coinbase and Kraken gain ground through innovation and trust.
Mid-tier platforms like MEXC, Bybit, Gate.io, Bitget, Upbit, and HTX are expanding with niche services and regional dominance.
The global crypto trading industry is witnessing rapid growth. In August alone, centralized exchanges together recorded trading volumes of about $9.72 trillion in spot and derivatives markets. This figure marked a 7.6% increase from the previous month, underlining the strength of the industry despite regulatory hurdles in some countries.
Centralized exchanges still dominate the sector, and their ability to provide liquidity and a smooth trading experience has been a major reason for sustained popularity.
Let’s take a look at the top crypto trading platforms along with their market shares, recent upgrades, and the reasons behind their success.
Binance continues to hold its crown as the largest exchange, commanding nearly 40% of the centralized exchange market share. While its dominance has slightly reduced from earlier highs of more than 50%, Binance remains the go-to choice for millions of traders worldwide.
Binance has been making constant updates to strengthen liquidity and improve user experience. Adjustments to tick sizes in perpetual futures contracts have made trading smoother, while new savings products such as FDUSD flexible savings with annual percentage rates of up to 11.8% APR have attracted investors looking for yield.
The exchange has also deepened its banking connections, working with Singapore Gulf Bank through Binance Bahrain to provide fast USD transfers. At the same time, it has stepped up its communication on security, warning projects about fake listing agents that attempt to scam token teams.
Binance has stayed active in the listings space as well. New tokens such as Ethena USDe (USDE) have been supported, sparking rallies in related projects. A series of airdrops and promotional campaigns for tokens like Switchboard, Avantis, Black Mirror, and OpenLedger have also kept engagement levels high.
Coinbase remains one of the best crypto trading platforms in the United States and has been rapidly expanding its reach. The platform is now attracting around 120 million visits per month, which represents a 20% increase compared to last year. On the trading side, it recorded an average of 8.7 million monthly transacting users in Q2 2025. Over the trailing twelve months, Coinbase generated revenues of roughly $6.71 billion.
Coinbase has not only focused on trading but also on becoming a technology leader. It has launched Coinbase Markets as a hub for listing announcements, acquired a team called Sensible to accelerate its on-chain consumer roadmap, and started expanding into areas where crypto connects with artificial intelligence. The platform has also pushed into the micropayments space through stablecoins and new payment protocols.
In addition, Coinbase has been making big moves in the derivatives market. Its acquisition of Deribit earlier in the year for nearly $2.9 billion has given it a strong position in crypto options and futures. The company also gained a place in the S&P 500 in May 2025, a milestone that underlines the acceptance of crypto platforms in mainstream finance.
Kraken has seen steady growth and, in Q2 2025, reached the second spot globally according to rankings from Kaiko, moving up from third place. This achievement reflects the trust traders place in its liquidity and the platform’s ability to serve both retail and institutional users. Kraken’s focus on compliance and regulatory transparency has also played a key role in attracting a growing base of traders.
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Gemini, founded by the Winklevoss twins, is preparing for an IPO on Nasdaq. The company is looking to raise about $317 million, with Nasdaq itself investing $50 million into the deal. This partnership could transform Gemini’s ability to serve institutional clients, offering secure custody and staking services alongside trading. The move also shows how traditional financial giants like Nasdaq are increasingly engaging with the crypto space.
OKX has maintained a strong share of the market, with around 6% of centralized exchange trading volume. Known for its broad international presence and user-friendly interface, OKX has continued to expand its product offerings, especially in derivatives and DeFi-related tools. The platform has been particularly active in Asia, where it competes closely with other rising exchanges.
Bybit, holding around 7.2% of the market, has gained popularity as a derivatives-focused exchange. Its emphasis on perpetual contracts and leverage trading has attracted active traders, while the platform has also expanded into spot markets and staking products. Bybit’s sponsorship deals and strong marketing push have helped it create visibility even beyond the crypto trading community.
MEXC has carved out an important niche for itself with an 8.6% market share, making it one of the fastest-growing platforms. The exchange has focused on accessibility by listing a wide range of tokens quickly and offering low fees. This has appealed to traders looking to enter newer projects and benefit from early trading opportunities.
Gate.io holds about 7.8% of the market and has built a reputation for being one of the first exchanges to list new tokens. With its aggressive listing strategy, Gate.io has become a favorite among traders who want exposure to emerging cryptocurrencies before they gain traction on larger exchanges. The platform has also continued to build its derivatives and savings products to compete with bigger rivals.
Bitget, with around 7.6% share, has differentiated itself by integrating social trading features. Copy trading, which allows users to follow the strategies of experienced traders, has been one of its key offerings. This model has attracted new retail traders who prefer to rely on the experience of professionals while gaining exposure to crypto assets. Bitget has also invested in global marketing campaigns, further strengthening its brand recognition.
Upbit commands a 6.3% share of the global exchange market, driven primarily by its dominance in South Korea. It remains the country’s largest exchange, benefiting from strong local regulatory approval and a large retail trading community. Upbit’s liquidity and local currency trading pairs have made it the preferred platform for many Korean investors.
HTX, formerly known as Huobi, continues to operate as a major exchange with 5.8% of market share. The rebranding has been part of a broader effort to regain ground after years of mixed regulatory experiences. HTX has been focusing on global expansion and improving compliance frameworks, while also offering competitive trading fees and deep liquidity.
Beyond crypto trading platforms, traditional financial institutions are showing greater interest in the sector. Nasdaq has been exploring tokenized securities trading, while the US Securities and Exchange Commission is preparing to update its digital asset rules.
This could allow more traditional securities exchanges to offer crypto trading in the future. The integration of crypto platforms with mainstream finance points to a maturing industry that is steadily gaining legitimacy.
Also Read - Best Crypto Exchanges for Swing Trading in 2025
The crypto trading landscape is more competitive than ever. Binance continues to lead with the largest market share, while Coinbase strengthens its role through innovation and expansion into derivatives. Kraken is rising steadily, Gemini is preparing for a historic IPO, and mid-tier exchanges such as Bybit, OKX, MEXC, Gate.io, Bitget, Upbit, and HTX are solidifying their positions with specialized offerings and regional dominance.
The sector as a whole is benefiting from record trading volumes, institutional adoption, and gradual regulatory clarity. As exchanges evolve with new products, partnerships, and technologies, the market is likely to see even more integration between crypto platforms and traditional finance in the years ahead.
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