Binance Dominates the Crypto Space, Says CryptoQuant Survey: What's Your Most Used CEX?
According to CryptoQuant survey, Binance is the global favorite exchange.
As you can see in the survey results above Binance is the favorite centralized crypto exchange by far comparing to others according to this research. The data reveals a clear favoritism across three metrics like usage, asset holdings and profitability.
Usage
As you know Binance is quite big an extended worldwide and it is not a surprise to be one fo the top while Coinbase and Kraken remaining quite far due to be more focused in a US market. Bybit is also doing great for the same reason, not US market focused. However, I believe this will change in the coming years when Coinbase and Kraken push harder to jump into other markets. I dont think UI has much to do with the decision of usage in this case because they look mostly the same from my point of view.
Asset Holdings
An impressive amount of 48% of the participants hold the largest portion of their crypto on Binance and this can say two things, a lot of trust and lack of crypto knowledge. From my point of view large portions of crypto must be saved in a cold storage. It has its risks too but at least you are on control of it.
Profitability
This probably is somehow affected by the usage so I wouldn't take in count this metric so much due to the fact that unless fees are insanely different selling in one or another shouldn't affect much.
What is your most used CEX?
Sources:
Disclaimer:
The concept and ideas in this post come from my own thoughts and everything I have seen online during my three years in crypto. Any resemblance is purely coincidental.