What Is the Largest Centralized Exchange?
Binance remained the largest centralized exchange (CEX), with its market share at 39.1% in November 2024. Its spot trading volume climbed to $979.1 billion in November 2024, a gain of 130.9% from October. It recorded $424.0 billion in October 2024.
The second largest exchange was Crypto.com, which recorded an 11.4% market share and spot trading volume of $286.1 billion in November 2024. This represents a 91.5% rise, having recorded $149.4 billion in October 2024. Crypto.com has managed to leapfrog its competitors since September. Previously, its market share stood in the 2% - 4% range during the first half of 2024.
Upbit ended November 2024 as the third largest exchange, with a 9.3% market share, along with $231.8 billion of trading volume. The remaining top 10 competitors held less than 9% market share each, for a combined dominance of 40.2% in November.
Binance Market Share
Binance was the market leader amongst the centralized exchanges, with a 39.1% market share of total spot trading volume in November 2024. Its trading volume grew 130.9% Month-on-Month (MoM), to hit $979.1 billion. However, this was still below its yearly-high $1.1 trillion achieved in March.
While Binance has slowly lost market share to its competitors throughout the year, though it is still the largest exchange by a large margin, for comparison, it had more trading volume than the next four largest exchanges combined ($979.1 billion vs $904.5 billion).
The exchange has listed a number of memecoins, and new launchpool projects throughout the past month, giving users more trading opportunities, and driving volume.
Crypto.com’s Meteoric Rise
Crypto.com was the second largest centralized exchange by spot trading volume in November 2024, with an 11.4% market share and a spot trading volume of $286.1 billion. In 2024 Q3, it came in third largest, but it has since overtaken Bybit in October and November to solidify its second place.
Its meteoric rise can be attributed to its institutional clients and high-frequency traders. It also operates in over 100 countries, allowing it to tap into a larger user base than its competitors.
Upbit Reclaims Its Spot in the Top 3
Upbit managed to reclaim its spot in the top three in November 2024. During the same period, it recorded a yearly high of $231.8 billion in spot trading volume, an increase of 387.8% from October’s figure of $47.5 billion. It held a market share of 9.3% in November, up from 4.5% in October.
Upbit was the largest gainer among the top 10 centralized exchanges, driven by a frenzy of trading in South Korea, particularly on Ripple (XRP).
Coinbase Moves Up The Rankings
Coinbase had a market share of 6.9% in November 2024, making it the fifth-largest centralized exchange. Its volume grew 184.0%, MoM, from $60.9 billion in October to $172.9 billion in November.
The US-based exchange has been on a listing spree lately, with the majority of its listing being memecoins, likely in a bid to attract the growing retail crowd.
7 Out of 10 Exchanges Grew Over 100% in November 2024
The top 10 exchanges saw trading volumes grow significantly in November 2024. Seven out of ten had triple-digit percentage growth, with Upbit leading the pack. Overall, trading volume increased by $1.4 billion in November, for a total of $2.5 billion. This was an increase of 135.7% from October.
The top 10 centralized crypto exchanges and their growth in November, are as follows:
| Rank | Centralized Crypto Exchanges | November Growth (%) |
|---|---|---|
| 1 | Binance | 130.90% |
| 2 | Crypto.com | 91.50% |
| 3 | Upbit | 387.80% |
| 4 | Bybit | 73.00% |
| 5 | Coinbase | 184.00% |
| 6 | OKX | 179.90% |
| 7 | Gate.io | 192.20% |
| 8 | MEXC | 143.30% |
| 9 | Bitget | 103.20% |
| 10 | HTX | 69.20% |
Top 10 Centralized Exchanges’ Market Share (November 2024)
The top 10 centralized crypto exchanges by market share, are as follows:
| Rank | Centralized Crypto Exchanges | Market Share (%) |
|---|---|---|
| 1 | Binance | 39.10% |
| 2 | Crypto.com | 11.40% |
| 3 | Upbit | 9.30% |
| 4 | Bybit | 8.50% |
| 5 | Coinbase | 6.90% |
| 6 | OKX | 6.70% |
| 7 | Gate.io | 6.40% |
| 8 | MEXC | 4.70% |
| 9 | Bitget | 3.70% |
| 10 | HTX | 3.30% |
Top 10 Crypto Exchanges' Market Share, 2018-2023
The following chart shows the market share of the top 10 Centralized Crypto Exchanges in 2023 by Spot Trading Volume:
The following chart shows the market share of the top 10 Centralized Crypto Exchanges in 2022 by Spot Trading Volume:
The following chart shows the market share of the top 10 Centralized Crypto Exchanges in 2021 by Spot Trading Volume:
The following chart shows the market share of the top 10 Centralized Crypto Exchanges in 2020 by Spot Trading Volume:
The following chart shows the market share of the top 10 Centralized Crypto Exchanges in 2019 by Spot Trading Volume:
The following chart shows the market share of the top 10 Centralized Crypto Exchanges in 2018 by Spot Trading Volume:
Methodology
The study examined the top 10 centralized exchanges by spot trading volume, using CoinGecko data from Jan 1, 2024 to November 30, 2024. The top 10 centralized exchanges are: Binance, Crypto.com, Upbit, Bybit, Coinbase, OKX, Gate.io, MEXC, Bitget, and HTX. Market share was based on total monthly spot trading volume.
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Curious to find out more about our previous research studies & statistics? Check out this one we did on animal memecoins which have reached $1 billion!
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