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Top Thailand Crypto Exchanges, by Market Share & Trading Volume

4.9 | by Shaun Paul Lee

What is the Biggest Thailand Crypto Exchange?

Bitkub is the biggest crypto exchange in Thailand with 75.4% market share across the top 4 Thai centralized crypto exchanges, and has an annual trading volume of $28.6 billion in 2022. In comparison, its closest competitor Zipmex generated $5.6 billion in annual volume. This accounts for a massive $23 billion lead ahead of the second place. 

At its peak in April 2022, Bitkub was generating $4.2 billion in monthly volume – close to 4 times more than Zipmex at the time, with a monthly volume of $1.1 billion. Daily volume peaked in the same month, on April 1, to $442.8 million. Since then, monthly trading volume on Bitkub dropped to an annual low by year-end, to $758.2 million, in line with the crypto market downturn and macroeconomic trends.

Market Share of Thailand Crypto Exchanges

Market share of the 4 largest crypto exchanges in Thailand, according to 2022 trading volume

Thailand Crypto Exchange Market Share Total Trading Volume (USD)
Bitkub 75.44% $28,625,420,529
Zipmex 14.78% $5,609,036,365
Bitazza 8.52% $3,234,721,648
Satang Pro 1.25% $475,565,247

 

Bitazza Grows in Market Share

Bitazza launched its digital asset platform on March 21, 2022 and saw $238.5 million in monthly trading volume within the same month, taking the third spot in terms of market share. When trading volume on Zipmex faltered in June, Bitazza leapfrogged into second place in market share, reaching its peak volume of $473.0 million that month. Zipmex paused withdrawals since July, citing market volatility, which led to a loss in trust, and a decline in trading volume.

Bitazza reached an all-time-high in daily trading volume of $34.2 million in May 2022, amid the Terra collapse. The exchange has since fallen to a low of $222.6 million in monthly trading volume by the end of 2022, the lowest it has been since its launch.

What is the Monthly Trading Volume for Thai Crypto Exchanges?

Monthly trading volume across the four Thai centralized cryptocurrency exchanges reached a high of $5.8 billion in April, growing a healthy 19% since the start of 2022. Daily trading volume across the exchanges also peaked in the same month, reaching $516.1 million. 

Following the events that transpired throughout the remainder of the year, volume dwindled to an annual low in December to $1.0 billion. This marks a 79% drop in 2022 itself, in line with major crypto exchanges globally that saw total trading volumes fall $0.88 trillion, by year end.

Methodology

This study examines the trading volume, in USD, of Thai centralized cryptocurrency exchanges listed on CoinGecko, namely Bitkub, Zipmex, Bitazza and Satang Pro, from January 1, 2022 to December 31, 2022. These 4 Thai crypto exchanges make up the majority of trading volume, out of 9 exchanges with Digital Asset Exchanges licenses issued by the Securities and Exchange Commission of Thailand.

If you use these insights, we would appreciate a link credit to this article on CoinGecko. A link credit allows us to keep supplying you with future data-led content that you may find useful.


How do cryptocurrency exchanges work?

Cryptocurrency exchanges act as an intermediary between users, allowing them to buy, sell, and trade cryptocurrencies like BitcoinEther, among others, and faciliate the transaction while taking a small service fee. The user's crypto assets and funds are typically safeguarded and held in custody by the centralized crypto exchange.

Binance, OKX, Crypto.com, Coinbase and Kraken are some examples of popular crypto exchanges globally, and Bitkub, Zipmex, Bitazza and Satang Pro are some notable crypto exchanges in Thailand.


Curious to know more about the state of crypto in 2022? Check out our comprehensive 2022 Annual Crypto Industry Report, that extensively covers everything from the crypto market landscape to analyzing Bitcoin and Ethereum, DeFi and NFT ecosystems, and more!

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Shaun Paul Lee
Shaun Paul Lee

Shaun is a Research Associate at CoinGecko with a fondness for memes and farming on the blockchain. Follow the author on Twitter @ShaunPaulLee

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