In the past couple of years, the cryptocurrency and blockchain trading business has gone sky-rocket. Back in 2018, it was announced by the crypto-data analyzing firms that there were 35 million unique crypto-users. As of now, this figure has gone up to 100 million and the number seems to be growing with every passing day.
With such a significant number of increases in the volume of crypto-users more and more crypto-exchanges are also coming into being. As per the data shared by CoinGecko, there are currently 391 cryptocurrency exchanges operating around the world. This number is also expected to experience a significant increase following the number of crypto-users increasing every single day.
However, not every cryptocurrency exchange ends up finding its spot in the list of trust/legit crypto-exchanges. These lists are published by the analytical firms related to the cryptocurrency and blockchain industry. If an exchange gets added to the list of their trust exchanges, users start rushing to those exchanges.
One such analytical firm is Coin Metrics, which is known around the world for publishing lists of only legit crypto-exchanges. Recently, the firm released its updated list of trusted crypto-exchanges, which showed that five more additions were made to it. On top of that, these exchanges ended up finding themselves in the ‘trusted spot volume’ section.
The ‘trusted spot volume’ list features some of the most prominent and trusted crypto-exchanges. The exchanges in this list have to meet a number of criteria before they can make it to this list. An exchange not making to this list does not mean that it is a fraud. It is just that it was not able to meet the criteria to become part of the ‘trusted spot volume’ list.
This time around, Coin Metrics has added Upbit, FTX, Lbank, The Rocking Trading, and Liquid to the ‘trusted spot volume’ list. The ‘trusted spot volume’ list already features some of the biggest crypto-exchange names such as Bitfinex, Coinbase, and Binance.
For exchanges to make their way into the list, they are required to achieve certain benchmarks. Some of the most important benchmarks are trading volumes, web traffic, trading rules, developer tools, and adherence to KYC standards.