People outside of the saturated cryptocurrency market might only know the phrase when it’s tacked onto a piece about Bitcoin, the reality of the matter is entirely different. As we approach 2019, the sheer capabilities that these digital coins could hold are worthy of a celebration all of its own but the real focus of thousands of investors across the globe is just where they’re going to trade these gems.
There over 180 fully active cryptocurrency exchanges in the world, but only the six of these truly hold a substantial share of the market. In fact, according to Coinhills statistics, the top 6 exchanges across the globe hold around 58.9% of the total trade volume of the entire globe. This amounts to around 3 billion of the market share each. A further 14 cryptocurrency exchanges then take up a further 100 million in daily trade volume, leaving just a measly 30% for the rest of the crypto market to lap up.
With this in mind, the fact that there are thousands of exchanges, including inactive or unsuccessful platforms, this leaves not a lot of capital for far too many companies to fight over.
Who Are The Leading Competitors For A Piece Of The Market Share?
Cryptocurrency exchanges have a difficult war to rage, and one that is currently between thousands of different platforms. However, there are some leading the charge below the top 20, each offering their own unique features in an attempt to capture attention. The world of cryptocurrency is full of alternative markets, niche coins and more; from the ever-popular Dogecoin, designed to pay homage to the famous meme, to sportsbooks and their relevant coins designed to make betting on sports a fast and secure process and nowadays, you can even utilize cryptocurrencies to pay for and fund higher education.
For this reason, exchanges have to offer something entirely unique and impressive in order to gain a bit more of the market share. For this reason, there are some key ones to watch:
Simex
SIMEX is an easy-to-use payment, withdrawal and investment platform that offers global use across a wide range of eligible countries. Of course, there is much more to the platform than this – they also offer what they call a SIMEX Black Mastercard. This card offers you the change to withdraw and deposit from relevant ATMs and make purchases on stores with ease, using the balance you have on SIMEX.
ABRA
For those wanting to get involved in the world of Cryptocurrencies without the need for excessive programs, apps or equipment, Abra boasts an easy-to-use app that’s safe, secure and flexible. Most importantly, however, their main selling factor is that it offers everything you need without having to invest in any other programs. You can store, use and trade 28 different cryptocurrencies all from a single app on your mobile.
ItBit
ItBit claims to offer a premium, white-glove service for any institutions, investors and asset traders that makes the use and trading of cryptocurrencies with fiat currencies – though in particular USD – extremely simple. They offer full asset protection, security standards and the chance to do this all from just one account, but most important of all is their incredible customer service. They have support representatives available 24 hours a day via telephone or email, which is particularly useful for those just getting into the industry.
While there is no clear future for cryptocurrencies or their exchanges, the world is already making a move towards new ways of trading assets with cryptocurrencies and for this reason, it’s impossible to predict. With the volatility of cryptocurrencies to consider, only time will truly tell what we can expect in the future.