Bitmex, Bitpanda, and Kucoin are three well-known cryptocurrency exchanges in the market. Bitmex, originally founded in the US in 2014, is now based in the Seychelles and is famous for trading crypto derivatives like futures. Bitpanda, on the other hand, was also established in 2014 but in Europe, specifically in Vienna, and is one of the largest European crypto exchanges. Kucoin was founded in China in 2013 but moved to Singapore and Hong Kong due to the Chinese ban on cryptocurrency trading. It is also located in the Seychelles and is well-known for its operations in the Asian crypto market.
When comparing the daily trading volumes on spot markets, none of the three exchanges rank at the top globally. Bitmex specializes in derivatives, so its spot token exchanges are minimal. Bitpanda focuses on spot trades of around fifty cryptocurrencies with a daily trading volume of approximately $10 million. On the other hand, Kucoin, operating in the Asian market, exceeds $700 million in daily spot trades. While Kucoin has a fair amount of liquidity, it caters to the Asian market specifically, making it more focused compared to Bitmex and Bitpanda.
Bitmex lists a limited number of cryptocurrencies as it mainly deals with crypto derivatives. Bitpanda allows spot trades of about fifty cryptocurrencies, while Kucoin lists hundreds of tokens and cryptocurrencies, making it more comprehensive compared to the other two exchanges. Kucoin has a larger user base estimated at over 20 million users, primarily due to its focus on the Asian market. This is reflected in Kucoin’s higher social media following on platforms like Twitter where it has more than 2.3 million followers.
Fees on exchanges vary based on spot and derivative trading and volume. Bitmex and Kucoin offer low fees for derivatives exchanges, with Bitmex having even lower fees. Bitpanda offers low fees for spot exchanges but only for high trading volumes. Kucoin attracts many retail investors due to its high number of users, indicating a broader user base than Bitmex and Bitpanda, which are used mainly by professionals or investors with significant trading volumes.
In terms of reserves, Kucoin provides on-chain reserves data showing around $2.7 billion in reserves. However, Bitmex’s token deposits for spot markets are not substantial, making token reserves less important for the exchange. Bitpanda’s reserve data is not publicly available, leaving room for uncertainty regarding its reserves. Each exchange has its own native token – BitMEX has BMEX, Bitpanda has BEST, and Kucoin has KCS. Kucoin’s KCS token has the highest market capitalization among the three, demonstrating its popularity among users.
When comparing the three exchanges, Kucoin emerges as a winner in the Asian market due to its large user base and high spot trading volumes. Bitpanda shines in the European spot market, while Bitmex dominates in the US market and derivatives trading. Although Kucoin may seem like the frontrunner, especially in Asia, none of the exchanges hold the status of an undisputed leader in the global cryptocurrency market.
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