The top 10 Crypto Exchanges are generating as much US$3 million in fees per day heading for more than US$1 billion per year, according to estimates compiled by Bloomberg using trading volume reported on data tracker CoinMarketCap.com and fee information on the exchanges’ websites. Fees in the lowest range of the exchanges’ scale were used for the calculations.
These projections are a rough estimate as it’s near impossible to know what exactly the closely held firms are charging, including discounts for their most active traders. Based on daily trading volume and fees listed, annual revenue for the top 10 goes into the billions of dollars. While the numbers aren’t exact, the order of magnitude shows the boom in virtual currencies is generating some very real cash.
Tokyo-based Binance and Hong Kong-based OKEx are handling the largest volume of trading, equal to about $1.7 billion daily. Based on fees of 0.2 percent, which are higher than OKEx’s 0.07 percent for the most active traders, Binance is likely bringing in the most cash per day.
Huobi, Bitfinex, Upbit, and Bithumb, which are all based in Asia, come next in the ranking. They process between $600 million and $1.4 billion of trading volume and charge fees of 0.3 percent on average.
South Korean exchange Upbit, which is among the top five in trading volume, only started operating in October. It’s controlled by Dunamu Inc., which also owns Kakao Talk, the most popular messaging app in Korea. Upbit is integrated into Kakao Talk and lists over 120 cryptocurrencies, thanks to a partnership with the U.S.-based exchange Bittrex.