Top 10 Cryptocurrency Exchanges in 2025 (So far): Calm before the Institutional Storm

Leading cryptocurrency exchanges in 2025

The crypto market activities in the first half of 2025 were relatively calm. Despite a brief rebound at the beginning of the year, major digital assets are still operating in the range and the enthusiasm of retail investors has cooled down. However, behind the scenes, especially in regulatory and institutional areas, momentum is accumulating.

The United States is gradually approaching the creation of a clear legislative framework for digital assets, a shift that promises to unlock new levels of capital inflows and institutional participation. Meanwhile, more and more technology companies and financial institutions are exploring Bitcoin, not only as an asset, but also as a strategic financial reserve - which echoes the practices promoted by Strategic.

With many expecting trading volumes to rebound in the second half of 2025, centralized exchanges are preparing to be at the heart of the next wave of crypto activities. Here are the top 10 cryptocurrency exchanges in 2025 so far, based on a hybrid ranking of transaction volume, user growth, product innovation, global influence, and overall market relevance.

Top 10 cryptocurrency exchanges in 2025 (to date)

Ranking	Exchange	Significant advantages
1	Binance	Spot trading volume in the first quarter was US$2.2
trillion; market share was 40.7%; 1,829 trading pairs were provided
2	Bybit	Inflows reached US$3.61 billion in March; TVL was US$14.9
billion; global trading volume ranked second
3	Bitget	Trading volume in the first quarter was US$2.08 trillion;
quarterly spot growth of 159%; 120 million users
4	Coinbase	Derivative trading volume increased by 6200% year-on-year;
expand futures support
5	Kraken	Daily spot trading volume reached US$283 million; users
exceeded 13 million; launch of L2 blockchain
6	Gate.io	Top liquidity and reserves; more than 22 million users;
security-led strategy
7	MEXC	Increased reserves by $390 million in the first quarter;
product expansion rapidly; strong liquidity
8	BTCC	24-hour transaction volume is US$2.85 billion; the number of
users is 6.8 million; no security loopholes for more than ten years
9	Bingx	Social/copy transaction leader; low rates; focus on global
expansion
10	Bydfi	Daily futures trading volume in April was US$27.7 billion;
daily trading volume increased by 19%

Analysis on exchange by exchange

1. Binance — The leading force of the market As a market leader, Binance handled $2.2 trillion in spot trading volume in the first quarter of 2025, with its market share increasing from 38% to 40.7%. The platform offers over 1,800 trading pairs covering decentralized, meme coins and perpetual contracts, and is the cornerstone of high-liquid traders around the world. Binance is actively working with multiple governments to formulate digital asset regulations and establish national Bitcoin reserves.

2. Bybit — a derivative of social advantages
   Bybit reestablished its position as a trading volume giant, reporting $3.61 billion inflows and $14.9 billion in TVL in March. Focusing on perpetual contracts and high-end derivatives, it became the second largest exchange in the world in the second quarter. Bybit has received praise for its rapid and transparent handling of the February 2025 hack, ensuring no customer funds were lost and handling more than 350,000 withdrawals, uninterrupted operations. Its aggressive bounty program has helped recover some of the stolen assets, enhancing platform trust.

3. Bitget — The collision of social trading and huge trading volume As a shining star this year, Bitget recorded a total trading volume of US$2.08 trillion in the first quarter of 2025, and the spot market grew by 159% quarter-on-quarter. The platform attracted nearly 5 million new CEX users in the first quarter, with more than 120 million global users. Bitget announced an update of its BGB token destruction model, completing its first quarterly destruction with more than 30 million tokens aimed at increasing scarcity and long-term value.

4. Coinbase — The Bridge of Institutions in the United States
   Coinbase remains the entrance to millions of U.S. users and institutions, with more than 110 million authenticated users. Its perpetual futures expanded from 15 to 106 in 2024, and recorded a 6,200% year-on-year increase in daily derivatives trading volume. With the coming of new regulations, Coinbase has unique advantages in traditional financial inflows.

5. Kraken — Security and Innovation As one of the oldest exchanges, Kraken is regarded as a trusted name by many institutions and advanced users. With over 13 million users and a daily spot transaction volume of $283 million, it continues to innovate — especially by launching its Ink Layer secondary blockchain to support scaleable products on-chain. In March, Kraken completed the acquisition of Ninjatrader, reporting a 19% increase in earnings.

6. Gate.io — The Silent Giant with Deep Reserves
   Gate.io quietly amassed 22 million users and more than $10 billion in reserves. Its reserve ratio is 128.58%, among the world's most solvency exchanges. Contract trading volume increased by 31% in the first quarter of 2025, showing increasing participation. Gate.io focuses on improving user experience, increasing liquidity and enhancing its presence in key markets.

7. MEXC — Frontier of Altcoin
   MEXC has been silently accumulating strength. Between February and April 2025, the company added $390 million in on-chain deposits, showing the recovery of user trust and capital inflows. Known for its wide range of asset choices and low fees, MEXC has become more popular among altcoin traders and futures users. Recently, MEXC launched a $300 million ecosystem growth fund during its 7th anniversary celebration.

8. BTCC — The inheritance of trust
   The long-term existence of BTCC means a lot. As one of the oldest cryptocurrency exchanges established in 2011, it provides reliable trading infrastructure, futures contracts and strong security as the market grows. Its 24-hour transaction volume in April was $2.85 billion, and its selective KYC process, global accessibility and extensive experience made it a solid choice for users to seek performance and trust, with its security, European compliance and stability being praised. Recently, BTCC has upgraded its VIP program to support high-volume traders around the world.

9. Bingx — Vigorously develop replication transactions and communities
   Bingx has found a market in regulated social transactions. Its copy trading function is designed in an orderly manner, supporting low-rate spot and derivatives. Especially in Asia and Latin America, Bingx continues to expand with good compliance and innovative capabilities. Bingx recently launched its global internship program to develop the next generation of cryptocurrency leaders.

10. Bydfi — Scalable User Experience
    Bydfi (formerly Bityard) has grown rapidly by providing an easy-to-use user interface, competitive fees and a rich altcoin catalog. Bydfi reached $27.7 billion in daily futures trading volume in April, with a daily growth rate of 19%. It is built for new traders and has easy access to it. It is especially useful for Southeast Asia, India and Latin America users. Bydfi is the official sponsor of the recent TOKEN2049 Dubai event.

Exchange snapshot summary (May 2025)

Exchange | Trading volume/statistics for the first quarter of 2025 | Advantages
---|---|---
Binance | Q1 spot trading volume US$2.2 trillion | Global liquidity leader
Bybit | Inflow of US$361 million in March | Trading volume growth, high TVL
Bitget | Total trading volume in Q1 was US$2.08 trillion | User growth, rich trading products
Coinbase | Derivatives surge by 6200% | Institutional entry, compliant access
Kraken | Daily spot trading volume US$283 million | Security, infrastructure innovation
Gate.io | Top liquidity | Altcoins, transaction depth
MEXC | Reserves grew by $390 million | Capital inflow, extensive token coverage
BTCC | 24-hour trading volume US$2.85 billion | Long-term existence, safety record
Bingx | Copy transaction leads | User experience and social features
Bydfi | April futures trading volume US$27.7 billion | Rapid growth, key to copycat futures

Outlook for the second half of 2025

• Regulatory breakthroughs in the U.S., the EU and Asia-Pacific could significantly expand the pipeline of compliant transaction volumes.
• Bitcoin-centric financial strategies may trigger demand from listed companies. As user demand turns to leverage exposure, derivatives and perpetual contracts will continue to dominate.
• With the convergence of new legislation, macro tailwinds and institutional actions, the rankings in Q3 are expected to change rapidly.

Final Thought

It seems calm on the surface, but the exchange of data tells a louder story. Behind the scenes, these exchanges are preparing for the next big wave. Whether the wave originates from regulations, macro trends, or institutional needs, these ten platforms are in the leading position.

2025 Cryptocurrency Exchange FAQ

Which exchange has the lowest fees?
Binance, Bitget and Bingx offer some of the most competitive trading fees in the spot and futures markets, often offering discounts for traders with large volumes or local token holders.

Can I not trade cryptocurrencies through KYC in 2025?
Can. Depending on the region, platforms such as BTCC, MEXC, Bydfi and Gate.io allow limited transactions without full authentication. However, higher withdrawal limits and advanced services often require verification.

Which is the most secure crypto exchange at present?
Kraken, Binance and Coinbase have always been rated as one of the safest exchanges due to their strong regulatory compliance, insurance plans and multi-level security protocols. However, the best practice is to use two-factor authentication (2FA) and store long-term cryptocurrency in a private wallet.

Which cryptocurrency exchange is best for beginners?
Coinbase, Crypto.com and Bitget are considered beginner-friendly in 2025 due to their simplified user interface, simple fiat deposit pathways and strong customer support.

Which exchange is best for trading altcoins?
MEXC, Gate.io and Bingx offer some of the biggest altcoins options, including meme coins, small-cap tokens, and early trading pairs that have not yet been listed on large platforms such as Coinbase or Binance.

Which exchange is the best for futures trading?
Bybit, Bitget and Binance Futures lead futures trading in 2025, providing deep liquidity, a wide range of perpetual contracts and advanced risk management tools designed for professional traders.

How important is the reserve proof when choosing an exchange?
Since 2022, reserve proof has become a key indicator of trust. Exchanges like Gate.io and Kraken regularly publish independent reserve audits to help users verify full reserve payments of their clients’ funds, rather than relying solely on internal statements.

What fees should you pay attention to when using an exchange?
In addition to transaction fees, users should also view hidden fees such as cash withdrawal fees, deposit fees (especially fiat currency), and buy/sell order fee structure. Always check the exchange's fee schedule before replenishing your account.