What is the largest centralized exchange?
Binance remained the largest centralized stock exchange (CEX), with its market share at 38.0% in April 2025. The volume for trading in April 2025 dropped to $ 482.6 billion, a drop of -18.0% from March. It recorded $ 588.7 billion in March 2025.
The second largest exchange was Gate.io, which recorded a 9.0% market share, and the $ 113.7 billion volume in April 2025. This represents a +14.4% increase, after scoring $ 99.4 billion in March. Gate.io has managed to displaced crypto.com, which has gradually dropped the market share since February.
Bitget ends April 2025 as the third largest stock exchange, with a market share of 7.2% and $ 92.0 billion in trading volume. It grew +1.7% month-on-month (MA). The remaining top 10 competitors had a joint dominance of 45.8% in April. The market share among the top 2 – 10 exchanges is rather proportional and varies between 5% and 9%.
Binance Market Share
Binance was the market leader among the centralized exchanges, with a 38.0% market share of the total volume for trading in April 2025. The trading volume dropped -18.0% Mom to achieve $ 482.6 billion. This is the first time the trading volume has dropped below the $ 500 billion point since October 2024.
In 2025 Q1, Binance dominated the centralized exchange scene with a share of 37.5% of the top -10 volume. It pushed $ 2.0 trillion into volume, with the total volume in the top 10 at $ 5.4 trillion.
Gate.io jumped to second place in April 2025
Gate.io was the second largest centralized stock exchange according to place trading volume in April 2025. This brought $ 113.7 billion into volume, with a market share of 9.0%. It was an increase of +14.4% from March, where it had $ 99.4 billion in volume. It was the only exchange to get double -digit growth. No exchange except Binance had a market share of more than 10% in April.
On a quarterly timeframe, Gate.io recorded $ 361.3 billion in 2025 Q1 volume, compared to $ 413.2 billion in 2024 Q4. It was only the sixth largest exchange in the first quarter.
Bitget has grown as others have fallen
Bitget managed to climb into the ranks, ending April 2025 as the third largest exchange. It had $ 92.0 billion in trading volume, for a market share of 7.2%. It started 2025 with a market share of 4.6%, but slowly but surely grew its dominance through the months.
However, on a quarterly basis, Bitget was only the ninth largest CEx in the first quarter, with a volume of $ 279.6 billion and a market share of 6.2%.
8 out of 10 exchanges dropped over -10% in 2025 from the first quarter
Nine of the top 10 exchanges dropped the trading volumes in 2025. Meanwhile, eight with double-digit percentage saw drops, with Upbit the most. It dropped -34.0%, with its trading volume dropping to $ 371.0 billion from $ 561.9 billion in 2024 Q4. In general, the trading volume of the top 10 exchanges in Q1 dropped -16.3%, or -$ 1.1 trillion, for a total of $ 5.4 trillion.
The Top 10 centralized crypto exchanges and their growth in the first quarter are as follows:
Rank
Centralized crypto exchanges
2025 Q1 Growing (%)1 Binance -15.7% 2 Gate.IO -12.6% 3 Bitget -13.2% 4 Mexc -1.8% 5 OKX -16,3% 6 Coinbase -10.4% 7 BYBIT -16.9% 8 UPBIT -34.0% 9 Crypto.com -26.1% 10 HTX 11.4%
Top 10 centralized market share (April 2025)
The Top 10 centralized crypto exchanges per market share are as follows:
Rank
Centralized crypto exchanges
Market share (%)1 Binance 38.0% 2 Gate.IO 9.0% 3 Bitget 7.2% 4 Mexc 7.1% 5 OKX 7.0% 6 Coinbase 6.9% 7 BYBIT 6.7% 8 UPBIT 6.4% 9 Crypto.com 6.2% 10 HTX 5.4%
Top 10 Crypto Exchanges Market Share, 2018-2024
The Top 10 centralized crypto exchanges per market share are as follows: Top 10 Crypto Exchanges market share, 2018-2024
The following graph shows the market share of the top 10 centralized crypto exchanges in 2024 according to the volume of the place:
The following graph shows the market share of the top 10 centralized crypto exchanges in 2023 according to the volume of the place:
The following graph shows the market share of the top 10 centralized crypto exchanges in 2022 according to the volume of the place:
The following graph shows the market share of the top 10 centralized crypto exchanges in 2021 according to the volume of the place:
The following chart shows the market share of the top 10 centralized crypto exchanges in 2020 according to the volume for the trade:
The following chart shows the market share of the top 10 centralized crypto exchanges in 2019 according to Spot Trading Volume:
The following graph shows the market share of the top 10 centralized crypto exchanges in 2018 according to Spot Trading Volume:
Methodology
The study investigated the top 10 centralized exchanges according to the volume of Spot trade, using Coingecko data from 1 October 2024 to 30 April 2025. The top 10 centralized exchanges are: Binance, Gate, IO, Bitget, Mexc, OKX, Coinbase, Upbit, Crypto.com and HTX. The market share was based on the total monthly volume for trading locations.
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Curious to find out more about our previous research studies and statistics? Look at this one we did on dead coins!
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