Analysis of trading fees across cryptocurrency exchanges

The majority of cryptocurrency exchanges’ revenues comes from trading fees. As the market continues to be quite saturated, exchanges fiercely compete to capture the largest market share.

If only the exchanges vetted by Bitwise are considered, Binance leads the pack with 56.8% of market share; followed by Coinbase (12.4%), Bitfinex (8.6%), Kraken (8.5%) and Bitstamp (6.9%). The remaining exchanges have less than 3% of market share.