Top 10 Crypto Exchanges in 2025 (So Far): Calm Before the Institutional Storm

Crypto exchanges that dominated 2025

Crypto market activity in the first half of 2025 was relatively quiet. Despite a brief rally at the start of the year, major digital assets are still trading in a range and retail investors' enthusiasm has cooled. Behind the scenes, however, momentum is building, especially in the regulatory and institutional space.

The U.S. is moving closer to a clear legislative framework for digital assets, a shift that promises to unlock new levels of capital inflows and institutional involvement. At the same time, a growing number of tech companies and financial institutions are exploring Bitcoin not only as an asset, but also as a strategic financial reserve – echoing the approach promoted by Strategic.

With many expecting trading volumes to rebound in the second half of 2025, centralized exchanges are poised to be at the heart of the next wave of crypto activity. Here are the top 10 crypto exchanges so far in 2025, based on a mix of trading volume, user growth, product innovation, global reach, and overall market relevance.

Top 10 Cryptocurrency Exchanges in 2025 (so far)

Exchange-by-Exchange Analysis

1. Binance — the dominant force in depth
   Binance, the market leader, processed $2.2 trillion in spot trading volume in the first quarter of 2025, increasing its market share from 38% to 40.7%. With over 1,800 trading pairs across decentralized, meme coins, and perpetual contracts, the platform is the cornerstone of highly liquid traders around the world. Binance is actively working with several governments to develop digital asset regulations and build a national Bitcoin reserve.
2. Bybit — a derivative of social advantage
   Bybit has re-established itself as a trading volume powerhouse, reporting $3.61 billion in inflows and $14.9 billion in TVL in March. Focusing on perpetual contracts and high-end derivatives, it became the world's second-largest exchange by trading volume in Q2. Bybit has been praised for its swift and transparent handling of the February 2025 hack, ensuring that no customer funds are lost, and processing more than 350,000 withdrawals without interruption. Its aggressive bounty program has helped recover some of the stolen assets, strengthening trust in the platform.
3. Bitget — Social Trading Collides with Huge Trading Volume
   Bitget, the shining star of the year, recorded a total trading volume of $2.08 trillion in the first quarter of 2025, with the spot market growing 159% quarter-on-quarter. The platform attracted nearly 5 million new CEX users in the first quarter, with more than 120 million users worldwide. Bitget announced that it has updated its BGB token burn model, completing its first quarterly burn of over 30 million tokens, aiming to increase scarcity and long-term value.
4. Coinbase — America's Institutional Bridge
   Coinbase continues to be the on-ramp for millions of U.S. users and institutions, with more than 110 million verified users. Its perpetual futures expanded from 15 to 106 in 2024 and recorded a 6,200% year-on-year increase in derivatives daily trading volume. With new regulations on the horizon, Coinbase is uniquely positioned to overcome traditional financial inflows.
5. Kraken — Security & Innovation
   As one of the oldest exchanges, Kraken is considered a trusted name by many institutions and power users. With over 13 million users and a daily spot trading volume of $283 million, it continues to innovate – notably by launching its Ink Layer 2 blockchain to support scalable 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 has quietly amassed 22 million users and more than $10 billion in reserves. With a reserve ratio of 128.58%, it is one of the most solvent exchanges in the world. Contracts trading volume increased by 31% in the first quarter of 2025, showing growing participation. Gate.io is focused on improving user experience, increasing liquidity and strengthening its presence in key markets.
7. MEXC — The Altcoin Frontier
   MEXC has been quietly gathering strength. Between February and April 2025, the company added $390 million in on-chain deposits, showing the restoration of user trust and inflows. Known for its wide selection of assets 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.
8. BTCC — A Legacy of Trust
   BTCC's long-term existence means a lot. As one of the oldest cryptocurrency exchanges established in 2011, it offers reliable trading infrastructure, futures contracts, and strong security as the market grows. With a 24-hour trading volume of $2.85 billion in April, its selective KYC process, global accessibility, and extensive experience make it a solid choice for users looking for performance and trust, and its security, compliance, and stability in Europe are praised. Recently, BTCC boosted its VIP program to support high-volume traders around the world.
9. Bingx — Growing Copy Trading and Community
   Bingx has found a niche in regulated social trading. Its copy trading feature is well-designed to support spot and derivatives with low fees. Very popular especially in Asia and Latin America, Bingx continues to expand with good compliance and innovative features. Bingx recently launched its global internship program to develop the next generation of crypto leaders.
10. Bydfi — Scalable User Experience
    Bydfi (formerly Bityard) has grown rapidly by offering an easy-to-use user interface, competitive fees, and a rich catalog of altcoins. Bydfi reached $27.7 billion in daily futures trading volume in April, a daily growth rate of 19%. It's built for new traders and has an easy difficulty getting started. It is especially useful for users in Southeast Asia, India, and Latin America. Bydfi is the official sponsor of the recent event TOKEN2049 Dubai.

Exchange Snapshot Summary (May 2025)

Outlook for the second half of 2025

• Regulatory breakthroughs in the US, EU, and APAC are likely to significantly expand the pipeline of compliant transaction volumes.
• Bitcoin-centric financial strategies could spark demand from publicly traded companies. As user demand shifts to leverage exposure, derivatives and perpetual contracts will continue to dominate.
• With new legislation, macro tailwinds, and institutional action converging, the ranking in Q3 is expected to change rapidly.

The final idea

seems calm on the surface, but exchanging data tells a much louder story. Behind the scenes, these exchanges are preparing for the next big wave. Whether the wave stems from regulations, macro trends, or institutional needs, these top 10 platforms are in the lead.

FAQ on Cryptocurrency Exchanges 2025

: 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 to traders with large trading volumes or native token holders.

Can I trade cryptocurrencies without KYC in 2025?
OK. Depending on the region, platforms such as BTCC, MEXC, Bydfi, and Gate.io allow for limited transactions without the need for full authentication. However, higher withdrawal limits and premium services often require verification.

What is the safest crypto exchange right now?
Kraken, Binance, and Coinbase are consistently ranked as one of the safest exchanges due to their strong regulatory compliance, insurance programs, and multi-layered security protocols. However, the best practice is to use two-factor authentication (2FA) and store long-term holdings of cryptocurrencies in private wallets.

Which cryptocurrency exchange is best for beginners?
Coinbase, Crypto.com, and Bitget are considered beginner-friendly in 2025 due to their clean user interface, easy access to fiat deposits, and great customer support.

Which exchange is best for trading altcoins?
MEXC, Gate.io, and Bingx offer some of the largest selection of altcoins, including meme coins, small-cap tokens, and early-stage trading pairs that aren't yet listed on big platforms like Coinbase or Binance.

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

How important is Proof of Reserves when choosing an exchange?
Since 2022, Proof of Reserves has become a key trust indicator. Exchanges like Gate.io and Kraken regularly issue independent reserve audits to help users verify that client funds are fully provisioned and don't just rely on internal claims.

What fees should I be aware of when using an exchange?
In addition to transaction fees, users should also look at hidden fees such as withdrawal fees, deposit fees (especially fiat), and buy/sell order fee structures. Always check the exchange's fee schedule before funding your account.