According to UK-based analytics firm CryptoCompare, “top-tier” crypto exchanges have increased their market share from 89% in August 2021 to 96% in February 2022.
The company analyzed more than 150 active centralized exchanges, ranking them by security, number of assets available, regulatory compliance, KYC verification, etc.
The exchanges were ranked from the highest, AA, to the lowest, F.
A total of 78 exchanges were rated “top tier,” with Coinbase, Gemini, Bitstamp and Binance being the only exchanges that received the highest rating of AA.
The report indicates that the high-tier exchanges had a trading turnover of $1.5 trillion in February 2022. In turn, the trading turnover of the lower tier exchanges was $62 billion.
CryptoCompare argues that this figure demonstrates how retail and professional traders are moving to exchanges with less risk.