2020 Global Largest Cryptocurrency Exchange: Which One Leads the Market?

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When it comes to the world of digital assets, one question consistently stands out: Which cryptocurrency exchange was the largest globally in 2020? The answer depends on how you measure "largest"—by spot trading volume, futures activity, regulatory compliance, or overall market influence. In this comprehensive overview, we’ll break down the key players and metrics that defined the crypto exchange landscape in 2020.

Spot Trading Volume: Binance Takes the Lead

In terms of 24-hour spot trading volume, Binance emerged as the undisputed leader in 2020, reporting a staggering daily volume of up to $10 billion. Known for its vast selection of over 280 tradable cryptocurrencies and a global user base, Binance solidified its position as the go-to platform for spot traders worldwide.

The exchange’s low trading fee of 0.1% and support for high-frequency trading made it especially attractive to active traders. However, it's important to note that Binance does not support direct fiat deposits in TWD (New Taiwan Dollar). Users in Taiwan typically need to first purchase crypto via local platforms before transferring funds to Binance for further trading.

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Futures Market Dominance: BitMEX and High Leverage

When evaluating futures trading volume, BitMEX stood out with a reported 24-hour volume reaching $10 billion—surpassing even traditional financial giants like the Chicago Mercantile Exchange (CME) in Bitcoin futures activity.

BitMEX specializes exclusively in Bitcoin futures, offering leverage of up to 100x. This high-risk, high-reward environment attracts sophisticated traders seeking amplified exposure. However, the platform only supports Bitcoin deposits and withdrawals, and does not accept fiat currencies like TWD.

Despite its popularity, regulatory scrutiny increased in 2020, prompting users to consider compliant alternatives with similar features.

Overall Influence: Coinbase’s Regulatory Edge

While Binance leads in volume and BitMEX in derivatives, Coinbase holds significant global influence, particularly in regulated markets like the United States and Europe. With over 1 million followers on Twitter and strong compliance with financial regulations, Coinbase is often seen as the “institutional gateway” to crypto.

It supports around 356 digital assets and enables seamless fiat on-ramps in multiple currencies. However, residents of Taiwan cannot open trading accounts on Coinbase due to regional restrictions. They may only use it as a digital wallet.

Coinbase’s ability to facilitate $500 million in trading volume with just five major cryptocurrencies highlights its efficiency and user trust.

How to Buy Bitcoin in Taiwan: Trusted Local Options

For users in Taiwan, purchasing Bitcoin involves navigating local regulations and choosing reliable platforms. Here are the most common methods:

Method 1: Local Cryptocurrency Exchanges

Platforms like MAX (maicoin) and BitoEx allow users to buy Bitcoin directly with New Taiwan Dollar (TWD) at listed market prices. These exchanges are fully compliant with local financial regulations and offer straightforward onboarding with identity verification.

This is currently the most popular method among Taiwanese investors due to ease of use and direct fiat integration.

Method 2: Convenience Store Purchases via BitoEx

Yes—you can buy Bitcoin at FamilyMart (Family Convenience Store) in Taiwan through a partnership with BitoEx. However, users must first complete real-name registration on the BitoEx platform before using this service. Once verified, they can deposit TWD at any FamilyMart location to fund their crypto purchases.

This innovative solution bridges traditional retail and digital finance, making crypto more accessible to everyday consumers.

Method 3: Peer-to-Peer (OTC) Trading

Another option is using peer-to-peer (P2P) platforms like LocalBitcoins, where buyers and sellers connect directly to trade BTC using TWD. These transactions are localized, allowing users to negotiate prices and payment methods.

However, prices on LocalBitcoins are typically about 3% lower than those on BitoEx, while BitoEx’s bid-ask spread can reach up to 10%. Traders should compare rates carefully before executing trades.

After acquiring Bitcoin, many users transfer their assets to larger exchanges like Binance for broader trading options or to BitMEX for leveraged futures trading.

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Top 10 Cryptocurrency Exchanges in 2020 (Global Ranking)

While rankings vary by metric, here’s a consolidated view of the top exchanges based on trading volume, supported assets, fees, and services offered in 2020:

1. Binance

2. BitMEX

3. Huobi

4. Coinbase

5. OKX

(Exchanges ranked #6–#10 include Bitfinex, Bithumb, Bittrex, Bybit, and LocalBitcoins—with strong regional presence but lower global volume.)

Key Considerations Before Trading

Before diving into cryptocurrency trading, keep these essential points in mind:

Frequently Asked Questions (FAQ)

Q: Can I buy Bitcoin with New Taiwan Dollar directly?
A: Yes. Platforms like MAX and BitoEx allow direct TWD-to-BTC purchases with verified accounts.

Q: Is Binance available for users in Taiwan?
A: While Binance doesn’t support TWD deposits, Taiwanese users can access the platform after purchasing crypto elsewhere.

Q: Which exchange is best for beginners?
A: For simplicity and regulatory safety, Coinbase or local exchanges like BitoEx are ideal starting points.

Q: Are high-leverage platforms like BitMEX safe?
A: They offer powerful tools but come with extreme risk. Only experienced traders should engage in leveraged trading.

Q: Can I use convenience stores to buy crypto in Taiwan?
A: Yes. FamilyMart partners with BitoEx to allow TWD deposits for Bitcoin purchases—after completing KYC verification.

Q: What should I do after buying Bitcoin locally?
A: You can hold it in a secure wallet or transfer it to a global exchange like Binance or OKX for expanded trading opportunities.

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Final Thoughts

The title of "largest cryptocurrency exchange" in 2020 depends on the lens: Binance leads in spot volume and global reach, BitMEX dominates futures trading, and Coinbase excels in regulatory trust and mainstream adoption. For users in Taiwan, local platforms like BitoEx and MAX provide compliant access to Bitcoin, while OTC options offer flexibility.

Regardless of your location or experience level, understanding the strengths and limitations of each platform is crucial for making informed decisions in the fast-evolving world of digital finance.

Core Keywords: cryptocurrency exchange, Bitcoin trading, spot trading volume, futures trading, leverage trading, buy Bitcoin in Taiwan, Binance, Coinbase