Crypto Exchange Product Report 2024

TI Research

CEXs have always been a key component of the crypto world. We have selected 9 influential exchanges in the crypto industry for a comprehensive comparison across three key dimensions: Products, Trading, and User Experience, aiming to uncover the unique characteristics of these exchanges, and provide a reference for investors to choose exchanges that better fit their trading habits.

CEXs have always been a key component of the crypto world. They not only provide buying and selling services for cryptocurrencies but also play crucial roles in fund custody, financial, staking, and trading settlement, directly impacting the liquidity and stability of the entire crypto market. Although the main trading products offered by various CEXs are generally similar, there are differences in details that often influence the user experience significantly. Additionally, some CEXs provide unique assist features to meet diverse user needs. Therefore, for traders, choosing the right exchange that suits their needs is crucial.

Given the product offerings and the current competitive environment of CEXs, TokenInsight has selected 9 influential exchanges in the crypto industry for a comprehensive comparison across three key dimensions: Products, Trading, and User Experience. This report aims to uncover the unique characteristics of these exchanges, showcase their strengths and weaknesses, and provide a reference for investors to choose exchanges that better fit their trading habits.

Product Overview

Looking at the product categories of all CEXs, besides the basic spot and derivative trading products, each CEX has its unique positioning, so the product types are different. For example, Binance, OKX, and Gate, as leading CEXs, have matured significantly in their offerings, covering the widest range of products. From the NFT Market, Wallets to Academy and Dashboards, they cover almost all the popular content of Web3. On the other hand, Coinbase, as a compliant exchange, caters more to professional traders and large institutional users. Emerging small to medium-sized CEXs represented by CoinEx are more focused on serving novice users, providing them with basic trading products that are easy to use, simple, and convenient.

Therefore, these exchanges excel in product richness, each with its own focus. This report only selects a few key products for in-depth horizontal comparison, such as Earn products, Wallets, and Launchpads.

Earn Product

In addition to basic trading products, earn products are the most popular exchange products among retail investors and institutional users. Similar to traditional financial products, earn products can help users increase their income in a simpler and more convenient way, and are generally considered more stable. Therefore, each CEX has introduced its own earn products to attract users. Among all the CEXs we analyzed, Gate has the most diverse range of earn products, which offers 16 types of products, including basic options like Simple Earn (flexible/fixed term), structured products, auto-invest, staking, etc., as well as some unique products such as cloud mining and slot auctions.

Among all earn products, Simple Earn is undoubtedly the most user-friendly option, making it suitable for novice users. Therefore, each exchange offers basic crypto flexible/fixed-term earn products. High-yield structured products are another popular type of earn product. Dual and Shark Fin are two of the most common structured products, both capable of providing users with high returns, with average Max. APR ranging from 100% to 150%.

Wallet & Launchpad

Wallets are products that most CEXs currently offer, aiming to provide users with functionalities such as on-chain transactions, token storage, and NFT trading. While the wallets designed by various CEXs are similar in functions, the differences are mainly reflected in the design of assist functions. For example, OKX's wallet's dashboard provides blockchain explorer checking functions, offering users a more convenient way to access on-chain data.

It's worth noting that although Bitget's wallet claims to support over 100 chains, this is because it allows users to customize add networks, including many testnets. Therefore, only a small portion of the networks in the Bitget wallet are actually usable by users, which may affect user experience to some extent.

In terms of launchpads, except for Gate, most CEXs currently do not consider them as key products for development. For example, launchpads on CEXs like Binance and OKX initially launched a large number of new projects in a very short time, but subsequent updates were relatively sparse, resulting in an overall low update frequency. However, launchpad, as a product not available on all CEXs, may become a focus of development for some exchanges in the future as they can provide users with more investment choices and trading opportunities, especially during bullish markets.

Trading Overview

Trading products mainly include spot trading and derivative trading. While spot trading products offered by major CEXs are generally similar, there are significant differences in derivative trading. For example, besides offering USD-M and Coin-M futures, Binance also supports options trading, whereas Bybit supports inverse contracts and USDC options.

In this report, we compared basic trading products, strategy trading bots, as well as copy trading common to all CEXs.

Basic Trading Product

In terms of the number of newly listed tokens in spot trading, MEXC has maintained a very high update frequency, and can even launch more than 50 new tokens in a single week during bullish market conditions. However, it's essential to note that many of these newly listed tokens are meme coins, which may experience significant fluctuations in both trading volume and price shortly after listing. Therefore, investors need to exercise extra caution when trading these tokens.

In comparison, Binance and OKX’s token updates are less frequent, primarily due to stricter listing rules on these platforms. However, whenever a new token is listed on these two platforms, it often triggers a market craze for a period, leading to a short-term price increase in these tokens. Therefore, although the frequency of listing new tokens is lower, the listing actions of these two exchanges often set the trend for investment hotspots for a period of time.

Advanced Trading Products — Trading Bots

In terms of strategy trading bots, OKX, Gate, and Bitget stand out the most. They not only offer a wide variety of trading bots but also provide advanced versions of basic Grid and DCA bots. Additionally, these CEXs also categorized these bots to help users quickly select the ones that suit their needs. Furthermore, many CEXs allow users to use AI trading without manually setting parameters, which is particularly user-friendly for novice users.

Meanwhile, some exchanges like Binance and Bybit also offer Webhook functionality, allowing users to set up trading orders triggered by specific conditions. However, to fully utilize this feature, users need to have a certain understanding of TradingView and coding, which may pose a learning curve. Additionally, some CEXs like Binance only allow Pro+ or Premium-level accounts to use this feature, so it is suitable for more professional traders.

User Experience

For CEXs, providing a good user experience is one of the most important factors in attracting new users, which often manifests in many details, including the design of the exchange's main interface, the convenience of buying and selling cryptos, and the ease of trading operations. We compared some details of each exchange's main interface, buy crypto & deposit, and trading interface to provide a reference for novice users.

Exchange Main Interface

For novice users who are just stepping into the crypto world, the display of the exchange's main interface is a key factor influencing user experience. Firstly, in terms of clarity of functionality, the navigation bar at the top of the main interface should clearly display all of the exchange's products, allowing users to quickly locate the products they want to use. In this aspect, OKX stands out with its clear and well-defined product categorization.

Secondly, BingX and CoinEx excel in design and layout. BingX has the highest score of product visibility and provides quick links directly to products. On the other hand, CoinEx's interface design is quite outstanding, with unified theme colors and a clean and simple layout. It also offers basic/advanced trading tutorials, scrolling token information, and important announcements, making it highly user-friendly.

Buy Crypto & Deposit

The availability of buy/deposit crypto is also an important factor in assessing the user experience of a CEX. The more methods supported by the CEX, the more convenient it is for users from different countries and regions. According to our statistics, Bybit's P2P trading (USDT:USD) supports the most payment methods, with 219 options available, making it the most convenient. On the other hand, MEXC's P2P trading only supports exchanges with the KRW, VND, and RUB, which is not very friendly for users primarily using USD as the payment currency.

In terms of on-chain deposits, Gate excels by supporting 16 networks, including major Layer1 and Layer2 networks, as well as its native network Gate Chain.

For more content on the Crypto Exchange Product Report in 2024, please download the complete report for free.

Exchanges

Web3

Download
TI Research

TokenInsight is a data and research organization for the digital asset market. TI provides comprehensive asset-related data and comprehensive and timely information and research services for digital assets.

delate
Use TokenInsight App All Crypto Insights Are In Your Hands
Open