Posted 1 year ago | by Ben Armstrong

CryptoCompare Reveals that Binance Grew Derivatives Trade in April

Cryptocurrency exchange Binance was the only trading platform which saw its derivatives trading volumes grow last month, with the total volume for April coming in at $108 billion (all figures are given in USD). Binance is an innovative crypto company, and it has a range of tools for traders of every kind.

According to CryptoCompare’s April 2020 Exchange Review, while the derivatives trading volumes of BitMEX and other popular trading platforms dropped, Binance increased its volumes by a total of 11.6% compared to last month.

Huobi was the largest derivatives exchange last month which traded a total of $133 billion. Its volume dropped 10.5% since March. The following exchange was OKEx, trading a total of $113 billion last month.

If you would like to trade with Binance, just click right here to sign up for a free account. It is one of the best crypto exchanges in the world, and it has a special platform just for US crypto investors. If you are thinking about trading cryptos or buying some for the long term, click here to get started!

Binance is Growing its Footprint

CryptoCompare added that when the price of bitcoin dropped below the $9,000 mark on April 30, 2020, the majority of the BTC/USDT market’s trading volume belonged to Binance, which traded a total of $15 million by 11 am BST.

Binance, at the moment, took up around 50% of the trading volume among seven of the largest top-tier exchanges in the cryptocurrency space.

Binance and OKEx were the top players when compared to other exchanges in terms of the total trading volume. On April 30, Binance traded a total of $3.6 billion and OKEx was $2.5 billion. Coinbase, the other largest trading platform, logged $800 million.

More Ways to Trade With Brave Browser

As reported earlier, Binance has partnered with the Brave browser to roll out its widget on the desktop version of the browser, allowing users to trade directly on the exchange.

The CEO of Brave, Brendan Eich, recently said in a Tweet streamline that most Brave’s users have not yet actually used its cryptocurrency features. This may change as more people look for ways to divest their assets from the existing financial system, which isn't likely to last more than a few more years.

While there is no way to know how much longer the post-WW2 Western financial system will last, the fact that China is openly talking about dumping US debt, as the US central bank buys that same debt in enormous quantities is cause for concern.

About Ben Armstrong

ef4f73e9ddeb61becab57469962fa946?s=90&d=blank&r=g CryptoCompare Reveals that Binance Grew Derivatives Trade in AprilBen Armstrong is a YouTuber, podcaster, crypto enthusiast, & creator of BitBoyCrypto.com. Better known as BitBoy Crypto, he works hard to educate and inform the crypto community.

Ben has been involved with the world of cryptocurrency since 2012 when he first invested in Bitcoin. He used Charlie Shrem's BitInstant & lost Bitcoin in the Mt. Gox hack.

In 2018, Ben decided to go "full-time crypto" and focus all of his time and energy into expanding the reach of crypto.

If you have any questions or comments please feel free to email him at BitBoy@BitBoyCrypto.com or contact him on Twitter @BitBoy_Crypto.