OKEx, the largest digital assets exchange platform has achieved yet another milestone with the CryptoCompare Exchange Benchmark report placing it among the top 10 cryptocurrency exchanges in the world, at number 6. This is not the first time OKEx has been featured in the CryptoCompare reports. In fact, recently the platform was listed as the top cryptocurrency exchange in terms of derivatives monthly volumes.
The new CryptoCompare Exchange Benchmark report makes use of a refined methodology to provide one of the most comprehensive, granular and reliable sources of information regarding the digital asset trading platforms to market participants and new entrants into the cryptocurrency sector. The report considered in some circles as the gold-standard of information.
In the latest Q3 report, OKEx gets a grade A verification for its continuous innovation and features addition, as a part of its product development strategy. It is a significant milestone which adds to the reputation of OKEx as one of the largest global digital assets platforms serving the crypto industry. Andy Cheung – Head of Operations at the OKEx offered a comment in this occasion saying, “We are glad to be well-received by our customers and analysts. It is so encouraging to see our years of hard work has paid off with a grade A verification and such ranking… Such honor by a trusted firm reflects that we are endeavoring on the right track. We will never stop improving and will continue to develop and bring the best products to the global community. We hope to see ourselves at a higher position next time.”
The first edition of CryptoCompare’s Exchange Benchmark was launched in June 2019, with the intention of addressing the concerns surrounding crypto-exchanges and their alleged practice of indulging in wash trading and incentivized trading schemes to inflate trade volumes on their platforms. In the report, each participating exchange’s publicly available information on trading practices and volumes are monitored to check for any deviation from standard and ethical practices and based on the results, they are ranked. These rankings introduce a much-needed additional layer of transparency to the crypto-ecosystem.
The Top 10 list as compiled by the Exchange Benchmark Report:
- Gemini
- ItBit
- Coinbase
- Kraken
- BitStamp
- Liquid
- OKEx
- Poloniex
- bitFlyer
- Bitfinex
Apart from the exchange volumes and other information that are readily available in the public domain, the ranking also considers the platforms’ geography, legal and regulatory standing, investments, people behind the venture, trade surveillance, data provision and market quality. The standards followed to assign the ranks can be accessed on CryptoCompare website.
If the trends are any indication, then this is neither the first nor the last time OKEx is going to make it to the Top 10s list. The huge userbase, combined with loads of existing features and those currently in the pipeline ensues that the platform always has something new to offer.