Proof Point
Encrybit found majority of cryptocurrency traders use either Centralized or Decentralized type of exchanges during transactions in 2018
Cryptocurrency Exchange Types Used by Traders
August 2018 (percentage)
| Note: | Data from Encrybit’s online survey of 10,003 cryptocurrency traders and investors from 161 countries last August 2018 |
Proof Point Findings
- Centralized Exchanges (CEX) – Operates with third-party, allows Fiat conversions, have better speed, volume and liquidity compared to DEX and stores private keys in system (e.g. Bittrex, Binance, Kraken)
- Decentralized Exchanges (DEX) – Have no third-party operators, does not allow Fiat exchanges, have no private keys and not prone to hacking compared to CEX (e.g. IDEX, Ether Delta, AirSwap, WavesDex)
- Centralized vs Decentralized Exchanges – 39% of participants in Encrybit survey trade on CEX in 2017, with DEX closely following at 35% usage
- Hybrid Type – 18% of respondents answered to using hybrid exchanges that combined best features of both CEX and DEX for fairer trading (e.g. Qurrex)
- Uninformed Participants – 8% claimed to have no idea on different types of exchanges or which type they are currently using
- Key Growth Drivers – Include proliferation of cryptocurrencies and crypto exchanges, rising number of crypto traders, and increasing consumer and investor interest in traditional currency alternatives
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Date Last Updated |
January 17, 2019
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