WHICH COUNTRIES
TRADE CRYPTO
THE MOST?

A Comprehensive Analysis

The global cryptocurrency market has experienced unprecedented growth over the past few years, reflecting its increasing mainstream acceptance and adoption. By analyzing 136 countries, we have estimated the crypto trading volume of each country using four critical factors: Web Traffic, Website Language, Headquarters location, and Trading Time Zone. This multifaceted approach allows us to provide a nuanced understanding of the major players in the crypto market.

How we did

Our study began by compiling a list of centralized exchanges (CEX) with trust scores above 6 from CoinGecko.

Due to the decentralized nature of crypto trading volume data, we adopted a methodological approach. We assessed four key factors for each exchange: web traffic by country, supported languages, headquarters location, and trading time zones.

These factors were then weighted accordingly to compute an estimated trading volume for each exchange.

Detailed methodology can be found at the end of this article.

KEY
FINDINGS

1

Global cryptocurrency trading volume in 2024 is estimated to exceed $108 trillion, nearly 90% higher than in 2022

2

The United States holds the title for the country with the highest estimated crypto trading volume in 2024, surpassing $2 trillion.

3

Europe leads in crypto trading, accounting for 37.32% of global transaction value.

4

Turkey and India rank 2nd and 3rd globally, respectively, with both countries boasting trading volumes exceeding $1 trillion.

5

Binance holds the top spot as the most widely used crypto exchange, dominating in 100 out of 136 countries.

COINWIRE
WHICH COUNTRIES TRADE CRYPTO THE MOST?

SIGNIFICANT SURGE IN
GLOBAL CRYPTO TRADING VOLUME

2022/
2024

TRADING VOLUME

trading-volume-global

Global cryptocurrency trading volume has surged dramatically, increasing by 42% since 2023. Over the past three years, the market has expanded by an impressive 89%, reflecting the growing acceptance and adoption of digital assets on a global scale.

Europe has emerged as the leader in this burgeoning market, accounting for 37.32% of global cryptocurrency transaction value. Europe is a hub for crypto innovation and investment due to progressive regulatory frameworks and a tech-savvy populace. Hot on Europe's heels, Asia ranks second, contributing 36.17% to the world's cryptocurrency transaction value. High mobile penetration, a robust tech infrastructure, and rising institutional interest are all contributing factors to the region's rapid uptake.

europe

EUROPE (1st)

leads in crypto trading, accounting for 37.32% of global transaction value.

asia

ASIA (2nd)

accounts for 36.17% of the world's cryptocurrency transaction value.

significant-surge-in-global-crypto-trading-volume

WORLD’S TOTAL ESTIMATED CRYPTO TRADING VOLUME OVER THREE YEARS

2022/
2024
europe
asia
africa
south-america
north-america
oceania
Click to see the data

The total estimated crypto trading volume in Europe over three years (2022 - 2024)

Europe's cryptocurrency trading volume is set to reach $40.5 trillion in 2024, a 2.7-fold increase from $15 trillion in 2022. The estimated volume for 2023 is nearly $19.9 trillion. This significant growth emphasizes Europe's growing influence in the global crypto market, which is due to a strong financial infrastructure, progressive regulations, and rising adoption of digital assets.

trading-volume-europe

Estimated crypto trading volume across European countries

Europe accounts for 37.32% of global cryptocurrency transaction value, solidifying its role as a key player in the global crypto market. The continent’s strong financial infrastructure and progressive regulatory environment have made it a hub for crypto trading.

RUSSIA

Russia leads Europe in cryptocurrency trading, ranking among the top five globally, with an estimated trading volume exceeding $633 billion.

THE UNITED KINGDOM

The United Kingdom follows closely, with a trading volume surpassing $624 billion, making it the second-largest market in Europe and the sixth worldwide. According to a study, London was positioned as a highly crypto-ready city, which bolsters the UK's prominence thanks to its advanced financial services and supportive government policies.

SLOVENIA

Slovenia boasts the highest monthly cryptocurrency expenditure per capita, with individuals spending an average of $2,609 per month on crypto, over 3.46 times their monthly rent. This reflects strong confidence in digital assets and favorable regulations.

UKRAINE

In Ukraine, cryptocurrency serves as a crucial alternative to fiat currency amid economic instability with citizens spending nearly three times their monthly rent on crypto, equivalent to 2.58 times their monthly wage. This highlights the practical utility of digital currencies in preserving value.

Country Trading Volume
(USD)
Trading volume
per internet user
(USD)
Trading Volume
compared to
average monthly wage
Trading Volume
compared to
average monthly rent
RUSSIAN FEDERATION 633,899,284,160 366 63.54% 29.33%
UNITED KINGDOM 624,839,595,534 769 26.54% 55.85%
UKRAINE 441,870,445,899 1,002 258.91% 299.10%
FRANCE 327,076,300,940 421 16.63% 50.06%
GERMANY 323,684,447,629 324 10.72% 32.30%
NETHERLANDS 298,800,346,016 1,413 40.51% 95.02%
SPAIN 242,572,316,007 425 22.34% 41.02%
POLAND 146,521,766,587 298 26.44% 39.16%
ITALY 137,249,016,337 194 11.29% 23.60%
ROMANIA 74,352,746,421 311 39.57% 70.05%
BELGIUM 71,752,371,056 512 19.33% 57.08%
SLOVENIA 66,364,254,154 2,609 193.12% 346.02%
SWITZERLAND 65,471,450,101 620 10.13% 32.41%
PORTUGAL 63,001,657,448 512 46.59% 49.33%
GREECE 57,428,877,863 463 50.94% 85.58%
AUSTRIA 55,045,188,174 512 19.05% 54.88%
SWEDEN 53,537,054,972 420 15.44% 42.94%
NORWAY 46,642,899,467 710 21.04% 57.40%
CZECHIA 46,491,304,025 369 22.49% 29.47%
IRELAND 46,236,131,249 762 25.54% 43.84%
BELARUS 44,992,547,934 395 79.16% 104.50%
BULGARIA 39,456,397,023 492 60.67% 111.31%
SERBIA 39,283,793,240 458 75.70% 83.12%
CROATIA 37,845,426,362 787 74.11% 129.44%
HUNGARY 37,709,105,706 309 32.63% 61.31%
GEORGIA 33,295,390,513 744 151.84% 126.53%
FINLAND 32,821,852,968 493 17.39% 58.00%
CYPRUS 28,881,347,845 1,910 130.11% 187.81%
LITHUANIA 28,422,782,917 871 72.95% 128.47%
DENMARK 27,087,992,013 382 10.82% 33.63%
SLOVAKIA 24,558,584,506 353 32.81% 54.14%
LATVIA 22,578,837,500 1,028 98.00% 204.78%
ESTONIA 21,985,792,642 1,385 96.52% 210.17%
ALBANIA 19,131,134,488 563 124.83% 121.86%
REPUBLIC OF NORTH MACEDONIA 18,910,502,056 756 164.71% 51.85%
MOLDOVA 18,890,203,439 458 105.53% 38.13%
BOSNIA & HERZEGOVINA 15,580,601,451 404 61.31% 142.76%
MALTA 11,367,083,438 1,770 122.49% 172.01%
MONTENEGRO 10,053,606,506 1,337 189.91% 94.69%
ICELAND 8,177,284,876 1,816 44.08% 157.78%
LUXEMBOURG 1,195,050,968 152 39.28% 8.61%
ANDORRA 169,210,000 176 127.54% 8.29%
ISLE OF MAN 5,308,796 5 3.11% 0.74%

The total estimated crypto trading volume in Asia over three years (2022 - 2024)

Asia's cryptocurrency trading volume is projected to reach $39.3 trillion in 2024, up from $27.1 trillion in 2022. Due to expanding adoption and favorable market conditions, this rapid growth emphasizes Asia's growing dominance in the global crypto market.

trading-volume-asia

Estimated crypto trading volume across Asian countries

Asia accounts for 36.17% of the world's cryptocurrency transaction value, reaffirming its status as a major player in the global cryptocurrency landscape. Turkey, India, South Korea, Vietnam, and Pakistan are among the top 5 Asian countries with the highest crypto trading volume.

TURKEY

Turkey leads with an estimated trading volume exceeding $1 trillion in 2024. Turkish citizens spend an average of $1,352 per month on cryptocurrency, which is over three times the average monthly wage and 2.5 times the rent. This high expenditure highlights the increasing reliance on digital currencies as a hedge against economic instability.

SINGAPORE

In Singapore, the average monthly spend on cryptocurrency per capita is $2,681, nearly equivalent to the average monthly rent. This significant investment underscores the country's progressive regulatory framework and the population's strong belief in the future of digital assets.

Country Trading Volume
(USD)
Trading volume
per internet user
(USD)
Trading Volume
compared to
average monthly wage
Trading Volume
compared to
average monthly rent
TURKEY 1,392,719,090,623 1,352 324.22% 249.91%
INDIA 1,053,657,462,772 61 10.72% 29.61%
KOREA 970,858,825,350 1,562 67.97% 105.68%
PAKISTAN 523,869,295,594 182 136.84% 175.00%
VIET NAM 458,003,164,103 386 84.28% 27.14%
JAPAN 360,768,163,122 244 9.75% 43.65%
INDONESIA 322,377,708,472 97 28.53% 34.64%
PHILIPPINES 293,929,748,465 209 68.30% 70.37%
TAIWAN 203,511,631,288 709 46.61% 152.47%
SINGAPORE 193,525,344,560 2,681 52.98% 99.55%
MALAYSIA 183,503,226,117 446 50.51% 134.34%
HONG KONG 169,533,898,859 1,886 66.69% 143.86%
BANGLADESH 165,545,294,479 80 31.75% 93.02%
THAILAND 154,280,484,068 179 32.97% 39.08%
UNITED ARAB EMIRATES 106,434,913,579 932 26.61% 55.21%
SRI LANKA 84,798,073,112 323 185.63% 156.80%
SAUDI ARABIA 58,740,684,193 132 6.59% 27.39%
CAMBODIA 54,580,458,380 268 147.25% 20.29%
ARMENIA 51,729,351,041 1,552 280.14% 171.87%
MYANMAR 44,803,091,962 68 38.42% 4.82%
UZBEKISTAN 42,137,307,464 100 32.89% 20.83%
KAZAKHSTAN 38,411,723,246 163 33.40% 29.37%
ISRAEL 36,466,985,281 331 13.19% 27.27%
LAOS 35,514,835,664 388 126.38% 27.38%
IRAQ 32,386,649,792 59 10.97% 17.30%
NEPAL 28,527,145,741 77 38.89% 49.04%
AFGHANISTAN 20,881,368,828 41 11.17% 2.42%
AZERBAIJAN 19,916,108,320 159 43.32% 38.13%
LEBANON 19,668,651,198 306 60.83% 21.75%
QATAR 16,061,069,803 493 12.52% 31.16%
JORDAN 13,794,890,658 101 16.32% 32.58%
MONGOLIA 9,961,022,772 241 78.50% 17.77%
KUWAIT 8,421,874,689 163 8.05% 18.63%
BHUTAN 8,047,062,646 852 281.19% 43.74%
KYRGYZSTAN 6,633,962,828 82 31.66% 6.47%
BAHRAIN 2,033,127,428 114 37.62% 7.66%
OMAN 946,488,553 17 4.63% 3.10%

The total estimated crypto trading volume in Africa over three years (2022 - 2024)

Africa is leading in crypto trading growth, with 2024 volumes projected to be five times higher than in 2022. Estimated trading volumes are expected to reach $10.8 trillion in 2024, up from $2 trillion in 2022 and $2.7 trillion in 2023.

trading-volume-africa

Estimated crypto trading volume across African countries

Africa's crypto market is experiencing significant growth, with Nigeria and South Africa leading the charge.

NIGERIA

Nigeria's trading volume is projected to surpass $244 billion, making it the top crypto trading nation on the continent. Nigerians have also shown remarkable trust in digital currencies, with many dedicating more than half of their monthly wage to crypto investments.

SOUTH AFRICA

Following closely is South Africa, with a trading volume exceeding $91 billion. South Africa's crypto market benefits from a well-established financial infrastructure and a growing interest in digital assets as both investments and transactional tools. The South African Reserve Bank's progressive stance on cryptocurrency regulation has further encouraged adoption.

Country Trading Volume
(USD)
Trading volume
per internet user
(USD)
Trading Volume
compared to
average monthly wage
Trading Volume
compared to
average monthly rent
NIGERIA 244,939,287,069 91 56.52% 10.85%
SOUTH AFRICA 91,046,445,150 126 10.18% 29.37%
KENYA 55,257,545,054 84 21.82% 31.00%
MOROCCO 53,603,974,854 40 28.99% 24.84%
EGYPT 52,768,272,922 116 29.44% 34.42%
ALGERIA 37,049,532,958 68 25.47% 35.23%
TUNISIA 33,373,655,097 82 45.05% 6.11%
GHANA 23,182,603,680 155 51.16% 71.43%
ETHIOPIA 16,127,491,284 11 5.24% 0.68%
UGANDA 12,844,329,385 22 5.31% 1.79%
CAMEROON 8,958,461,433 26 7.65% 1.60%
RWANDA 8,063,897,561 48 17.98% 3.28%
SOMALIA 8,060,375,262 37 18.69% 1.46%
CÔTE D'IVOIRE 5,816,092,227 17 6.37% 0.89%
TANZANIA, UNITED REPUBLIC OF 5,196,700,564 77 25.33% 8.50%
CONGO 4,539,358,547 12 4.04% 0.79%
MADAGASCAR 4,277,232,885 10 7.52% 0.96%
LIBYA 1,867,671,996 25 9.65% 1.00%
ANGOLA 1,414,308,275 17 6.18% 9.24%
BENIN 1,036,306,585 6 3.73% 0.45%
SENEGAL 978,536,913 5 0.92% 0.22%
BOTSWANA 931,219,662 29 11.20% 1.62%
BURKINA FASO 928,094,326 3 1.86% 0.16%
NAMIBIA 870,353,202 28 10.49% 1.76%
TOGO 390,902,954 2 1.50% 0.19%
ZIMBABWE 252,544,634 9 2.00% 0.73%
LESOTHO 96,862,630 1 0.37% 0.05%
MOZAMBIQUE 74,139,117 0 0.00% 0.00%
ZAMBIA 31,885,782 0 0.00% 0.00%
MAURITIUS 11,349,630 1 0.20% 0.23%

The total estimated crypto trading volume in South America over three years (2022 - 2024)

Over three years, South America's crypto trading volume has jumped over 3.42 times. Estimated trading volumes are projected to reach $7.82 trillion in 2024, up from $2.29 trillion in 2022 and $3.03 trillion in 2023.

trading-volume-south-america

Estimated crypto trading volume across South American countries

BRAZIL

Brazil stands out as the leading country in cryptocurrency trading, with a projected trading volume exceeding $354 billion in 2024. This significant number emphasizes Brazil's dominant position in the region's crypto market, which is a result of rising adoption and a supportive regulatory environment.

CHILE

Following Brazil is Chile, with a crypto trading volume exceeding $105 billion. Chile is notable not only for its trading volume but also for the high monthly expenditure on cryptocurrency by its citizens. On average, Chileans spend $447 per month on crypto, which amounts to 65% of their monthly income and nearly matches their monthly rent expenses. This substantial investment reflects the growing confidence in digital assets as a viable financial tool in Chile.

Country Trading Volume
(USD)
Trading volume
per internet user
(USD)
Trading Volume
compared to
average monthly wage
Trading Volume
compared to
average monthly rent
BRAZIL 354,875,927,892 137 32.70% 39.94%
CHILE 105,201,945,967 447 65.26% 94.50%
ARGENTINA 99,692,768,001 181 43.83% 55.86%
COLOMBIA 46,840,999,337 75 24.12% 20.60%
VENEZUELA 35,131,032,533 102 57.63% 48.34%
PERU 28,910,517,878 70 16.91% 16.47%
ECUADOR 12,611,002,190 8582 11.35% 15.98%
PALESTINE, STATE OF 8,038,458,735 125 46.82% 4.92%
BOLIVIA 7,067,082,113 48 11.01% 14.46%
URUGUAY 2,247,418,440 55 5.66% 9.15%
PARAGUAY 944,323,059 11 2.56% 0.58%

The total estimated crypto trading volume in North America over three years (2022 - 2024)

North America is the only continent with decreasing crypto trading volume over three years. The trading volume peaked at $13.6 trillion in 2023, down from $10.3 trillion in 2022, and is projected to drop further to $7.7 trillion in 2024. The overall decline in North America's crypto trading volume from its peak in 2023 to 2024 reflects changing market dynamics and possibly stricter regulations or market maturity.

trading-volume-north-america

Estimated crypto trading volume across North American countries

THE UNITED STATES

The United States remains the leading crypto trading country, not just in North America but globally, with an estimated trading volume surpassing $2 trillion in 2024.

CANADA

Following closely is Canada, with over $333 billion in estimated crypto trading volume. Despite the high trading volumes, US citizens spend relatively modestly on crypto, averaging $507 per month, which constitutes nearly 12% of their monthly wage. This indicates a cautious but significant investment approach among Americans.

Country Trading Volume
(USD)
Trading volume
per internet user
(USD)
Trading Volume
compared to
average monthly wage
Trading Volume
compared to
average monthly rent
UNITED STATES OF AMERICA 2,069,753,513,777 507 11.98% 37.03%
CANADA 333,498,648,770 717 23.29% 51.43%
MEXICO 82,881,089,773 54 7.67% 7.98%
EL SALVADOR 15,597,500,454 204 23.10% 13.65%
PANAMA 8,120,982,111 151 20.30% 18.88%
TRINIDAD & TOBAGO 8,119,959,529 441 56.18% 17.57%
DOMINICAN REPUBLIC 5,900,534,061 43 11.23% 3.10%
TUNGUATEMALAISIA 1,248,809,391 6 1.26% 0.63%
HAITI 939,443,955 7 2.31% 0.41%
JAMAICA 98,342,490 3 0.49% 0.36%
NICARAGUA 81,500,793 1 0.62% 0.06%

The total estimated crypto trading volume in Oceania over three years (2022 - 2024)

Crypto trading volume in Oceania has tripled since 2022. In 2024, the estimated trading volume is projected to reach $2.44 trillion, up from $805.7 billion in 2022 and $1.07 trillion in 2023.

trading-volume-oceania

Estimated crypto trading volume across Oceanian countries

AUSTRALIA

Australia leads Oceania's crypto market, with an estimated trading volume surpassing $208 billion in 2024. Australians are actively investing in digital assets. On average, each individual spends $659 on crypto each month. This significant expenditure reflects the country's growing confidence in cryptocurrency as a viable investment.

NEW ZEALAND

In contrast, New Zealand's crypto trading volume is much smaller, at just $29 million. Despite the lower trading volume, New Zealanders are still engaging with the crypto market, spending around $469 per month on digital assets. This substantial personal investment indicates a strong interest in and belief in the potential of cryptocurrencies, even in a smaller market.

Country Trading Volume
(USD)
Trading volume
per internet user
(USD)
Trading Volume
compared to
average monthly wage
Trading Volume
compared to
average monthly rent
AUSTRALIA 208,934,368,830 659 18.87% 44.41%
NEW ZEALAND 29,411,252,633 469 15.72% 41.95%
COINWIRE
WHICH COUNTRIES TRADE CRYPTO THE MOST?

WHICH CRYPTO EXCHANGE
IS THE MOST POPULAR?

Binance leads the crypto exchange market, dominating in 100 countries with a staggering trading volume of $2.77 trillion. This positions Binance as the most influential and widely used exchange globally. Close behind, Binance US also dominates in 100 countries, but with a significantly lower trading volume of $3.9 billion.

OKX and CEX.IO are also notable, leading in 93 and 92 countries, respectively, with trading volumes of $759 billion and $1.83 billion. Coinbase Exchange and Bybit follow, each dominating 90 and 87 countries, with trading volumes of $662 billion and $1.14 trillion, respectively.

These figures highlight the competitive landscape of crypto exchanges, with Binance maintaining a substantial lead both in terms of geographical dominance and trading volume, underscoring its pivotal role in the global cryptocurrency market.

CEX Number of
Countries
Trading volume
binance BINANCE
100 2,771,882,322,560
binance-us BINANCE US
100 3,913,665,415
okx OKX
93 759,452,606,645
cex-io CEX.IO
92 2,771,882,322,560
coinbase-exchange COINBASE EXCHANGE
90 662,374,143,565
bybit BYBIT
87 2,771,882,322,560
htx HTX
85 643,093,793,095
blockchain-com BLOCKCHAIN.COM
84 53,026,105
bitflyer BITFLYER
80 29,537,476,810
kraken KRAKEN
80 234,860,154,105
kucoin KUCOIN
75 234,860,154,105
nicehash NICEHASH
74 116,725,905
bitmex BITMEX
73 16,843,535
bitget BITGET
70 777,200,384,895
crypto-com CRYPTO.COM EXCHANGE
70 2,771,882,322,560
bitstamp BITSTAMP
68 44,528,947,340
bitfinex BITFINEX
67 41,107,121,615
coinex COINEX
65 25,194,449,485
gemini GEMINI
64 28,103,721,770
gate-io GATE.IO
62 589,678,644,815

Conclusion

Cryptocurrency use and exchange are continuously changing economic landscapes on a global scale, with Europe and Asia leading the way and significant contributions from other regions. As this market continues to develop, it will be essential to closely observe these patterns and how they affect both the global financial system and individual economies.

METHODOLOGY

The study started by collecting a list of centralized exchanges (CEX) on Coingecko, which have trust scores greater than 6. We then collected the following data:

Web traffic by country of every CEX

Ahrefs

Peak trading timezone of every country

Coingecko

Supported languages of every CEX

CEX's website

Headquarters of every CEX

Wikipedia

Based on expert opinions in the crypto industry, we utilized the following distribution to calculate the trading volume for each country:

Factor WEIGHT
Web Traffic 0.9
Website Language 0.001
Headquarters 0.008
Trading Time Zone 0.001

Finally, the trading volume is calculated using the formula below:

Trading Volume by Country

Trading Volume of CEX * (Web Traffic * 0.9 + Website Language * 0.001 + Headquarters * 0.008 + Trading Timezone * 0.001)

Other sources: Wikipedia, Numbeo, worldsalaries