Binance has been named one of the most transparent cryptocurrency trades on the market. According to the Blockchain Transparency Institute, Binance is at the top of the list. The information can be seen in the report on the Exchange rankings of November 2018. Other important exchanges cited were Bitstamp, Coinbase and Kraken FX.
Binance One of the most transparent cryptographic exchanges
According to the latest report on exchange rankings, Binance is the most transparent exchange in the cryptic world.
Our new ranking is out with the mobile app and API metrics! @binance remains high while @Bitstamp, @coinbase is @krakenfx move respectively 33, 19 and 23 points from the CMC ranking in the Top 10. See the complete list https://t.co/6kEOmoBYOw pic.twitter.com/62iWvD1swI
– Blockchain Transparency Institute (@BTI___) 2 November 2018
The report uses an advanced methodology that aims to provide more accurate data on trade volumes. The first report was released in August and found that there was an excessive exchange in 7 different exchanges of cryptocurrencies in the cryptocurrency market. These exchanges with excessive wash exchanges were among the largest exchanges on CoinMarketCap (CMC).
Due to this situation, some exchanges started to request higher quotation commissions. The report indicates that some Chinese exchanges have criticized the Blockchain Transparency Institute. Apparently, 50% of the tracked data was not reported correctly due to the Chinese firewall.
To achieve better results, BTI decided to make some changes to the methodology. The changes were made after receiving positive feedback from exchanges and other enthusiasts.
In the latest report, BTI added app data for mobile applications and APIs provided by various analysis sites and exchange reports. As mentioned above, they have adapted Chinese-based exchange data. The limits for average daily exchanges per user are now based on new metrics.
The November results show that Korea-based exchanges have registered the highest number of mobile app users. In some cases, the number of transactions made through the telephone application could be three times greater than the web traffic.
BTI reported on this:
"The use of mobile apps generally ranged from around 50% of web traffic to over 200% Korea-based stock exchanges registered the highest number of mobile device users, which is in line with a recent study that found that the Korean uses the largest amount of data from any mobile user in the world.The use of mobile apps has reached the third level of web traffic ".
The API trading was able to find out that trading bots gravitate towards trading with the greatest amount of traffic. Furthermore, these robots work in exchanges with the transaction-based fee structure. These platforms return 120% of their commission to operators using the native exchange token. This helps robots to wash the trade.
BTI said they are looking to expand their team to provide better data in the future. The first five exchanges mentioned in the report were Binance, OKEx, Huobi, Bitfinex and Bithumb.
You can find more information on the Binance website and sign up using this link.
Carlos is an international relations analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other major cryptocurrency sites; with over 2,000 published articles.