US leads in terms of traffic to cryptocurrency exchanges

According to the OKEx report, 20 countries account for almost 75% of the total traffic to cryptocurrency exchanges. The United States tops this list, Russia in second place.

As part of a study conducted by OKEx senior researcher Laura Kong, Lora Kong analyzed the traffic changes of the 53 most commonly used cryptocurrency exchanges in 185 countries. This analysis of traffic on exchanges from different countries can give an idea of which countries trade cryptocurrencies the most, as well as give sites clues which regions should become the priority areas of expansion.

The largest traffic to cryptocurrency exchanges falls on the United States – 14.2% of the total, while in Russia this figure reaches 7.4%, and in Brazil – 6.1%. Turkey accounts for 5.4% of global traffic, and China closes the top five with 5.1%. Turkey’s interest in cryptocurrencies is confirmed by another study, according to which 20% of the country’s population either owns or uses digital currencies.

However, the report says that traffic from China can actually be higher than from the US, since the volume of trade per application used by Chinese traders is four times greater than through web services, while Report data is based on web traffic.

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The study also showed that Indonesia, Japan, Ukraine, Poland, Thailand, South Korea, Mexico and Australia show significant interest in cryptocurrency exchanges, with local exchanges dominating in their case. Other countries, including the UK, Vietnam, Germany, France, the Netherlands, Spain and Canada, boast high trade demand, but do not have large local exchanges.

In addition to the relatively wealthy countries with a high interest in cryptocurrency trading, the South American countries represented by Venezuela and Argentina, and some African countries such as Sudan and Nigeria, have shown strong demand for cryptocurrencies, despite the low trading volume.

According to the report, traders in these regions mainly trade cryptocurrencies as part of OTC transactions to hedge the risks of their volatile fiat payment systems and high inflation.