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Top 10 crypto trading countries

Maya Mandz | May. 6, 2019
Top 10 crypto trading countries

May 7, 2019 | AtoZ Markets - The cryptocurrency analysis platform DataLight has recently announced top 10 crypto trading countries. According to the company’s research, the largest number of crypto traders live in the United States, Japan, and South Korea.

DataLight research results in a brief

The research group analyzed the country of origin of the traders on the 100 largest crypto-trading platforms and presented the data in infographics. The localization was carried out by IP addresses, so Chinese traders who are using VPN were not taken into account. According to the data received by the firm, about 22.2 million users from the United States visit the crypto trading platforms every month. Japan ranked second with a significant margin with 6.1 million visits, South Korea was third with 5.7 million.

The USA, South Korea, and Japan are leaders in the DataLight research

Crypto trading is one of the main ways to make money on cryptos. Further, Atoz Markets reveals the countries which lead in this industry, according to the DataLight analysts.

  1. The USA is the first in the 10 crypto trading countries list, as the DataLight reports. This country remains one of the most dominant economies in the world, having a huge impact on the global market and global economic policies. The country dominates on the cryptocurrency market and other financial markets. The DataLight report showed that the US has more crypto traders than the next five ranked countries combined. It is worth to mention, that 22.26 million of the US crypto traders make up more active traders every month than Japan, Korea, United Kingdom, Russia, and Brazil combined. The DataLight data, suggests that approximately 6.7% of the US population is actively involved in crypto trading.
  1. Japan was ranked the second in the Datalight top 10 crypto trading countries list. According to Investopedia report from 2018, 3.5 million Japanese were trading cryptocurrencies on 17 domestic exchanges. The country’s financial regulator’s research showed that 84% of the traders were between the ages of 20 and 40. It is notable that Japan has encouraged the cryptocurrencies from the beginning and even gave them legal status, although it has one of the most strict rules for the crypto industry. It also worth to mention that in 2019 one of the Japanese crypto trading platforms, Liquid hit unicorn status with the first close of an ongoing Series C funding that puts the company valuation at over $1 billion. Overall, 2019 could be considered as one of the eventful years for the crypto space in Japan. In March following the JPMorgan cryptocurrency introduction, the Japanese bank Mizuho announced its own J-Coin launch. Also, the Land of the Rising Sun has developed a crypto regulations manual that will be delivered to G20 leaders, during the upcoming G20 summit. 
  1. South Korea got third place in the DataLyght analysts' list. The local crypto experts estimated, that 5.7 million South Koreans monthly visit the top 100 cryptocurrency exchanges. It is worth to mention, that the Land of the Morning Calm is one of the most popular crypto nations in the world. According to the Korean media outlet, the average cryptocurrency investment by middle-aged South Korean investors has doubled since 2018. The Korea Financial Investors Foundation revealed that over the past 12 months the number of South Korea residents committed to cryptocurrency investment has risen from 6.4 percent to 7.4 percent. It is notable, that the government has increased its efforts towards regulating the crypto space, submitting six bills to the National Assembly late last year.

  1. The UK which ranked fourth in the DataLight top, according to analysts, showed impressive cryptocurrency traffic, with almost 4 million visits to the exchanges per month. London is becoming a major European crypto center, and crypto experts suggest that the number of crypto traders will only grow. It is notable, that the UK residents have more options when it comes to trading cryptocurrency than US residents. The USA Securities and Exchange Commission (SEC)  remains strict toward crypto regulations and prompts crypto exchanges to ban US residents from their services. The UK’s Financial Conduct Authority (FCA), in its turn, has launched a consultation paper on crypto assets, which will set out the cryptocurrency-related activities it regulates. The FCA consultation paper, titled “Guidance on Cryptoassets,” supposed to provide regulatory clarity for cryptocurrency market participants.

Turkey, Mexico, and Ukraine are on the bottom of the “top 10 Crypto trading countries” list

Three countries that may be significantly higher on the list than the crypto community would suggest are Turkey, Ukraine, and Mexico.

According to DataLight, the popularity of crypto-trading in countries such as Turkey, Mexico or Ukraine is caused by the instability of national currencies, as a result of which people are looking for alternative ways to save their value.

Last year, there was observed significant fluctuations in the value of the Turkish lira due to the unstable political situation in the country.

One day in August 2018, a 10% drop in the lira was accompanied by a noticeable surge in the volume of exchanging bitcoins for LocalBitcoins.

The DataLight team noted:

“Perhaps the most obvious and remarkable feature of infographics is simply how many countries in the world actually trade in crypto active assets: almost all have some trade traffic, with the exception of Greenland and some parts of central Africa,

The company added that the launch of the Binance trading platform in Uganda last year should lead to the proliferation of crypto trading on the Black Continent.

Also, DataLight researchers have reported that American traders prefer the Binance, Coinbase, Bittrex, and Poloniex exchanges. Binance, Poloniex, and Bitfinex are popular among Russian stock speculators. Earlier, the research group predicted that the bitcoin network could become the largest payment system in the world in the next decade if it maintains its growth rates.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.