How Many People Use FTX

How Many People Used FTX? (User Stats)

Published on: March 12, 2024
Last Updated: March 12, 2024

How Many People Used FTX? (User Stats)

Published on: March 12, 2024
Last Updated: March 12, 2024

Quick Answer 🔍

How many people used FTX?

Before it shut down, FTX had over 1.2 million users.

FTX was new compared to other widely popular and established crypto exchanges.

With the list of exchanges people trust, FTX was one of them. Why so? Let’s find out!

How Many Users Did FTX Have?

FTX

The latest data available shows that FTX had over 1.2 million users.

Information on FTX’s number of website visits reveals it generated 4.77 million stopovers every week.

This number does not include those from its dedicated US platform, FTX US, which generated 986,000 weekly visits.

The site was widely popular in many developed countries in Asia like South Korea, Singapore, and Japan.

FTX Usage Statistics Over the Years

Data from its year of inception revealed that only 100,000 users signed up on the site back in 2019. 

This number grew massively the following year when the pandemic staged unprecedented attention towards crypto investing in Asia and beyond.

Such an opportunity sent its total number of users to 1 million by the end of 2020.

FTX is available in 200 countries and territories, making it accessible to traders wherever they are in the world.

On the other hand, crypto investors from the United States need to use its dedicated FTX US platform tailor-made to cater to users from the country.

What Did People Love About FTX?

People love low fees! But what if, there is none? FTX does not charge a deposit fee even a cent.

This is unlike the biggest crypto exchange in the United States, Coinbase, which normally charge a deposit fee amounting to $10 when using certain payment platforms like a Wire transfer.

Maker-taker fees are also very low at 0.02% for the maker and 0.07% for the taker.

Meaning, they can hardly be felt, which is especially advantageous for traders making frequent big transactions.

Similarly, this price threshold is comparably lower versus crypto.com which normally charges a market-taker fee of 0.4%.

This is also better compared to Binance’s 0.1% flat rate, whereas the latter is already known as a platform with ultra-low fees and zero deposit charge.

Although it appeals to more experienced traders with prior crypto knowledge, beginners can easily go around the site.

Its interface is user-friendly and easy to navigate, making trading tokens manually or with a FTX trading bot fun and easy to do.

Top Countries Using FTX

FTX

FTX appeals to users in countries located in East Asia such as South Korea and Japan.

Take a look at the list of the top countries that captured a significant percentage of FTX’s total user base.

  • South Korea – the country accounts for 6.21% of all of FTX’s total user percentage
  • Singapore – the country accounts for 5.26% of all of FTX’s total user percentage
  • Germany – the country accounts for 4.20% of all of FTX’s total user percentage
  • Russia – the country accounts for 3.66% of all of FTX’s total user percentage
  • Japan – the country accounts for 3.56% of all of FTX’s total user percentage

Age Demographics of FTX Users

Below are the age demographics of FTX users. As can be seen from the information, the age group covering 25 to 34 years old accounts for the highest percentage of the platforms’ user count.

  • 18 to 24 years old – this age group accounts for 27.50% of FTX’s total user base
  • 25 to 34 years old – this age group accounts for 33.98% of FTX’s total user base
  • 35 to 44 years old – this age group accounts for 18.04% of FTX’s total user base
  • 45 to 54 years old – this age group accounts for 10.36% of FTX’s total user base
  • 55 to 64 years old – this age group accounts for 6.35% of FTX’s total user base
  • 65 years old and up – this age group accounts for 3.77% of FTX’s total user base

FTX’s 24-Hour Trading Volume vs Competitors

In 2021, FTX is hailed among the platforms with the highest 24-hour trading volumes. Take a look at the site’s performance versus its direct rivals namely Binance and Kraken.

  • FTX – recorded an average 24-hour trading volume amounting to $24 billion
  • Binance – recorded an average 24-hour trading volume amounting to $92 billion
  • Kraken – recorded an average 24-hour trading volume amounting to $6 billion

Binance maintains dominance in the overall crypto market in terms of the 24-hour trading volume.

But FTX did not go too far behind and notched $24 billion in average trading volume during the same period.

FTX’s Market Share vs Binance and Coinbase

FTX

Despite having a late entrance, FTX successfully captured investors’ hearts.

It managed to capture a significant share in the overall crypto market, which it shares with the biggest names in the field like Binance and Coinbase. 

Here is FTX’s market share vs Binance and Coinbase from 2020 to the first half of 2022.

Market Share of Cryptocurrency Platforms in 2020

  • Binance – 80% of the total
  • Coinbase – 20% of the total

Market Share of Cryptocurrency Platforms in 2021

  • Binance – 71% of the total
  • Coinbase – 25% of the total
  • FTX – 4% of the total

Market Share of Cryptocurrency Platforms as of the Start of 2022

  • Binance – 52% of the total
  • Coinbase – 26% of the total
  • FTX – 22% of the total

Market Share of Cryptocurrency Platforms as of June 2022

  • Binance – 61% of the total
  • FTX – 24% of the total
  • Coinbase – 15% of the total

FTX started gaining traction in 2021, capturing 4% of the total crypto exchange market. The positive momentum carried on through today, where it holds 24% of the total market value.

Conclusion

FTX is another zero-to-hero story. It started as nothing back in 2019 and even endured a tumultuous year in 2021.

During the pandemic year, Binance enjoyed a near monopoly hold of the overall crypto market. 

But the dynamics changed when users started realizing the potential in FTX which comes with low trading fees, maximum security protection, and worldwide accessibility.

Today, FTX holds 24% of the overall crypto landscape, overtaking Coinbase which bottomed at only 15%.

Thank you for reading our article about how many people use FTX in 2024.

Sources

BusinessofAppsInvestopediaCNBC
KaikoSimilarwebMarket Place Fairness

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Written by Jason Wise

Hello! I’m the editor at EarthWeb, with a particular interest in business and technology topics, including social media, privacy, and cryptocurrency. As an experienced editor and researcher, I have a passion for exploring the latest trends and innovations in these fields and sharing my insights with our readers. I also enjoy testing and reviewing products, and you’ll often find my reviews and recommendations on EarthWeb. With a focus on providing informative and engaging content, I am committed to ensuring that EarthWeb remains a leading source of news and analysis in the tech industry.