Bitcoin and Cryptourrency Exchanges’ Reported Trading Volumes Found Fake

By Nivesh Rustgi
Published March 21, 2019 Updated March 21, 2019
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Bitcoin Fake trading volume

Bitcoin and Cryptourrency Exchanges’ Reported Trading Volumes Found Fake

By Nivesh Rustgi
Published March 21, 2019 Updated March 21, 2019

Independent research conducted by TIE, developed in partnership with Social Market Analytics suggests that 59% of the exchanges have falsified their trading volume data by more than 90%.

The Research Parameters and Technique Implemented

The organization made a comparison between the website viewership metric and the reported trading volume on exchanges. Furthermore, when they calculated the amount of money per user in the Exchanges, they found considerable discrepancies in the records.

For Example, while Binance reported $750 traded per visit, DOBI reported a whopping $356,625

Furthermore, an average of $591 per visit was estimated on websites like Binance, Coinbase, and Bitfinex.

We selected these exchanges because of large usage among institutions, reputation within the market, and because their web viewership appeared consistent with their reported trading volumes.

This estimated formed the benchmark for test on other exchanges as well. Surprisingly, more than 75% of the Exchanges reported trading volumes double of what is expected.

The total estimated suspicious volume on the exchanges is 87%.

Exchanges to trust

According to the report Exchange which maintained parity with the reported trading volume and expected trading volume are Binance, Bitfinex, Coinbase, Kraken, Bitstamp,, Bittrex, Gemini Poloniex, Coindeal, and so on.

The research was conducted on over 100 exchanges. Since 75% of them were found of falsifying data, the trust and support for these exchanges are sure to grow in the future.

Exchanges not to be trusted

While Okex is currently ranked one on‘s list of exchanges according to trade volume, the report suggests that more than 90% of the data on Okex might be suspicious. Other popular Exchanges that made the red or caution list were Bit-z, Coinbene HitBTC,, Coineal, LBank, Bibox, and so on.

Need for Regulation

The report by TIE not only brings ominous news to the crypto-community but also revisits the need for regulation of Exchanges. While the largest economies of the world have cracked down on some cryptocurrency based platforms, some exchanges continue to gain limelight by falsifying volume data; an unethical practice.

A revelation of this kind can hurt the price of Bitcoin and other cryptocurrencies adversely. However, the unreported volumes of OTC trade around the world buffer the effect of false amounts reported on Exchanges.


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Nivesh Rustgi
1181 Articles
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)

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