Cryptocurrency exchanges of a lower-tier – including those with not-so-solid order books – currently dominate the cryptocurrency space when it comes to trading volumes.

This, according to the CryptoCompare August 2019 Exchange Review, which found that cryptocurrency exchanges rated D-E according to the firm’s Exchange Benchmark represent 71.1% ($473 billion) of the market’s trading volume combined.

Overall, during the month of August, CryptoCompare found that crypto-to-crypto trades dropped by nearly 20%, while the trading volume from cryptocurrency exchanges that offer trading pairs with fiat currencies dropped by nearly 15%.

LBank, a D-rated cryptocurrency exchange that last month in terms of trade sizes, seeing an average trade size “roughly fourteen times that of AA-rated Coinbase,” and registered an average of 11,000 trades a day, compared to Coinbase’s 68,000 a day average.

The report further digs into the daily unique visitors top cryptocurrency exchanges saw, as well as volumes seen by top trans-fee mining and decentralized exchanges and cryptocurrency derivatives products. CryptoCompare’s CEO, Charles Hayter said:

Our August Exchange Review examines the major changes last month to the crypto exchange landscape. Highlights in this edition include a revealing spotlight on stablecoins as well as an analysis of trade volumes against daily web traffic.

Notably, the document highlights Bitmax, a trans-fee mining exchange with a ‘D’ rating, “constituted roughly half of all USDT volume” thanks to its USDC/USDT and PAX/USDT trading pairs. Its large USDT volumes from these pairs, it reads, “dropped off abruptly at the beginning of September.”

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