Fresh data from CoinGecko reveals notable shifts in the competitive landscape among centralized crypto exchanges.
While Binance remains the market leader by trading volume, its dominance is shrinking, and rivals are beginning to make their presence felt more forcefully.
In April 2025, Binance reported $482.6 billion in spot trading volume, maintaining the top position with a 38% market share. Still, the figure reflects an 18% drop from the previous month and marks the first time since October 2024 that Binance’s monthly trading activity slipped below the $500 billion threshold.
Meanwhile, Gate.io has emerged as the month’s standout performer. Despite finishing the first quarter in sixth place, the platform surged ahead to become the second-largest centralized exchange by volume, handling $113.7 billion. It now commands 9% of the market and was the only top-tier exchange to post a double-digit increase in volume for April—up by 14.4%.
Bitget also made notable progress. Starting the year with only a 4.6% share, it has steadily gained ground. In April, the exchange reached $92 billion in volume, capturing 7.2% of the market and jumping into third place for the month.
However, the broader picture paints a more cautious story for the centralized exchange sector. Combined spot trading volume across the ten leading CEXs declined to $5.4 trillion in Q1 2025, down 16.3% quarter-over-quarter. Most major players recorded drops in activity, with eight of them seeing double-digit declines. Upbit fared the worst, shedding 34% of its trading volume.
While Binance still leads by a wide margin, momentum is building behind smaller competitors. Exchanges like Gate.io and Bitget are proving that agile strategies and strong month-over-month growth can disrupt even the most established giants.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/here-are-the-top-crypto-exchanges-by-trading-volume-in-april/