A new report has been published announcing the best cryptocurrency trading platforms in the second quarter of the current year 2020.

In this the report Three US-based platforms were selected as the best trading platforms for the second quarter of 2020.

These platforms are: Coinbase, Gemini, and Kraken.

According to the report, only 15% of exchanges claim to store more than 95% of their cryptocurrency in cold wallets.

Best Cryptocurrency Trading Platforms:

The report in question was conducted by CryptoCompare and published this July.

In this report, cryptocurrency trading platforms are classified according to several criteria, the most important of which are:

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The standard for security, legal and regulatory risks, the standard for the application of KYC, the standard for the volume of transactions, the standard for the working group on the platform and the quality of services provided.

Each rating criterion is scored with a certain number of points to calculate the final score, which is measured in letters where AA is the highest and F is the lowest.

In the final data and after collecting the points, only two platforms received an AA rating, Gemini and Coinbase.

The report indicated that the two platforms were distinguished from others thanks to the regulatory discipline of the legal regulations, and the two platforms also had a license to transfer funds, which they have been working on for a period of time.

Coinbase is registered as a financial services company and has a dedicated license for cryptocurrency activities provided by the Department of Financial Services (DFS).

Gemini received a trust charter from the New York State Department of Financial Services a year after its creation.

These subtle licenses helped Coinbase and Gemini become the first crypto clients of the US multinational bank, JPMorgan Chase.

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Third place goes to US-based veteran platform Kraken.

Other notable A-rated cryptocurrency exchanges include Bitstamp, Binance, and Bitfinex.

In terms of Decentralized Exchanges (DEX), the report places Binance in first place, closely followed by Switcheo, IDEX, DDEX, Uniswap and Bisq.

Higher level platforms sucked lower level platforms:

According to a CryptoCompare report, cryptocurrency exchanges are divided into two groups according to their score.

Those with grades AA/A/BB/B, like the ones we mentioned above, are categorized as top tier trading platforms, while others with C/E/F grades are lower tier trading platforms.

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The report concluded that the smaller exchanges continued to lose their share to the larger exchanges.

The report noted that during the fourth quarter of 2019, top-tier platforms accounted for approximately 32% of the total trading volume.

In the first quarter of 2020, the percentage increased to 36%, while in the second quarter of 2020, the rate was 40%.

This means that lower level platforms have lost market share in favor of higher level platforms.

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