The crypto market is an emerging market that lacks many provisions and regulations, so trust is a very important factor to attract more users.

So many trading platforms are trying to offer advantages and services and display their large trading volume to increase the number of their users, compete and take market share.

Recently the company team published “Currency ScalesCryptocurrency analysis provides a new framework for assessing the reliability of cryptocurrency exchange volume data.

Based on Coin Metrics numbers, the real cryptocurrency trading volume is only a tenth of that reported on most exchanges.

The Trusted Volume Framework is a new way to more accurately measure trading volumes across the crypto markets.

Read:Sentiment of ‘extreme fear’ surrounds Bitcoin after price slump and conflicting expectations about bear market

Many cryptocurrency exchanges, especially those that list illiquid alternative cryptocurrencies, offer fake trading volumes in an effort to attract more users to the platform.

John Ginty, data analyst at Coin Metrics said:

Notorious cryptocurrency exchanges seek to provide fake trading volume numbers in order to increase their ranking

The industry is full of technical information that can be hard to understand and sometimes misleading.

We are working to create a more transparent environment for those inside and a safer and more trustworthy resource for those who hope to learn more about it.

According to Coin Metric, only 13 cryptocurrency exchanges have a “reliable” trading volume:

Binance/US Binance, Bitbank, Bitfinex, bitFlyer, Bitstamp, Bittrex, CEX.IO, Coinbein, Gate.io, Geminu, itBit, Kraken and Poloniex.

It is the top ten platform without CEX.IO, Gate and Bitbank, which were also included in Messari’s Trusted Trading Platforms Index unveiled last March.

As for the criterion for filtering and ranking currency trading platforms approved by Coin Metrics, it was based on three main axes:

Volume, platform visitor traffic analysis and other qualitative features.

Read:Iranian government shuts down 1,100 bitcoin mining farms inside the country

The first criterion measures whether the price feeds of the trading platform are closely related to the price feeds provided by the old and well-regulated platforms, namely Bitstamp, Bittrex, Coinbase, Gemini, itBit and Kraken.

Any trading platform with a correlation of 80% or higher passed this test.

The second criterion is to measure the volume of visitor traffic and compare it with the reported, and on a logical basis, the trading volume is deduced based on the number of visitors to the platform.

Read:Why did the price of Crypto.com coin (CRO) increase by more than 350 percent?

The third criterion for Coin Metrics is to determine the features and characteristics offered by the trading platform, as well as its compliance with regulations.

Here are some of the platforms that failed to pass these three criteria, such as the Malta-based OKEx platform.

BiBox, ZB.com, LBank, and HitBTC all fail in two benchmarks.

The list announced by Coin Metrics is relatively new and will be updated periodically.

Based on figures provided by Coin Metrics, the true volume of the 24-hour crypto market is approximately $13.25 billion, compared to approximately $113 billion in volume reported by the exchanges.

Read also:

Bitcoin P2P trading volume reaches record levels in several countries

Cryptocurrency trading volume and trading platform visitors are worse than it looks