🔥$100K Hit! Where Will Bitcoin Go Next? Find Out Live!
Our Score 9.8

Picture this: an exam that feels more like an adventure, a game with a twist, offering not just knowledge but an adrenaline-pumping, gamified learning experience. Oh, and did I mention the jaw-dropping rewards? Actually, you don't need to imagine it because I’ll introduce you to just that in this BitDegree Web3 Exam review.

BitDegree is not your usual learning platform. It's an all-in-one Web3 learning hub, designed to make everyone Web3 savvy in the most entertaining ways possible. The Web3 Exam and Missions are the latest gamified learning tools launched by the brand, and I'm about to spill all the deets about them.

Curious what is BitDegree Web3 Exam purpose? Is BitDegree Exam legit? How to do BitDegree Web3 Exam? Well, buckle up because we're about to tackle these questions and a whole lot more together in this BitDegree Web3 Exam review.

Verdict at a glance: The BitDegree Web3 Exam offers a freely accessible, gamified learning journey, delivering students invaluable knowledge alongside fantastic rewards sourced from a staggering $500K-worth prize pool. Rooted in science and focused on education, it seamlessly combines an entertaining approach to learning Web3 with high-level educational materials. You have to act fast, though, as the prize pool won't linger there for long. Additionally, apart from the Web3 Exam, there are shorter and more specific-theme-focused BitDegree Missions available.

Pros

  • Free to join
  • NFT Certificates of Completion
  • Over $500k-worth prize pool
  • Gamified experience
  • Four difficulty levels
  • Interactive and varied tasks
  • First of its kind

Cons

  • Limited-time prize pool

BitDegree Web3 Exam Review: PROS

Let’s start my BitDegree Web3 Exam review by going over all of the Exam feature highlights. First off, we have the task variety.

Task Variety to Keep It Interesting

Before getting into the details about tasks you can find in the Web3 Exam that BitDegree offers, let me give you some basic information you need to know:

  • The BitDegree Exam price is zero. There are no hidden fees or catches, it’s completely free;
  • As of writing, there are four Exam levels – Rookie, Starter, Explorer, and Evangelist;
  • You can take the Exam levels in whichever order you want, and you don’t have to complete all four of them. However, doing so will increase your understanding of Web3 immensely, as well as your chances of getting more rewards;
  • Each Web3 Exam level is made up of several parts, and each part can be divided into several rounds;
  • Each round has a timer, so you must finish it as fast as possible, once you start. You can take breaks between rounds, though.

Now that we got that out of the way, let’s talk about the task variety. One thing that I've noticed highlighted in several user BitDegree Web3 Exam reviews is that the Exam keeps it interesting with many different tasks.

You see, most crypto quest platforms that provide somewhat similar experiences usually focus on advertising Web3 projects. They act as quest launchpads and allow the projects themselves to create these quests. Despite the usual possibility of including a variety of tasks, the projects most often choose social-action-based tasks.

Thus, you’ll normally be asked to follow a social media channel on some platform or visit the platform in question and do something on it. Don’t get me wrong, there’s nothing wrong with these tasks (you’ll find some on the Web3 Exam BitDegree offers, too), but the issue arises when they're overdone, or when such tasks are the focal point.

BitDegree takes a bit different approach – its *main* focus is educating the Exam participants about the Web3 space as a whole and making it fun in the process. So, what kind of tasks should you expect, exactly?

Quizzes

The majority of tasks you’ll encounter in BitDegree’s Web3 Exam are various types of quizzes about different Web3 concepts and projects. Yes, you will learn about how the space works, but will also be introduced to some of the biggest names in the industry.

The quizzes you’ll find will require you to select the correct answer (or several answers), type in the answer yourself, or sort out lists (could be a list of events or certain processes).

BitDegree Web3 Exam review: an example of a quiz type task.

The Rookie, Starter, and Explorer levels of the Exam mostly feature built-in learning materials, including tutorials, Crypto 101 Handbook chapters, video explainers, and so on. Thus, you’ll be able to find all the answers in these materials. There’s even a nifty search bar, which you can use to search for specific concepts.

The fourth level (Evangelist), however, mostly takes place on the so-called "dark page". Here, you’ll have to rely on your own knowledge, so you won’t find any built-in learning material.

BitDegree Web3 Exam review: an example of a task with a black screen.

Though, it’s only natural since it’s the hardest level, which is supposed to be more challenging. After all, not everyone wants to take the easy route.

Blockchain Actions

Apart from quizzes, you’ll also find tasks that will ask you to complete certain blockchain actions. For example, you could be asked to swap specific tokens or mint an NFT. Now, don’t such actions cost? Yes, normally, they do. For swapping tokens, you have to have tokens, in the first place. Plus, there are network fees.

BitDegree Web3 Exam review: an example of a blockchain task.

However, remember I’ve told you there are no BitDegree Exam prices? So, you don’t have to worry about network fees or owning tokens, because all blockchain actions you’ll be asked to do will take place on a testnet. Besides, beforehand, you’ll be directed to claim some free testnet tokens for completing these actions.

Since the key purpose of these tasks is to teach students how to complete the main actions on the blockchain, there’s no better way to do that than using a testnet. It imitates the actions precisely how they work on a mainnet but takes money out of the equation.

BitDegree Crypto Tracker Tasks

Another type of tasks you’ll find on the Exam are those based on BitDegree’s crypto tracker. I've noticed in several BitDegree Web3 Exam reviews that these tasks are quite liked by students.

For those who don’t know what it is, a crypto tracker is a tool that features thousands of crypto assets and the most important information about them, including their prices in real time, market cap, social signals, and so on. A crypto tracker is an invaluable tool for any Web3-savvy person, especially those who want to trade crypto. However, they do seem a tad confusing at first, with all the numbers and charts you’ll see.

BitDegree Web3 Exam review: an example of a crypto tracker task.

This is where the Web3 Exam BitDegree offers comes into place – it takes the "Learn by Doing" approach and teaches users how to navigate one. So, you will be asked to find certain information on it, such as the current price of an asset, its price direction, social signals, and whatnot.

Social Actions

The last task type you’ll encounter is social actions. You already know what kind of tasks these are, as I’ve mentioned them before in this BitDegree Web3 Exam review. However, note that you’ll only find a few of such tasks on BitDegree.

What you might be asked to do is follow BitDegree’s social media channels, repost something on X (formerly Twitter), or join their Discord channel. The purpose of these tasks is to spread the word, making sure the buzz about this Exam reaches all the eager learners out there.

Additionally, these tasks serve another purpose – connecting you with fellow Web3 enthusiasts. It's not just about the exam; it's about building a community of like-minded individuals where you can swap insights and knowledge about the fascinating world of Web3.

BitDegree Web3 Exam review: an example of a social task.

You might find some additional tasks I haven't mentioned here, but these are the four biggest categories.

While we’re still on the topic of tasks, it’s also worth noting that the majority of action happens on BitDegree’s Web3 Exam interface, so you won’t have to jump back and forth between different pages. Of course, you might be asked to visit some sites, especially for completing blockchain actions, but there are not many tasks like that.

That said, what’s next in this BitDegree Web3 Exam review? Something exciting for sure – prizes.

Over $500,000-Worth Prize Pool

Learning something useful is a reward in itself. However, I bet most would agree that learning something useful *and* earning some tangible rewards at the same time is even better.

The BitDegree team understands that, which is why the Web3 Exam boasts a $500,000-worth prize pool. The project has partnered with major Web3 industry leaders (including Ledger, Unstoppable Domains, CoinStats, and others) to curate this prize pool. Its allure extends to both physical and digital rewards.

Though, it’s worth noting that BitDegree’s partners are not only part of the project for the sake of rewards. They all have the same mission – to champion Web3 as the future technology embraced by the masses, trusting BitDegree to help make it a reality.

BitDegree Web3 Exam review: prize pool.

Besides, BitDegree's collaboration with these platforms adds credibility to the whole initiative and answers the question, "Is BitDegree Exam legit?" – it definitely is.

Now, back to the prizes. So, what is BitDegree Web3 Exam prize pool comprised of, exactly? Well, you have a chance to win:

  • Bits (like experience points, or XP);
  • NFT Certificates of Completion;
  • Tokens (USDT, WXT, UPX, and others);
  • Hardware wallets (Ledger and others);
  • Premium subscription plans (CoinStats and others);
  • NFTs (Upland and others);
  • Trading fee bonuses (BYDFi and others);
  • And more.

You get Bits as you solve the Exam and NFT certificates as you successfully finish whichever level (I’ll talk about both later in this Bitdegree Web3 Exam review). However, other prizes are distributed during the Lucky Draw events.

The initial Lucky Draw event took place at the beginning of January of this year and required participants to finish whichever level of the Exam by December 27th, 2023.

Due to the popularity of the Exam, however, BitDegree has also announced the second Web3 Exam phase (which ended on the 2nd of February) and the Third Phase (which will end on March 1st). These phases provide participants with bonus Lucky Draw events, naturally prolonging the time one can become eligible for the Draw.

The clock is ticking, though, so if you want to win some amazing prizes, you should hurry up. To tip the scales in your favor, consider completing all four Exam levels and Missions (I’ll do a short BitDegree Missions review later).

Once the prize pool is distributed, you’ll still be able to participate in the Web3 Exam, earn Bits, and claim NFT Certificates of Completion. However, there will be no prize pool for this specific Exam (there might be some new initiatives in the future, however, and Missions have their own, separate prize pools).

Latest Bybit Coupon Found:

One-of-a-Kind NFT Certificates of Completion

Now, let's talk about one of the most intriguing BitDegree Web3 Exam features – NFT Certificates of Completion. They definitely deserve a separate section in this BitDegree Web3 Exam review. Why? Because these NFTs are a unique way of showcasing your achievements and they have great potential for more use cases in the future.

Let’s start from the basics – what are BitDegree’s NFT Certificates of Completion? I’d say the name is pretty self-explanatory. They are like certificates of completion you get for finishing online courses, for example, but instead of your usual certificate, they come in the form of an NFT based on the ERC-1155 token standard.

Each Web3 Exam level provides a separate NFT certificate. To get one, you must score at least 10 points in the level. Thus, if you complete all four levels, you’ll have four NFTs in total. Just keep in mind that you will only get the NFT for your first try of the Exam level. If you complete the level and then want to retry it, you can, but you won’t get another NFT.

BitDegree Web3 Exam review: an example of a Web3 Exam Starter level NFT certificate.

Besides, it’s very important to note that you can mint BitDegree’s NFT certificates completely for free, even though you do mint them on the mainnet. It’s a thing that is boasted in many student BitDegree Web3 Exam reviews. After all, when claiming NFTs on many other questing platforms, you’ll usually have to pay network fees.

That said, let’s go into more detail. Since these NFTs are backed by blockchain-recorded results, they display both the level of the exam you finished and the score range you’ve fallen into. So, it’s not just proof that you’ve done the exam, but it actually shows what you’ve managed to achieve.

In order to authenticate the legitimacy of these certificates, BitDegree has introduced the NFT certificate verification tool. One simply needs to enter the wallet address to which the certificate is supposed to be linked.

The tool will indicate whether the specified wallet address possesses any NFT certificates. Also, if it does, it will reveal the level of the NFT and the exact score achieved by the owner.

BitDegree Web3 Exam review: NFT certificate verification tool.

So, while the NFTs might look similar visually, each one carries a distinctive digital identifier securely recorded on the blockchain, making your certificate completely unique.

Now, as mentioned before, BtiDegree NFT certificates currently act as "Proof-of-Learn", which basically gives you bragging rights that you've completed the Exam. However, they have other possible use cases, one of which is acting as a ticket that grants entry to a community, event, prize pool, and whatnot.

Imagine that there’s a crypto community that only wants to accept members who have a certain level of knowledge about the Web3 space. They could ask the new members to showcase their BitDegree NFT certificates that prove they have the required knowledge level.

While in such a situation, NFT certificates still act as "Proof of Learn", they also act as a great way of "filtering" individuals. Sort of like how university diplomas act when searching for new employees.

That said, let’s proceed with this BitDegree Web3 Exam review by talking about what makes it exciting.

Gamification Elements

The answer is simple – gamification. What is that? Put shortly, it’s about taking the elements from traditional gaming and integrating them into projects that initially are not games. This could include scores, streaks, lives, in-game tokens, badges, and so on.

It’s worth noting that BitDegree has integrated Yu-kai Chou's Octalysis model of gamification into all of its educational services from the very beginning. This model distinguishes eight driving forces that motivate students to engage in learning[1]. By addressing these aspects, BitDegree enhances the overall learning experience for its students.

Now, speaking of the actual elements used in BitDegree’s Web3 Exam, there are quite a lot.

For one, the Exam is made up of rounds that normally have a 15-minute timer (the time might differ based on the round in question). In each round, the participant has to deal with various types of short tasks, which we’ve already covered. So, it’s like going through different levels of a game. If you don’t complete the round in time, you’ll have to repeat it.

BitDegree Web3 Exam review: rounds.

For completing each round, the participants get Bits, which are like in-game tokens. As of writing, Bits don’t have any value outside of BitDegree. However, they are very valuable inside of the platform, because they increase your Degree.

The Degree is like your experience level. The higher your Degree is, the more chances you have at winning valuable rewards from the Web3 Exam prize pool (or other prize pools, for that matter).

BitDegree Web3 Exam review: Bits and Degree.

If you retry any Exam level, you’ll lose all the Bits you’ve collected in it. So, you won’t be able to collect extra Bits for solving the Exam 10 times. You can only get the perfect score if you haven’t already.

As you progress through the Exam, you’ll also collect badges. You can get them for increasing your Degree, collecting Bits, inviting friends, solving Missions, and so on. It’s yet another gamification element that brings you a sense of accomplishment.

BitDegree Web3 Exam review: badges.

Moreover, BitDegree features Streaks. If you come back to solve the Exam or Missions 10 days in a row, you’ll get extra Bits. This repeats every 10 days if you keep the Streak going. Besides, you get a few Streak breaks, which allow you to take up to 3 days from playing without losing the Streak.

BitDegree Web3 Exam review: streak.

Additionally, you might have noticed the word "Guilds". They are inspired by guilds you can find in various games. As of writing, there is only one Guild – the BitDegree Guild. However, the team is working on introducing more Guilds in the future, which would potentially be dedicated spaces where various projects could host their own Missions.

While we’re on the topic of gamification, I should also mention Bitsy – the face of BitDegree's Web3 Exam and Missions. It will be your friendly companion all throughout your learning journey, encouraging you and leading you through the whole process.

BitDegree Web3 Exam review: Bitsy.

That’s pretty much it when it comes to gamification elements in the Exam. There are some additional features BitDegree is working on, like a Leaderboard, for example. However, now, let’s continue this BitDegree Web3 Exam review and talk about how the Exam came to be and what is its main purpose.

Science-Based and Education-Driven

Let’s start with the fact that BitDegree overall is an education-driven platform. As mentioned before in this BitDegree Web3 Exam review, it’s one of the leading Web3-focused learning hubs that’s dedicated to equipping individuals worldwide with comprehensive knowledge and tools for navigating this dynamic space.

The Exam and Missions offered by BitDegree represent just a fraction of its extensive educational resources. The platform hosts a wealth of content, including thousands of tutorials, video explainers, a news portal, a free Crypto 101 Handbook, a crypto term glossary, and so on. When it comes to the tools, it offers a crypto and exchange tracker, a dApp tracker, the Fear & Greed index, and numerous other valuable tools.

So, BitDegree's commitment to education extends beyond singular initiatives, creating a holistic learning experience where you can find everything within one platform. The BitDegree Web3 Exam features were created specifically with this education- and convenience-driven approach in mind.

BitDegree Web3 Exam review: other education features of BitDegree.

Now, as for the "scientific-based" part, BitDegree is consistently exploring new strategies to not only motivate students but also infuse the learning experience with fun. This exploration led to collaborative scientific research initiatives with Vilnius University and the University of Tartu.

The study with Vilnius University was focused on creating a contemporary blockchain-based learning platform with gamification elements. The study with the University of Tartu, on the other hand, explored inventive methodologies for online course creation.

One of the findings was that, in Web3 education, students thrive when actively engaged in subjects that pique their interest rather than focusing on theory first. They only tend to seek theoretical knowledge when confronted with challenges along the way. Also, it was found that the effectiveness of a fun and gamified learning approach is evident, surpassing that of a rigid, framework-based approach.

Overall, BitDegree understood that to keep students motivated, they must incorporate both intrinsic and extrinsic rewards[2]. In simple words, while tangible rewards do matter, a fun experience is a reward in itself.

BitDegree Web3 Exam Review: CONS

So far, in this BitDegree Web3 Exam review, we’ve looked into all of the main benefits of the Exam. Now, let’s look into the drawbacks.

Limited-Time Prize Pool

Honestly, there aren't any major drawbacks. The only thing worth mentioning is that the Exam's prize pool isn't hanging around forever. So, if you're eyeing the aforementioned rewards, better pick up the pace. It's a pretty standard thing, though. After all, the prize pool isn't infinite.

Just to keep you in the loop, as of writing, the first Lucky Draw has already happened, and the second one will take place soon this month (February). Now, there’s also the third phase Lucky Draw event scheduled for March. To become eligible for it, make sure you've completed at least one Exam level by the 1st of March.

However, don't get too down if you miss the deadline; you can still enroll in the Exam and get your NFT certificates as well as earn Bits. Besides, there are Missions with separate prize pools, and word on the street is that BitDegree's cooking up even more Missions for the future.

Compare Crypto Exchanges Side by Side With Others

Did you know?

Compare Crypto Exchanges Side by Side With Others

All Crypto Exchanges may look similar to you but they're NOT all the same!

Yes! Show me the Comparison Chart

How to Do BitDegree Web3 Exam?

Now that I’ve covered all the pros and cons in this BitDegree Web3 Exam review, you might be wondering, "Okay, but how to do BitDegree Web3 Exam?". So, let me show you the basics.

Step 1: Go to the BitDegree website and click "Start Now".

BitDegree Web3 Exam review:

Step 2: In the top right corner, click on the "Connect to Gain" button.

BitDegree Web3 Exam review:

Step 3: You can either connect with your email or a crypto wallet. I suggest going with the latter, because you will need it for some tasks. However, if you connect with your email, you’ll still be able to add a wallet later.

Now, I’ll go with the Coinbase wallet. For the smoothest experience, you should have a wallet extension on your browser. If you do, once you click on the wallet you want to connect, an extension window will appear, asking you to approve the connection.

BitDegree Web3 Exam review: connecting the Coinbase wallet to the Web3 Exam.

Click "Connect" and then "Sign". And that’s it, you’re in!

Step 4: Now, pick a level you want to complete and click on "Start Exam".

BitDegree Web3 Exam review:

That’s where I’ll leave you on your own. Don’t worry, though - Bitsy will help you with the rest. Besides, note that you can also do all of that on the mobile browser.

But Wait, What are BitDegree Missions?

We’re pretty much done with this BitDegree Web3 Exam review. Well, at least with the "Web3 Exam" part. Now, let’s conduct a short BitDegree Missions review.

What I must highlight is that Missions are not the same as the Web3 Exam, but they do have some similarities. They are also a part of the BitDegree Guild and they work the same way as the Web3 Exam does task- and functionality-wise.

However, Missions do have one gamification element that the Exam doesn’t have – the heart system. You have 5 hearts for each round. If you lose them all, you’ll only get half the rewards for the following questions in that round.

BitDegree Web3 Exam review: an example of a Missions round with hearts.

So, for example, if there are 10 questions, and you answer the first five questions wrong, for the next 5 questions, you can get a maximum of 3 Bits (well, 2.5 to be exact, but, luckily, they will be rounded).

Though, if you start another round immediately, you'll still have no hearts and get half rewards – it will take some time to recover those lost hearts.

Another difference is that Missions have separate prize pools and don’t provide you with NFT Certificates of Completion. The lack of certificates might come out as a drawback in some user BitDegree Missions reviews. However, you do get Bits for each round.

BitDegree Web3 Exam review: Missions.

Just note that Missions themselves can differ from one another. While some have prize pools, others don’t. Also, some Missions have a sequential approach, meaning you have to complete one to unlock the other, but others can be accessed whenever you want.

Above all that, Missions are different from the Web3 Exam in that they are shorter and focused on some specific concepts (like getting your first coin), while the Exam takes a broader approach.

You can take Missions before, after, or in the middle of taking the Exam. They are a great way to get more Bits, increase your Degree, and, obviously, your knowledge. With more Missions and other exciting initiatives hopefully coming in the future, your Degree is very important, because you might need to be at a certain level to access them.

Conclusions

As we draw the curtains on this BitDegree Web3 Exam review, here's the main takeaway – it isn't just an exam; it's a gamified and incentivized educational journey that smashes through the walls of traditional learning methods.

Though, BitDegree didn't just conjure this up out of thin air – it's backed by years of Web3 expertise and solid scientific research, which helped the team realize that student motivation thrives on a blend of tangible rewards and fun experience. Hence, you get the $500K-worth prize pool, exclusive NFT certificates, and an incredible learning adventure, all served up on a silver platter.

The best part? It's completely free.

However, the Web3 Exam’s prize pool clock is ticking away. So, don’t waste any time – enroll now and get a chance to win some amazing rewards!

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.


Scientific References

1. Y. Chou: 'Actionable Gamification: Beyond Points, Badges, and Leaderboards';

2. L. Legault: 'Intrinsic and Extrinsic Motivation'.

About Article's Experts & Analysts

By Aaron S.

Editor-In-Chief

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era. W...
Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

TOP3 Most Popular Coupon Codes

Verified

CLAIM $30,000

Bybit Cyber Monday Offer
Rating 5.0
Verified

REDEEM $600 BONUS

Binance Cyber Monday
Rating 5.0
Verified

GET $70 BTC BONUS

Ledger Black Friday Deal
Rating 5.0

Leave your honest BitDegree Web3 Exam review

Leave your genuine opinion & help thousands of people to choose the best crypto wallet. All reviews, either positive or negative, are accepted as long as they're honest. We do not publish biased reviews or spam. So if you want to share your experience, opinion or give advice - the scene is yours!

FAQ

What is BitDegree Web3 Exam?

BitDegree Web3 Exam is a gamified and incentivized learning experience that provides students with the Web3 skills they need to navigate the space. There are three Web3 Exam levels – Starter, Explorer, and Evangelist. Each exam level caters to different knowledge levels, which means that it’s made for both beginners and experts. For completing the Exam levels, you’ll get NFT Certificates of Completion and a chance to win from a staggering $500K-worth prize pool (the latter is accessible for a limited time, though, so hurry up).

What is BitDegree Exam price?

Zero! There are no BitDegree Exam fees for joining the Exam, proceeding through it, or claiming the rewards. Any blockchain task that would incur network fees is completed on the testnet using testnet tokens. Also, even though the NFT Certificates of Completion are minted on the mainnet, you’ll be able to mint them completely for free.

How to pick the best crypto exchange for yourself?

Picking out the best crypto exchange for yourself, you should always focus on maintaining a balance between the essential features that all top crypto exchanges should have, and those that are important to you, personally. For example, all of the best exchanges should possess top-tier security features, but if you're looking to trade only the main cryptocurrencies, you probably don't really care too much about the variety of coins available on the exchange. It's all a case-by-case scenario!

Which cryptocurrency exchange is best for beginners?

Reading through various best crypto exchange reviews online, you're bound to notice that one of the things that most of these exchanges have in common is that they are very simple to use. While some are more straightforward and beginner-friendly than others, you shouldn't encounter any difficulties with either of the top-rated exchanges. That said, many users believe that KuCoin is one of the simpler exchanges on the current market.

What is the difference between a crypto exchange and a brokerage?

In layman's terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person. The exchange platform (i.e. Binance) acts as a middleman - it connects you (your offer or request) with that other person (the seller or the buyer). With a brokerage, however, there is no "other person" - you come and exchange your crypto coins or fiat money with the platform in question, without the interference of any third party. When considering cryptocurrency exchange rankings, though, both of these types of businesses (exchanges and brokerages) are usually just thrown under the umbrella term - exchange. This is done for the sake of simplicity.

Are all the top cryptocurrency exchanges based in the United States?

No, definitely not! While some of the top cryptocurrency exchanges are, indeed, based in the United States (i.e. KuCoin or Kraken), there are other very well-known industry leaders that are located all over the world. For example, Binance is based in Tokyo, Japan, while Bittrex is located in Liechtenstein. While there are many reasons for why an exchange would prefer to be based in one location over another, most of them boil down to business intricacies, and usually have no effect on the user of the platform.

Bybit
×
Verified

$30,000 IN REWARDS

Bybit Black Friday Deal
5.0 Rating