{"id":1852,"date":"2019-10-05T21:17:15","date_gmt":"2019-10-05T14:17:15","guid":{"rendered":"http:\/\/3.114.29.209\/?p=1852&lang=en"},"modified":"2026-05-14T14:57:25","modified_gmt":"2026-05-14T07:57:25","slug":"more-than-80-of-the-reported-trading-volume-of-crypto-exchange-is-fake","status":"publish","type":"post","link":"https:\/\/bitcoinvn.io\/insights\/more-than-80-of-the-reported-trading-volume-of-crypto-exchange-is-fake\/","title":{"rendered":"More than 80% of the reported trading volume of crypto exchange is fake"},"content":{"rendered":"
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80% of the reported trading volume<\/a> on 48 crypto exchanges \u2013 in the period of 6 months from last year until the middle of this year \u2013 are fake! This affects traders negatively and end-users.<\/div>\n<\/header>\n

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When\u00a0 VBTC as Vietnam\u2019s first local Bitcoin trading floor<\/a> was set to launch 5 years ago, the Bitcoin world was a very different one from the one which we know today.\u00a0Mt. Gox was\u200a\u2014\u200awith over 90% of the global trading volume\u200a\u2014\u200astill dominating the global exchange landscape, even though the Chinese Exchanges led by a wide margin by BTCChina started to play a notable role as well from late 2013 on.<\/p>\n

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In the aftermath of the Mt. Gox collapse the global exchange landscape had to reorganize\u200a\u2014\u200amuch earlier and new- and upcoming platforms started to gain a serious foothold. While Western-based Exchanges such as Bitstamp, Kraken or later on GDAX (nowadays Coinbase Pro) all followed more or less a certain business ethics standard in regard to their offerings, many of their Asia-based counterparts\u200a\u2014\u200afor better or worse\u200a\u2014\u200aengaged pretty blatantly in various market manipulating activities in order to gain advantages over their competitors in an \u201canything-goes-cut-throat\u201d-market.<\/p>\n

It is undeniable, that many of the Western-based Exchanges\u200a\u2014\u200aeither due to regulatory pressure and or a generally different understanding of business ethics\u200a\u2014\u200aare more \u201cboring\u201d in their offerings compared to many of their Asian counterparts. But \u201cboring\u201d in this sense means also more predictable\u200a\u2014\u200awhich is certainly in line with the expectations of many of Western-based investors compared to the \u201cWild West\u201d that is the Exchange landscape in Asia.<\/p>\n

While some of the tactics employed by a variety of Asian-based exchanges are simply deceiving\u200a\u2014\u200aothers are very close to circumstances which one could almost label as \u201cstealing\u201d from their customers.<\/p>\n

Some of the most common schemes of which up- and coming cryptocurrency traders and investors should be aware of are listed below.<\/p>\n

Wash trading: A common method for generating fake trading volume.<\/h2>\n

One of the most common practices among crypto exchanges in Asia. This practice appeared for the first time on a larger scale with the rise of various crypto exchange platforms in China in late 2013 which in order to attract customers reported outrageously blown up volume numbers.<\/p>\n

\u201cWashtrading\u201d refers to the praxis that exchanges and\/or related parties artificially increase the reported trading volume by repeatedly filling their own orders on the exchange\u200a\u2014\u200ausually performed in a way, that no third party has the opportunity to fill these orders instead. At the same moment, the orders hit the book\u200a\u2014\u200athey are immediately taken by the same and\/or a related party.<\/p>\n

Some exchanges take it a step further and even misreport directly their trade volume numbers without even going through the process to push the trade volume through the orderbook.<\/p>\n

This practice is utilized in order to \u201cfake\u201d the appearance of a highly active, liquid marketplace in order to attract traders onto their platform.<\/p>\n

Especially various illiquid Altcoins \/ ICO tokens have seen this practice adopted in order to cover up the fact that there is barely a market of willing buyers (or sellers) for them at all.<\/p>\n

While there is no direct financial harm observable for traders on platforms that engage in wash trading\u200a\u2014\u200athe lack of meaningful market data can bamboozle traders into taking positions in illiquid Altcoins\/tokens without realizing that there is possibly no significant market activity available at all.<\/p>\n

Fake trading volume method: Fake liquidity<\/h2>\n

While the previously described practice does not directly inflict financial harm on the exchange customers\u200a\u2014\u200athe practice of \u201cfake liquidity\u201d in the orderbook very well does so.<\/p>\n

Fake liquidity essentially is displayed orders in the orderbook, which you can not fill and\/or disappear at the very moment you are trying to fill them.<\/p>\n

This leads in the case of the customer conducting a market order to direct financial losses due to unexpected slippage. If for example, the customer is observing the bid side of the orderbook of an exchange deploying fake orders at 50 USD \/LTC and in consequence decides to sell some Litecoin for 50 USD \/ LTC\u2026\u200a\u2014\u200ahis order might just slip through until it hits the first \u201creal orders\u201d in the orderbook which might be several percentage points lower than the expected price point of 50 USD \/ LTC.<\/p>\n

This leads to a direct financial loss of the customer deceived by sitting fake orders in the orderbook\u200a\u2014\u200ato a benefit of the exchange operator and\/or related parties who take part in this practice.<\/p>\n

While not as prevalent as the practice of wash trading\u200a\u2014\u200avarious Asian-based \u201cbig name\u201d exchanges having been reported over the past several years to regularly engage in deploying fake liquidity in their orderbooks to hide the fact that a) the exchange is not as liquid as claimed by the exchange management b) directly benefit from customers who fall into the \u201ctrap\u201d of \u201cfake liquidity\u201d and unexpectedly get their orders executed far away from the initially expected market price from having a look at the orderbook.<\/p>\n

Fake trading volume method: Front running<\/h2>\n

This is the practice of routing customer orders to trading desks either operated by the exchange itself or related parties in order to provide them a constant money-making edge in the market.<\/p>\n

The exchange is utilizing its privileged access to its proprietary customer order flow in order to \u201cfront-run\u201d their own customers and regularly \u201ccheat\u201d them out of a better order matching price.<\/p>\n

For example, the exchange orderbook is displaying several asks at a price of 200 USD \/ Ethereum. The customer would like to purchase some Ethereum at the price of 200 USD and submits a market order\u200a\u2014\u200abut before his market order gets executed his order gets routed to the trading desk operated by the exchange\/related parties which executes a market buy order first at the price of 200 USD\/Ethereum and immediately creates a new ask order with a higher ask price at e.g. 201 USD\/Ethereum- which will be the order which the initial market buy order of the customer is going to match.<\/p>\n

This creates a risk-free profit for the exchange \/ its collaborators\u200a\u2014\u200aat the cost of the customer who constantly gets cheated out of a better matching price for his orders.<\/p>\n

While this practice is not yet very prevalent in the cryptocurrency markets\u200a\u2014\u200awith the current trend of the industry it is to be expected that these practices will find more widespread use soon to the disadvantage of common retail traders.<\/p>\n

In the traditional financial world firms like Stock Brokerage Startup Robinhood build their major part of their business around\u00a0selling customer order flow data<\/a>\u00a0of their prevalently millennial audience to large financial institutions and trading firms which pay obviously a very good amount of money for these kinds of data. It is access to risk-free trading profits after all.<\/p>\n

Fake trading volume’s method: Stop hunting<\/h2>\n

Last but not least\u200a\u2014\u200aStop hunting.<\/p>\n

While the previously described practices either \u201conly\u201d deceive exchange customers with false market data or cause them to have up to several percentage points worse execution prices\u200a\u2014\u200athe practice of \u201cstop hunting\u201d regularly liquidates whole trading accounts\/portfolios.<\/p>\n

Naturally the \u201cstop hunting\u201d scheme is for the most part exclusively deployed on cryptocurrency exchanges which provide their customers with more or less \u201ccrazy\u201d leverage on their trading positions\u200a\u2014\u200awith the whole incentive scheme (due to a lack of legal enforcement against such practices) being set up in a way, which make it financially really attractive for the exchange to trade against its own customers.<\/p>\n

To make this more understandable:<\/p>\n

Let\u2019s say an exchange customer wants to take a long position on Monero at 100 USD with a 20x leverage. He puts up a collateral of 1 BTC (6,400 USD). The customer holds, therefore, a long position of 1,280 XMR (Monero) with a value of 128,000 USD.<\/p>\n

The liquidation price of the customer is therefore at about 95 USD \/ Monero (128,000 USD * 0,95 = 6,400 USD).<\/p>\n

And the exchange knows that.<\/p>\n

At this point, it becomes very attractive for the exchange to find ways to manipulate the market price of Monero on its books down to hit 95 USD \/ Monero\u200a\u2014\u200ain order to liquidate the full position of the customer and pocket the collateral.<\/p>\n

To avoid complete loss of their collateral traders usually, apply a stop-loss price to their orders far above their liquidation price. Let\u2019s e.g. assume a trader has set a stop loss at about 20% of its collateral. In this case, his liquidation price would be at about 99 USD \/ Monero ( 128,000 USD * 0,99 ).<\/p>\n

It is quite attractive\/profitable in this case to push the price of Monero on the exchange somewhat down in order to trigger the stop loss of their customer.<\/p>\n

At this point, there are very little countermeasures you can take against such shenanigans by the exchange besides managing your risk and position size accordingly. And of course, switch to providers with a reputation not to screw their customers over.<\/p>\n

\u201cThe exchanges that have by far the highest volume per website visit, and which are likely engaging in significant volume faking are Coineal, Fatbtc, BW, BitMax, LBank, DOBI Exchange, Bit-Z, DigiFinex, Idcm, DragonEX, ZB, CoinTiger, IDAX, Bibox, CoinBene, BitForex, Bithumb, Negocie Coins, Liquid and OKEx.<\/em><\/p>\n

On the other hand, Indodax, BX Thailand, Luno, CEX.IO, Zaif, and KuCoin do not appear to be faking any volume unless they are also engaging in faking traffic.<\/em><\/p>\n

Over the past six months, the total reported trading volume was $1.96 trillion, of which only $272.5 billion appears to be real trading volume on non-volume faking exchanges.<\/em><\/p>\n

About 86% of the trading volume looks to be fake with 65% of that total real volume originating on Binance and Bitfinex, both of which have virtually no regulatory oversight.\u00a0<\/em><\/p>\n

(Source:\u00a0The Block<\/a>)<\/p>\n

Conclusion<\/h2>\n

Especially if you are new to the Crypto markets, you might want to make yourself familiar with these kinds of practices early on\u200a\u2014\u200abefore you lost a whole lot of money due to the questionable behavior of your exchange provider.<\/p>\n

The mentioned Sylvain Ribes compiled a useful list of the legitimacy of various exchanges in this\u00a0Twitter thread<\/a>.<\/p>\n

VBTC<\/a>\u00a0is Vietnam\u2019s first Bitcoin Trading Floor (operating since 2014)\u200a\u2014\u200aproviding the lowest fee structure with various funding & withdrawal options to provide a seamless experience to our client base.<\/em><\/p>\n

VBTC<\/a>\u2019s trading volume numbers and listed orders in the orderbook are 100% real.\u200aVBTC does not engage in any of the practices listed in this article.<\/em><\/p>\n<\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

80% of the reported trading volume on 48 crypto exchanges \u2013 in the period of 6 months from last year until the middle of this year \u2013 are fake! 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