The Bitget research believes that Germany and France will remain key hubs of crypto trading activities in the region.
Interest in crypto trading activities across Western Europe is rising, with an estimated 1.5 million daily active users. According to recent research by Bitget, a popular digital asset trading platform in the industry, the region, which comprises countries such as Germany, Belgium, Austria, France, and the Netherlands, sees between 1.2 million and 1.5 million traders on a daily basis.
Germany and France Lead in Trading Activities
During the research, the company found that people in Germany and France are most interested in trading digital assets. Both countries have a strong presence of digital assets investors and enthusiasts in the region.
The trading activities are conducted on both centralized and decentralized exchanges. According to the research, most crypto traders in Western Europe prefer centralized exchanges (CEXs) to their decentralized counterparts. Due to their preference, traffic on CEXs is ten times higher than on decentralized platforms. These users prefer to trade futures contracts, especially those in Germany, Switzerland, and the Netherlands, while the rest lean towards spot trading.
For users opting for decentralized exchanges, PancakeSwap and Uniswap rank as their top choices, while self-custody wallets such as Coinbase Wallet, Metamask, Bitget Wallet, and TrustWallet are primarily used to custody their assets. In terms of yearly growth in traffic generated by CEXs from Western Europe, crypto trading activities on these exchanges rose to over 50% in Germany and Switzerland, with Poland recording the highest growth rate of 145%.
Countries such as France and Belgium experienced slower growth than the previous year. Traffic generated from Belgium decreased by 6.8% in 2023 compared to the previous year.
Austria Sees 70% Surge in User’s Growth
When it comes to the choice of trading activities, DeFi usage constitutes the majority of digital asset activity in Western Europe, while interest in Peer-2-Peer (P2P ) trading volumes remains notably low.
The study cited the region’s prevalent practice of purchasing cryptocurrencies using credit cards linked directly to bank accounts and fiat deposits to reduce appetite for P2P trading.
While Germany and France led the way in activity levels, Austria stood out for its exceptional yearly growth. The country, known for its beautiful landscapes, historic museums, and arts, recorded a 70% surge in users.
Germany followed closely with 69%, taking second in the user increase. Other Western European countries recorded slower growth, ranging from 15% to 20%.
The research attributed the growth to the presence of clear regulatory frameworks in Western Europe compared to other regions worldwide. Countries such as Germany, Switzerland, Belgium, France, Austria, Liechtenstein, Luxembourg, and the Netherlands already adhere to the legislative framework established by the European Union to regulate crypto assets.
Future Outlooks
Looking ahead, the Bitget research believes that Germany and France will remain key hubs of crypto trading activities in the region.
Additionally, the company foresees continued growth in interest in on-chain solutions, particularly in the categories of NFTs, DEXes, and blockchain games. The exchange believes that one or two blockchain projects “run by Western European teams will gain a leading position in their sectors”.
Decentralized exchanges are expected to meet the growing demand for on-chain transactions, offering users a secure and efficient way to trade cryptocurrencies without a central authority.
The company also foresees increased engagement with Solana ecosystem projects. According to the research, activities on the network are expected to benefit crypto wallets that offer integration across various blockchain ecosystems, further driving the adoption of Solana-based projects in Western Europe.
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