Traditional Finance Users Flee Brokerages for Crypto Exchanges

MEXC, the world's fastest-growing cryptocurrency exchange, has released a report on the migration of traditional finance users to crypto exchanges. The report found that 74.2% of surveyed users with a traditional finance background have moved some or all of their trading activities to crypto exchanges.

The survey collected 6,185 responses across 13 languages and revealed that among users who had previously invested through commodity ETFs, the migration rate reached 77.8%, while for those who invested through brokerages or retail banks, it stood at 73.8%.

Users were dissatisfied with traditional brokerages due to limited trading hours (58.8%) and high fees (54.7%). They switched to crypto exchanges for 24/7 market access (64.7%) and more competitive fees (53.8%), among other reasons.

MEXC CEO Vugar Usi stated, 'As more users trade Bitcoin, gold, and U.S. stocks on the same day, a financial infrastructure better aligned with today's user needs is taking shape.'