Coinbase Grows US, UK Crypto App Users

In two key markets, Coinbase is ahead of rivals in app usage and widening its lead. In the US, monthly active users were up 71% over last year as of July.

By a wide margin, Binance is the largest of the cryptocurrency exchanges by trading volume, web visits, and app usage worldwide. But in the US and UK, it lags far behind Coinbase in app usage.

Because apps play an important role in the crypto financial and software ecosystem, it’s significant that Coinbase is on a growth track in app usage, building on its reputation for providing a consumer-friendly experience.

Binance may become even less of a factor in the US following a series of civil and criminal rulings against the company. Coinbase has struggled with regulatory challenges as well, including an SEC lawsuit. In the UK, Binance’s business has been stalled by conflict with regulators, and regulators also recently fined Coinbase, alleging a lack of financial crime prevention controls.

Meanwhile, here is how the competitive digital landscape has been shaping up.

Key takeaways

• In the US, the Coinbase exchange app had 16.7M monthly active users in July, up 71% year-over-year (YoY) and 3.1% month-over-month (MoM), according to Similarweb estimates. The next most popular exchange app, Crypto.com, had 2M monthly active users.
• In the UK, the Coinbase app’s growth isn’t quite as pronounced, but in July it had 1.3M monthly active users, compared with 279.5K for Binance. That’s a reversal from a few years ago, when Binance was in the lead. On the other hand, the Binance app remains among the most used cyrpto apps in the UK despite the fact that the company stopped accepting new customers in October.
• The US user base for Coinbase has also pulled ahead of usage for Robinhood, a more diversified consumer finance app that supports crypto trading.
• Smaller but fast growing crypto apps in the US include OKX, with active users up 260% YoY, Blockchain.com’s crypto wallet up 164.6% and Bybit, up 50.7%.
• Worldwide, the Binance app leads Coinbase in monthly active users by 5-to-1, judging by estimates for Android. On the web, binance.com drew 53.9M visitors in July, compared with 32.2M for coinbase.com. Binance also operates several country-specific websites, including binance.us for the US market.

Coinbase increases an already big lead in the US

Not only is Coinbase significantly ahead, but it has been growing its lead in recent months. The growth of the iOS version has been particularly strong, +87.9% YoY.

Here is a little more detail on how some of the numbers break down for popular crypto apps. Smaller but fast growing crypto apps include OKX, with active users up 260% YoY, Blockchain.com’s crypto wallet up 164.6% and Bybit, up 50.7%.

Monthly Active Users, iOS and Android, US

Coinbase edges ahead of Robinhood

In the US, Coinbase has had a rival in Robinhood, a consumer finance app that supports crypto trading but is not exclusively focused on crypto. Coinbase’s growth in active users have put it ahead of Robinhood by that measure in recent months.

Coinbase leapfrogs Binance, solidifies lead in the UK

Coinbase has the leading crypto app in the UK and pulled farther ahead of Binance in both app monthly active users and website visitors in mid-2023 as regulatory issues for Binance intensified.

Although YoY usage was down slightly in July, the gap between Coinbase and Binance user counts has been growing wider.

Monthly Active Users, iOS and Android, US

Similarweb tracks a longer list of apps on Android than on iOS, and we’ve shared an Android only summary below. The trend is similar for Coinbase and Binance, but we can see strong growth for OKX, Kraken, and Bitget as well.

Monthly Active Users, iOS and Android, UK

Binance remains dominant worldwide

Coinbase’s dominance in the US contrasts with Binance’s stronger position worldwide. While Binance has been hobbled by regulatory restrictions in the US and UK, Coinbase established itself in the US and has been working to expand worldwide.

If we look at global app usage estimates (based on Android), Binance far ahead, with Bybit and OKX also ahead of Coinbase.

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Methodology

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by David F. Carr

David covers social media, digital advertising, and generative AI. With a background in web trends since the 1990s, he’s also the author of "Social Collaboration for Dummies".