Cryptocurrency exchange time on site
Time on site is a key metric when assessing the relationship a user has with a brand.
The longer the user spends on the site, the more they like and use it.
I mean, who's gonna stick around a crappy site and continue to use it if the experience is plain frustrating? No one.
By that measure, the longer the time on site, the more users enjoy and/or get value from a platform.
Here's the cool bit though.
Contentsquare measured the average time on site from over 3000 websites in various industries (no Web3 sites though :( ).
In their report, they said the average time on site is a reasonable 4 minutes 17 seconds.
Not bad by any measure.
However, across the 58 crypto exchanges I've been studying, the average time on site is a whopping 16 minutes 27 seconds. Around 4X longer.
That increase is likely because to action a single trade on a crypto exchange takes a while. Especially if 2FA is used.
And it'll be even longer if you're being smart and using a good cold wallet like a Ledger or Trezor.
However, 16 minutes is the average.
There are some exchanges that are achieving above this. Telling me these are exchanges that offer better service as they're able to hold onto their users for longer.
These are the exchanges I would use if I knew nothing about cryptocurrency.
What are the platforms?
Well, I've pulled the top 5 cryptocurrency exchanges by total traffic volume and weighed them against the average.
Binance and eToro were almost always above average in visit duration.
Kraken was sometimes higher, sometimes lower.
But Crypto.com and Coinbase were consistently lower.
I have to say I've been pretty unimpressed with Crypto.com's stats. They're lagging behind the other brands in the space by a noticeable margin on every metric I've analysed so far.
I'll be continuing the research to create a more complete list and report on who the majority of our peers are trusting and are offering the best service soon. So stay tuned and subscribe to get the most immediate updates.
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