BitForex, a lesser known exchange, suddenly appeared has the number one exchange in daily trading volume, leaving behind top dogs like OKEx, Huobi and Binance.
According to CryptoProbe and coinmarketcap, the 24h volume skyrocketed to $6,656 billion, for comparison, Binance only trades one billion and Bitmex the second place holder in volume trades about 3 billion in 24h, half of what BitForex is reporting.
Like BitMEX, BitForex uses the trans-fee model, which provides a system of incentives for traders for their activity. Many experts criticize this model. They are sure that the trans-fee can artificially increase the volume of conducted operations through fictitious transactions.