Exchanges and trading platforms

The road from an ad to a first trade is longer than in iGaming: sign-up, document verification, wallet funding. KYC filters out 25 to 45 percent of registrants depending on jurisdiction, and an acquisition cost that ignores the KYC pass rate is a hollow metric.

2core sources

5funnel steps

4typical mistakes

48 hmedia plan

Sources

Where this segment starts

01 · Exchanges

Crypto Exchange Marketing

An exchange has a long road to the first trade: sign-up, verification, funding. Ads bring people to the start of it and they usually drop out in the middle — so a campaign is measured to the trade, not to the sign-up.

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02 · Paid search

PPC / Paid Search

Search answers people who are already looking: a player types your brand, a category, or a competitor. It is the warmest traffic and the most regulated — in most countries you cannot run at all without certification, and that is the first thing we check, not the last.

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Funnel

The path to the target action

Visit to site or appCTR 0,8–3,5%Traffic from X and Telegram clicks better than paid ads: a click driven by a creator recommendation outperforms a banner. Paid buying delivers a noticeably lower CTR.

Sign-up or wallet connect4–15%On a CEX it is email registration; on a DEX it is a one-click wallet connect. DEX conversion is higher but entry value is lower: no commitment and no user data.

Verification (KYC)55–75%The campaign's key interim metric. The pass rate is driven by country and platform requirements: the more documents requested, the steeper the drop-off.

First trade15–40%Verified-user-to-first-trade conversion. On an exchange offering a first-trade bonus it approaches 40 percent; without an incentive it sits around 15 percent.

Day-30 retention20–35%Share who made a repeat trade within a month. Below 20 percent the source is bringing curious onlookers, not traders.

Availability

Where these sources are open

Regions are sorted by how many of the segment’s sources are open in them. Inside a region the rules differ by country — that is settled in the media plan.

Source	Tier 3	CIS	Tier 2	LATAM	Tier 1	Europe	APAC	MENA
Crypto Exchange Marketing	Available	Available	Available	Available	Conditional	Conditional	Conditional	Conditional
PPC / Paid Search	Available	Available	Conditional	Conditional	Conditional	Conditional	Conditional	Closed

Full source × region matrix

Careful

Where budget gets lost

Mistake 01

Country restrictions shift mid-flight

An exchange accepting users from a country today may close sign-ups tomorrow. The permitted-jurisdiction list is cross-checked before every launch, not once at onboarding — otherwise budget flows where registration is already closed.

Mistake 02

KYC bleeds budget silently

A cost-per-registration report looks good until the share who reach verification is counted. At a 50 percent KYC pass rate the real cost per target action is double what the report states.

Mistake 03

Inflated trading volume

Wash trading and self-deals inflate turnover on paper. Spotted by unique addresses per unit of volume: when one address generates an abnormal share of turnover, the reported figure does not correspond to real users.

Every mistake in both industries

Launches