A glossary of the terms we use every day when advertising crypto exchanges, wallets, investment products and crypto casinos. Most of the attention goes to exchanges and deposits: a registration is worth nothing until the user funds the account and starts trading. Definitions are short and practical, the way we explain them to clients.

Sections: Crypto exchanges and trading · Registration, KYC and deposits · Metrics and pricing models · Traffic and formats · Tracking · iGaming in brief · FAQ

Crypto exchanges and trading

CEX (centralized exchange)

CEX is an exchange run by a company: it holds user funds, runs KYC and matches orders in its own order book. The user registers, deposits and trades inside the platform. Most exchange ad campaigns are for CEXs. More in our guide on crypto exchange promotion.

DEX (decentralized exchange)

DEX is an exchange built on smart contracts: the user trades straight from their own wallet, with no registration or KYC. For advertising it is a different funnel: the target action is not a deposit but connecting a wallet and making the first swap.

Spot

Spot trading is buying and selling the coin itself, here and now: you buy it, you own it. The easiest product for beginners and usually where the first trade happens.

Futures and derivatives

Futures and derivatives are contracts on a coin's price, often with leverage. They bring an exchange most of its volume and fees but need experienced users. Run futures and spot audiences separately.

Leverage

Leverage is trading a position larger than the deposit: 10× leverage means the position is ten times the money put in. It raises both profit and liquidation risk. Ads promising "100× your deposit" are a fast way to get creatives banned.

Liquidation

Liquidation is a forced close of a leveraged position when the margin no longer covers the loss. A user liquidated in their first week often never comes back, which is one reason futures churn is high.

Order book

Order book is the list of buy and sell orders at different prices. A deep order book signals a liquid exchange, an argument experienced traders understand without explanation.

Liquidity

Liquidity is the measure of how easily an asset can be bought or sold without moving the price. For a new exchange, low liquidity is the main reason traders won't switch from competitors, no matter how good the ads are.

Maker and taker

Maker and taker are the two sides of a trade: a maker places an order in the book and adds liquidity; a taker fills an existing order. Many exchanges charge them different fees — and a low maker fee often becomes the main ad message for active traders.

Listing

Listing is adding a new coin to an exchange. A listing of a popular token is a strong campaign hook: people are searching for where to buy it right now.

Copy trading

Copy trading is a feature where a user automatically mirrors another trader's positions. A good product for beginners: no need to read charts to make a first trade.

Trading bot

Trading bot is software that trades by set rules through an exchange API. Many bots live in Telegram and start in one tap. See how to advertise a crypto investment platform.

API key

API key is an access key to an exchange account for a bot or service. For trading bots, "user connected an API key" is a key funnel event, closer to money than a bot start.

Stablecoin

Stablecoin is a cryptocurrency pegged to the dollar or another currency (USDT, USDC). Many users fund exchanges with stablecoins, so a convenient USDT deposit on the right network matters for conversion.

Hot and cold wallet

Hot and cold wallets are two ways to keep keys: a hot wallet is online and convenient for daily use; a cold wallet keeps keys offline. For wallet ads the target event is not an install but the first transfer or purchase.

On-chain

On-chain is everything recorded on the blockchain: transactions, balances, smart-contract interactions. On-chain targeting lets you show ads to people who actually hold coins.

Gas (network fee)

Gas is the fee for a blockchain transaction. High gas at the moment of deposit is a common reason users abandon a top-up halfway.

Proof of Reserves

Proof of Reserves is public proof that an exchange holds assets covering user deposits. A trust argument worth showing in creatives and landing pages, especially for new exchanges.

Registration, KYC and deposits

Registration

Registration is creating an account. For an exchange it is only the start of the funnel: registration → KYC → deposit → first trade → repeat trading. Optimizing for registrations is almost always a mistake.

KYC (Know Your Customer)

KYC is identity verification: ID, selfie, sometimes proof of address. A noticeable share of users drop off here, so we count cost per KYC-passed user separately from cost per registration.

AML

AML means anti-money-laundering rules: checking the source of funds and suspicious activity. It sits with the exchange but affects advertising: some geos and audiences the exchange simply can't accept.

Verified user

Verified user is a user who passed KYC. An intermediate metric: more than a registration, but not money yet.

FTD (First Time Deposit)

FTD is the first top-up of an account. The key event for exchanges, brokers and casinos: revenue starts here. Most of our campaigns optimize for FTD. See crypto casino CPA and LTV: how much to pay per FTD.

Depositor

Depositor is a user who made at least one deposit. "Cost per depositor" is the main number for comparing traffic sources for exchanges. See also FTD.

Minimum deposit

Minimum deposit is the smallest allowed top-up. Too high cuts conversion in growing markets; too low attracts people who will never trade.

Redeposit

Redeposit is the second and later top-ups. It shows the user stayed. Sources that bring redepositing users cost more and pay back better. See also FTD.

First trade

First trade is the first buy or sell after depositing. For an exchange, this is when the user starts generating fees. A postback on the first trade is a must.

Active trader

Active trader is a user who trades regularly, for example places trades over 30 days. In our wallet-with-trading case, 3,095 traders cost about $14.70 each (case study).

Trading volume

Trading volume is the total value of a user's or cohort's trades. For an exchange, the main measure of traffic quality: fees are a share of volume.

Fiat on-ramp

Fiat on-ramp is a way to fund an exchange with regular money: card, bank transfer, local payment method. If there's no convenient option in a geo, registrations won't turn into deposits.

P2P

P2P is direct crypto exchange between users, often via local banks and payment apps. In many growing markets it is the main way to deposit.

Welcome bonus

Welcome bonus is a bonus for registering or making a first deposit. It works in retargeting but attracts bonus hunters on cold traffic.

Bonus hunter

Bonus hunter is a user who comes only for the bonus and leaves once they get it. Typical sign: a deposit exactly matching the bonus terms and no trading afterwards. See also Welcome bonus.

Retention

Retention is the share of users still active after 7, 30 or 90 days. Without retention, any FTD price is too high. See also Cohort.

Churn

Churn is the flip side of retention: the share of users who stopped trading or playing.

Cohort

Cohort is a group of users who arrived in the same period or from the same source. Comparing cohorts on day 7 and day 30 is the fairest way to compare traffic sources.

Metrics and pricing models

CPM

CPM is cost per 1,000 impressions. The basic buying model in ad networks and in-app. Geo benchmarks: in-app video ads benchmarks.

CPC

CPC is cost per click. Handy at the start of a test, but a cheap click says nothing about user quality.

CTR

CTR is the share of impressions that end in a click. It shows whether a creative hit the audience, not whether deposits will follow.

CR (conversion rate)

CR is the share of users who take the next step: click to registration, registration to deposit. We check conversion at each funnel step separately.

CPI

CPI is cost per app install. Important for in-app, but an install with no events is an empty number.

CPL

CPL is cost per lead: a form, registration or subscription. Why one lead costs $0.29 and another $20 is covered in our guide on crypto lead generation.

CPA

CPA is cost per target action, most often a deposit or first trade. You pay for results, but the partner prices the risk in.

Cost per FTD

Cost per FTD is what one first deposit costs: total spend on a source divided by its FTDs. The main number for comparing sources for exchanges and casinos. Compare with LTV.

LTV

LTV is how much a user brings over their lifetime or a set period (7, 30, 90 days). LTV decides how much you can afford per FTD.

ARPU

ARPU is average revenue per user over a period. Useful for quick maths before LTV data builds up.

ROI

ROI is return on investment: (revenue − cost) / cost. In our wallet case ROI was 8.45× over 30 days.

ROAS

ROAS is revenue divided by ad spend. Unlike ROI, it ignores other costs and counts ads only.

Payback

Payback is how long it takes a user's revenue to cover their acquisition cost. For exchanges and casinos we check by cohort: did users pay back in 7, 30 or 90 days.

Revenue share

Revenue share is payment as a share of revenue from referred users. Common with exchanges and casinos; needs transparent reporting.

Hybrid model

Hybrid model is a base fee plus a performance bonus, or CPA plus revenue share. The most common model in long partnerships. More in how much a crypto marketing agency costs.

Traffic and formats

Crypto ad networks

Crypto ad networks are networks that show ads on crypto sites, explorers, DEX tools and wallets. The audience already holds coins. See crypto ad networks for casinos and dApp advertising.

dApp advertising

dApp advertising means placements inside decentralized apps and tools, for example on platforms like Solscan and DexTools. One of the warmest sources for exchanges and wallets. See dApp traffic for crypto.

In-app

In-app advertising means ads inside mobile apps through networks like AppLovin. Fast mobile volume if you optimize for deposits, not installs. See scaling in-app traffic.

Native ads

Native ads are ads that look like part of a site's content: article recommendations, teasers. They work well for financial offers in Tier-1.

Pops (popunder)

Pops (popunders) are windows that open under the main tab. Cheap volume with wide reach; set up well, it delivers strong CPA in iGaming.

Push notifications

Push notifications are browser ad notifications. Big volume, but quality depends heavily on the source, so whitelists are a must.

Programmatic (DSP)

Programmatic advertising is automated buying of impressions across many sites via auctions. Lets you scale and control bids precisely.

Telegram Ads

Telegram Ads is Telegram's official ad platform for channels. A natural source for crypto channels, clubs and bots. See how to advertise a crypto channel.

Channel placement (seeding)

Channel placement is a sponsored post in a Telegram channel arranged directly with the admin. More trust, but channels need checking for fake subscribers.

Pre-lander

Pre-lander is a page between the ad and the main site: it explains the product, warms users up and filters out random clicks. For complex products (exchanges, bots, investment platforms) it often lifts conversion to deposit.

Lookalike

Lookalike is an audience similar to your best users. Build it from depositors, not from clickers.

Retargeting

Retargeting is showing ads again to people who visited or registered without depositing. The best place for bonuses.

Whitelist and blacklist

Whitelists and blacklists are placement lists: a whitelist holds placements that bring paying users; a blacklist holds those cut for fraud or no results. After each campaign the whitelist becomes the starting point for the next one.

Auto-bidding (Smartbid)

Auto-bidding is automatic bid management: the bid rises on placements and hours with high conversion and drops where there is none. See our Serbia case.

Fraud

Fraud is fake traffic: bots, click spam, install hijacking. Typical signs are clicks without registrations, registrations without KYC and clusters of identical devices. See how to buy iGaming traffic and avoid bots.

Tracking

Postback (S2S)

Postback is a server-to-server notification of an event (registration, KYC, deposit, trade) from the product to a tracker or ad network. Without postbacks a campaign optimizes clicks, not money. See also MMP.

Tracker

Tracker is a system that collects clicks and events by source, creative and placement. The basis for every "cut" or "scale" decision.

MMP

MMP is a mobile measurement partner (AppsFlyer, Adjust and similar): it links app installs and in-app events to the ad source.

Deep link is a link that opens a specific place in an app or bot. For Telegram bots, a start parameter in the link shows which channel the user came from.

UTM tags

UTM tags are link parameters that tell analytics the source, campaign and creative.

iGaming in brief

Crypto casino

Crypto casino is an online casino that takes crypto deposits. The funnel is similar to an exchange: registration → FTD → redeposits. See crypto casino marketing in 2026.

GGR

GGR is gross gaming revenue: bets minus player winnings.

NGR

NGR is net gaming revenue: GGR minus bonuses, taxes and other deductions. iGaming revenue share is usually calculated on NGR.

Wagering requirement

Wagering requirement is the number of times a bonus must be played through before it can be withdrawn. High wagering scares players off; low wagering attracts bonus hunters.

FAQ

What is FTD in crypto?

FTD (First Time Deposit) is the first top-up of an account on an exchange, wallet or casino. Revenue starts there, so most exchange and casino campaigns optimize for FTD rather than registrations.

What's the difference between a depositor and an active trader?

A depositor has funded the account at least once. An active trader trades regularly, for example over 30 days. The second is worth more to an exchange: fees come from trading volume, not from the deposit itself.

Which metrics matter most for crypto exchange advertising?

Cost per KYC-passed user, cost per depositor (FTD), cohort trading volume on day 7 and day 30, and the share of users who trade again after the first week. Cost per registration and CTR are only intermediate signals.

What's the difference between CPA and CPL?

CPL is the cost of a lead: a form, registration or subscription. CPA is the cost of a target action, most often a deposit or first trade. CPA is closer to money and therefore costs more per unit.

How we use these terms

At the start of every campaign we agree with the client on what counts as a result (KYC, FTD, first trade or trading volume) and set up postbacks for that event. Every source is then compared on that one number. The channels we use are in crypto marketing services in 2026.

Want to estimate cost per depositor for your exchange or crypto product? Get in touch and tell us about the product and geo, and we'll suggest sources and a CPA forecast. More case studies are in the blog.