How we rank: Crypto exchanges
The Score (0–100) is a weighted sum of the factors below. Each factor is the weighted average of its metrics; each metric is calculated from one published fact. Missing facts score zero, and a service is ranked only when enough of its Score is backed by facts.
A service is ranked only when at least 70% of its Score is backed by verified facts.
Safety and protection of funds 40%
A licence or registration with a financial regulator stated on the official site or in a regulator register (for example a MiCA CASP licence in the EU, NYDFS BitLicense, FCA registration, FINTRAC MSB), published proof of reserves, customer funds held in cold (offline) storage, support for hardware security keys or passkeys for login and 2FA, and disclosed insurance or a user protection fund. The licence carries the most weight.
| Metric | Rule |
|---|---|
| EU MiCA or New York licence | Yes = 100, No = 0 |
| Financial regulator licence | Yes = 100, No = 0 |
| Proof of reserves | Yes = 100, No = 0 |
| Cold storage of customer funds | Yes = 100, No = 0 |
| Hardware security keys / passkeys | Yes = 100, No = 0 |
| Insurance or user protection fund | Yes = 100, No = 0 |
Fees 25%
Spot taker and maker fees for the base tier — no trading volume, no exchange-token discount — from the official fee schedule. Taker: 0% scores 100, 1.2% or more scores 0; maker: 0% scores 100, 0.6% or more scores 0. Spreads on simple buy, deposit and withdrawal fees are not included — check the final price before you trade. If the exchange charges a single rate with no maker/taker split, that rate counts for both.
| Metric | Rule |
|---|---|
| Taker fee (spot, base tier) | Linear from 0 (100) to 1.2 (0) — lower is better |
| Maker fee (spot, base tier) | Linear from 0 (100) to 0.6 (0) — lower is better |
Choice of assets and currencies 15%
How many cryptoassets the exchange says it offers (logarithmic, full score from 1,000) and how many fiat currencies it supports for deposits and trading (logarithmic, full score from 50). More coins is not automatically better: lesser-known tokens carry higher risk.
| Metric | Rule |
|---|---|
| Cryptoassets | Logarithmic, full score at 1,000 |
| Fiat currencies | Logarithmic, full score at 50 |
User reputation 10%
App Store rating (United States; if the exchange's app is not listed there, the United Kingdom, otherwise the exchange's home market). 3★ scores 0, 5★ scores 100; few ratings lower the score (full weight from 1,000,000 ratings).
| Metric | Rule |
|---|---|
| App Store rating | 3★ = 0, 5★ = 100, damped below 1,000,000 ratings |
Transparency 10%
Company age (10+ years scores in full) and financial disclosure: the company or its parent group is listed on a stock exchange, or the exchange publishes audited financial statements.
| Metric | Rule |
|---|---|
| Founded | Full score at 10+ years |
| Listed company or audited financial statements | Yes = 100, No = 0 |