CryptoCompare Exchange Benchmark evaluates cryptocurrency exchanges globally, analysing more than 165 trading venues. It employs a qualitative (due diligence) and quantitative (market quality based on order book and trade data) approach and uses correlation-of-volume-to-volatility and standard-deviation-of-volume as inputs to the analysis. The Exchange Benchmark does not rely on aggregate volume data in its analysis due to concerns over volume manipulation, wash trading and trading incentives.
The ranking components include: geography; legal/regulatory; investment; team/company; data provision; trade surveillance; market quality and a penalty factor for negative events. Analysis is based on public information and detailed methodology is made freely available, underscoring CryptoCompare’s commitment to bringing greater transparency and improved decision-making to the cryptocurrency marketplace.
The analysis reveals a shift in the top five exchanges with itBit, the US and Japanese regulated exchange, taking the number 1 spot for the first time. It is followed by Gemini (2), Coinbase (3), Kraken (4), Bitstamp (5), Liquid (6), Bitfinex (7), OKEx (8), bitFlyer (9), and OKCoin (10).