BrokerChooser Reveals Top 5 Safest Crypto Exchanges

BrockerChooser presents the top 5 safest crypto exchanges with some interesting lessons.

To help investors navigate peacefully in the risky and unregulated world of cryptocurrencies, BrokerChooser has analyzed today’s largest crypto exchanges from four dimensions: regulation, consumer protection, market fairness, and transparency to rank our Top 5 Safest Exchanges for Investors.

BrockerChooser Reveals Top 5 Safest Crypto Exchanges

Each of these aspects contains four subcategories, giving a total of at least 16 subcategories for this analysis. They are further divided into three different levels: TIER1, TIER2 and TIER3, each of which is worth 5, 3 and 1 points respectively. In fact, the exchange with the highest score is the “best”.

In the first place of this test, so to speak, Coinbase with a total score of 4.1/5. As such, it is the most secure exchange, but also the largest in the US in terms of transaction volume. Coinbase is rated TIER1 in most subcategories and is well known among users for its robust security features.

Just below Coinbase in this top, FTX US Derivatives, 4.0/5. Again, TIER1 in most subcategories. US derivatives FTX still lags somewhat behind in terms of transparency, scoring just 3.2, indicating very little or no transparency, especially for complex products.

To complete this podium with a score of 3.8/5, Bitstamp. The exchange stores 98% of offline assets in cold storage, which is the most secure form of storing cryptoassets as it protects against attacks on the servers themselves. The platform has also not experienced any regulatory incidents in the past five years.

Fourth place is shared by Bittrex and Gemini with a score of 3.7/5.

with interesting lessons

This analysis also revealed some interesting points. Three exchanges scored 5/5 for regulation: FTX US Derivatives, Gemini and Kraken Futures. On the other hand, two of them, KuCoin and Bybit, only had 1/5, the worst possible result.

When it comes to consumer protection, no exchange got 5/5. The best in this game were Gemini with a score of 4.8/5. The worst, OKX, only got 1/5.

Two exchanges received the highest marks for market capital: FTX US Derivatives and Bittrex. Again, OKX and Bybit are the worst performers, as is Gate.io.

Finally, transparency is key to making sure customers feel secure. Coinbase receives the highest rating from this top. Many exchanges have a long way to go. Six exchanges only have 1/5, namely Binance, OKX, KuCoin, Gate.io, Bybit and Phemex.