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CryptoCompare’s Latest Exchange Benchmark Reveals U.S. Venues Score Highest

Abstract : CryptoCompare’s Latest Exchange Benchmark ranks 160+ active spot exchanges globally, offering market participants and new entrants the most comprehensive, granular and reliable source of information on the best digital asset trading venues.

ChainDD
ChainDD

Nov 20

CryptoCompare, the global leader in digital asset data, announced a major update to its cryptocurrency Exchange Benchmark on Nov 19, 2019. The new product now ranks 160+ active spot exchanges globally, offering market participants and new entrants the most comprehensive, granular and reliable source of information on the best digital asset trading venues.

Launched in June 2019, CryptoCompare’s Exchange Benchmark was created in response to growing concerns over digital asset exchanges engaging in wash trading and incentivised trading schemes to inflate volumes. The rankings bring transparency to the market and serve as a guide to traders, investors, regulators and exchange service providers wishing to understand the cryptoasset exchange landscape and manage risk effectively.

The analysis reveals the top ten exchanges to be: Gemini (1), itBit (2), Coinbase (3), Kraken (4), Bitstamp (5), Liquid (6), OKEx (7), Poloniex (8), bitFlyer (9) and Bitfinex (10).

Charles Hayter, Co-Founder and CEO of CryptoCompare, said: “We are pleased to offer the industry the most comprehensive, granular and reliable source of information on the best digital asset trading venues. Our second Exchange Benchmark now includes a vastly expanded set of exchanges and even more granular analysis to enable market participants and new entrants to identify the best trading venues worldwide.”

Key findings from the expanded Exchange Benchmark include:

  • The top four exchanges are U.S. based
  • Top-tier exchanges (grades AA-B) account for 33% of global volumes while lower-tier exchanges (grades C-E) account for 67% of global volumes
  • 41% of exchanges incentivise or reward traders with airdrops, while 14% of exchanges engage in Trans Fee Mining (TFM)
  • Only 8% of exchanges use a custody provider to store user assets
  • Only 4% of exchanges offer third-party insurance in the event of a hack
  • Exchanges that offer margin trading now represent 62% of total volume vs 52% in June
  • Almost 10% of exchanges, representing $10.36bn or 2% of total volume, scored below A for their SSL rating, indicating a prominent security flaw in their browser security protocols
  • Only 7% of exchanges offer superior infrastructure via a FIX connection

Updated metrics:

In addition to covering 160+ spot exchanges, up from 100+ in June, the Exchange Benchmark now offers several new categories, including:

A new Security category, which takes into account recent hacks, exchange security protocols and adherence to international standards; and a Negative Reports category which covers events such as flash crashes, customer information leaks and unusual liquidation events.

The methodology has been refined, giving more weight to key management experience; adding metrics for geography and jurisdiction; and greater detail on exchanges’ insurance provision. More than 20 currency pairs have been added and the data provision ratings category has been extended, now ranking according to the maximum order book level offered (L1, L2, L3).

CryptoCompare launched the Exchange Benchmark product in response to industry demand for reliable metrics to evaluate the vast number of cryptocurrency exchanges globally. 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; and market quality. 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.

Click here to read the full report.

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