Jason FinanceExchange Rating Methodology: How Jason Finance Scores International Exchanges
Our crypto exchange rating methodology and current scores for 14 international exchanges: safety 60%, trading 40%, with scoring rules and sources all public.
On this page
- 1.The nine scoring items and their weights
- 2.How each item is scored
- 2.1Security and reserves (25%)
- 2.2Past incidents and how they were handled (20%)
- 2.3Account security and cybersecurity (5%)
- 2.4Operating history and team transparency (5%)
- 2.5Volume and depth (20%)
- 2.6Fees (10%)
- 2.7Licences and service regions (5%)
- 2.8Deposit/withdrawal networks and withdrawal fees (5%)
- 2.9Earn features (5%)
- 3.Current scores: 14 international exchanges
- 3.1What this round of scores shows
- 3.2What each exchange’s score is based on
- 4.What these scores cannot do
- 5.How to use the scores to choose an exchange
- 6.Data sources and evidence
- 7.Updates and corrections
- 8.Invitation codes and the scores
- FAQ
This page explains how Jason Finance scores international exchanges. The scores in our reviews and in “How to choose an international exchange” all come from the rules on this page: each of nine items gets a score from 0 to 10, which is multiplied by its weight and added up to a total out of 100. The rules, weights and data sources are all public, so anyone with the same data can arrive at the same scores.
The short version: safety items make up 60% and trading items 40%. The single heaviest item is security and reserves (25%), followed by past incidents and how they were handled (20%) and volume and depth (20%). I care more about whether money is safe on an exchange and how the exchange handles problems than about how much I save on fees.
The scores organize public data with fixed formulas. They are not investment advice and do not guarantee an exchange’s future safety. Exchange data can change at any time, and every score shows the date of its data.
The nine scoring items and their weights
| Category | Item | Weight | What it looks at |
|---|---|---|---|
| Safety (60%) | Security and reserves | 25% | How often proof of reserves is published, reserve ratios, whether you can verify it yourself, whether a third party verifies it |
| Safety | Past incidents and how they were handled | 20% | Hacks, withdrawal suspensions, enforcement records, and whether users got their assets back |
| Safety | Account security and cybersecurity | 5% | Passkeys or hardware keys, withdrawal address whitelist, anti-phishing code, withdrawal lock after settings changes, bug bounty program |
| Safety | Operating history and team transparency | 5% | Years in operation, whether the terms of service name the operating company, whether the people in charge are public |
| Safety | Licences and service regions | 5% | Licences or registrations in major jurisdictions, whether Chinese-speaking regions can use it |
| Trading (40%) | Volume and depth | 20% | Order value within 2% above and below the price on BTC/USDT and ETH/USDT |
| Trading | Fees | 10% | Regular-user spot and futures taker rates, minus the official fee discount from the invitation code |
| Trading | Deposit/withdrawal networks and withdrawal fees | 5% | How many common USDT networks are supported, the cheapest withdrawal fee |
| Trading | Earn features | 5% | USDT flexible earn, whether it can be redeemed at any time, whether rates and the platform’s cut are public |
The items draw on the five areas of CoinGecko’s exchange Trust Score (liquidity, regulation, cybersecurity, past incidents, proof of reserves), plus fees, deposits and withdrawals, and earn features, which Chinese-speaking readers care about (CoinGecko methodology).
Total score = each item’s score (0 to 10) × its weight, added up to a maximum of 100.
How each item is scored
Security and reserves (25%)
| Condition | Points |
|---|---|
| Proof of reserves published monthly (or more often) | 3 |
| Published quarterly | 2 |
| Published irregularly | 1 |
| Latest BTC, ETH and USDT reserve ratios all at 100% or above | 2 |
| Users can verify their own account is included (Merkle tree or zero-knowledge proof) | 2 |
| Latest report verified by a named third party | 2 |
| A public user protection fund or insurance fund with the amount disclosed | 1 |
Maximum 10 points. A proof of reserves is a snapshot at one point in time and is not a financial audit, so this item measures transparency and verifiability. A good score here does not mean the exchange carries no risk.
Past incidents and how they were handled (20%)
Starts at 10 and goes down, with a minimum of 0. Only incidents from 2018 onward count, and deductions for incidents more than 5 years old are halved.
| Incident | Deduction |
|---|---|
| Hack or asset loss, users fully compensated, withdrawals not suspended | −1 |
| Hack or asset loss, users fully compensated, but withdrawals suspended | −2 |
| Hack or asset loss, users not fully compensated | −5 |
| All withdrawals suspended for more than 7 days | −3 |
| Criminal guilty plea in a major jurisdiction, or a single fine of US$100 million or more | −3 |
| Other enforcement or penalties (such as fines, bans on operating, sanctions) | −1 each, up to −3 in total |
| Placed on a major regulator’s investor alert list | −1 (deducted once at most) |
This item looks at both what happened and how it was handled. Two exchanges can both be hacked, but the one where users got everything back and withdrawals carried on loses far fewer points than one that paid no compensation.
Account security and cybersecurity (5%)
2 points for each condition met, up to 10, based on the exchange’s official help pages:
| Condition | Points |
|---|---|
| Two-factor authentication supports passkeys or hardware security keys | 2 |
| Withdrawal address whitelist available | 2 |
| Anti-phishing code available | 2 |
| Withdrawals blocked for a period after a password or security settings change | 2 |
| Public bug bounty program | 2 |
Operating history and team transparency (5%)
| Condition | Points |
|---|---|
| In operation 10 years or more | 6 |
| In operation 5 to 9 years | 4 |
| In operation 2 to 4 years | 2 |
| Terms of service name the operating company | 2 |
| The person in charge (CEO or founder) is officially public | 2 |
Years in operation count from the year the exchange under this brand started operating. If no founding date can be found, this part scores 0.
Volume and depth (20%)
The 24-hour volume an exchange reports about itself can be inflated, so this item looks at order book depth: the value of buy and sell orders actually sitting within 2% above and below the price, averaged across both sides. The data comes from public trading pair data on CoinGecko.
- BTC/USDT depth counts for 70% and ETH/USDT depth for 30%.
- Score for each pair = 10 × log₁₀(depth ÷ US$1 million) ÷ log₁₀(30). Anything below 0 counts as 0 and anything above 10 counts as 10. So depth of US$1 million scores 0, and US$30 million or more scores 10.
The deeper the book, the less slippage on large trades. I use a logarithm because going from US$1 million to US$5 million in depth makes a bigger practical difference than going from US$25 million to US$29 million.
Fees (10%)
I take the official regular-user (VIP 0) taker rate and subtract the official fee discount available through this site’s invitation code to get the actual rate:
Actual rate = official taker rate × (1 − fee discount percentage)
- Spot (50%): score = 10 × (0.12% − actual rate) ÷ 0.10%. An actual rate of 0.02% or below scores 10, and 0.12% or above scores 0.
- Futures (50%): score = 10 × (0.06% − actual rate) ÷ 0.05%. An actual rate of 0.01% or below scores 10, and 0.06% or above scores 0. For exchanges without futures, only the spot score is used.
Every exchange is scored the same way. Exchanges without an invitation code are scored at their official rates. Discounts from paying with the platform token, and VIP tiers that require extra holdings or trading volume, are left out of the score and covered separately in the reviews.
Licences and service regions (5%)
| Condition | Points |
|---|---|
| EU MiCA authorisation | 3 |
| Full licences in other jurisdictions (such as Dubai VARA, Japan, Singapore), 1 point per jurisdiction | Up to 4 |
| A lighter registration such as MSB or VASP registration | 1 |
| Terms of service do not restrict residents of Taiwan, Hong Kong, Singapore or Malaysia (0.5 points for each region not restricted) | Up to 2 |
A licence only means one entity is regulated in one jurisdiction. It does not mean your account is protected there. Which entity you sign up with depends on the terms of service.
Deposit/withdrawal networks and withdrawal fees (5%)
- USDT networks (up to 7 points): TRC20, ERC20, BEP20, Solana, TON, Arbitrum and Polygon, 1 point for each one supported.
- Cheapest USDT withdrawal fee (up to 3 points): 3 points for 0.5 USDT or less, 2 points for 1 USDT or less, 1 point for 2 USDT or less.
Earn features (5%)
| Condition | Points |
|---|---|
| USDT flexible earn available | 3 |
| Flexible earn can be redeemed at any time | 2 |
| Rates are published and updated daily | 2 |
| Idle funds in the trading account can earn automatically | 2 |
| The platform’s cut of the yield is public | 1 |
The earn score only looks at features and transparency, not at how high the rates are, because rates change every day. How the different options compare on yield and risk is covered in Where to park idle USD and USDT.
Current scores: 14 international exchanges
Calculated with the rules above, using data from 8 October 2026. Each item is scored 0 to 10, and the total is out of 100. The “Missing data” column lists items where I could not find a source to check against, which are scored 0 under the rules and will be recalculated once the data is found.
Data checked: 2026-10-08
| Exchange | Total | Highlights | Security & reserves (25%) | Account security (5%) | Incidents (20%) | Track record & transparency (5%) | Licences & regions (5%) | Volume & depth (20%) | Fees (10%) | Transfer networks (5%) | Earn (5%) | Missing data (scored 0) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Bitget | 65.2 | Disclosed protection fund BTC reserve ratio 142% Sept 2026 hack covered by its protection fund | 8 | 8 | 7 | 8 | 4.5 | 6.4 | 3.2 | 10 | 0 | Earn |
| Gate | 64.9 | EU MiCA, Dubai VARA, Japan and other licences Publishes only an overall reserve ratio | 5 | 10 | 9 | 8 | 8.5 | 8.6 | 4 | 0 | 0 | Transfer networks, Earn |
| MEXC | 64.3 | 0% spot maker fee Hacken-verified proof of reserves No verified licence | 9 | 8 | 9 | 6 | 0.5 | 1.6 | 8.4 | 10 | 0 | Earn |
| BingX | 64 | BTC reserve ratio 146% 2024 hack, pledged to cover losses | 7 | 8 | 8 | 6 | 0 | 8.5 | 6.5 | 0 | 0 | Licences & regions, Transfer networks, Earn |
| OKX | 63.6 | Monthly zk-STARK proof of reserves Auto Earn on idle VIP trading balances EU MiCA and Dubai VARA licences | 7 | 10 | 2.5 | 8 | 7 | 7.5 | 4 | 9 | 10 | None |
| Bybit | 61.7 | Hacken-verified monthly proof of reserves 2025 hack: users made whole, withdrawals stayed open EU MiCA authorisation | 9 | 10 | 6 | 6 | 6 | 5.6 | 1.5 | 0 | 7 | Transfer networks |
| Binance | 60.1 | Among the deepest BTC and ETH order books zk-SNARK proof of reserves 2023 US guilty plea | 8 | 10 | 2 | 8 | 0 | 9.1 | 4 | 10 | 0 | Licences & regions, Earn |
| WEEX | 56.3 | Deep BTC/USDT order book Licences not verifiable on registers | 3 | 6 | 8 | 4 | 0 | 8.6 | 5.5 | 10 | 0 | Licences & regions, Earn |
| Bitfinex | 50.4 | Zero trading fees USDT/USD dollar market Wallet addresses only, no full PoR | 0 | 8 | 8 | 10 | 4 | 4.4 | 10 | 9 | 0 | Earn |
| KuCoin | 47 | EU MiCA authorisation (new business halted from Feb 2026) 2025 US guilty plea | 5 | 8 | 2 | 6 | 4.5 | 4.3 | 7.6 | 10 | 0 | Earn |
| Ourbit | 43.5 | 0% spot fees Reserves verified per asset No verified licence | 5 | 2 | 0 | 2 | 1.5 | 7.1 | 9 | 10 | 0 | Incidents, Earn |
| HTX | 41.6 | Under UK and EU sanctions USDT alone at 67% reserves Under UK and EU sanctions since 2026 | 5 | 8 | 4 | 0 | 0 | 6.6 | 0 | 8 | 0 | Track record & transparency, Licences & regions, Earn |
| XT.COM | 38.9 | 2024 hack covered by platform funds Dubai and Seychelles regulators say it is unlicensed | 5 | 8 | 5 | 6 | 1.5 | 0 | 3.6 | 10 | 0 | Volume & depth, Earn |
| Pionex | 34.1 | 0.05% spot fee Reserves shown as wallet addresses | 1 | 4 | 8 | 6 | 1 | 0 | 5.6 | 9 | 0 | Volume & depth, Earn |
Missing data pulls a total down, so check the last column as well when you compare.
What this round of scores shows
A few things from the 8 October 2026 calculation are worth knowing up front:
- The top totals are very close. Among the exchanges near the top, the gap in total score is smaller than the weight of a single item, so the ranking itself means little. Compare on the items you care about: if reserve transparency matters to you, look at the first item; if you often make large trades, look at depth.
- “Incidents and handling” separates exchanges the most. Large, long-running exchanges with high volume often lose most of this item because of a US criminal guilty plea or enforcement in several countries. By contrast, Bybit was hacked too, losing about US$1.4 to 1.5 billion in ETH in February 2025, but it then closed the shortfall, kept user assets fully intact and did not suspend withdrawals (The Block), so it lost fewer points.
- The lowest fees do not mean a high safety score. Bitfinex charges 0% on all trading, so it gets full marks for fees, but it does not regularly publish its reserve ratios, so it scores 0 on security and reserves.
- Order book depth varies widely. The deepest and shallowest exchanges differ by more than ten times. On an exchange with low fees but a thin book, slippage on large trades can eat up what you save on fees.
- Earn feature data is the least complete. Most exchanges only show their flexible earn rules after you log in. So far I have finished the data for only a few exchanges. The rest score 0 and will be recalculated once the data is in.
What each exchange’s score is based on
The nine items for each exchange, their scores, the data used and the official sources are listed below. Click an exchange name to expand it. The date in the source column is the date we checked that piece of data, and the link goes to the exchange’s official page, a regulator’s register or a news report.
Data checked: 2026-10-08
Bitget 65.2 / 100
Disclosed protection fund BTC reserve ratio 142% Sept 2026 hack covered by its protection fund
| Item | Score (0–10) | Data behind it | Source |
|---|---|---|---|
| Security & reserves (25%) | 8 | 2026-09-29 (monthly): BTC 142%, ETH 110%, USDT 107%; self-verifiable | 2026-10-08 |
| Account security (5%) | 8 | passkey or hardware key, withdrawal whitelist, anti-phishing code, withdrawal lock after security changes | 2026-10-08 |
| Incidents (20%) | 7 | 2023-03 regulator warning 2026-09 hack, repaid but withdrawals paused | source 1 source 2 |
| Track record & transparency (5%) | 8 | operating since 2018; terms name the operating company; leader disclosed | 2026-10-08 |
| Licences & regions (5%) | 4.5 | El Salvador CNAD licence, South Africa FSCA licence, Mauritius FSC licence, Australia AUSTRAC registration, Argentina CNV registration Restricted regions (TW/HK/SG/MY): HK, SG, MY | source 1 source 2 source 3 source 4 source 5 source 6 |
| Volume & depth (20%) | 6.4 | BTC/USDT about 10.6M USD, ETH/USDT about 5.7M USD | 2026-10-08 |
| Fees (10%) | 3.2 | Spot 0.1%, futures 0.06%; a 20% trading fee discount | 2026-10-08 |
| Transfer networks (5%) | 10 | Cheapest BEP20 0.01 USDT; 7 common networks supported | 2026-10-08 |
| Earn (5%) | 0 | Data incomplete, scored 0 |
Gate 64.9 / 100
EU MiCA, Dubai VARA, Japan and other licences Publishes only an overall reserve ratio
| Item | Score (0–10) | Data behind it | Source |
|---|---|---|---|
| Security & reserves (25%) | 5 | 2026-09-13 (monthly): overall 117% (no per-asset figures); self-verifiable | 2026-10-08 |
| Account security (5%) | 10 | passkey or hardware key, withdrawal whitelist, anti-phishing code, withdrawal lock after security changes, bug bounty | 2026-10-08 |
| Incidents (20%) | 9 | 2026-05 regulator warning | source 1 |
| Track record & transparency (5%) | 8 | operating since 2013; terms do not name the operating company; leader disclosed | 2026-10-08 |
| Licences & regions (5%) | 8.5 | EU MiCA (Malta MFSA), Dubai VARA licence, Japan FSA licence, Bahamas SCB licence, Gibraltar GFSC licence, Australia AUSTRAC registration Restricted regions (TW/HK/SG/MY): HK, SG, MY | source 1 source 2 source 3 source 4 source 5 source 6 source 7 |
| Volume & depth (20%) | 8.6 | BTC/USDT about 24.4M USD, ETH/USDT about 9.4M USD | 2026-10-08 |
| Fees (10%) | 4 | Spot 0.1%, futures 0.05%; a 20% trading fee discount | 2026-10-08 |
| Transfer networks (5%) | 0 | Data incomplete, scored 0 | |
| Earn (5%) | 0 | Data incomplete, scored 0 |
MEXC 64.3 / 100
0% spot maker fee Hacken-verified proof of reserves No verified licence
| Item | Score (0–10) | Data behind it | Source |
|---|---|---|---|
| Security & reserves (25%) | 9 | 2026-09-10 (monthly): BTC 297%, ETH 111%, USDT 119%; self-verifiable, third party: Hacken | 2026-10-08 |
| Account security (5%) | 8 | passkey or hardware key, withdrawal whitelist, anti-phishing code, withdrawal lock after security changes | 2026-10-08 |
| Incidents (20%) | 9 | 2023-03 regulator warning | source 1 |
| Track record & transparency (5%) | 6 | operating since 2018; terms do not name the operating company; leader disclosed | 2026-10-08 |
| Licences & regions (5%) | 0.5 | None found Restricted regions (TW/HK/SG/MY): HK, SG, MY | source 1 |
| Volume & depth (20%) | 1.6 | BTC/USDT about 2.1M USD, ETH/USDT about n/a USD | 2026-10-08 |
| Fees (10%) | 8.4 | Spot 0.05%, futures 0.02%; a 20% trading fee discount | 2026-10-08 |
| Transfer networks (5%) | 10 | Cheapest Polygon 0.0065 USDT; 7 common networks supported | 2026-10-08 |
| Earn (5%) | 0 | Data incomplete, scored 0 |
BingX 64 / 100
BTC reserve ratio 146% 2024 hack, pledged to cover losses
| Item | Score (0–10) | Data behind it | Source |
|---|---|---|---|
| Security & reserves (25%) | 7 | 2026-09-15 (monthly): BTC 146.52%, ETH 128.32%, USDT 122.17%; self-verifiable | 2026-10-08 |
| Account security (5%) | 8 | withdrawal whitelist, anti-phishing code, withdrawal lock after security changes, bug bounty | 2026-10-08 |
| Incidents (20%) | 8 | 2024-09 hack, repaid but withdrawals paused | source 1 |
| Track record & transparency (5%) | 6 | operating since 2018; terms name the operating company; leader not disclosed | 2026-10-08 |
| Licences & regions (5%) | 0 | Data incomplete, scored 0 | |
| Volume & depth (20%) | 8.5 | BTC/USDT about 19.1M USD, ETH/USDT about 16.1M USD | 2026-10-08 |
| Fees (10%) | 6.5 | Spot 0.1%, futures 0.05%; a 45% trading fee discount | 2026-10-08 |
| Transfer networks (5%) | 0 | Data incomplete, scored 0 | |
| Earn (5%) | 0 | Data incomplete, scored 0 |
OKX 63.6 / 100
Monthly zk-STARK proof of reserves Auto Earn on idle VIP trading balances EU MiCA and Dubai VARA licences
| Item | Score (0–10) | Data behind it | Source |
|---|---|---|---|
| Security & reserves (25%) | 7 | 2026-09-08 (monthly): BTC 109%, ETH 101%, USDT 105%; self-verifiable | 2026-10-08 |
| Account security (5%) | 10 | passkey or hardware key, withdrawal whitelist, anti-phishing code, withdrawal lock after security changes, bug bounty | 2026-10-08 |
| Incidents (20%) | 2.5 | 2020-10 withdrawals halted 2025-02 criminal plea or major fine 2025-04 other enforcement or fine 2025-06 regulator warning 2026-09 other enforcement or fine | source 1 source 2 source 3 source 4 source 5 |
| Track record & transparency (5%) | 8 | operating since 2017; terms name the operating company; leader disclosed | 2026-10-08 |
| Licences & regions (5%) | 7 | EU MiCA (Malta MFSA), Dubai VARA licence, Singapore MAS licence, Australia AUSTRAC registration Restricted regions (TW/HK/SG/MY): HK, MY | source 1 source 2 source 3 source 4 source 5 |
| Volume & depth (20%) | 7.5 | BTC/USDT about 15.3M USD, ETH/USDT about 8.9M USD | 2026-10-08 |
| Fees (10%) | 4 | Spot 0.1%, futures 0.05%; a 20% trading fee discount | 2026-10-08 |
| Transfer networks (5%) | 9 | Cheapest Arbitrum 0.0033 USDT; 6 common networks supported | 2026-10-08 |
| Earn (5%) | 10 | flexible, redeem anytime, daily rate, auto earn, platform fee disclosed | 2026-10-07 |
Bybit 61.7 / 100
Hacken-verified monthly proof of reserves 2025 hack: users made whole, withdrawals stayed open EU MiCA authorisation
| Item | Score (0–10) | Data behind it | Source |
|---|---|---|---|
| Security & reserves (25%) | 9 | 2026-09-23 (monthly): BTC 104%, ETH 103%, USDT 110%; self-verifiable, third party: Hacken | 2026-10-08 |
| Account security (5%) | 10 | passkey or hardware key, withdrawal whitelist, anti-phishing code, withdrawal lock after security changes, bug bounty | 2026-10-08 |
| Incidents (20%) | 6 | 2022-06 other enforcement or fine 2022-05 regulator warning 2025-01 other enforcement or fine 2025-02 hack, fully repaid | source 1 source 2 source 3 source 4 |
| Track record & transparency (5%) | 6 | operating since 2018; terms do not name the operating company; leader disclosed | 2026-10-08 |
| Licences & regions (5%) | 6 | EU MiCA (Austria FMA), UAE SCA licence, India FIU registration Restricted regions (TW/HK/SG/MY): HK, SG | source 1 source 2 source 3 source 4 |
| Volume & depth (20%) | 5.6 | BTC/USDT about 8.2M USD, ETH/USDT about 4.1M USD | 2026-10-08 |
| Fees (10%) | 1.5 | Spot 0.1%, futures 0.055% | 2026-10-08 |
| Transfer networks (5%) | 0 | Data incomplete, scored 0 | |
| Earn (5%) | 7 | flexible, redeem anytime, daily rate | 2026-10-07 |
Binance 60.1 / 100
Among the deepest BTC and ETH order books zk-SNARK proof of reserves 2023 US guilty plea
| Item | Score (0–10) | Data behind it | Source |
|---|---|---|---|
| Security & reserves (25%) | 8 | 2026-10-01 (monthly): BTC 100.35%, ETH 100%, USDT 103.88%; self-verifiable | 2026-10-08 |
| Account security (5%) | 10 | passkey or hardware key, withdrawal whitelist, anti-phishing code, withdrawal lock after security changes, bug bounty | 2026-10-08 |
| Incidents (20%) | 2 | 2019-05 hack, repaid but withdrawals paused 2023-11 criminal plea or major fine 2024-02 other enforcement or fine 2024-04 regulator warning 2024-05 other enforcement or fine 2024-06 other enforcement or fine | source 1 source 2 source 3 source 4 source 5 source 6 |
| Track record & transparency (5%) | 8 | operating since 2017; terms name the operating company; leader disclosed | 2026-10-08 |
| Licences & regions (5%) | 0 | Abu Dhabi FSRA licence, Dubai VARA licence, Bahrain CBB licence, Japan FSA licence, France AMF registration, Italy OAM registration, Poland GIIF registration | source 1 source 2 source 3 source 4 source 5 source 6 source 7 |
| Volume & depth (20%) | 9.1 | BTC/USDT about 23.8M USD, ETH/USDT about 17.9M USD | 2026-10-08 |
| Fees (10%) | 4 | Spot 0.1%, futures 0.05%; a 20% trading fee discount | 2026-10-08 |
| Transfer networks (5%) | 10 | Cheapest BEP20 0.01 USDT; 7 common networks supported | 2026-10-08 |
| Earn (5%) | 0 | Data incomplete, scored 0 |
WEEX 56.3 / 100
Deep BTC/USDT order book Licences not verifiable on registers
| Item | Score (0–10) | Data behind it | Source |
|---|---|---|---|
| Security & reserves (25%) | 3 | Not published; self-verifiable | 2026-10-08 |
| Account security (5%) | 6 | withdrawal whitelist, anti-phishing code, withdrawal lock after security changes | 2026-10-08 |
| Incidents (20%) | 8 | 2023-06 regulator warning 2025-03 other enforcement or fine | source 1 source 2 |
| Track record & transparency (5%) | 4 | operating since 2018; terms do not name the operating company; leader not disclosed | 2026-10-08 |
| Licences & regions (5%) | 0 | Data incomplete, scored 0 | |
| Volume & depth (20%) | 8.6 | BTC/USDT about 18M USD, ETH/USDT about 20.5M USD | 2026-10-08 |
| Fees (10%) | 5.5 | Spot 0.1%, futures 0.08%; a trading fee discount of 60% on futures and 35% on spot | 2026-10-08 |
| Transfer networks (5%) | 10 | Cheapest TON 0.1 USDT; 7 common networks supported | 2026-10-08 |
| Earn (5%) | 0 | Data incomplete, scored 0 |
Bitfinex 50.4 / 100
Zero trading fees USDT/USD dollar market Wallet addresses only, no full PoR
| Item | Score (0–10) | Data behind it | Source |
|---|---|---|---|
| Security & reserves (25%) | 0 | Not published | 2026-10-08 |
| Account security (5%) | 8 | passkey or hardware key, withdrawal whitelist, withdrawal lock after security changes, bug bounty | 2026-10-08 |
| Incidents (20%) | 8 | 2019-04 other enforcement or fine 2021-02 other enforcement or fine 2021-10 other enforcement or fine | source 1 source 2 source 3 |
| Track record & transparency (5%) | 10 | operating since 2012; terms name the operating company; leader disclosed | 2026-10-08 |
| Licences & regions (5%) | 4 | El Salvador CNAD licence, Kazakhstan AFSA registration Restricted regions (TW/HK/SG/MY): — | source 1 source 2 source 3 |
| Volume & depth (20%) | 4.4 | BTC/USDT about 6.7M USD, ETH/USDT about 1.8M USD | 2026-10-08 |
| Fees (10%) | 10 | Spot 0%, futures 0%; a 6% trading fee discount | 2026-10-08 |
| Transfer networks (5%) | 9 | Cheapest TRC20 0 USDT; 6 common networks supported | 2026-10-08 |
| Earn (5%) | 0 | Data incomplete, scored 0 |
KuCoin 47 / 100
EU MiCA authorisation (new business halted from Feb 2026) 2025 US guilty plea
| Item | Score (0–10) | Data behind it | Source |
|---|---|---|---|
| Security & reserves (25%) | 5 | 2026-09-30 (irregular): BTC 109%, ETH 117%, USDT 110%; self-verifiable | 2026-10-08 |
| Account security (5%) | 8 | passkey or hardware key, anti-phishing code, withdrawal lock after security changes, bug bounty | 2026-10-08 |
| Incidents (20%) | 2 | 2020-09 hack, repaid but withdrawals paused 2022-06 other enforcement or fine 2023-12 other enforcement or fine 2025-01 criminal plea or major fine 2025-02 regulator warning 2025-09 other enforcement or fine 2026-02 other enforcement or fine 2026-03 other enforcement or fine | source 1 source 2 source 3 source 4 source 5 source 6 source 7 source 8 |
| Track record & transparency (5%) | 6 | operating since 2017; terms do not name the operating company; leader disclosed | 2026-10-08 |
| Licences & regions (5%) | 4.5 | EU MiCA (Austria FMA), Australia AUSTRAC registration Restricted regions (TW/HK/SG/MY): HK, SG, MY | source 1 source 2 source 3 |
| Volume & depth (20%) | 4.3 | BTC/USDT about 5.8M USD, ETH/USDT about 2.2M USD | 2026-10-08 |
| Fees (10%) | 7.6 | Spot 0.1%, futures 0.06%; a 60% trading fee discount | 2026-10-08 |
| Transfer networks (5%) | 10 | Cheapest TON 0.5 USDT; 7 common networks supported | 2026-10-08 |
| Earn (5%) | 0 | Data incomplete, scored 0 |
Ourbit 43.5 / 100
0% spot fees Reserves verified per asset No verified licence
| Item | Score (0–10) | Data behind it | Source |
|---|---|---|---|
| Security & reserves (25%) | 5 | 2026-10-01 (irregular): BTC 110.31%, ETH 108.76%, USDT 102.56%; self-verifiable | 2026-10-08 |
| Account security (5%) | 2 | anti-phishing code | 2026-10-08 |
| Incidents (20%) | 0 | Data incomplete, scored 0 | |
| Track record & transparency (5%) | 2 | founding year not verified; terms name the operating company; leader not disclosed | 2026-10-08 |
| Licences & regions (5%) | 1.5 | None found Restricted regions (TW/HK/SG/MY): SG | source 1 |
| Volume & depth (20%) | 7.1 | BTC/USDT about 12.7M USD, ETH/USDT about 8.5M USD | 2026-10-08 |
| Fees (10%) | 9 | Spot 0%, futures 0.04%; a 50% trading fee discount | 2026-10-08 |
| Transfer networks (5%) | 10 | Cheapest BEP20 0.01 USDT; 7 common networks supported | 2026-10-08 |
| Earn (5%) | 0 | Data incomplete, scored 0 |
HTX 41.6 / 100
Under UK and EU sanctions USDT alone at 67% reserves Under UK and EU sanctions since 2026
| Item | Score (0–10) | Data behind it | Source |
|---|---|---|---|
| Security & reserves (25%) | 5 | 2026-09-01 (monthly): BTC 104%, ETH 102%, USDT 67%; self-verifiable | 2026-10-08 |
| Account security (5%) | 8 | passkey or hardware key, withdrawal whitelist, withdrawal lock after security changes, bug bounty | 2026-10-08 |
| Incidents (20%) | 4 | 2022-06 other enforcement or fine 2023-09 hack, fully repaid 2023-11 hack, repaid but withdrawals paused 2026-05 other enforcement or fine 2026-07 other enforcement or fine | source 1 source 2 source 3 source 4 source 5 |
| Track record & transparency (5%) | 0 | Data incomplete, scored 0 | |
| Licences & regions (5%) | 0 | Data incomplete, scored 0 | |
| Volume & depth (20%) | 6.6 | BTC/USDT about 9.9M USD, ETH/USDT about 8M USD | 2026-10-08 |
| Fees (10%) | 0 | Spot 0.2%, futures 0.06% | 2026-10-08 |
| Transfer networks (5%) | 8 | Cheapest BEP20 0.01 USDT; 5 common networks supported | 2026-10-08 |
| Earn (5%) | 0 | Data incomplete, scored 0 |
XT.COM 38.9 / 100
2024 hack covered by platform funds Dubai and Seychelles regulators say it is unlicensed
| Item | Score (0–10) | Data behind it | Source |
|---|---|---|---|
| Security & reserves (25%) | 5 | 2026-10-07 (irregular): BTC 112.67%, ETH 111.19%, USDT 112.73%; self-verifiable | 2026-10-08 |
| Account security (5%) | 8 | passkey or hardware key, anti-phishing code, withdrawal lock after security changes, bug bounty | 2026-10-08 |
| Incidents (20%) | 5 | 2023-09 other enforcement or fine 2024-11 hack, repaid but withdrawals paused 2024-11 regulator warning 2025-03 other enforcement or fine | source 1 source 2 source 3 source 4 |
| Track record & transparency (5%) | 6 | operating since 2018; terms name the operating company; leader not disclosed | 2026-10-08 |
| Licences & regions (5%) | 1.5 | None found Restricted regions (TW/HK/SG/MY): SG | source 1 |
| Volume & depth (20%) | 0 | Data incomplete, scored 0 | |
| Fees (10%) | 3.6 | Spot 0.2%, futures 0.06%; a trading fee discount of 60% on futures and 35% on spot | 2026-10-08 |
| Transfer networks (5%) | 10 | Cheapest Polygon 0.02 USDT; 7 common networks supported | 2026-10-08 |
| Earn (5%) | 0 | Data incomplete, scored 0 |
Pionex 34.1 / 100
0.05% spot fee Reserves shown as wallet addresses
| Item | Score (0–10) | Data behind it | Source |
|---|---|---|---|
| Security & reserves (25%) | 1 | Not published | 2026-10-08 |
| Account security (5%) | 4 | withdrawal lock after security changes, bug bounty | 2026-10-08 |
| Incidents (20%) | 8 | 2025-04 regulator warning 2025-05 other enforcement or fine | source 1 source 2 |
| Track record & transparency (5%) | 6 | operating since 2019; terms name the operating company; leader not disclosed | 2026-10-08 |
| Licences & regions (5%) | 1 | None found Restricted regions (TW/HK/SG/MY): HK, SG | source 1 |
| Volume & depth (20%) | 0 | Data incomplete, scored 0 | |
| Fees (10%) | 5.6 | Spot 0.05%, futures 0.05%; a 15% trading fee discount | 2026-10-08 |
| Transfer networks (5%) | 9 | Cheapest Arbitrum 0.13 USDT; 6 common networks supported | 2026-10-08 |
| Earn (5%) | 0 | Data incomplete, scored 0 |
The full comparison of fees and USDT withdrawal fees is in “International exchange fee comparison”, and my view on proof of reserves and how to verify it yourself is in “How to check proof of reserves”.
What these scores cannot do
Public scoring has limits. Before you use the scores, you should know:
- A proof of reserves only proves one point in time. An exchange can borrow assets to prop up its reserve ratio on snapshot day, and the liabilities side relies only on data the exchange provides. Most exchanges have no full financial audit. Before FTX went bankrupt in 2022, there were no public figures like these that could have warned anyone (see “How to check proof of reserves”).
- Only public incidents count. Internal problems nobody has reported and hacks that have not happened yet do not show up in the scores.
- A licence does not mean your account is protected. Which entity you sign up with and which region’s rules apply depend on the terms of service.
- The data lags. Fees, depth and reserve ratios change every day, and each score reflects the data date shown.
- If I cannot find it, it scores 0. This is harsh on exchanges that publish less, but I would rather underrate an exchange than assume it does something on its behalf.
How to use the scores to choose an exchange
- Rule out first: look at “incidents and handling” and “security and reserves”. Set aside exchanges with very low scores, then check whether the reason matters to you.
- Then look at your needs: for frequent large spot trades, look at depth; if you trade often, look at fees; if you want idle USDT to earn interest, look at earn features.
- Check service regions: confirm in the terms of service whether your region can use the exchange and which entity you will sign up with.
- Spread your holdings: even with the highest score, only keep what you need on an exchange, and move long-term holdings to a wallet where you hold the private keys.
Data sources and evidence
Every score needs a source. In order of priority:
- The exchange itself: fee pages, terms of service, proof of reserves pages, official announcements, public APIs.
- Regulators and courts: licence registers, enforcement notices, rulings.
- Third-party data: CoinGecko order book depth, on-chain data, reports from major financial media.
- My own accounts: screenshots and personal experience, used for added explanation and not counted in the scores.
An item with no official or credible source is scored 0, and this is noted in the review. If the exchange publishes the data later, the score is added at the next update.
Updates and corrections
- Regular updates: all exchanges are rescored every quarter.
- Event updates: when an exchange has a hack, a withdrawal suspension, major enforcement action or a similar event, its score is recalculated within 7 days.
- Data dates: every score shows the date of its data. Figures that change, such as fees and depth, use the data from the date shown.
- Corrections: if you find a data error, email contact@jason-career.com. Once confirmed, it will be fixed and the date updated.
Invitation codes and the scores
Some exchanges on this site have an invitation code and some do not. An invitation code only affects the fee item (10%): fees are calculated at the rate readers actually pay, so the official fee discount available through the invitation code is subtracted. Exchanges without an invitation code are scored at their official rates. The other eight items (90%) have nothing to do with invitation codes, and an exchange gets no extra points for having one.
If the weights or rules change, this page is updated first, and then every exchange is rescored under the new rules.
Reviews of each exchange are on the crypto topic page.
FAQ
How does Jason Finance calculate exchange scores?
Each of nine items gets a score from 0 to 10 under public rules, which is multiplied by its weight and added up to a total out of 100. Safety items make up 60%: security and reserves 25%, past incidents and how they were handled 20%, and account security and cybersecurity, operating history and team transparency, and licences and service regions 5% each. Trading items make up 40%: volume and depth 20%, fees 10%, and deposit/withdrawal networks and withdrawal fees, and earn features 5% each.
Why use order book depth instead of 24-hour volume?
Volume reported by an exchange itself can be inflated. Order book depth is the value of buy and sell orders actually sitting within 2% above and below the price. It shows whether a large trade will suffer slippage, and it is harder to fake.
How often are the scores updated?
Every quarter. When an exchange has a hack, a withdrawal suspension, major enforcement action or a similar event, its score is recalculated within 7 days. Every score shows the date of its data.
Do exchanges with an invitation code offer get higher scores?
It only affects the fee item (10%). Fees are calculated at the rate readers actually pay: the official regular-user rate minus the official fee discount available through the invitation code. Exchanges without an invitation code are scored at their official rates. The other eight items have nothing to do with invitation codes.
Is the highest-scoring exchange the safest?
No. The score is a relative comparison built from public data. A proof of reserves is a snapshot, not an audit, and it cannot predict future events. The top totals are very close, so when comparing, look at the individual items you care about most, and whichever exchange you use, only keep an amount there that you can afford to lose.
How are items with no available data scored?
An item with no official or credible source is scored 0, and this is noted in the review. If the exchange publishes the data later, the score is added at the next update.
Jason
Account Manager in Google Large Customer Sales and Columbia MBA admit, sharing the money tools and experience he actually uses.
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