How to Choose a Crypto Exchange in 2026: 5 Criteria for International Exchanges on Safety, Transparency, Size, Cost, Deposits and Withdrawals

How do you choose a crypto exchange? I have used Bybit and Binance the longest, later started using OKX and Bitget, and I also have accounts at KuCoin, WEEX and XT.COM. After using this many, the order in which I pick an exchange is: first, is the money safe there; then, is it convenient and cheap to use.

The short version: judge an exchange on 5 criteria, security and reserves, past incidents and how they were handled, size and order book depth, fees, and deposits, withdrawals and service regions. The first two decide what happens to your principal; the last three decide the cost and convenience of using it. I turned these 5 criteria into a public rating method, and the scores of 14 international exchanges, with the basis for each item, are below.

This article is my personal experience and a compilation of information, not investment advice. The ratings are calculated from public data with a fixed formula and do not guarantee an exchange’s future safety; exchange data changes at any time, and every figure in the article is labeled with the date of its data.

The 5 criteria: safety first, then cost

The weights and scoring are in Exchange Rating Methodology: safety-related items make up 60% and trading-related items 40%.

Ratings of 14 international exchanges

These scores are calculated from public data with the same formula. The “Missing data” column lists items for which no verifiable source could be found and that score 0.

Data checked: 2026-10-08

How to read the table:

• The top scores are close together, so the ranking itself means little; comparing the individual items you care about is more practical.
• “Incidents” makes the biggest difference: established exchanges with very high volume often lose points for a criminal guilty plea in the United States or for enforcement actions in several countries.
• A high score for fees does not mean a high score for safety; look at the two separately.

For each exchange, the nine item scores, the data behind them and the official sources can be expanded one by one in Exchange Rating Methodology.

Rule out first: set an exchange aside when you see these warning signs

When picking an exchange, I rule some out first and compare the rest. In the situations below, however low the fees and however many promotions there are, I would not put a large sum there:

The actual data on these items, exchange by exchange, is in the basis for the ratings. For how to read proof of reserves and verify it yourself, see How to Check Proof of Reserves.

Criterion 1: security and reserves

After FTX collapsed in 2022, most international exchanges began publishing proof of reserves regularly to show they hold enough coins to pay users back. When I look at proof of reserves, I check three things:

1. How often it is published: monthly is best; be careful when two or three periods are skipped.
2. The reserve ratio for the coins I hold: do not look only at the total or a combined stablecoin figure.
3. Whether I can verify it myself: use a Merkle tree or zero-knowledge proof to confirm my account is included.

The latest reserve ratios at each exchange:

Data checked: 2026-10-08

Proof of reserves is a snapshot, not a financial audit. It does not show the exchange’s other liabilities, and it does not guarantee how assets are used after the snapshot. It filters out exchanges that are clearly not transparent enough, but it cannot prove that an exchange is risk-free.

Criterion 2: past incidents and how they were handled

Almost every large exchange has had incidents. What matters is not only what happened, but also whether users got their assets back afterward:

• Hacked, but fully compensated, with withdrawals as normal: for example, about US$1.4 to 1.5 billion in ETH was stolen from Bybit in February 2025; it then closed the shortfall, user assets were kept in full and withdrawals were not suspended (The Block).
• Long withdrawal suspension: for example, OKX suspended crypto withdrawals for about six weeks in October 2020 (see OKX Review).
• A shortfall hidden for years before it came out: in July 2026 BitMart announced an orderly cessation of operations, and its official explanation said it had had a gap between assets and liabilities since a hack in 2021 (see How to Check Proof of Reserves).

Enforcement records count too: a criminal guilty plea in the United States, or fines or bans in several countries, mean high compliance risk, and users in some regions may suddenly face restrictions.

Criterion 3: size and order book depth

The 24-hour volume exchanges report themselves may be inflated, so I look at order book depth: the value of buy and sell orders actually sitting within 2% above and below the BTC and ETH price. The deeper the book, the less likely a large trade is to suffer slippage.

Depth varies widely between exchanges, with more than a tenfold gap between the largest and the smallest. If you only buy a few hundred or a few thousand USDT now and then, depth on the major pairs is usually enough; for people who trade tens or hundreds of thousands of USDT at a time, depth matters more than fees.

Criterion 4: fees

On 8 October 2026, most international exchanges charged regular users 0.1% on spot, and around 0.05% taker on futures. Signing up with an invitation code gets you the exchange’s official fee discount, and the percentage varies by exchange:

• Each exchange’s regular-user rates, VIP thresholds, platform token discounts and USDT withdrawal fees are in International Crypto Exchange Fee Comparison.
• The percentage and duration of each exchange’s official fee discount, and how to confirm it is applied, are in What Is a Crypto Exchange Fee Discount?.

The savings on fees are small. For people who buy a little now and then to hold long term, the difference between exchanges is less than a few dozen USDT a year; what is worth comparing is safety and how easy it is to move money in and out.

Criterion 5: deposits, withdrawals and service regions

Money has to get in, and it has to get out too:

• USDT networks: the exchange and the other end of your transfer must support the same network. The more networks supported, the more choice you have, and withdrawal fees may be lower too.
• When a deposit gets stuck: what to check, in order, when the transfer is confirmed on chain but the exchange has not credited it, is in USDT Deposit Delayed: What to Do.
• Service regions: check in the terms of service whether your region can use the exchange, and which operating entity you will be signing up with. A licence only means that one region’s entity is regulated, not that your account is protected by that region.
• The route back to fiat: for example, converting USDT to US dollars on Bitfinex and then withdrawing by wire transfer (Bitfinex USDT to USD), or converting USDT to New Taiwan dollars on MAX in Taiwan and withdrawing to a bank (MAX USDT to TWD).

How to choose based on your needs

The same 5 criteria carry different weight depending on what you use the exchange for:

How I use exchanges myself

I do not keep all my assets at one exchange:

• Spread across two or three: when one exchange suspends withdrawals, or deposits on one chain are delayed, I still have another route. I have had a Solana deposit from OKX to Bitfinex that was credited only about 6 hours after it was confirmed on chain.
• Only the amount I plan to trade stays on an exchange: long-term holdings go to a cold wallet where I hold the private keys.
• Test with a small amount before a large one: with a new exchange or a new network, I send a small amount first, confirm it arrives, then send the rest.
• For idle funds, look at features, not just the rate: I use Auto Earn on OKX, so idle USDT in my trading account earns yield without being moved, and I can still use it directly when I trade (see OKX Review).

Checklist before you pick an exchange

1. Does it publish proof of reserves regularly? Is the reserve ratio for the coins you hold at 100% or above?
2. When it was hacked or suspended withdrawals in the past, did users get their assets back?
3. Does it have a major enforcement record? Is your region on its restricted list?
4. Is the order book deep enough for the size of your trades?
5. What are the regular-user fees? How large is the invitation code fee discount, and does it expire?
6. Does it support the USDT network you plan to use? What is the withdrawal fee?
7. Does it have the full set of account security features: passkey or hardware key, withdrawal whitelist, anti-phishing code?
8. Test deposits and withdrawals with a small amount before putting in a large sum.

Detailed write-ups of each exchange are on the crypto topic page. So far there is the OKX Review; reviews of other exchanges are on the way.

FAQ

How do I choose an international crypto exchange?

Start with safety: does it publish proof of reserves regularly, is the reserve ratio for the coins you hold at 100% or above, and did users get their assets back when it was hacked or suspended withdrawals in the past? Then look at size (order book depth), fees, and whether its deposit and withdrawal networks and your region are supported.

Which international exchange is the safest?

No exchange can guarantee safety. Public data only shows transparency and past records: proof of reserves is a snapshot, not an audit, and it cannot predict future events. The top scores in this site's ratings are close together, so compare the individual criteria you care about most, and whichever exchange you use, keep only an amount you can afford to lose there.

Is the exchange with the lowest fees right for me?

Not necessarily. Some of the lowest-fee exchanges do not publish their reserve ratios regularly, and some have thinner order books, so on large trades slippage may cost more than you save on fees. If you only buy a little now and then to hold long term, the yearly fee difference between exchanges is usually small.

How many exchanges should one person use?

I spread my funds across two or three. The benefit is that when one exchange suspends withdrawals or deposits on one chain are delayed, I still have another route. I keep only the amount I need for trading on exchanges and move long-term holdings to a wallet where I hold the private keys.

What should a beginner watch out for when using an international exchange for the first time?

Finish the account security setup first (two-factor authentication, withdrawal whitelist, anti-phishing code), test deposits and withdrawals with a small amount, confirm that the terms of service allow use in your region, and stay away from futures and leverage.